A Saudi investment of up to $1 billion is likely next month in the Reko Diq Copper Gold project located in the Chagai district in Balochistan, Radio Pakistan reported on Sunday.

The Special Investment Facilitation Council (SIFC) is working to remove obstacles in this regard, the report said.

Prime Minister Shehbaz Sharif will form a committee that includes all stakeholders to ensure a smooth completion of Saudi investments.

Pakistan and Saudi Arabia will sign agreements for further mining investments after this investment.

Earlier, Pakistan and Saudi Arabia affirmed their commitment to expediting the first wave of an investment package worth $5 billion.

The understanding was reached during an official meeting of Prime Minister Shehbaz Sharif with Saudi Crown Prince Mohammad bin Salman that took place at Al-Safa Palace in Makkah Al-Mukarramah on 7 April 2024, according to a joint statement issued here on Monday. It stated that the discussions centred on fortifying the fraternal relations between the two brotherly nations and exploring avenues for enhanced collaboration across various sectors.

“Emphasis was placed on the Kingdom’s supportive role in Pakistan’s economy and the mutual desire to strengthen trade and investment ties. Both parties affirmed their commitment to expediting the first wave of investment package worth $5 billion which was discussed previously,” read the joint statement.