Interview with Ms. Tara Uzra Dawood, CEO Dawood Global Foundation
PAGE: Tell me something about yourself, please:
Tara Uzra Dawood: I am an entrepreneur, investor, lawyer and corporate leader with a focus on sustainable finance, Islamic investment, women’s economic empowerment and inclusive growth. I serve as CEO of 786 Investments Ltd. and Dawood Global Foundation, and founded LADIESFUND Energy, a women-led renewable energy company. My work brings together finance, entrepreneurship, energy and social impact, with a particular emphasis on creating opportunities for women to participate meaningfully in the economy.
I hold a doctorate in juridical science from Harvard Law School, an honours degree from Cornell University, and studied at Oxford University’s Somerville College. I have served on the boards of listed companies and financial institutions, including Pakistan Refinery Limited, and previously served on the boards of Pakistan State Oil and LESCO.
Across my professional work, I believe that capital should do more than generate financial returns. It should build institutions, create sustainable livelihoods, strengthen economic resilience and expand access to opportunity. I am particularly interested in how responsible investment, Shariah-compliant financial structures and private-sector innovation can help Pakistan achieve more inclusive and sustainable growth.
PAGE: There is no denying the fact that the quality of investment matters at least as much as its quantity. What is your take on it?
Tara Uzra Dawood: I would argue that the quality of investment matters more than the headline figure alone. Large investment announcements may generate optimism, but their real value depends on whether they translate into productive capacity, employment, technology transfer, exports, improved infrastructure and lasting economic benefits.
Pakistan needs investment that strengthens its ability to earn foreign exchange rather than simply increasing its reliance on imports or external financing. We should assess investments by their commercial viability, productivity, contribution to exports, employment generation, environmental sustainability and capacity to develop local skills and supply chains.
The financing structure is equally important. Investment must be supported by realistic cash-flow projections, appropriate risk allocation, transparent governance and a credible route to profitability. Poorly structured projects can leave governments and taxpayers carrying disproportionate risks, even when the initial investment figure appears impressive.
As an advocate of sustainable and Shariah-compliant finance, I believe that capital should be connected to genuine economic activity, responsible risk-sharing and measurable outcomes. Pakistan does not simply need more capital; it needs capital that builds productive assets, strengthens local enterprises and delivers returns to investors while creating long-term value for the country.
PAGE: There is a prevalent assumption that Pakistan’s major investment opportunities are increasingly being assessed through the prism of project viability, financing structures and commercial risk rather than geopolitical enthusiasm alone. How would you comment on it?
Tara Uzra Dawood: I believe this is a necessary and healthy evolution. Geopolitical relationships can open doors, establish trust and facilitate discussions, but they cannot substitute for sound economics. Ultimately, investors need confidence that a project is commercially viable, its risks are understood, its financing is sustainable and its regulatory environment is sufficiently predictable.
Pakistan has considerable opportunities in minerals, renewable energy, agriculture and agro-processing, infrastructure, logistics, technology and export-oriented manufacturing. However, each opportunity needs to be assessed on its own merits. Investors will examine the cost and availability of energy, foreign-exchange exposure, taxation, contractual protections, repatriation of returns, security, governance and the reliability of project execution.
The distinction between an expression of interest, a memorandum of understanding, a financing commitment and actual capital deployed is particularly important. These represent different stages of an investment process and should not be treated as interchangeable measures of success.
Pakistan must therefore strengthen project preparation, transparent procurement, dispute resolution and the consistency of its policies. Well-designed public-private partnerships and appropriately structured Islamic financing instruments can also help match long-term capital with long-term productive assets.
Diplomacy may initiate an investment conversation, but bankability sustains it. Pakistan’s objective should be to convert strategic relationships into commercially sound investments that are implemented successfully and deliver measurable economic benefits.
PAGE: What is your perspective about Middle Eastern investment in Pakistan?
Tara Uzra Dawood: Middle Eastern investment presents a significant opportunity for Pakistan, particularly because of our longstanding commercial, cultural and people-to-people relationships with countries across the Gulf. However, I believe the relationship should evolve beyond short-term financial support and episodic investment announcements towards a deeper partnership built around productive assets, trade, technology and long-term economic value.
There are promising areas for collaboration in renewable energy, mining, agriculture and food security, logistics, digital infrastructure, financial services and export-oriented industries. Pakistan offers a substantial domestic market, a strategic geographic position and a young workforce. Gulf investors, in turn, can bring patient capital, international market access, operational expertise and experience in developing large-scale projects.
The opportunity is to create partnerships in which both sides benefit commercially. This means moving beyond the purchase of assets towards developing businesses, improving productivity, building local supply chains and expanding exports. In agriculture, for example, investment could support modern farming, storage, food processing and more efficient water use. In energy, it could accelerate renewable generation and improve the reliability and affordability of power.
Pakistan must also do its part. Investors need transparent transactions, consistent regulations, credible dispute-resolution mechanisms and clarity on the allocation of commercial and sovereign risks. Investments should be evaluated on their actual economic contribution, rather than simply their country of origin.
I would welcome a stronger and more diversified investment partnership with the Middle East, one that generates sustainable returns for investors while creating jobs, developing skills and strengthening Pakistan’s productive capacity.
PAGE: What is your standpoint on Saudi interest in the Reko Diq copper-gold project?
Tara Uzra Dawood: Saudi interest in Reko Diq is potentially significant, given the project’s scale and the strategic importance of copper and gold. Copper is particularly relevant to electrification, renewable energy infrastructure and the wider energy transition, while gold adds another dimension to the project’s commercial value.
I would welcome Saudi participation if it is based on a transparent, commercially robust structure that complements the existing ownership arrangements and supports the successful development of the project. The important consideration is not simply the nationality of the investor, but the quality of the capital, the expertise it brings, the financing terms and the value it creates for Pakistan.
Reko Diq must be viewed as more than a mineral extraction project. Its long-term success should be measured by the extent to which Pakistan develops local expertise, creates skilled employment, expands supporting infrastructure, builds domestic supplier capacity and earns sustainable fiscal revenues. The people of Balochistan must see tangible benefits through jobs, skills development, community investment and improved access to essential services.
At the same time, a project of this scale requires rigorous environmental safeguards, responsible water management, transparent revenue arrangements and clear accountability. Mining investments have long development horizons, substantial capital requirements and significant execution risks; these must be properly managed rather than overshadowed by the excitement surrounding the resource itself.
Saudi participation could strengthen the project’s financing and strategic partnerships, but the terms must protect Pakistan’s long-term interests while remaining commercially attractive to all parties. If structured and governed well, Reko Diq could help establish Pakistan as a more credible destination for large-scale, long-term investment in its mineral resources.