Information Minister Atallah Tarar announced on Saturday that the famous fast food chain Al Baik in Saudi Arabia is preparing to enter the Pakistani market soon.
“Saudi investments are growing. The agreements (between the two countries) have now exceeded $6 billion. BAIC is on its way to Pakistan, and Aramco has opened its first gas station here,” Tarar told reporters in Lahore.
Highlighting Pakistan’s improved global economic standing, the minister noted that many allied countries are now looking to expand their investments in the country.
He also revealed that Qatar intends to invest $3 billion, while Azerbaijan plans to contribute $2 billion. In addition, Pakistan recently signed a port development agreement with officials in Abu Dhabi.
Tarar pointed out that “foreign reserves now amount to 11 billion dollars, and remittances have reached 8 billion dollars, which will open great job opportunities,” stressing the positive impact of remittances on the national economy.
He praised the contributions of Pakistanis abroad, noting that their presence around the world boosts the country’s foreign exchange through large remittances.
In recent developments, Al-Baik Saudi Food Systems signed a strategic memorandum of understanding with Pakistan Gas and Oil Company Limited (GO) to launch and operate its outlets across Pakistan, marking a crucial milestone in the country’s food chain expansion strategy.
The signing ceremony was held with the support of the Saudi Minister of Investment, Engineer Khalid Al-Falih, and in the presence of senior representatives from both Saudi Arabia and Pakistan.
Al-Baik Company was established in 1974 in Jeddah, and has gained widespread fame thanks to its distinctive broasted chicken.
With over 120 outlets across Saudi Arabia, Bahrain and other regions, the chain has managed to build a loyal following, especially 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 in Saudi Aramco, making the company a key partner in the launch of BAIC across Pakistan.