Karachi : Bahra Electric and Pakistan Cables Limited signed a Memorandum of to strengthen partnerships between the two organizations ushering a new era for collaboration in the industrial and energy sectors between the Kingdom of Saudi Arabia and Pakistan.
The MoU was signed by Mr. Kareem Idriss, Deputy Chief Executive – Bahra Electric and Mr. Fahd K. Chinoy, CEO– Pakistan Cables at a signing ceremony in Islamabad on October 10th. The value of the MoU is estimated to be up to USD 100 million and is anticipated to contribute towards the strong economic relation between both the countries.
This was one of several MOUs signed during the visit of a Saudi delegation led by Honourable Mr. Khalid Bin Abdulaziz Al-Falih, Minister of Investment, Kingdom of Saudia Arabia.
The two sides agreed that Bahra Electric and Pakistan Cables will collaborate to develop electrical products for the energy sector, strengthen capabilities and supply chain resilience, and widen distribution networks. The two sides would continue to view the relationship between Bahra Electric and Pakistan Cables from a strategic and a long-term perspective, take effective measures to accelerate industrial development in the engineering and energy sectors, promote economic development and work together to jointly foster regional collaboration, and contribute towards building closer Pakistan-Saudi business relations
Bahra Electric is amongst the world largest cable manufacturers and is the fastest growing cable manufacturer in Saudi Arabia. Bahra Electirc boasts a wide product portfolio to serve the construction, electric utilities, distribution, industrial, oil & gas, and petro chemical sectors in Saudi, GCC and International Markets.
Pakistan Cables, is the pioneer of wires and cables industry in Pakistan. With an impressive history of over 7 decades, Pakistan Cables has the largest retail network in Pakistan across over 200 cities and town. It has recently enhanced capacity and added backward integration through its recent expansion in a world class modern manufacturing facility spread over 42 acres of land in Nooriabad, Sindh.
“We are very pleased today about the signing of the Memorandum of Understanding between Bahra Electric and Pakistan Cables which should pave the way for a comprehensive partnership. We see a fantastic window of opportunity for both the countries by leveraging on such partnerships which are critical to address rapid infrastructure developments for upgrading electrical grids and for liveable, sustainable, and smart cities. The
objective of the MoU is to develop solutions for emerging energy market needs through globally recognised products and technologies and through improved industrial and business cooperation between our two countries.”, said the two companies in a joint statement.
