Saudi Arabia's Al Baik set to launch in Pakistan, confirms information minister
Minister Tarar reveals Saudi Arabia, Qatar, Azerbaijan ready to invest billions of dollars
November 09, 2024
Information Minister Attaullah Tarar announced on Saturday that Saudi Arabia’s popular fast-food chain Al Baik is gearing up to enter the Pakistani market soon.
"Saudi investments are growing. Agreements [between both nations] have now exceeded $6 billion. Al Baik is on its way to Pakistan, and Aramco has opened its first fuel station here," Tarar informed reporters in Lahore.
Highlighting Pakistan’s improving global economic standing, the minister pointed out that numerous allied countries are now looking to expand their investments in the country.
He further disclosed that Qatar intends to invest $3 billion, while Azerbaijan has plans to contribute $2 billion. Additionally, Pakistan has recently signed a port development agreement with Abu Dhabi officials.
"Foreign reserves now stand at $11 billion, and remittances have reached $8 billion. This will open up significant job opportunities," Tarar noted, emphasising the positive impact of remittances on the national economy.
He commended the contributions of Pakistanis abroad, remarking that their presence worldwide is boosting the country's foreign exchange through substantial remittances.
In recent developments, Saudi Arabia’s Al Baik Food System Company signed a strategic memorandum of understanding with Pakistan’s Gas and Oil Pakistan Ltd (GO) to launch and operate its outlets across Pakistan, marking a critical milestone in the food chain's expansion strategy in the country.
The signing ceremony was held with the support of Saudi Minister of Investment, Engineer Khalid Al-Falih, and attended by senior representatives from both Saudi Arabia and Pakistan.
Founded in 1974 in Jeddah, AlBaik has gained widespread recognition for its signature broast chicken.
With over 120 outlets across Saudi Arabia, Bahrain, and other areas, the chain has built a loyal following, particularly among Pakistani expatriates and visitors to the Kingdom for business or religious reasons.
GO, a major player in Pakistan’s oil and gas sector, is backed by a 40% stake from Saudi Aramco, positioning the company as a key partner in Al Baik’s launch across Pakistan.
