Business Desk 
Nov 09, 2024
Information Minister Attaullah Tarar announced on Saturday that the renowned Saudi fast-food chain Al Baik is preparing to launch its operations in Pakistan.
"Saudi investments are on the rise, with agreements [between our nations] surpassing $6 billion. Al Baik is set to enter Pakistan, and Aramco has inaugurated its first fuel station here," Tarar stated during a press briefing in Lahore.
He emphasised Pakistan’s strengthening position in the global economy, noting that several allied countries are keen to increase their investments in the country.
Tarar revealed that Qatar is planning a significant investment of $3 billion, while Azerbaijan aims to contribute $2 billion. Furthermore, Pakistan has recently finalissed a port development agreement with representatives from Abu Dhabi.
"Currently, our foreign reserves are at $11 billion, and remittances have reached $8 billion. This influx will create substantial employment opportunities," he remarked, highlighting the beneficial effects of remittances on the national economy.
He praised the efforts of overseas Pakistanis, stating that their contributions are vital for enhancing the country’s foreign exchange through considerable remittances.
In a recent development, Al Baik Food System Company formalised a strategic memorandum of understanding (MoU) with Gas and Oil Pakistan Ltd (GO) to establish and manage its outlets throughout Pakistan. This agreement marks a significant step in the food chain's expansion plans within the country.
Founded in 1974 in Jeddah, Al Baik has become famous for its signature broast chicken. With over 120 outlets across Saudi Arabia and Bahrain, the chain enjoys a devoted customer base, particularly among Pakistani expatriates and visitors to the Kingdom for business or pilgrimage.
The signing ceremony was held under the auspices of Saudi Minister of Investment, Engineer Khalid Al-Falih, and was attended by high-ranking officials from both Saudi Arabia and Pakistan.
Gas and Oil Pakistan Ltd (GO), a key player in Pakistan's oil and gas sector, holds a 40% stake from Saudi Aramco, making it an essential partner for Al Baik's entry into the Pakistani market.
