A popular Saudi food chain is set to make its highly anticipated debut in Pakistan following the signing of a Memorandum of Understanding (MoU) between its officials and Gas & Oil Pakistan Limited (GO), according to a statement released on Friday.
Founded in 1974 in Jeddah, AlBaik is famous for its broast chicken and currently operates over 120 branches across Saudi Arabia, Bahrain, and other regions. It has garnered a strong following among Pakistani expatriates and travelers to the Kingdom for business or religious purposes.
Read more: Russia reveals ‘Nuclear Five’ meeting plan
The partnership with GO, a leading energy company, marks a key milestone in AlBaik’s expansion into Pakistan, where its arrival has been eagerly anticipated.
“In a pioneering move that aligns with Saudi Arabia’s Vision 2030, aimed at enhancing national exports and opening new avenues for global commercial expansion, an MoU was signed between Saudi company AlBaik and Pakistani company GO under the patronage of the Saudi Ministry of Investment,” read the statement issued by the Pakistani firm. “This MoU seeks to explore the possibility of forming a strategic partnership to establish and operate AlBaik restaurants in Pakistan, as part of the company’s broader expansion strategy.”
This development follows the signing of over $2 billion in agreements and MoUs between Pakistani and Saudi businesses, witnessed by Prime Minister Shehbaz Sharif and Saudi Investment Minister Khalid bin Abdulaziz Al-Falih.
Read more: Gulf states ask US to stop Israel
Pakistan is currently seeking to strengthen economic cooperation with friendly nations and regional allies to attract foreign investment and bolster its $350 billion economy, which has been struggling with a prolonged economic crisis, depleting foreign exchange reserves, and a weakened national currency.