Saudi Investment Signals Turning Point for Pakistan’s Power Sector
KARACHI – In a major breakthrough for Pakistan’s energy market, Saudi Prince Mansour bin Saud is set to acquire a majority stake in K-Electric, the country’s only privatized power utility, according to a report by The News on Saturday.
The acquisition comes under a newly signed memorandum of understanding (MoU), under which 53.8% shares of KES Power Limited (KESP) — the company holding a 66.4% ownership in K-Electric — will be transferred to the Saudi investor.
AsiaPak Chairman Confirms Sale
Shaheryar Chishty, Chairman of AsiaPak Investments, confirmed the transaction, stating:
“Yes, selling all our shares to Prince Mansour.”
The deal, which marks Prince Mansour’s entry into Pakistan’s power sector, was formalized during a high-profile signing ceremony held at the Chief Minister’s House in Karachi, attended by top Saudi and Pakistani officials.
End of Ownership Dispute, Start of Strategic Cooperation
Government officials hailed the agreement as a turning point for Pakistan’s power industry, potentially ending years of ownership disputes that have discouraged foreign investment — most notably from Shanghai Electric, whose bid to acquire K-Electric remained stalled for years.
According to the Sindh Chief Minister’s Office, a 30-member delegation from the Pakistan-Saudi Business Council arrived in Karachi for the signing ceremony. CM Murad Ali Shah welcomed the delegation and highlighted Sindh’s success with public-private partnerships, urging Saudi investors to explore wider opportunities across the province.
Prince Mansour emphasized Saudi Arabia’s commitment to long-term strategic investment, noting:
“There is significant potential in Pakistan’s privatization process.”
Two MoUs were signed at the event:
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One for the sale of shares in AsiaPak Power Limited (KESP)
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Another between K-Electric Limited and Trident Energy Limited, focused on strategic cooperation and future investments in Pakistan’s power sector.
Officials say the deal is a strong signal of renewed global investor confidence in Pakistan’s energy infrastructure and a step toward stabilizing and modernizing electricity supply in Karachi and beyond.
