A significant move to bolster economic cooperation between Pakistan and Saudi Arabia, the two nations have agreed to elevate Saudi deposits in the State Bank of Pakistan (SBP) by $2 billion, reaching a total of $5 billion. The announcement came following discussions between Pakistani Prime Minister Muhammad Shehbaz Sharif and Saudi Crown Prince Mohammed Bin Salman at Al-Safa Palace in Makkah.
The meeting, which underscored the commitment to strengthen bilateral ties, emphasized the acceleration of a previously announced $5 billion investment package. Both sides expressed keen interest in enhancing trade and investment links, with a particular focus on the Kingdom’s support for Pakistan’s economy.
Highlighting the depth of the partnership, Saudi Arabia has consented to invest in the establishment of a new oil refinery and copper mines in Pakistan, as part of a broader $21 billion investment plan. This includes a $14 billion oil refinery project and copper mines valued at $7 billion.
Mohammad AlQahtani, CEO of Saudi Arabia Holding Co, lauded these new investments as a testament to the continued cooperation between the two nations. The developments signify a significant step forward in furthering economic collaboration and fostering mutual prosperity.
The agreement underscores the growing strategic partnership between Pakistan and Saudi Arabia, paving the way for enhanced economic opportunities and shared prosperity in the region.
