ABAD, SPBC ink MoU to enhance Pakistan-KSA economic cooperation

KARACHI: The Association of Builders and Developers of Pakistan (ABAD) and the Saudi Pakistan Business Council (SPBC) signed a Memorandum of Understanding on Thursday to enhance economic cooperation between Pakistan and Saudi Arabia, with a focus on the construction and real estate sectors.

The signing ceremony, held in Karachi, was chaired by Saudi Prince Mansour bin Muhammad Al Saud. ABAD Senior Vice Chairman Syed Afzal Hameed signed the agreement on behalf of the Pakistani organization, while SPBC Vice Chairman Muhammad Abdulaziz Al-Jalaan represented the Saudi side.

The MoU establishes a comprehensive framework designed to strengthen bilateral relations, promote investment opportunities, and expand trade and construction-related activities between the two nations.

Under the agreement, both organisations will work to encourage Saudi investment in Pakistan’s construction and real estate sectors while exploring opportunities for joint ventures in development projects across the country.

Speaking at the ceremony, Syed Afzal Hameed described the partnership as “a significant milestone toward greater economic integration between Pakistan and Saudi Arabia.”