Pakistan extends joint venture invitation to Saudi Arabia for PIA and airport privatization

ISLAMABAD - The Special Investment Facilitation Council has extended a joint venture proposal to Saudi Arabia for the privatization of Pakistan International Airlines (PIA) and airports.

Under the chairmanship of Prime Minister Shahbaz Sharif, a meeting of the apex committee of the Special Investment Facilitation Council was held, during which a Saudi delegation met with the apex committee, which also included Army Chief General Asim Munir.

Prime Minister Shahbaz Sharif welcomed the Saudi guests and provided a briefing to the Saudi delegation on investment projects during this period.

According to sources, the Saudi delegation has been offered a joint venture for the privatization of two five-star hotels in Islamabad, with land being provided for the hotels by the Capital Development Authority (CDA) and investment by the Saudi government.

The delegation was also recommended that if the Saudi government wishes, it can operate its own hotel, and the meeting also offered a transmission line from Mityari and First Women's Bank.

The Saudi delegation appreciated the establishment of the Special Investment Facilitation Council.

Addressing the meeting of the Special Investment Facilitation Council, Foreign Minister Ishaq Dar said that we hope for the best results from the cooperation between Pakistan and Saudi Arabia, and it is necessary to transform brotherly relations into strong partnerships.

He said that Pakistan will provide the best investment opportunities; Pakistan has reserves of gold, copper, and other precious minerals, the mining sector has not been fully utilized, and cooperation in IT and mining sectors is beneficial for both countries.

The Foreign Minister said that ISFC will ensure that investment in Pakistan is accelerated and that investment is mutually beneficial. ISFC will also ensure that foreign investment in Pakistan is fully facilitated.