By Saudi Arabia has proposed acquiring a 15% stake in Pakistan’s Reko Diq mining project and providing grants for developing road infrastructure in the area. This proposal has received approval from the Special Investment Facilitation Council (SIFC), although the final decision now rests with the Cabinet Committee on Intergovernmental Transactions.
Pakistan is anticipating significant Saudi investments, potentially up to $5 billion, in various sectors, including mining and agriculture, by June next year. Finance Minister Muhammad Aurangzeb highlighted the growing interest of Saudi Arabia in multiple sectors, such as metals and mining. He expressed optimism about forthcoming announcements regarding these investments.
A Saudi delegation had visited Pakistan earlier this year to explore investment opportunities in various fields, including solar energy, mining, hydropower, and technology. Saudi Foreign Minister Prince Faisal bin Farhan emphasized the Gulf kingdom’s commitment to moving forward with these ventures.
The Reko Diq project, located in Balochistan’s Chagai district, is expected to begin production by 2028. The project is a joint venture where Barrick Gold Corporation holds a 50% stake, the federal government of Pakistan owns 25%, and the Balochistan provincial government holds the remaining 25%. Saudi Arabia has been negotiating to acquire a portion of the Pakistani government’s stake in this project.
