Pakistan’s Finance Minister Muhammad Aurangzeb met with his Saudi counterpart Mohammed Al-Jadaan in Washington, D.C., where he briefed him on the country’s ongoing privatisation programme, including plans for the divestment of Pakistan International Airlines (PIA) and key airports.
The meeting, held on the sidelines of the IMF–World Bank Annual Meetings, focused on strengthening trade and investment cooperation between Pakistan and Saudi Arabia.
According to the Finance Ministry, Aurangzeb highlighted Pakistan’s commitment to fiscal reforms, transparency, and improved governance in state-owned enterprises as part of efforts to attract strategic foreign investment. Officials noted that the sale of PIA is expected to be completed by November 2025, aligning with the government’s broader agenda under the $7 billion IMF programme to restructure loss-making public entities.
During the talks, Aurangzeb sought Saudi support for infrastructure development projects, reaffirming Islamabad’s intent to deepen economic ties with Riyadh. Both ministers agreed that institutions such as the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) could play a pivotal role in mobilising private investment in Pakistan.
Earlier this week, Aurangzeb also met Sultan Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development (SFD), where the two sides reaffirmed their strategic partnership.
A high-level Saudi business delegation recently visited Pakistan, signing two Memorandums of Understanding (MoUs) in Karachi — one for the sale and purchase of shares in KES Power Ltd, and another between K-Electric and Trident Energy Ltd to explore investment opportunities in Pakistan’s power sector.
These developments follow the Strategic Mutual Defence Agreement signed between Islamabad and Riyadh on September 17, 2025, under which any act of aggression against one nation will be considered an attack on both — signalling a new phase in Pakistan–Saudi relations that now extends beyond defence into economic collaboration.
