ISLAMABAD: Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan will arrive in Pakistan on Monday on a two-day visit aimed at enhancing bilateral economic cooperation between the two countries, the Pakistani foreign office said.
The Saudi foreign minister’s visit comes a week after Crown Prince Mohammed bin Salman met Pakistani Prime Minister Shehbaz Sharif in Saudi Arabia and reaffirmed the Kingdom’s commitment to expedite an investment package worth $5 billion.
“The visit takes place essentially to expedite follow up on the understanding reached between Prime Minister Muhammad Shehbaz Sharif and HRH Mohammad bin Salman, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia during their recent meeting in Makkah Al Mukarramah to enhance bilateral economic cooperation,” the foreign office said in a statement.
“This visit is aimed at lending positive impetus to enhanced bilateral cooperation and mutually rewarding economic partnership.”
The Saudi delegation comprises the foreign minister, minister of water and agriculture, minister of industry and mineral resources, deputy minister of investment, and senior officials from the Saudi energy ministry and the Saudi Fund for General Investments, according to the Pakistani foreign office.
The Saudi delegation is expected to hold meetings with the Pakistani president, the prime minister, the foreign minister and counterpart ministers, as well as the army chief and members of the apex committee of the Special Investment Facilitation Council, set up last year to oversee all foreign investments.
The Saudi government has not yet commented on the visit or its agenda.
Cash-strapped Pakistan desperately needs to shore up its foreign reserves and signal to the International Monetary Fund (IMF) that it can continue to meet requirements for foreign financing that has been a key demand in previous bailout packages.
Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as the top source of remittances to the cash-strapped South Asian country.
Saudi Arabia has also often come to cash-strapped Pakistan’s aid by regularly providing it oil on deferred payment and offering direct financial support to help stabilize its economy and shore up its forex reserves.
On Sunday, Pakistani state media reported Saudi Arabia was likely to invest $1 billion in the Reko Diq copper and gold mine project in Pakistan’s southwestern Balochistan province.
Saudi FM due in Pakistan on official visit today — foreign office
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Saudi FM due in Pakistan on official visit today — foreign office
- Visit comes days after Pakistan, Saudi Arabia reaffirmed commitment to expedite $5 billion investment
- Pakistan state media on Sunday said Saudi Arabia would invest $1 billion in Reko Diq mining project
Sindh chief minister pledges compensation within two months after Karachi plaza fire
- Murad Ali Shah says government is working with Karachi chamber to help shopkeepers restart businesses
- January fire that killed at least 67 brought safety of Karachi’s commercial buildings under sharp focus
KARACHI: Sindh Chief Minister Murad Ali Shah said on Friday compensation for shopkeepers affected by last month’s deadly Gul Plaza shopping mall blaze would be released within two months amid calls for improved fire safety regulations to protect commercial buildings in Karachi.
The fire at Gul Plaza in January killed at least 67 people and left more than 15 missing, triggering renewed criticism of lax enforcement of building codes and emergency preparedness in Pakistan’s largest city.
Authorities said the blaze spread rapidly through the multi-story commercial complex, complicating rescue efforts and raising questions about wiring, access routes and fire safety systems in older markets.
“The government in collaboration with the Karachi Chamber is actively working to help shopkeepers restart their businesses and aims to ensure that compensation is provided within two months so that the shopkeepers can buy inventories to restart their businesses,” the chief minister said while addressing the inauguration of the My Karachi Exhibition, an annual trade and consumer exhibition, according to an official statement.
He said temporary locations had been identified where shopkeepers could operate rent-free until reconstruction is completed, paying only basic maintenance costs.
Shah reiterated the Sindh administration’s commitment to provide Rs 10 million ($36,000) to the families of those who died in the fire, along with immediate relief of Rs 500,000 ($1,785) for affected shopkeepers.
He said Gul Plaza would be rebuilt within two years “in the same manner and with the same number of shops,” adding that the new structure would be safer and constructed “without a single square inch extra.”
Business leaders at the event called for stricter enforcement of fire safety standards across Karachi’s commercial districts, citing unregulated electrical wiring and poor compliance as recurring causes of deadly market fires.
