Pakistan, Saudi Arabia investors launch fund to boost trade, investment

ISLAMABAD, Nov 9 - A joint council of Saudi Arabian and Pakistani investors launched a private equity fund on Monday as part of the countries' wider push to deepen two-way private sector trade and investment.The Saudi-Pakistan Joint Business Council, formed by the governments of both countries, said the fund's initial size is "multi-hundred million", which is expected to expand based on opportunities across sectors.Three-fourths of the fund will be invested in Pakistan, while the rest will be invested in Saudi Arabian projects, the council said in a statement.The launch of the fund comes at a time when Islamabad and Riyadh are deepening longstanding ties, especially in defence, amid few signs of a breakthrough in the months-long US-Iran conflict. REUTERS