DHAHRAN, Dec 8: A number of Saudi and Gulf investors are showing interest in the privatization process in Pakistan. The privatization process in Pakistan has earned more than Rs16 billion within the first year of the Jamali government.

This was stated by Dr Abdul Hafeez Shaikh, Pakistani Minister for Investment and Privatization in an exclusive discussion with Dawn in Al-Khobar on Sunday morning. Dr Hafeez Shaikh was in the Kingdom to take part in the inauguration of the 20th Computer and Communication Exhibition being held at the Dhahran Exhibition Centre.

Some 30 Pakistani companies are participating in the IT exhibition.

Terming the organization of the show a success, Dr Khursheed Nizam of Ecommerce Gateway said more than 130 meetings had been set between the exhibitors from Pakistan and major Saudi business houses.

Dr Hafeez Shaikh said United Bank Limited was sold to an investor from the Gulf and interests had been expressed by some other Kingdom based investors in other units on sale in Pakistan currently.

Elaborating on the growing interest in the privatization process in Pakistan he said within one year of the Jamali government, the Privatization Commission had offered government holding to the public through stock offerings and at the same time a number of units had been handed over to private bidders.

He particularly mentioned the privatization of OGDC in which common people were provided incentive to buy out stakes in this blue chip energy company. Around Rs6.88 billion were generated by selling five per cent stakes in this state-controlled company.

With stable policies a number of investors are getting into Pakistan, Dr Shaikh claimed.

He looked forward to generating more interest in the Kingdom and elsewhere in the privatization process of the country.