Saudi Arabia and Pakistan have reached an agreement to boost Saudi deposits in the State Bank of Pakistan (SBP) from $3 billion to $5 billion following Prime Minister Shehbaz Sharif’s visit to Saudi Arabia and his meeting with Crown Prince Mohammed Bin Salman, Express Tribune reported on Wednesday.
Mohammad AlQahtani, CEO of Saudi Arabia Holding Company, announced the agreement in a social media post, describing it as part of a $5 billion “massive” plan. The agreement was formalized during PM Shehbaz’s visit to Makkah on Monday, where discussions centered on enhancing bilateral ties and Saudi Arabia’s supportive role in Pakistan’s economy.
A joint communique issued from Islamabad and Riyadh highlighted both parties’ commitment to expedite the implementation of the $5 billion investment package. The agreement includes investments in a new oil refinery and copper mines.
AlQahtani further elaborated that these investments are part of a larger agreement, with talks underway for Riyadh to invest $21 billion in Islamabad. This includes the establishment of a $14 billion oil refinery and a $7 billion copper mine.
Last year, Saudi Arabia pledged to invest $25 billion in Pakistan over five years under the Special Investment Facilitation Council (SIFC), targeting sectors such as energy, information technology, minerals, defense, and agriculture.
