Azfar reminded that when Al-Jomaih invested in K-Electric, it was hailed as a breakthrough for Pakistan’s privatization drive.
Resolve Al-Jomaih Standoff Now or Risk Pakistan’s FDI Future: Azfar Ahsan. Muhammad Azfar Ahsan, Pakistan’s former Minister for Investment, has called on the Government of Pakistan to urgently resolve the issues being faced by the Saudi investors, especially the Al-Jomaih Group’s investment in K-Electric. He stressed that Pakistan’s investment reputation is at risk due to prolonged inaction and must be restored through immediate, credible steps.
Azfar’s remarks follow reports of a meeting between Eng. Ibrahim Al-Mubarak, Saudi Assistant Minister of Investment and Ahmed Farooq, Pakistan’s ambassador in Riyadh, where senior Saudi officials expressed concern over Pakistan’s failure to address governance and shareholding challenges in K-Electric, despite repeated assurances by the Prime Minister’s Office.
Stating, “Saudi investors have shown patience for years, but that patience is wearing thin,” Azfar explained how Al-Jomaih, a respected and long-term investor, entered Pakistan in 2005 and has not received a single dollar in repatriated profits in nearly 20 years.
Azfar emphasized that the Al-Jomaih Group, in partnership with other stakeholders, has invested over USD 4 billion to revamp Karachi’s power system, yet faces bureaucratic delays, policy uncertainty, and regulatory gridlock. “This is not just about one investment, it is about the message we send globally,” Azfar added. Continuing the status quo may cost heavily and send a red signal to international investors. A fair resolution and swift action in this case, will serve as a green signal that Pakistan is open for business.
Azfar noted that while Saudi Arabia remains committed to investing up to USD 10 billion in Pakistan, progress has slowed since early 2024, with no tangible movement seen on the USD 2.8 billion investment deals discussed during the Saudi delegation’s visit.
“Despite numerous meetings and statements, nothing has moved,” Azfar warned. “The Al-Jomaih issue is now a test case for Pakistan’s seriousness. If we cannot resolve matters with a key partner like Saudi Arabia, how can we attract other potential investors?”
Azfar reminded that when Al-Jomaih invested in K-Electric, it was hailed as a breakthrough for Pakistan’s privatization drive. “Today, the same investor is still waiting for fair treatment. We cannot afford to let this opportunity collapse.”
Commenting on the urgency of the matter and global impact, he urged “Restoring global confidence in Pakistan, via quick action for resolution.” The world is watching, he said, and the issue must be addressed immediately. “Not in months, but days and hours.”
