Investments by ‘Saudi Pak’ reach Rs 10b, plans more

[Devil Soul]

Investments by ‘Saudi Pak’ reach Rs 10b, plans more
Published: August 28, 2011
ISLAMABAD (APP) - Amid efforts of consolidation and targeting low-risk businesses, the investment portfolio of Saudi Pak Industrial and Agriculture Investment Company Limited has reached to Rs.10 billion in different sectors of economy in the country.
The company has investments in various sectors including fertilizer, chemical, sugar, textile, communication and services sectors, a top official of the company told APP here Saturday.
“The company aims to launch several other investments programmes in future but these new businesses would be confined to high-rated or low-risk clients only,” AGM/Chief Executive of Saudi Pak Industrial and Agriculture Company Limited, Muhammad Anwar said.
He said that the company had launched 8 investments projects worth Rs.550 million in various sectors including sugar, communication, energy and food.
He said that construction of a high-rising commercial buildings in line with Saudi Pak Tower was also on cards adding that the company also intends to shift the office of Saudi-Pak Real Estate from Karachi to Islamabad as part of its consolidated efforts.
Anwar said that owing to loss of about Rs.505 million to the company during the last year, the board of directors have decided to consolidate the investments besides divesting investments from the weak business where the company has been suffering from losses. He said that the consolidation process may take 6-12 months.
The company was on recovery campaign and it had recovered Rs.1.7 billion since January 2011, he aadded.
Anwar said that the company has divested 51% shares amounting to Rs.225 million from Saudi-Pak Insurance Company which was facing losses as its book share prices have gone as down as Rs.4.50.
He said that by divesting, the company would get cash and could be saved from the further losses adding that this cash could be invested in other productivity schemes.
He said that divestment from the Saudi-Pak Insurance Company was already approved by its board of directors, SECP, CCP and SBP.
He said that focus of the future investment projects would be based on quality and would target only the high-rated and low risk-clients.
As part of its consolidated effort, the company would shift the head office of Saudi-Pak Real Estate (PKRE) from Karachi to Islamabad.
The PKRE would be involved in new projects besides continuing its own operations.
He said that PKRE would be made to undertake facility services management to the commercial buildings besides joint ventures would be launched for infrastructure projects.
On the overall economic situation, he said that over US $ 25 billion exports of the outgoing financial year showed that Pakistan had a great potential for investments in various sectors of economy which needed to be tapped properly for the economic prosperity.
However, he maintained that cost of doing business has gone higher due to various factors including energy shortage.
http://nation.com.pk/pakistan-news-newspaper-daily-english-online/Business/28-Aug-2011/Investments-by-Saudi-Pak-reach-Rs-10b-plans-more

 

[T-Faz]

Where are the stats for the funding given to religious seminaries aka hate factories, the religious parties and the countless terrorist groups.

Rs10bn is nothing compared to what goes into the terrorist machine they fund in our country.

 

[Omar1984]

Long Live Pak-Saudi Brotherhood and Friendship !!!!!!!!!!

Let the haters hate. We Pakistanis dont need more enemies, we need friends and can not afford to be isolated from the international community.

Saudi Arabia has always gave Pakistan investment when Pakistan was in need of investments, and gave us free oil in the 90's when US sanctioned us.


LONG LIVE THIS VALUABLE FRIENDSHIP WE HAVE WITH SAUDI ARABIA!!!!!!!!!!!!!

---------- Post added at 04:55 AM ---------- Previous post was at 04:53 AM ----------

Where are the stats for the funding given to religious seminaries aka hate factories, the religious parties and the countless terrorist groups.

Rs10bn is nothing compared to what goes into the terrorist machine they fund in our country.

Its very easy to blame others for your failures.

 

[T-Faz]

Its very easy to blame others for your failures.

I don't have any bearing on these failures, what i do know is who is involved and it certainly is these "brothers" with snakes from within that have destroyed Pakistan.

 

[Ahmad]

Long Live Pak-Saudi Brotherhood and Friendship !!!!!!!!!!

Let the haters hate. We Pakistanis dont need more enemies, we need friends and can not afford to be isolated from the international community.

Saudi Arabia has always gave Pakistan investment when Pakistan was in need of investments, and gave us free oil in the 90's when US sanctioned us.


LONG LIVE THIS VALUABLE FRIENDSHIP WE HAVE WITH SAUDI ARABIA!!!!!!!!!!!!!

