The government has successfully resolved a long-standing dispute between Pakistani investor Sheharyar Chishti and Saudi shareholders in K-Electric (KE), paving the way for a major Saudi acquisition.
Prince Mansour Bin Mohammed Al Saud has signed a Memorandum of Understanding (MoU) with Chishti for the purchase of a majority shareholding in KES Power Ltd, the parent company owning 66.4% of KE. The development marks a significant step in strengthening Saudi-Pakistan investment relations.
According to sources, the disagreement began after Chishti acquired shares in KE and sought to assume control, leading to a legal tussle with Saudi shareholders in the Sindh High Court.
Saudi stakeholders raised concerns about the source of Chishti’s funding and requested government intervention, including discussions during Prime Minister Shehbaz Sharif’s recent visit to Riyadh. The settlement involves Chishti transferring his entire stake to the Saudi investor, effectively ending the ownership row.
The Special Investment Facilitation Council (SIFC) played a key role in mediating the agreement, finalized during a high-level Saudi delegation’s visit to Pakistan.
The signing ceremony in Karachi, hosted by Sindh Chief Minister Murad Ali Shah, was attended by Saudi officials, Pakistani ministers, and business representatives.
This deal represents the largest Saudi investment in Pakistan’s power sector to date, boosting Riyadh’s participation in KE’s management and reinforcing its confidence in Pakistan’s regulatory and investment environment.
Saudi officials described the agreement as a milestone in bilateral business cooperation and part of the Kingdom’s broader strategy to deepen economic integration with Pakistan.
Separately, an MoU was also signed between KE and Trident Energy, a Saudi-linked company, to collaborate on renewable energy, power generation, and infrastructure development—further expanding Saudi involvement in Pakistan’s energy sector.
