PM gets special invitation from MBS to perform Umrah

ISLAMABAD: Prime Minister, Shehbaz Sharif, is reportedly set to meet with Crown Prince Mohammed bin Salman (MBS) after receiving a special invitation to perform Umrah.

The invitation comes at a time when Pakistan is desperate for foreign investment to revive the flagging economy which has been hit hard by rupee devaluation, persistent inflation and record-high interest rates.

According to the sources, the prime minister will leave for Saudi Arabia after his meeting with the Saudi crown prince – who is the de facto ruler of oil-rich Gulf State – is finalised.

Discussions are already underway to give a formal shape to different projects for Pakistan and the two leaders will deliberate upon several of these ventures.

The sources say it is expected that Saudi Arabia will invest $1 billion in the Reko Diq project in the coming weeks.

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Barrick owns a 50 per cent stake in Reko Diq, with the remaining 50pc owned by the governments of Pakistan and the province of Balochistan.

Mark Bristow – who is the Barrick chief executive officer – had previously welcomed the Saudi investment in the billion-dollar Reko Diq project which is one of the biggest undeveloped venture, offering massive copper and gold reserves.

Meanwhile, Saudi Arabia and Pakistan are already looking into ways and means to enhance collaboration in sectors other than energy and mining like agriculture. It is expected that the prime minister’s visit will produce multiple development projects for Pakistan.

Hence, Saudi Arabia is not only attracting foreign investment in different sectors but has also been pouring in billions of dollars in other countries – a move that will also enhance and fortify its credentials as an effective global player.