FinMin Aurangzeb briefs Saudi counterpart on PIA, airport privatization

• Finance czar meets Saudi Mohammed Al Jaddan in Washington.
• Both sides are looking at growing trade and investment relations.
• Aurangzeb seeks support from Saudi Arabia for infrastructure development.
  

Federal Finance and Revenue Minister Muhammad Aurangzeb met his Saudi counterpart Mohammed Al-Jadaan in Washington and briefed him on the privatization of Pakistan International Airlines (PIA) and key airports, the finance ministry said in a statement on Thursday.

The finance ministry said the meeting between Aurangzeb and his Saudi counterpart took place on the sidelines of the annual IMF-World Bank meetings in Washington.

Pakistan is moving ahead with plans to privatize its heavily indebted national carrier in a bid to raise capital and overhaul loss-making state-owned enterprises under the terms of a $7 billion program with the International Monetary Fund (IMF).

Officials, in a recent briefing, told the Senate Standing Committee on Privatization that the sale of PIA is expected to be completed by November 2025.

During today’s meeting, both sides reviewed the growing trade and investment relations between Pakistan and Saudi Arabia. The finance czar also underlined the government’s commitment to ensure transparency and efficiency in the privatization process.

“The minister emphasized Pakistan’s determination to attract strategic foreign investment through structural reforms and improved governance in state-owned enterprises,” the statement added.

Aurangzeb also sought Saudi Arabia’s support for infrastructure development projects, underscoring Pakistan’s commitment to fostering deeper economic cooperation with the kingdom.

“The two ministers agreed that institutions like the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) could play a vital role in mobilizing private sector investment in Pakistan,” he added.

This week, Aurangzeb also met Sultan Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development (SFD) and affirmed the strategic partnership between Pakistan and the Kingdom of Saudi Arabia.

A high-level business delegation from Saudi Arabia had visited Pakistan this month, where they signed multiple MoUs

The delegation, during its visit to Karachi, signed two Memoranda of Understanding (MoUs).

The first Memorandum for the sale and purchase of shares of KES Power Ltd was signed. The second MoU was signed between K-Electric Limited and Trident Energy Ltd to explore strategic cooperation and investment opportunities in Pakistan’s energy sector.

The visit came after Islamabad and Riyadh signed a “Strategic Mutual Defense Agreement” on September 17, pledging that any attack on either nation would be treated as an act of aggression against both.

Other meetings

Aurangzeb also held a number of other meetings on the sidelines of the IMF and World Bank plenary sessions.

In a meeting with US International Development Finance Corporation (DFC) CEO Benjamin Black, he highlighted significant investment opportunities in Pakistan’s oil and gas, mining and minerals, agriculture, IT and pharmaceutical sectors.

Separately, the finance minister also met with Azerbaijan’s first deputy finance minister, Anar Karimov, confirming the strong economic and strategic ties between the two countries.

The minister also met members of the Pakistan Personal Fund Association (PBFSA), the finance ministry said in a statement.

He also interacted with leading Pakistani businessmen at a working dinner, hosted by Ambassador Rizwan Saeed Sheikh at Pakistan House.