Riyadh and Islamabad have reached an agreement to surge the Saudi deposits in the State Bank of Pakistan (SBP) by $2 billion – increasing them from $3 billion to $5 billion.
Saudi Arabia Holding Company CEO Mohammad AlQahtani in a social media post shared that following the visit of Prime Minister Shehbaz Sharif to Saudi Arabia and his meeting with Crown Prince Mohammed Bin Salman, the two countries have agreed to step up the implementation of the $5 billion ‘massive’ plan.
The pact was made between PM Shehbaz and the Saudi crown prince in Makkah on Monday during the premier’s three-day visit to seek economic support from the Kingdom.
The two leaders discussed ways for strengthening bilateral ties with special focus on Kingdom’s supportive role in Pakistan’s economy and the mutual desire to strengthen trade and investment ties, according to a joint communique issued simultaneously from Islamabad and Riyadh at the end of the meeting.
‘Both parties affirmed their commitment to expediting the first wave of investment package worth $5 billion, which was discussed previously,’ it added.
AlQahtani explained that the agreements included injecting investments into a new oil refinery and copper mines.
The Saudi Arabia Holding Company CEO elaborated that these steps were part of a broader agreement reached earlier, where Riyadh was in talks to invest $21 billion in Islamabad.
He added that they included the setting up of an oil refinery at cost of $14 billion and a copper mine at a sum of $7 billion.
Last year, Saudi Arabia had pledged to invest $25 billion in Pakistan within the next five years under the Spe¬cial Investment Facilita¬tion Council (SIFC), which was seeking investments in the energy, information technology, minerals, defence, and agricultural sectors from the Gulf countries.
The Saudis are expected to invest $5 billion in the minerals sector, particularly in the Reko Diq Copper-Gold Project located in the Chaghi district of Pakistan’s Balochistan province.
AlQahtani further wrote that these investments were seen as a positive step towards strengthening economic relations between Islamabad and Riyadh, supporting Pakistan’s economy as well as creating new job opportunities.
He added that PM Shehbaz had described this agreement as ‘historic” and a “milestone” in the relationship between the two countries.
‘The investments come at a time when Pakistan is facing a severe economic crisis, with high inflation rates and a shortage of foreign currency. Pakistan hopes that these investments will help improve its economy and create new job opportunities. Pakistan has a strong and reliable ally in Saudi Arabia, which has been providing extensive financial and political support for a long time,’ he wrote.
Provided by SyndiGate Media Inc. (Syndigate.info).
News Related
-
Cloud computing experts, builders, customers, partners, and technology enthusiasts descend on Las Vegas to attend AWS re:Invent event that runs through December 1. Photo: AWS Amazon Web Services, the world’s biggest cloud services provider, has expanded its partnership with technology platform Clarity AI to help investors and consumers advance sustainable ...
See Details:
AWS and Clarity AI to use generative AI to boost sustainable investments
-
Manchester City players appeal to the referee after Ruben Dias’ effort is ruled out for a foul on Alisson Former referee Dermot Gallagher dissects the flashpoints from the latest round of the 2023/24 Premier League season including Manchester City’s disallowed goal against Liverpool and Manchester United’s penalty at Everton. Man ...
See Details:
Ref Watch: 'Enough' of a foul to disallow Man City goal vs Liverpool
-
-
All-rounder Hardik Pandya has been traded to his former franchise Mumbai Indians (MI) from Gujarat Titans with Cameron Green moving from Mumbai to Royal Challengers Bangalore (RCB), the IPL said yesterday. Five-time winners Mumbai got all-rounder Pandya back on his existing player fee of $1.8mn as teams prepare their wish ...
See Details:
Pandya returns to MI, Green goes to RCB
-
KYIV, 28th November, 2023 (WAM) — A winter storm lashed central and southern Ukraine, killing at least five people in Ukraine and three in neighbouring Moldova, with snow and high winds knocking out power to hundreds of towns and villages and shutting highways, Reuters reported. At least 19 people were ...
