Saudi investor Prince Mansour bin Saud agreed to acquire a 53.8% stake in KES Power Limited (KESP), which owns 66.4% of K-Electric, Pakistan’s largest privatised power utility.
Shaheryar Chishty, chairman of AsiaPak Investments, confirmed and also reported by The News, “We’re selling all our shares to Prince Mansour.” The memorandum of understanding (MoU) marks a pivotal step in Saudi Arabia’s investment push into Pakistan’s energy sector.
The deal was formalised at the Chief Minister’s House in Karachi, attended by a 30-member Pakistan-Saudi Business Council delegation and Sindh Chief Minister Murad Ali Shah. A second MoU between K-Electric and Trident Energy Limited explores further cooperation. Shah highlighted Sindh’s public-private partnership success, inviting Saudi investment in other sectors.
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Prince Mansour stated, “Pakistan’s privatisation process holds significant potential.” Officials hailed the deal as a breakthrough, resolving K-Electric’s ownership disputes that deterred investors like Shanghai Electric.
The acquisition signals renewed foreign confidence in Pakistan’s power infrastructure. It aims to enhance generation, transmission, and distribution in Karachi, addressing chronic energy challenges. The deal could attract further capital, strengthening the sector.
This landmark investment bolsters Pakistan-Saudi economic ties and revitalises K-Electric’s growth. It sets a precedent for foreign investment in critical infrastructure.
