https://arab.news/wcbd7
- Saudi food chain has amassed a huge fan base among Pakistani expatriates in the kingdom
- AlBaik’s entry into the Pakistani market has been awaited by those who travel to Saudi Arabia
ISLAMABAD: A popular Saudi food chain is set to make its long-awaited debut in Pakistan after a Memorandum of Understanding (MoU) was signed between its officials and Gas & Oil Pakistan Limited (GO), according to a statement issued on Friday.
Established in 1974 in Jeddah, AlBaik is renowned for broast chicken and operates over 120 branches across Saudi Arabia, Bahrain and other regions.
It has amassed a huge fan base among Pakistani expatriates and those traveling to the Kingdom for business or religious purposes.
The collaboration with GO, a leading energy company, marks a significant step in expanding AlBaik’s presence in Pakistan, where its entry has been eagerly awaited.
“In a pioneering step that reflects the Kingdom’s Vision 2030 to enhance national exports and knowledge and open new horizons for Saudi commercial expansion globally, under the patronage of the Saudi Ministry of Investment, a Memorandum of Understanding was signed between the Saudi company AlBaik and the Pakistani company GO,” the statement circulated by the Pakistani firm announced.
Officials of Saudi company AlBaik (left) and the Pakistani company GO and Gas & Oil Pakistan Limited (GO) are exchanging agreements during a ceremony in Islamabad, Pakistan, on October 10, 2024. (APP)
“This MoU aims to explore the possibility of establishing a strategic partnership to set up and operate AlBaik restaurants in the Islamic Republic of Pakistan, as part of the company’s expansion strategy in Pakistan,” it added.
Pakistani and Saudi businesses signed over $2 billion of agreements and MoUs a day earlier in the presence of Prime Minister Shehbaz Sharif and Saudi Investment Minister Khalid bin Abdulaziz Al-Falih.
The development came as Pakistan seeks closer economic cooperation with friendly countries and regional allies, with the aim to attract foreign investment and shore up its $350 billion economy, beset by a prolonged economic crisis that has drained foreign exchange reserves and weakened the national currency.