See Details:
Snowstorm kills eight in Ukraine and Moldova, hundreds of towns lose power
-
-
Empty jars of cream cheese, bottles of juice, torn clothes and scrap wood. These are just some items that double as eye-catching decor in Dubai resident Siddiqa Akhtar’s Furjan townhouse. A veritable upcycled haven, the Pakistani homemaker’s DIY space pays homage to her zero-waste lifestyle. Her creativity is evident from ...
See Details:
Inside a Dubai home with upcycled furniture and zero waste
-
-
Henry Turner of JESS Blues. Defending school champs JESS play a practice match against Dubai Hurricanes ahead of Emirates Dubai Sevens. The Sevens, Dubai. Chris Whiteoak / The National When Jumeirah English Speaking School claimed the Gulf Under-19s title at the Dubai Sevens for the first time 12 months ago ...
See Details:
No Antoine Dupont but Dubai still set to launch new era for sevens
-
Henry Turner of JESS Blues. Defending school champs JESS play a practice match against Dubai Hurricanes ahead of Emirates Dubai Sevens. The Sevens, Dubai. Chris Whiteoak / The National When Jumeirah English Speaking School claimed the Gulf Under-19s title at the Dubai Sevens for the first time 12 months ago ...
See Details:
Why ESG investors are concerned about AI
-
Henry Turner of JESS Blues. Defending school champs JESS play a practice match against Dubai Hurricanes ahead of Emirates Dubai Sevens. The Sevens, Dubai. Chris Whiteoak / The National When Jumeirah English Speaking School claimed the Gulf Under-19s title at the Dubai Sevens for the first time 12 months ago ...
See Details:
Your campsite can harm the environment
-
Henry Turner of JESS Blues. Defending school champs JESS play a practice match against Dubai Hurricanes ahead of Emirates Dubai Sevens. The Sevens, Dubai. Chris Whiteoak / The National When Jumeirah English Speaking School claimed the Gulf Under-19s title at the Dubai Sevens for the first time 12 months ago ...
See Details:
Mubadala, Saudi Fund deals on US radar for potential China angle
-
Henry Turner of JESS Blues. Defending school champs JESS play a practice match against Dubai Hurricanes ahead of Emirates Dubai Sevens. The Sevens, Dubai. Chris Whiteoak / The National When Jumeirah English Speaking School claimed the Gulf Under-19s title at the Dubai Sevens for the first time 12 months ago ...
See Details:
Abu Dhabi T10 season seven to kick off with thrilling double-header
-
Henry Turner of JESS Blues. Defending school champs JESS play a practice match against Dubai Hurricanes ahead of Emirates Dubai Sevens. The Sevens, Dubai. Chris Whiteoak / The National When Jumeirah English Speaking School claimed the Gulf Under-19s title at the Dubai Sevens for the first time 12 months ago ...
See Details:
Eight climate fiction, or cli-fi, books to consider before Cop28
OTHER NEWS
Fantic Stealth 125 and Imola Concept The Italian manufacturer’s sporty offerings are designed to appeal to the beginner segment. The 125cc segment, pretty much non-existent in the US market, is ...
Read more »
Valencia orange image Perspective from Roseane M Silva Master in Health Sciences, Bachelor in Nutrition · 7 years of experience · Brazil Possible Side Effects People who are allergic to ...
Read more »
Leading grocery delivery company Kibsons says it is already answering the call for greener production processes as food security and sourcing enter the Cop28 spotlight later this month. The UAE ...
Read more »
AMMAN — The government on Wednesday endorsed the draft general budget law for 2024 with estimated public revenues of JD10.3 billion, marking an increase of 8.9 per cent compared with ...
Read more »
AMMAN — The new forecasted capital expenditure for the fiscal year 2024 stands at JD73.317 million, according to the 2024 public budget draft law. The government allocated JD1.729 billion as ...
Read more »
AMMAN — The post World War I period marks the beginning of scholarly research in Jordan. During the British Mandate in Jordan, the Department of Antiquities in Amman was founded ...
Read more »
The Sharjah City Municipality has issued a set of guidelines for the use of cosmetic products in hair salons and beauty centres. The authority urges salons to stick to these ...
Read more »