Prime Minister Shehbaz Sharif is set to meet with Crown Prince Mohammed bin Salman (MBS) following a special invitation to perform Umrah, marking a significant diplomatic move for Pakistan. This invitation comes at a crucial juncture for Pakistan, which is striving to attract foreign investment to strengthen its economy amidst challenges like rupee devaluation, persistent inflation, and soaring interest rates.
Reports suggest that the prime minister will travel to Saudi Arabia once the meeting with the influential Saudi crown prince is confirmed. Talks are already underway to finalize various projects for Pakistan, with both leaders expected to discuss several ventures during their meeting.
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There are expectations that Saudi Arabia will invest $1 billion into the Reko Diq project soon. Currently, Barrick holds 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 CEO, has previously shown interest in Saudi investment in the billion-dollar Reko Diq project, known for its significant copper and gold reserves.
Furthermore, Saudi Arabia and Pakistan are exploring avenues to strengthen cooperation in sectors beyond energy and mining, such as agriculture. The prime minister’s visit is anticipated to result in multiple development projects for Pakistan, underscoring Saudi Arabia’s commitment to fostering bilateral ties and supporting economic growth.
Saudi Arabia’s proactive approach in attracting foreign investment across various sectors highlights its emergence as a global player. The kingdom’s investments in other countries further solidify its position on the international stage, demonstrating its effectiveness as a strategic and influential player in global affairs.
