Albaik Pakistan Expansion: Boosting Economic Ties
Albaik's expansion into Pakistan is a significant development, marking a new chapter in economic cooperation between the two countries, with the first branches set to open soon, and the potential for further growth and investment in the future, as Pakistan's Commerce Minister and Saudi businessmen continue to strengthen trade and investment partnerships.
Saudi fast-food chain Albaik has confirmed its expansion into Pakistan, with the process in its final stages, set to open its first branches soon and create new job opportunities, following a meeting between Pakistan's Commerce Minister, Jam Kamal Khan, and Albaik's owner, Rami Abu Ghazala.
The meeting, which took place in Jeddah, was a highlight of the Minister's trip, where he also held high-profile meetings with Saudi businessmen and invested in strengthening trade and investment partnerships between Pakistan and Saudi Arabia. The Minister showcased Pakistan's 22% export growth to Saudi Arabia, reaching $700 million, and assured Saudi investors of a business-friendly environment with tax exemptions and access to a 240-million-strong consumer market.
The development comes after a signed memorandum of understanding (MoU) last year, with the team from Albaik visiting Pakistan to explore opportunities for establishing a strategic partnership to set up and operate AlBaik restaurants in the country. This expansion is seen as a major achievement, marking a significant step toward deepening economic and trade relations between the two countries, with Saudi business leaders expressing confidence in Pakistan's economy.
Pakistan's economic activities have been bolstered by the growing interest of Saudi investors, with significant growth in trade volumes and new business partnerships. The country has also seen a recent ease-of-doing-business initiative, including the Pakistan Single Window (PSW) and the National Compliance Centre, aimed at streamlining trade regulations and enhancing export standards.
The entry of Albaik into Pakistan is expected to strengthen economic ties between the two nations, creating new job opportunities and contributing to the country's economic growth, as Pakistan continues to enhance trade ties with Saudi Arabia through initiatives like the "Made in Pakistan" exhibition, showcasing business collaborations, investment opportunities, and Saudi brands entering the Pakistani market.
