Pakistan has constituted an 18-member committee to carry out bilateral economic engagements and negotiations with the Kingdom of Saudi Arabia (KSA), a notification issued on Sunday by the Prime Minister’s Office said.

According to the notification, made available to Dawn.com today, the committee will be co-chaired by Climate Change Minister Musadik Malik and the national coordinator for Special Investment Facilitation Council (SIFC), Lieutenant General Sarfraz Ahmad.

The notification, dated October 5, said that the co-chairs “shall constitute core/negotiation teams for negotiations with the Saudi counterparts”.

These teams, per the notification, shall be responsible for implementing and executing the assigned tasks on a fast-track basis.

“The prime minister has directed that the SIFC shall submit proposals for the travel of members of the committee from Pakistan to KSA and back, and the PMO will ensure that these are processed/approved within one hour of the same working day,” the notification further said.

Per the notification, Economic Affairs Division Minister Ahad Khan Cheema, Special Assistant to Prime Minister (Minister of State) for Industries and Production Haroon Akhtar Khan, Power Minister Awais Ahmed Leghari, Commerce Minister Jam Kamal Khan, Food Security Minister Rana Tanveer Hussain, Communication Minister Abdul Aleem Khan, and Information Technology Minister Shaza Fatima Khawaja will also be part of the committee, among other members.

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 and energy supplies, with the kingdom being a significant source of financial aid and oil for Islamabad.

In February, Riyadh signed a $1.2 billion deferred oil facility, releasing $100m monthly until February 2026. Islamabad is also seeking a rollover of $5bn Saudi loans — $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 Saudi Crown Prince Moha­m­med Bin Salman on the sidelines of the Future Investment Initiative (FII) in Riyadh.

Saudi delegation due in Pakistan this week

According to a Reuters report, a Saudi business delegation is due in Pakistan this week to kick off what Islamabad hopes is a programme of investment, though major investments may be dependent on reforms, officials and experts said.

The development follows a mutual defence agreement that the two countries signed last month, pledging a joint response to aggression.

Pakistani sources anticipate initial investment plans of about $1bn, possibly through the creation of a new fund, as a path to a deeper economic relationship mirroring military ties, the report said.

Less clear is what Pakistan gets out of it, though analysts widely expect a financial payoff. The Saudi businessmen will be led by Prince Mansour bin Mohammad al-Saud, former governor of Hafar Al-Batin Province. The delegation is modest in ambition, with a much bigger Saudi interest sought by Pakistan in the months ahead.

Pakistan’s commerce ministry and the Saudi government media office did not respond to requests for comment. Prince Mansour could not be reached for comment.

The sectors that the Saudi businessmen will focus on are technology, sports equipment, and food and agriculture, according to a source involved in the process. They are expected to meet PM Shehbaz.

The Pakistani government is seeking large investments in state-owned enterprises and the development of a petrochemicals plant, according to officials.

Saudi Arabia has also shown interest in mining in the past, including in buying part of the Pakistani government stake in the multibillion-dollar Reko Diq copper mine being developed in western Pakistan.