Saudi Foreign Minister Reveals Plans for Major Investment in Pakistan

In an exciting development, Saudi Arabia’s foreign minister revealed on Tuesday that Riyadh is set to make substantial strides in investing in projects in Pakistan. This news comes hot on the heels of Islamabad’s recent announcement that the Kingdom has committed to fast-tracking $5 billion in investment.

Prince Faisal bin Farhan bin Abdullah touched down in Islamabad on Monday, taking the lead of a delegation for a two-day visit aimed at enhancing economic cooperation between the two nations.

During a joint news conference, Ishaq Dar, his Pakistani counterpart, mentioned that Pakistan extensively briefed the delegation on potential investment projects.

Dar outlined areas of interest for Saudi investors such as agriculture, mining, information technology and aviation.

The prince said he was very impressed with the briefings on the investment opportunities.

“This gave us some very, very significant confidence that we will be able to move forward on those projects which we decide to identify as a worthy of investment,” he said, adding, “I am sure we will be moving ahead significantly.”

The delegation came to follow-up on the understanding reached between Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman during their recent meeting in Mecca to enhance economic cooperation between the two countries.

Sharif met with the crown prince last week and discussed expediting a planned $5 billion investment package, which cash-strapped Pakistan desperately needs to shore up its dwindling foreign reserves and fight a chronic balance of payment crisis.

The Special Investment Facilitation Council (SIFC), a body consisting of Pakistani civilian and military leaders set up to promote investment in Pakistan, briefed the delegates to showcase various sectors for investment, Dar said.

The visit came ahead of Pakistan seeking a 24th bailout from the International Monetary Fund. Pakistan Finance Minister Muhammad Aurangzeb is in Washington to attend the IMF, World Bank spring meetings where he will open formal talks for the new loan programme.