Pakistan anticipates billion-dollar investments following the presence of a high-ranking Saudi delegation

Prime Minister Shehbaz Sharif made a suggestion that Saudi Arabia may spend billions of dollars in Pakistan one day after Prince Faisal bin Farhan, the country’s foreign minister, finished his two-day visit to Islamabad.

The prime minister announced that billions of dollars in investment were anticipated as a result of the recent visit by the high-level Saudi delegation while presiding over a meeting of the federal cabinet in the federal capital on Wednesday.

He expressed gratitude to the federal cabinet and other relevant authorities for the successful visit and stated that the Saudi team was pleased with the ministers’ and officials’ preparations in Pakistan.

Speaking at a joint news conference with his Pakistani colleague Ishaq Dar, Saudi FM Prince Faisal on Tuesday praised his investment-related visit to Pakistan, expressing his great admiration for the government’s aggressive approach.

The foreign minister of Saudi Arabia stated that the country has several options for boosting its investment in Pakistan.

During today’s cabinet meeting, the prime minister expressed gratitude to Saudi Crown Prince Mohammed bin Salman for his particular interest in Pakistan, resulting in a successful visit by the Saudi team.

“With the same spirit and dedication, we must ensure the completion of this investment in Pakistan,” he continued.

The prime minister forewarned that no roadblocks or impediments will be permitted in this respect.

In addition, he restated his pledge to the people to work day and night for Pakistan’s development and prosperity. “We will soon achieve Pakistan’s development, prosperity, and economic stability if we continue to work hard.”

The News reports that Pakistan presented 25 projects worth an estimated $32 billion in prospective investments to a high-ranking visiting team from the Kingdom of Saudi Arabia. One of the projects is a $2 billion rail link that would connect key mining locations with Gwadar.

A $1.2 billion equity investment in the much-anticipated Diamer Bhasha Dam was also recognized by Islamabad. Pakistan has also asked for funding to investigate the viability of building a five-star, opulent hotel on property that is available from the Capital Development Authority (CDA).

The KSA delegation was given a comprehensive update on Tuesday by the Special Investment Facilitation Council (SIFC), which is jointly run by the military and civilian sectors. The presentation covered the country’s changing economic landscape, including the Standby Arrangement (SBA) program, which saw Islamabad reach an IMF agreement, the rise in profits being repatriated overseas, the anticipated decline in inflation in the upcoming fiscal year 2024–2025, the adoption of a market-based exchange rate, the improved investment climate following SIFC initiatives, and the private sector-led growth with a particular emphasis on privatization, public-private partnerships, and reduced state footprints.