Saudi crown prince’s visit promises investment opportunities for Pakistan

WEB DESK: Saudi Crown Prince Mohammed bin Salman is set to visit Pakistan soon, Hum Investigation Team (HIT) learnt via diplomatic sources on Friday.

King Mohammed bin Salman of Saudi Arabia plans to visit Pakistan, with Islamabad and Riyadh currently scheduling the final details for later this month. This visit coincides with the upcoming official visits of the Prime Minister of Pakistan to China next week.

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At the governmental level, 170 Saudi and Pakistani companies have finalised their investment plans. Thirty Saudi companies have submitted their business proposals across eleven different sectors.

Pakistan and Saudi companies have conducted over 447 meetings to explore government-level investment opportunities.

Key developments include agreements in sectors such as fried onions, human resources, minerals, meat, and telecommunications. Saudi telecommunications company has committed to investing in Pakistan’s telecom sector.

The Ministry of Commerce, Ministry of Foreign Affairs (MoFA), Special Investment Facilitation Council (SIFC), and the Board of Investment (BOI) have designated focal persons and offices to facilitate the bilateral engagement.

Efforts are also underway to finalise a $50 billion trade deal between Pakistan and Saudi Arabia, with discussions also progressing on potential memorandum of understanding (MOUs) in the mining, meat, and human resources sectors.

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Several prominent Saudi companies, including Rawabit Energy for Investments, Fawaz Abdulaziz Al Hokair and Company, Bahra Cable, ED Holding, Saudi Gold Refinery, and many others, have expressed interest in investing in Pakistan.