---------- Post added at 04:55 AM ---------- Previous post was at 04:53 AM ----------



Its very easy to blame others for your failures.

perhaps your loved ones especially the young ones havent been brainwashed by these madrasahs to blow up themselves and the others, if that happens to you, trust me you wouldnt write what you have written now. dont be that much hopeful about these investemts, we afghans have seen these types of investements for over 30 years from everybody--look at us now.

 

[Omar1984]

perhaps your loved ones especially the young ones havent been brainwashed by these madrasahs to blow up themselves and the others, if that happens to you, trust me you wouldnt write what you have written now. dont be that much hopeful about these investemts, we afghans have seen these types of investements for over 30 years from everybody--look at us now.

TTP never existed before 2007. And Saudi Arabia has invested in Pakistan for over 50 years now. We Pakistanis need business investments and business investments are welcomed in Pakistan by Saudi Arabia.

Saudi Arabia also invests in western nations, where are all the suicide bombings there?


Pakistan is in no position to pick and chose the countries that give us business investments, and we are in no position to refuse business investments especially from a very wealthy nation. We need business investments and are much more appreciated than carrot-on-a-stick American aid.

 

[ice_man]

the sad part is pakistan blames USA,UK,ISRAEL,SAUDI or INDIA for their own failures! while clearly poverty,corruption lack of resources and common man's frustration are the root cause of all evils within pakistan!

 

[EjazR]

I don't see the logic in connecting trade and investment by saudi businessmen to covert private donor funding to extremists groups or extremists madrassas. These are two different things.

Investments in business and trade should be encouraging and extremists groups should be banned and their funding cut off. Contact the Saudi security agencies to capture the private donors as well. The Saudis would be keen to crack down on donors to terrorists networks if the recent co-operation of the Saudis with the US, UK and even India related to terrorists and terrorism financing is anything to go by.

 

[Omar1984]

the sad part is pakistan blames USA,UK,ISRAEL,SAUDI or INDIA for their own failures! while clearly poverty,corruption lack of resources and common man's frustration are the root cause of all evils within pakistan!

And the funny thing is that they blame Saudi business investments inside Pakistan, which Pakistan needs more than Saudi Arabia. Even India does business with Saudi Arabia, the entire world does business with Saudi Arabia....Switzerland, Ireland, Germany, etc... Arey waha kyoun nahi kuch hoy tha.


These people who often comment in this forum want Pakistan to be isolated from the international community. Good thing real life Pakistanis you meet in the real world dont think the same.

And if you people really love Pakistan and your Pakistani people, then I suggest you stop this Saudi-bashing. Outside Pakistan, most Pakistanis live in Saudi Arabia. THe last thing we want is friction between Pakistanis and Saudis. What will our Saudi guests on this forum think after reading these comments. They will think screw this ungrateful attitude by Pakistanis, we will take our business to India and China. Pakistan needs these business investments more than Saudi Arabia. Our country is such in a poor shape economically.

 

[Ahmad]

TTP never existed before 2007. And Saudi Arabia has invested in Pakistan for over 50 years now. We Pakistanis need business investments and business investments are welcomed in Pakistan by Saudi Arabia.

Saudi Arabia also invests in western nations, where are all the suicide bombings there?


Pakistan is in no position to pick and chose the countries that give us business investments, and we are in no position to refuse business investments especially from a very wealthy nation. We need business investments and are much more appreciated than carrot-on-a-stick American aid.

And why do you think everything starts and finish with the TTP, we have seen the trend of radicalization over decades and it is giving its fruit now. You talk of business, but sometimes they might have direct or indirect attachements as well.

 

[Faiez]

Foreign investment is a bad thing for Pakistan in the long run...

 

[Norboo]

Pakistan is in no position to pick and chose the countries that give us business investments, and we are in no position to refuse business investments especially from a very wealthy nation. We need business investments and are much more appreciated than carrot-on-a-stick American aid.

Then what's the hitch in trade with India? It would be worth not just a paltry Rs10 billion but $10 billion!

But oh yes, how can Pakistan open trade with an 'enemy' country of infidels? It's against Islam, according to the hardliners. But then how come you guys have been accepting largesse from the US of A since 1947?

 

[Kompromat]

Where are the stats for the funding given to religious seminaries aka hate factories, the religious parties and the countless terrorist groups.

Rs10bn is nothing compared to what goes into the terrorist machine they fund in our country.

Blind obsession has no cure.

 

[T90TankGuy]

Foreign investment is a bad thing for Pakistan in the long run...

really????

i bow before you oh great and enlightened one . what an economist

 

[lem34]

Saudies are a waste of space. I have no problem with arab people but the Saudi royal family is evil personified and they only interest it really promotes is its own survival at any cost even to the extent of doing a deal with the devil (america)