High-Level Saudi Delegation to Visit Pakistan Today to Discuss Reko Diq, Other Investments

A high-level Saudi delegation, led by Foreign Minister Faisal bin Farhan bin Abdullah, will visit Pakistan from 15 to 16 April 2024.

The delegation consists of Saudi Minister of Water and Agriculture, Eng 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, and senior officials from Ministry of Energy and Saudi Fund for General Investments.

The visit takes place essentially to expedite follow-up on the understanding reached between Prime Minister Shehbaz Sharif and Mohammad bin Salman during their recent meeting in Makkah Al Mukarramah to enhance bilateral economic cooperation between Pakistan and Saudi Arabia.

Last week, Saudi authorities agreed to increase deposits in the State Bank of Pakistan from $3 billion to $5 billion. This, and other initiatives are part of a broader agreement previously reached pertaining to discussions to invest $21 billion in Pakistan. This includes establishing a $7 billion copper mine and a $14 billion oil refinery.

In April, ProPakistani first reported that KSA is poised to invest up to $1 billion in the Reko Diq gold and copper mine. Finance Ministry sources said at the time that as part of the deal, Saudi Arabia will buy shares of Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL), and Government Holdings (Private) Limited in the Reko Diq mine.

The Saudi delegation is expected to hold meetings with the President, the Prime Minister, the Foreign Minister, counterpart Ministers, COAS, Apex Committee of SIFC.

This visit is aimed at lending positive impetus to enhanced bilateral cooperation and mutually rewarding economic partnership.

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