A Saudi business delegation led by Prince Mansoor bin Mohammed Al Saud has expressed interest in investing in Karachi’s port infrastructure, logistics links and green initiatives, Pakistani authorities said Monday, as Islamabad seeks to expand maritime cooperation with its longtime Gulf ally.

The visit comes amid efforts by Pakistan and Saudi Arabia to expand economic partnership from traditional trade, remittances and financial support to investment-based cooperation in infrastructure, energy and other areas. Pakistan is also seeking to modernize its ports, improve connections with land transport networks and expand transshipment operations to strengthen its position in regional trade.

Prince Mansoor, Chairman of the Saudi Arabian Chapter of the Saudi-Pakistan Joint Business Council, led a high-level corporate delegation to Karachi Port Trust (KPT), Port Qasim and South Asia Pakistan Terminals Limited, where officials were briefed on investment opportunities and ongoing modernization projects.

The briefings focused on the proposed 140-acre Maritime Business District in Karachi and the development of Manora Shipyard.

“Prince Mansour expressed keen interest in KPT’s Maritime Business District, Green port initiatives, terminal infrastructure expansion and connectivity initiatives, recognizing their scope for mutually beneficial Saudi investment and joint ventures,” the KPT said in a statement. The Saudi-Pakistan Joint Business Council serves as a platform for companies and investors from both countries to identify commercial opportunities, develop partnerships and form joint ventures. Prince Mansour has led several delegations to Pakistan as the two governments seek to translate their long-standing political and defense ties into greater private sector investment. In June, KPT signed a memorandum of understanding with its Saudi Arabian and Pakistani partners to explore the development of a maritime business zone on MT Khan Road in Karachi.

The proposed development involves the Saudi Arabian Business Council – Najd Gateway Holding Company, Arif Habib Dolmen REIT Management Limited and a consortium of Pakistani companies and is intended to accommodate commercial and maritime businesses.

A joint council of Saudi Arabian and Pakistani investors launched a private equity fund on Monday as part of the countries’ broader push to deepen two-way trade and private sector investment.

The Saudi-Pakistan Joint Business Council, formed by the governments of both countries, said the fund’s initial size is “multi hundred million”, which is expected to expand based on opportunities across sectors.

Three-fourths of the fund will be invested in Pakistan, while the rest will be invested in Saudi Arabian projects, the council said in a statement.

The launch of ⁠the ⁠fund comes at a time when Islamabad and Riyadh are deepening longstanding ties, especially in defense, amid few signs of a breakthrough in the months-long US-Iran conflict.

Pakistan’s stock market rallied sharply on Tuesday, with the benchmark index returning to the 177,000 level, up more than 3,000 points in early trade.

The Pakistan Stock Exchange (PSX) saw heavy buying activity at the start of the second trading day of the week, pushing the index up to 177,421 points. On the last trading day of the previous week, the market had closed at 173,886 points.

The latest rally marked a strong recovery that lifted the benchmark index back above the 177,000-point threshold.