In a significant development, Saudi Arabia has decided to invest in the Reko Diq mining project, with experts predicting the potential inflow of millions of dollars into the venture.
The Reko Diq project, located in Balochistan, is a joint venture between Canadian mining company Barrick Gold, which holds a 50% stake, and the federal and Balochistan governments, each owning a 25% share.
Experts believe that Saudi Arabia’s involvement could lead to substantial financial investment, potentially boosting Pakistan’s economy and the mining sector.
This decision follows the recent arrival of a 130-member Saudi delegation, led by Saudi Investment Minister Engineer Khalid bin Abdulaziz Al-Falih, who arrived in Pakistan for talks aimed at enhancing bilateral economic cooperation.
Speaking at the Pakistan-Saudi Arabia Business Forum, the Saudi Investment Minister emphasized the importance of the Special Investment Facilitation Council (SIFC) in facilitating such projects. He highlighted that Saudi Arabia and Pakistan are expected to sign 27 agreements in various sectors, further strengthening economic ties between the two nations.
