Interview with Mr. Sanie Khan, Executive Director – Floret Capitals (Private) Limited
PAGE: Tell me something about yourself, please:
Sanie Khan: I am a capital market professional with extensive experience in Pakistan’s financial markets, corporate governance, investment banking and capital market development. Over the years, I have worked in senior positions at the Pakistan Stock Exchange and in the private sector, contributing to initiatives aimed at broadening investor participation, strengthening market infrastructure and introducing new financial products.
I currently serve as Executive Director at Floret Capitals and hold directorships in the corporate sector. I also host Inside Financial Markets on GTV, where I engage with policymakers, business leaders and market professionals on issues shaping Pakistan’s economy. My professional interest has always been in connecting capital with productive enterprise. I believe Pakistan has enormous economic potential, but unlocking that potential requires credible institutions, transparent markets and policies that encourage long-term investment rather than short-term speculation.
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?
Sanie Khan: I would go a step further. For an economy like Pakistan, the quality of investment is perhaps more important than its quantity.
We often celebrate investment announcements worth billions of dollars without asking some fundamental questions. How many sustainable jobs will be created? Will the investment generate exports? Will it transfer technology, develop local skills or reduce our dependence on imports? And, most importantly, will it create lasting economic value?
An investment that merely changes the ownership of an existing asset is fundamentally different from one that creates new productive capacity.
Pakistan needs patient capital directed towards export-oriented industries, mineral development, technology, agriculture, energy efficiency and infrastructure. We also need to distinguish between investments that earn foreign exchange and those that eventually create additional pressure on our external account through profit repatriation and imported inputs.
The real measure of investment success should not be the size of the cheque. It should be the economic value that remains in Pakistan long after that cheque has been written.
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?
Sanie Khan: I think this is a welcome development, and frankly, it was long overdue.
For decades, Pakistan has relied heavily on its strategic relationships to attract financial support and investment commitments. But there is a fundamental difference between a friendly country supporting Pakistan and an investor committing capital to a commercially viable project.
Today’s investors, including sovereign wealth funds and major Gulf corporations, have increasingly sophisticated investment mandates. They examine projected cash flows, financing costs, regulatory stability, currency convertibility, legal protections and the credibility of project sponsors.
Political goodwill may open the door, but it cannot substitute for commercial viability.
Pakistan must understand that even investors from our closest friendly countries have alternative destinations for their capital. We are competing with economies offering stronger institutions, predictable taxation, efficient dispute resolution and greater ease of doing business.
The Special Investment Facilitation Council can play a useful role in removing administrative bottlenecks, but ultimately, investment decisions must stand on their own commercial merits.
My view is simple: Pakistan should move away from celebrating memorandums of understanding and start measuring actual financial closures, capital inflows, project execution and economic returns.
PAGE: What is your perspective about Middle Eastern investment in Pakistan?
Sanie Khan: Middle Eastern investment presents a major opportunity for Pakistan, particularly given our longstanding relationships with Saudi Arabia, the UAE, Qatar and other Gulf economies.
However, I believe the relationship needs to evolve from financial assistance and diplomatic goodwill towards a mature, commercially driven investment partnership.
Gulf investors have substantial financial resources, international exposure and growing interests in mining, logistics, renewable energy, food security, infrastructure and financial services. Pakistan has opportunities in many of these sectors.
But we must also be realistic. Gulf capital is not charity. These investors expect competitive returns, legal certainty, efficient execution and credible local partners.
I would particularly welcome investments structured through Pakistan’s capital markets, including public offerings, infrastructure funds, REITs and other transparent investment vehicles. Such arrangements could allow Pakistani institutional and individual investors to participate alongside foreign investors in the country’s economic development.
There is also an important distinction between selling existing national assets and attracting fresh capital that expands productive capacity. Both may have a place, but the latter offers a stronger foundation for sustained economic growth.
Ultimately, Pakistan should seek investment partnerships that create shared prosperity rather than relationships driven by temporary financing needs.
PAGE: What is your standpoint on Saudi interest in the Reko Diq copper-gold project?
Sanie Khan: I consider Saudi interest in Reko Diq a potentially important development, both economically and strategically.
Reko Diq represents one of Pakistan’s most significant undeveloped mineral resources. Its successful development could create substantial opportunities for exports, infrastructure, employment and associated industries, particularly in Baluchistan.
Saudi participation could strengthen the project’s financial base and reinforce confidence among international investors. It could also help deepen economic cooperation between the two countries beyond traditional financial assistance.
However, I would caution against treating any proposed investment as a success before its commercial terms, financing arrangements and implementation commitments are clear.
The key questions are straightforward. At what valuation is equity being offered? How will development costs and future capital requirements be shared? What protections exist for Pakistan’s economic interests? And how much of the project’s value will translate into local employment, infrastructure and sustainable benefits for Baluchistan?
Mining projects require enormous upfront capital, have long development periods and remain exposed to international commodity prices, operating costs and geopolitical risks. Their economics must therefore be examined with considerable care.
I would also like to see Pakistan gradually develop mechanisms through which domestic institutional investors, including pension funds and capital market participants, can gain exposure to commercially viable mineral projects.
Reko Diq should not merely become another foreign investment headline. It should become a model of how Pakistan can convert its natural resources into lasting national wealth while offering fair and competitive returns to its investment partners.