Hefty investment deals cap PM’s Saudi visit

Saudi Arabia on Wednesday announced to add another $600 million to its recently announced $2.2 billion investment in Pakistan in what the Saudi investment minister called “only the beginning of something very special”.

The announcement was made in a joint news stakeout by Prime Minister Shehbaz Sharif and Saudi Investment Minister Khalid bin Abdulaziz Al Falih following their “very productive” meeting encompassing the bilateral cooperation in multiple sectors including trade, finance, agriculture, technology and skilled manpower.

At the invitation of Saudi Crown Prince Mohammed bin Salman, the prime minister is currently on a two-day official visit to Saudi Arabia where he addressed the 8th edition of the Future Investment Initiative (FII) on ‘Infinite Horizons: Investing Today, Shaping Tomorrow.’ held in Riyadh and joined the global leaders to discuss how investment could serve as a catalyst for a prosperous and sustainable future.

Accompanied by Adviser at the Royal Court Mohammad Maziad Al-Tuwaijri, Saudi Minister Al Falih told the media that during his recent visit to Pakistan, both sides had signed 27 MoUs for investment worth $2.2 in Pakistan.

He announced that following Prime Minister Sehbaz’s meeting with Crown Prince and their discussion, the number of MoUs increased from 27 to 34, adding $600 million and bringing total investment to $2.8 billion.

Shehbaz stated that meetings with the Crown Prince and Al-Falih were reassuring, noting to the media that some projects agreed upon during the recent Saudi delegation’s visit were already underway.

He added that both sides would work on project timelines and expressed hope that, under the Crown Prince’s leadership, bilateral relations would further strengthen.

“When I come back, I will have good news for the people of Pakistan and Saudi Arabia. With your valuable support, we will be able to carve our way forward and soon be able to make big announcements,” the prime minister remarked.

Minister Al-Falih stated that, following their visit to Pakistan, both sides held “extensive” working-level meetings to elevate bilateral relations in areas such as economy, finance, trade, and people-to-people ties.

He noted that some MoUs had already led to exports from Pakistan in agriculture and other sectors. Al-Falih also expressed the Saudi government’s interest in importing skilled Pakistani workers, emphasizing that Saudi Arabia aims to become a key player in digital technology and artificial intelligence.

PM Shehbaz expressed gratitude to the Saudi leadership for support to Pakistan which was critical to achieving the IMF program.

He said with the commitment and collective efforts by the government and the support from the brotherly countries, Pakistan would march towards economic progress.

He also thanked 2.5 million Pakistani expatriates for contributing to Saudi development and assured that Pakistan would make efforts to prepare a skilled workforce to meet Saudi requirements to contribute in a big way to the Kingdom’s development program.

Earlier, Prime Minister Shehbaz Sharif on Wednesday met with the Saudi Investment Minister Engr. Khalid bin Abdulaziz Al-Falih and Advisor at the Saudi Royal Court Mohammad Bin Mazyad Al-Tuwaijri wherein he called for continuing the momentum for creating new opportunities for developing strong economic partnership between the two countries.

In the meeting held on the sidelines of the Future Investment Initiative held here, both sides reviewed progress on various economic initiatives between the two countries.

Shehbaz thanked Minister Khalid Al Falih for his efforts and commitment towards strong economic cooperation with Pakistan. He underscored the need to benefit from tremendous economic opportunities for both countries that have emerged in the backdrop of Saudi Arabia’s Vision 2030.

Recalling the Saudi investment minister’s recent visit to Pakistan on October 09-11 along with a large private sector delegation, the prime minister noted that the B2B MoUs signed in Pakistan during the visit had started to materialize into solid investment and commercial deals.
PM in Doha

Prime Minister Shehbaz Sharif arrived in Doha on two-day official visit at the invitation of Amir of State of Qatar Sheikh Tamim bin Hamad Al Thani.

At the airport, the prime minister was received by Qatari Minister of State Mohammed bin Abdulaziz Al-Khulaifi, Pakistan’s ambassador and other diplomatic staff, PM Office Media Wing said in a press release.

Federal ministers Khawaja Muhammad Asif, Mohammad Aurangzeb, Jam Kamal Khan and Attaullah Tarar also accompanied the prime minister.

During his visit, the prime minister will hold bilateral meetings with Sheikh Tamim bin Hamad Al Thani, Amir of the State of Qatar and Mohammed bin Abdulrahman bin Jassim Al-Thani, Prime Minister/Minister for Foreign Affairs.

The two sides will review the entire gamut of bilateral relations and explore new avenues of cooperation, especially in trade and investment.

The leadership level delegations of Qatar Investment Authority (QIA) and Qatar Businessmen Association (QBA) will call on the prime minister to explore investment opportunities in Pakistan.

Prime Minister Sharif will also inaugurate the cultural exhibition “Manzar: Art and Architecture in Pakistan from 1940 to present” on 31 October 2024.

The exhibition will showcase Pakistan’s rich cultural and architectural heritage and underline deep people-to-people linkages between Pakistan and Qatar.