Saudi Arabia’s Minister for Investment, Sheikh Khalid Bin Abdul Aziz Al Faleh, announced plans for Manara Minerals to sign a deal with Barrick Gold and Pakistan’s State-Owned Enterprises (SOEs) in the coming weeks.
Speaking at the Pak-Saudi Business Forum 2024, the minister highlighted Manara Minerals Investment Company—a joint venture between the Saudi Arabian Mining Company (Ma’aden) and the Public Investment Fund (PIF)—as eager to launch several mining initiatives, with the Reko Diq project as a priority.
Reko Diq, a significant copper-gold project, is currently owned 50% by Barrick, 25% by three federal SOEs, and 25% by the Province of Balochistan, with 10% of that on a free carried basis. The Saudi minister also expressed interest in investing in renewable energy projects and enhancing trade ties with Pakistan.
During the forum, Al Faleh emphasized Saudi Arabia’s massive construction plans, projecting $1.8 trillion in contracts over the next few years, with $200 billion annually in construction and procurement. He encouraged Pakistani businesses to participate, noting the potential for increased imports from Pakistan.
Al Faleh praised Pakistan’s recent economic stabilization efforts and reiterated Saudi Arabia’s commitment to supporting Pakistan’s economic growth. He highlighted the role of Finance Minister Muhammad Aurangzeb and noted the army chief’s commitment to facilitating Saudi investments by reducing bureaucratic hurdles.
The minister announced that 27 Memorandums of Understanding (MoUs) worth over $2 billion would be signed between Saudi and Pakistani companies, with over 50 Saudi companies participating in the delegation. Trade between the two countries has grown significantly, from $3 billion in 2019 to $5.4 billion, and the number of Pakistani investment licenses in Saudi Arabia has more than doubled.
Al Faleh reaffirmed Saudi Arabia’s commitment to Crown Prince Muhammad bin Salman’s $5 billion investment in Pakistan, emphasizing the limitless potential for economic collaboration between the two nations. He highlighted Saudi Vision 2030’s progress and the strategic geographic position of Pakistan as a gateway to Central Asia and beyond.
The Saudi minister’s visit includes meetings with private companies and top government officials, aiming to strengthen bilateral trade and investment ties and sign key agreements and MoUs.
