A high-level Saudi delegation, led by Foreign Minister Prince Faisal bin Farhan bin Abdullah, arrived in Pakistan on Monday, Aaj News reported.
An earlier statement from the foreign office stated that the delegation would include the Saudi Minister of Water and Agriculture, Engineer Abdul Rahman Abdul Mohsen Al-Fadley, the Minister of Industry and Mineral Resources, Bandar Ibrahim AlKhorayef, the Deputy Minister for Investment, Badr AlBadr, the head of the Saudi Special Committee, Mohammad Mazyed Al Towaijri, and senior officials of the Ministry of Energy and the Saudi Fund for General Investments.
“The visit takes place essentially to expedite follow up on the understanding reached between Prime Minister Muhammad Shehbaz Sharif and HRH Mohammad bin Salman, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia during their recent meeting in Makkah Al Mukarramah to enhance bilateral economic cooperation between Pakistan and Saudi Arabia,” the FO said.
The Saudi delegation is expected to hold meetings with the president, prime minister, the foreign and counterpart ministers, COAS, and the apex committee of the Special Investment Facilitation Council (SIFC), it added.
PM Shehbaz Sharif met with the crown prince last week and discussed expediting a planned $5 billion investment package, which cash-strapped Pakistan desperately needs to shore up its current account deficit and signal to the International Monetary Fund that it can continue to meet requirements for foreign financing that has been a key demand in previous bailout packages.
A Saudi investment of up to $1 billion is expected to be made next month in the Chagai district of Balochistan's Reko Diq Copper Gold project.
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.
Pakistan has lately also been trying to secure Saudi investment in industries ranging from agriculture to mines, minerals and aviation.