Delegation meets CM: Special Saudi Industrial Estate with 10-year income tax exemption announced

LAHORE: Chief Minister Punjab Maryam Nawaz Sharif announced to establish a Special Saudi Industrial Estate in Punjab, where a 10-year income tax exemption and a one-time customs duty exemption will be given to the potential Saudi investors. A special fast track will also be established in CM Office for the Saudi Industrial Estate.

She announced this during a meeting with a delegation of Saudi-Pak Joint Business Council. The CM welcomed in Arabic the Saudi delegation led by Chairman Pak-Saudi Business Forum Prince Mansoor bin Muhammad bin Saad Al Saud.

The Saudi delegation was given a detailed briefing on the prominent public welfare projects of the Punjab government, which they described as commendable initiatives.

Punjab CM, Saudi team discuss trade, investment

The CM maintained that the historic defense agreement between Pakistan and Saudi Arabia is a manifestation of our unwavering commitment to protect the Two Holy Mosques, and described it as a wonderful agreement for peace in the region.

She said that she considered the protection of the Two Holy Mosques not as a strategy but as an eternal honour and duty. She added that the custodian of the two Holy Mosques King Abdulaziz and Crown Prince Muhammad bin Salman bin Abdulaziz led Saudi Arabia on a new path of development, as their visionary leadership has raised prestige of Muslim Ummah.

The CM informed the Saudi delegation about the vast investment opportunities in Punjab, and expressed her happiness over the meeting schedule of Saudi delegation with the representatives of banking, livestock, meat export and chemical sectors. She said that Punjab is like a backbone of Pakistan’s economic development, and will welcome Saudi investment.

She added that there are vast investment opportunities in Special Economic Zone in energy, agriculture, mines, tourism and logistics among other sectors. She highlighted that 120 million people of Punjab, especially its skilled and tech-savvy youth are excited about business partnership with Saudi brothers in agriculture, industry and IT.

The CM underscored, “Punjab’s clear policy for investment is “no delay, immediate delivery.” She added that business ties would prove to be a beginning of a new era of economic cooperation between Pakistan and Saudi Arabia.

The Saudi delegation expressed interest in livestock, mines, infrastructure, meat, IT and other sectors.

The Chief Minister Maryam Nawaz Sharif desired to form joint working groups between Pakistan and Saudi Arabia in priority sectors. Punjab Mass Transit Authority offered to provide services for the operation of famous holy metro train in Makkah.

The CM said that former Prime Minister Muhammad Nawaz Sharif’s relationship of respect and trust with Saudi Arabia spans over decades. The extraordinary respect shown to Prime Minister Shehbaz Sharif on his recent visit to Saudi Arabia is a source of pride for the Pakistani nation.

She added that during her last meeting with Saudi Crown Prince Mohammed bin Salman, investment, technology, energy and people-to-people ties were discussed. With his encouragement, the future of Pakistan-Saudi partnership looks bright.

The CM acknowledged that Saudi Arabia’s compassionate attitude towards people of Punjab during recent floods is a prime example of our brotherhood. She highlighted that Pak-Saudi practical partnership can be promoted through 30, 60 and 90-day action plans under clear goals.

The Chief Minister said that Pakistan and Saudi Arabia have one faith, history and future, we will move forward with more sincerity and determination. She prayed that the friendship between Pakistan and Saudi Arabia becomes a source of unity, peace and stability for the entire Muslim Ummah.

She added, “I spent 08 years in Saudi Arabia, it is like our second home. The arrival of Saudi delegation to Punjab is a source of great pride for us. We welcome the Saudi-Pak Joint Business Council coming from Saudi Arabia to the land of Punjab.”

This visit of the high-level delegation from Saudi Arabia is an everlasting symbol of the eternal bond of Pak-Saudi love and brotherhood.

The CM added, “We are proud that Pak-Saudi relations are not based on temporary interests or needs, but on faith, belief and a bond of heart.” She noted that they are not guests coming from the Two Holy Mosques, but people who live in the hearts of people of Punjab.

She said, “Like every Muslim, Makkah and Medina are in the heart of every Pakistani.” She added that Saudi people love people of Pakistan and Pakistanis love every citizen of Saudi Arabia. She highlighted that Saudi Arabia is a beautiful blend of tradition and innovation, faith and progress, spirituality and practicality.

“We want to move forward in Punjab by linking progress with morality, technology with culture, and knowledge with character. We are building Pakistan’s first central business district in Lahore. Pakistan is a sister country of Saudi Arabia, as it is a supportive country, and it will be a blessing to be a partner,” she said.

Chairman Pak Saudi Business Council Mansoor bin Muhammad bin Saad Al Saud said that he has not only come to invest in Pakistan but also to help and assist our Pakistani brothers. He thanked Chief Minister Maryam Nawaz Sharif for the wonderful hospitality and welcome in Lahore. He said, “Chief Minister Maryam Nawaz Sharif’s leadership is impressive.”

The Saudi delegation is looking forward to the cooperation and partnership of Pakistan and Saudi Arabia. The delegation will thoroughly review the mining opportunities in Punjab.

Later, a dinner featuring traditional food was served in honour of Saudi delegation by Chief Minister Maryam Nawaz Sharif. She also expressed gratitude to Saudi ambassador for providing household goods for flood victims.

Copyright Business Recorder, 2025