SIFC meeting: PM Shehbaz unveils UAE, Saudi investment plans

WEB DESK: Prime Minister (PM) Shehbaz Sharif has announced that the United Arab Emirates (UAE) and Saudi Arabia have committed significant investments in Pakistan, to be managed through the Special Investment Facilitation Council (SIFC).

Speaking at the 10th Executive Committee meeting of the SIFC on Saturday, the Prime Minister expressed satisfaction with the government’s efforts to attract foreign investments.

“The UAE has earmarked $10 billion for investment in Pakistan, and Saudi Arabia is also prepared to invest. There is no delay on their part. Now it is our responsibility to facilitate these investments,” he said.

The meeting was attended by key officials including Chief of Army Staff Gen Asim Munir, Foreign Minister and Deputy Prime Minister Senator Ishaq Dar, Finance Minister Muhammad Aurangzeb, and the Chief Ministers of all four provinces. Khyber Pakhtunkhwa’s Chief Minister Ali Amin Gandapur, initially left out, was invited at the last minute.

The Pakistan Tehreek-e-Insaf (PTI) party had criticised the federal government for not inviting the Khyber Pakhtunkhwa CM earlier.

During the meeting, PM Shehbaz shared positive feedback received from his recent visits to Saudi Arabia and the UAE, underscoring the pivotal role of the SIFC in driving Pakistan’s economic growth.

“SIFC is now crucial for Pakistan’s economic development,” he noted. “The investments from Saudi Arabia and the UAE will be channelled through this council, and other countries are also showing interest in this initiative.”

The PM called for a collective resolve to achieve economic targets and transform Pakistan. He acknowledged the lack of expertise in certain ministries and announced plans to hire relevant experts and consultants.

Additionally, he revealed that the government has partnered with McKinsey to digitise the Federal Board of Revenue (FBR).

“Despite numerous challenges, we became a nuclear power. We can similarly enhance our agriculture, industry, and export base,” he asserted.

PM Shehbaz highlighted the eagerness of Saudi businesses to invest in Pakistan, stressing that investment proposals must be bankable. He also acknowledged the federal government’s severe liquidity crunch, noting the lack of funds for development projects.

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