Saudi Arabia and Pakistan have agreed to launch a new private equity fund. The Saudi-Pakistan Joint Business Council (SPJBC) signed the deal on Monday in Islamabad.
The fund is called the Saudi-Pakistan Private Equity Fund. Saudi and Pakistani private investors will each put in an equal share of the money. The fund starts at "multi-hundred million" dollars. It could grow bigger as more investors join.
Pakistan will get 75% of the fund's money. Saudi Arabia will get the remaining 25%.
The Pakistan share will go toward high-growth private businesses. These include agriculture, mining, and construction companies.
Some money will also go to projects under Pakistan's plan to monetise state land. This includes airports, motorways, ports, and maritime projects. The Saudi share will fund commercial projects inside Saudi Arabia, including in the holy cities.
