AsiaPak Investments Chairman Shaheryar Chishty has confirmed that Saudi investor Prince Mansour bin Saud is set to acquire a controlling stake in K-Electric with 53.8% shares of KES Power Limited (KESP), which holds 66.4% ownership in the power utility.

 

Reports quoted Chishty as saying that the company was selling all its shares to the Saudi investor under a newly signed memorandum of understanding (MoU), a ceremony for which took place at the Chief Minister’s House in Karachi and was attended by top Saudi and Pakistani officials.

 

The agreement represents a major step in Saudi Arabia’s investment drive in Pakistan’s energy sector and is expected to attract fresh foreign capital into Karachi’s power generation, transmission, and distribution infrastructure.

 

Officials called the deal a breakthrough for Pakistan’s energy market, likely ending the prolonged ownership tussle that had discouraged major investors such as Shanghai Electric from entering the sector.

 

The deal follows the withdrawal of Chinese firm Shanghai Electric Power from its long-delayed $1.77 billion acquisition plan due to alleged persistent regulatory hurdles and shifting business conditions.

 

A day earlier, it was reported that a high-level trade delegation from the Kingdom has participated in the Saudi-Pakistan Joint Business Council Meeting exploring new investment avenues.

 
As per an official statement, the delegation, led by Prince Mansour, attended the Islamabad meeting organised under the Saudi-Pakistan Joint Business Council, with support from the Special Investment Facilitation Council (SIFC) and the Ministry of Commerce.

 
The Saudi delegation included prominent business figures representing minerals, energy, agriculture and livestock, construction, infrastructure, tourism and real estate. Leading Pakistani entrepreneurs and private-sector representatives also attended the meeting, reflecting mutual resolve to expand bilateral trade and investment ties.

 
During the session, Pakistani ministers, senior officials and industry leaders briefed the Saudi side on Pakistan’s evolving investment climate. They highlighted reforms undertaken to create a predictable, transparent, and investor-friendly environment, while presenting opportunities in SIFC's priority sectors.

 
The prince praised Pakistan's efforts to strengthen its investment ecosystem and reaffirmed the Kingdom's commitment to long-term engagement aligned with Saudi Vision 2030.

 
He said Pakistan was an important regional partner with promising prospects in agriculture, mining, energy, technology, tourism and real estate.

 
The SIFC and the Ministry of Commerce also arranged a dedicated briefing session for the delegation, outlining Pakistan's investment facilitation framework and regulatory reforms with focus on opportunities across energy, minerals, agriculture, tourism, real estate and information technology.