A high-level business delegation from Saudi Arabia, led by the Chairman of the Saudi-Pakistan Joint Business Council Prince Mansour bin Mohammad Al Saud, has arrived in Islamabad to discuss trade, investment, and collaboration, the Foreign Office (FO) said today.
The development follows Pakistan forming[1] an 18-member committee to oversee bilateral economic engagements and negotiations with the Kingdom. Last month, the two countries also signed a mutual defence agreement[2], pledging a joint response to any act of aggression.
According to an FO statement, Prince Mansour and his accompanying delegation will “hold meetings with the Pakistani leadership and engage with senior government officials, chambers of commerce and leading business groups to explore avenues for enhanced bilateral trade and investment cooperation.”
It added that the visit underscored the deep-rooted and brotherly ties between Pakistan and the Kingdom of Saudi Arabia, reflecting their shared commitment to expanding economic and investment partnerships under the framework of the Saudi-Pakistan Joint Business Council.
“Discussions during the visit are expected to focus on trade [and] investment facilitation and collaboration across priority sectors aligned with Saudi Vision 2030 and Pakistan’s economic growth agenda,” it added.
The two countries have long shared a multifaceted relationship rooted in mutual economic interests, strategic military cooperation, and shared Islamic heritage. These ties have encompassed economic assistance[3] and energy supplies[4], with the kingdom being a significant source[5] of financial aid and oil for Islamabad.
In February, Riyadh signed[6] a $1.2 billion deferred oil facility, releasing $100m monthly until February 2026. Islamabad is also seeking a rollover of $5bn Saudi loans[7] — $2bn maturing in December 2025 and $3bn in June 2026 — at a concessional four per cent interest rate.
Last year, Prime Minister Shehbaz Sharif said Riyadh was “central to Pakistan’s economy” as he met[8] Saudi Crown Prince Mohammed Bin Salman on the sidelines of the Future Investment Initiative (FII) in Riyadh.
The government is seeking large investments in state-owned enterprises and the development of a petrochemicals plant, according to a Reuters report.
Riyadh has also shown interest in mining in the past, including in buying part of the Pakistani government stake in the multibillion-dollar Reko Diq[9] copper mine being developed in western Pakistan.
References
- ^ forming (www.dawn.com)
- ^ mutual defence agreement (www.dawn.com)
- ^ economic assistance (www.dawn.com)
- ^ energy supplies (www.dawn.com)
- ^ source (www.dawn.com)
- ^ signed (www.dawn.com)
- ^ $5bn Saudi loans (www.dawn.com)
- ^ met (www.dawn.com)
- ^ Reko Diq (www.dawn.com)