High-level body set up for talks with Saudis on investment
• 18-member panel, co-chaired by Musadik Malik and Lt Gen Sarfraz, to lead discussions
• Saudi delegation, led by Prince Mansour, due this week, eying tech, food and sports equipment • Islamabad seeks big-ticket stakes in SOEs and backing for a new petrochemicals plant
ISLAMABAD: Pakistan has formed an 18-member committee to steer bilateral economic engagements and negotiations with Saudi Arabia, as stated in a notification from the Prime Minister’s Office dated Oct 5, aligning with a Reuters report on the expected arrival of a Saudi business delegation in the country this week.
According to Dawn.com, the discussion will be co-chaired by Climate Change Minister Musadik Malik and the Special Investment Facilitation Council’s national coordinator, Lieutenant General Sarfraz Ahmad. The body will “constitute core/negotiation teams for negotiations with the Saudi counterparts” and is tasked with implementing its brief on a “fast-track basis”, the notification said.
“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.
The panel includes Economic Affairs Division minister Ahad Khan Cheema; Haroon Akhtar Khan, special assistant to the prime minister for industries and production; Power Minister Awais Ahmed Leghari; Commerce Minister Jam Kamal Khan; Food Security Minister Rana Tanveer Hussain; Communications Minister Abdul Aleem Khan; and Information Technology Minister Shaza Fatima Khawaja, among others.
The development follows a mutual defense agreement that the two countries signed last month, pledging a joint response to aggression.
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 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.
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.
Published in Dawn, October 7th, 2025