ISLAMABAD: Caretaker Finance Minister Dr. Shamshad Akhtar and Saudi Ambassador to Pakistan Nawaf bin Said Al-Malki discussed investment opportunities, trade, and economic ties between the two countries on Thursday, a statement from Pakistan’s Finance Division said. 

Saudi Arabia has taken a keen interest in investment opportunities within Pakistan in recent months. In August, a delegation from the Kingdom arrived in Pakistan to explore investment opportunities in the mining sector as part of the Special Investment Facilitation Council (SIFC), a hybrid civil-military body set up in June to attract international investments. The Saudi delegation also attended Pakistan’s first dedicated summit on minerals in Islamabad.

On Monday, Pakistan’s Caretaker Prime Minister Anwaar-ul-Haq Kakar told foreign media representatives the Kingdom and the UAE would invest $25 billion each on projects part of the SIFC within two to five years. 

Malki called on Akhtar at the Finance Division on Thursday. Akhtar expressed her appreciation for the long-standing historical, religious, and cultural ties between the two countries, the Finance Division said in a statement. 

“H.E. Mr. Nawaf Bin Said Al-Malki, Ambassador of Saudi Arabia reciprocated the sentiments and reiterated that the long-term relationships of both brotherly countries are timeless,” the statement said. 

“He underscored that the Kingdom of Saudi Arabia is keen in seeking investment opportunities and deepening bilateral economic and trade ties with Pakistan.”

Both representatives agreed to foster economic partnerships that would lead to regional stability and prosperity, the statement added. 

“They agreed to continue working closely to explore concrete steps for economic collaboration and to promote mutual cooperation,” the Finance Division added. 

Saudi Arabia is also home to over 2.5 million Pakistani expatriates, making it the South Asian country’s top source for billions of dollars of remittances. 

In June, Saudi Arabia deposited $2 billion in Pakistan’s central bank, paving the way for Islamabad to secure a crucial $3 billion bailout package that helped it avert a sovereign default. 

In July, Pakistan established a Land Information and Management System, Center of Excellence ((LIMS-CoE) to modernize its agricultural sector, with Saudi Arabia providing an initial $500 million investment to set up the facility.