ISLAMABAD, Nov 9 (Reuters) - A joint council of Saudi Arabian and Pakistani investors launched a private equity fund on Monday as part of the countries' wider push to deepen two-way private sector trade and 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 defence, amid few signs of a breakthrough in the months-long US-Iran conflict.
(Reporting by Ariba Shahid, Writing by Hritam Mukherjee; Editing by YP Rajesh)