Prime Minister Shehbaz Sharif is reportedly scheduled to meet with Crown Prince Mohammed bin Salman (MBS) following a special invitation to perform Umrah.
This invitation comes at a crucial time for Pakistan, which is seeking foreign investment to bolster its struggling economy amidst challenges such as rupee devaluation, persistent inflation, and record-high interest rates.
Reports indicate that the prime minister will depart for Saudi Arabia once the meeting with the Saudi crown prince, who holds significant influence as the de facto ruler of the oil-rich Gulf State, is finalized.
Discussions are already underway to formalize various projects for Pakistan, with both leaders expected to deliberate on several ventures during their meeting.
It is anticipated that Saudi Arabia will inject $1 billion into the Reko Diq project shortly.
Currently, Barrick owns a 50 percent stake in Reko Diq, while the remaining 50 percent is divided between the governments of Pakistan and the province of Balochistan.
Mark Bristow, Barrick’s chief executive officer, has previously expressed enthusiasm for Saudi investment in the billion-dollar Reko Diq project, which boasts substantial copper and gold reserves and stands as one of the largest undeveloped ventures.
Additionally, Saudi Arabia and Pakistan are exploring avenues to enhance collaboration in sectors beyond energy and mining, such as agriculture. The prime minister’s visit is expected to yield multiple development projects for Pakistan, showcasing Saudi Arabia’s commitment to fostering bilateral ties and supporting economic growth.
Saudi Arabia’s proactive approach towards attracting foreign investment across various sectors underscores its emergence as a global player.
The kingdom’s investments in other countries further solidify its stature on the international stage, showcasing its effectiveness as a strategic and influential player in global affairs.
