A high-level delegation from Saudi Arabia, led by Foreign Minister Prince Faisal bin Farhan, arrived in Pakistan for a two-day visit. Foreign Minister Ishaq Dar welcomed the Saudi delegation in Islamabad, which reportedly comprises around 100 members, with some members scheduled to arrive later.
This visit follows Prime Minister Shehbaz Sharif’s inaugural foreign trip to Saudi Arabia since taking office in March. During his trip, PM Shehbaz and Crown Prince Mohammed bin Salman agreed to accelerate the implementation of a planned $5 billion Saudi investment package for Pakistan.
Last year, the Crown Prince instructed the Saudi Development Fund to explore increasing the deposit amount in the State Bank of Pakistan to $5 billion. Additionally, it was announced in September 2023 that Saudi Arabia would invest up to $25 billion in Pakistan over the next two to five years across various sectors.
The purpose of this visit is to advance the agreements made between Prime Minister Shehbaz Sharif and Crown Prince Mohammad bin Salman during their recent meeting in Makkah, aimed at enhancing bilateral economic cooperation between Pakistan and Saudi Arabia, as stated by the Foreign Office.
The Saudi delegation includes notable figures such as Saudi Minister of Water and Agriculture Abdul Rahman Abdul Mohsen Al-Fadley, Minister of Industry and Mineral Resources Bandar Ibrahim AlKhorayef, Deputy Minister of Investment Badr AlBadr, Head of Saudi Special Committee Mohammad Mazyed Al Towaijri, along with senior officials from the energy ministry and Saudi Fund for General Investments.
Meetings are expected to be held between the Saudi delegation and Pakistan’s president, prime minister, foreign minister, chief of army staff, and the apex committee of the Saudi-Pakistan Supreme Coordination Council.
It was previously mentioned by a caretaker government official that Saudi Arabia expressed interest in acquiring government stakes in Pakistan’s Reko Diq gold and copper mine. Barrick Gold Corp, owning a 50% stake in the mine, considers it one of the world’s largest underdeveloped copper-gold areas. Pakistan has previously announced that Barrick would invest $10 billion in the project, with Barrick expressing openness to involving Saudi Arabia as one of its partners in the venture.
