Saudi fast food giant AlBaik has expressed preliminary interest in entering the Pakistani market. This comes after the brand signed a memorandum of understanding (MoU) with Gas & Oil Pakistan Ltd (GO), which was recently acquired by Saudi Arabia’s oil giant Aramco. The news was confirmed on Friday.
The MoU aims to explore establishing a strategic partnership to set up and operate AlBaik restaurants in Pakistan. This move is part of the company’s broader expansion strategy within the country. A statement released during the signing ceremony underscored the potential of this partnership to enhance the fast food landscape in Pakistan.
The ceremony took place under the patronage of His Excellency, the Minister of Investment, Engineer Khalid Al-Falih. It also featured the presence of Pakistan’s Prime Minister Shehbaz Sharif and General Syed Asim Munir, Chief of Army Staff of Pakistan, along with a high-level delegation from both Saudi Arabia and Pakistan.
High-Level Delegation’s Visit
A high-level delegation of Saudi investors, led by Minister of Investment Khalid bin Abdulaziz Al-Falih, arrived in Pakistan on Wednesday for a three-day visit. Their agenda included discussions about various investment opportunities in Pakistan, signaling strong bilateral ties between the two nations.
During the visit, both countries signed 27 MoUs, which together valued at $2.2 billion. These agreements spanned various sectors, including industry, agriculture, information technology (IT), food, education, mines and minerals, health, petroleum, and energy. This extensive collaboration reflects a mutual interest in strengthening economic ties and enhancing cooperation.
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GO’s Role in the Partnership
Gas & Oil Pakistan Ltd is an Oil Marketing Company (OMC) operating a network of over 1,200 retail outlets across the country. GO provides essential services such as petrol, diesel, and lubricants, making it a significant player in Pakistan’s energy sector. The company’s involvement in this partnership adds credibility and resources to the proposed AlBaik restaurants.
Earlier this year, Saudi Aramco acquired a 40% stake in GO Pakistan. This acquisition marked a significant investment in Pakistan’s downstream retail sector, demonstrating Aramco’s growing presence in high-value markets. The investment is expected to further enhance the infrastructure needed for AlBaik’s potential operations in Pakistan.
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The Fast Food Landscape
AlBaik is renowned for its fried chicken and has a loyal customer base in Saudi Arabia. If successfully established in Pakistan, the brand could cater to the country’s growing demand for fast food options. Additionally, the collaboration with GO Pakistan may facilitate AlBaik’s entry by leveraging existing resources and expertise in the local market.
AlBaik’s preliminary interest in entering the Pakistani market signals a potential shift in the fast food landscape. The signed MoU with Gas & Oil Pakistan Ltd represents a strategic step towards establishing a strong presence in the country. With ongoing discussions and partnerships between Saudi Arabia and Pakistan, the future looks promising for both nations in enhancing economic cooperation and investment.
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