Sources say Saudi Investment Minister Khalid Al-Falih will lead Saudi delegation during two-day visit
ISLAMABAD: (UrduPoint/UrduPoint / Pakistan Point News-Oct 9th, 2024) A high-level Saudi delegation is set to visit Pakistan on Thursday, with agreements valued at $2 billion expected to be signed with the Federal government, the sources said on Wednesday.
Khalid Al-Falih, the Saudi Minister of Investment, would lead the delegation during his visit from October 10-11.
The sources said that during the visit, Al-Falih is anticipated to address a business forum at a local hotel and engage in discussions with prominent figures from Pakistan’s private sector. The sources said that the minister will oversee the signing of multiple memorandums of understanding (MOUs) and facilitate business-to-business meetings with Pakistani representatives.
The delegation includes representatives from various Saudi companies involved in construction, engineering, financial services, IT, hospitality, agriculture, food, energy, and petroleum.
Pakistan also received financial support from the International Monetary Fund (IMF), which has helped in stabilizing the economy and curbing inflation. Additionally, the government has secured commitments for foreign loans totaling $3.2 billion from international lenders, including a $1.2 billion Saudi Oil Facility (SOF) for the coming year.
This significant trip comes just ahead of the Shanghai Cooperation Organisation (SCO) summit scheduled to take place in Islamabad later this month.
Prime Minister Shehbaz Sharif had earlier said that the agreements and MOUs with Saudi Arabia would span various sectors, underscoring Pakistan’s efforts to attract foreign investment amid ongoing economic challenges. The government has introduced several fiscal measures aimed at stabilizing the economy, which has recently struggled with high inflation rates.
