ISLAMABAD: A Memorandum of Understanding (MoU) was signed between Saudi Arabia’s Al Baik Food System Company and Gas and Oil Pakistan Ltd (GO) to explore Al Baik’s — Saudi fast food restaurant chain — expansion opportunities in Pakistan, state-run APP reported.
During the visit of the delegation led by Saudi Arabia’s Minister of Investment, Pakistan and Saudi Arabia signed 27 MoUs for cooperation in various fields, particularly in energy, agriculture, mining, human resources, and cyber security.
The MoUs were signed under the patronage of Saudi Minister of Investment, Engineer Khalid Al-Falih, and Prime Minister Shehbaz Sharif at a ceremony held in Islamabad on Thursday.
In conversation with a local journalist, Al Baik CEO, Rami Abu Ghazaleh, said that the company is considering exploring Pakistan and we are in the process of analyzing the local market to launch the food chain in the country.
Following the agreement with Al Baik, the Middle Eastern fast food chain will start its operations soon in Pakistan.
Saudi Aramco has already acquired a 40 percent stake in Go, a leading company in Pakistan’s oil and gas sector. This initiative highlights the crucial role played by the Saudi Ministry of Investment in realizing the objectives of Vision 2030 and reinforcing the Kingdom’s position as a leading economic force both regionally and globally, the state-run APP reported.
The other agreements signed between the two countries include a 70 million dollar investment in the agriculture sector, the establishment of advanced semiconductor chip manufacturing, the establishment of a textile industry, and a white oil pipeline project.
Furthermore, an MoU for exploring investment opportunities, a hybrid power project, the development of transformer manufacturing facilities in both countries, cyber security measures for customers and businesses, and the export of spices and vegetables from Pakistan were also signed.
