A high-profile Saudi delegation, led by Foreign Minister Prince Faisal bin Farhan, is set to touch down in Pakistan on Monday for a pivotal two-day visit, as announced by the Foreign Office on Sunday.
The distinguished delegation includes 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.
This visit holds significant weight, aiming to accelerate the progress on the agreements struck between Prime Minister Shehbaz Sharif and Crown Prince Mohammad bin Salman during their recent meeting in Makkah, with a specific focus on bolstering bilateral economic cooperation between Pakistan and Saudi Arabia.
During PM Shehbaz’s recent visit to the kingdom, a momentous decision was made with Crown Prince Mohammed bin Salman to expedite the first phase of a substantial $5 billion Saudi investment package for Pakistan.
Furthermore, in a bid to deepen financial ties, last year, the crown prince instructed the Saudi Development Fund to explore the possibility of increasing the deposit in the State Bank of Pakistan to $5 billion. Notably, in September 2023, then-caretaker Prime Minister Anwaarul Haq Kakar revealed Saudi Arabia’s ambitious plan to invest up to $25 billion in Pakistan across various sectors within the next two to five years.
The Saudi delegation’s itinerary includes pivotal meetings with the President, the Prime Minister, the Foreign Minister, the Chief of Army Staff, and the SIFC apex committee, as highlighted by the FO.
“This visit is poised to inject a positive momentum into the burgeoning bilateral cooperation and mutually beneficial economic partnership between Saudi Arabia and Pakistan,” the statement from the Foreign Office emphasized.
