KARACHI: Pakistan Kuwait Investment Company Pvt. Ltd. (PKIC) and Enertech Holding Company KSC (Enertech), a subsidiary of Kuwait Investment Authority, have signed an agreement worth $750 million to collaborate and jointly explore investment opportunities and business potential primarily within Pakistan, a statement said on Monday.
Embarking on this journey of alliance with this agreement, both PKIC and Enertech have paved the way of future projects to support infrastructure development in Pakistan. In addition, this shall enable advancement in the digital and technology space in tandem with supporting financial inclusion and gender diversity. This alliance would not only bring foreign investment in Pakistan, but shall also support technology and knowledge spill over.
The agreement was inked by Mohammad Al Fares, Chairman PKIC (pictured right) and Abdullah Al Mutairi, CEO Enertech (pictured left). Addressing the signing ceremony, Mohammad Al Fares, Chairman PKIC, said “PKIC has a firm desire to support all important sectors of the economy. The strategic alliance with Enertech, will help identify, invest and materialize viable investment opportunities in Pakistan. Where Both PKIC and Enertech would benefit from individual capabilities and knowledge structure of each other.”
Speaking on this landmark initiative, MD PKIC Mubashar Maqbool expressed his elation “We have cemented this collaboration to support priority sectors of the economy including infrastructure, power, technology, housing and tourism with an objective of social upliftment and poverty alleviation. This strategic alliance would also bring in much needed foreign investment into Pakistan.” Yasser Malik CEO Enertech Pakistan emphasized that “These projects would be critical to energy security and sustainability in Pakistan.”
Previously, PKIC also collaborated with Meezan Bank Limited to design a Sukuk as a quasi-equity instrument to finance the local equity requirement of a 61-kilometre water pipeline to deliver water to coal plants, being developed by Enertech in Thar, Sindh. This transaction, structured for Enertech, received two prestigious awards including ‘Pakistan Deal of the Year’ and ‘Most innovative Deal of the Year’ by Islamic Finance News (IFN) based in Malaysia.
Pakistan Kuwait Investment Company (Pvt) Limited was established in 1979 as a Joint venture between the Governments of Pakistan and Kuwait, it is the largest AAA rated development financial institution engaged in investment and development banking activities in Pakistan. PKIC has played a pivotal role in promoting industrial activity, by way of equity and debt investments. PKIC has been accredited with many successful investments including the establishment of Meezan Bank Limited and Al Meezan Investments in which it presently holds thirty percent shareholding.
Enertech Holding Company, KSC, a company registered in Kuwait, is a fully owned subsidiary of the National Technology Enterprises Company (NTEC), which is a wholly owned subsidiary of the Kuwait Investment Authority (KIA) and is engaged in the business of development and investment in clean energy, water, sustainable infrastructure and digital banking sector.