ISLAMABAD: Saudi Investment Minister Khalid bin Abdulaziz Al-Falih said on Friday Riyadh and Islamabad needed to enable private sector investments within existing government-to-government mechanisms like the Saudi-Pakistan Supreme Coordination Council (SPSCC) and Saudi Arabia’s Permanent Coordination Committee for the Development of the Contracting Sector.
Islamabad and Riyadh signed an agreement to establish the SPSCC in 2021 to institutionalize and fast-track decision-making and implementation on political, security, economic and cultural areas of collaboration. The body aims to streamline bilateral cooperation between the two countries, particularly to remove hurdles in investment deals. Separately, Saudi Arabia’s Permanent Coordination Committee for the Development of the Contracting Sector was created in 2022 to work to upgrade the construction sector and tackle project delays and hurdles.
On Thursday, Pakistani Prime Minister Shehbaz Sharif and Al-Falih, who is on a three-day visit to Islamabad, oversaw the signing of over $2 billion in agreements and memorandums of understanding (MoUs) between Saudi and Pakistani businesses.
In comments televised on Pakistan’s state APP news agency on Friday, Al-Falih said Pakistan and Saudi Arabia needed to activate work under existing G2G frameworks such as the Permanent Coordination Committee, which is being led by Mohammad Bin Mazyad Al-Tuwaijri, a Saudi politician and minister-ranked adviser at the Royal Court, with Petroleum Minister Dr. Musadik Malik as his Pakistani counterpart.
“And he [Al-Tuwaijri] has elected to place the Pakistan portfolio within the Royal Court team because he wants to personally have his finger on the pulse of how we are managing [Pakistani investments],” Al-Falih said.
“Within the scope of the G2G, his excellency Al-Tuwaijri and his team have asked MISA [Ministry of Investment for Saudi Arabia] to take the lead on everything about investment, everything about channeling private sector funding, everything about risk mitigation, everything about investment protection, everything about privatization, everything about funding.
“Ultimately what we need to do is enable the private sector.”
The Saudi minister is in Pakistan with a delegation of over 130 businesspeople representing various sectors, including energy, mining, agriculture, tourism, construction, IT and industry. The visit comes as Islamabad seeks closer economic cooperation with friendly countries and regional allies, with the aim to attract foreign investment and shore up its $350 billion economy, beset by a prolonged economic crisis that has drained foreign exchange reserves and weakened the national currency.
Pakistan and Saudi Arabia in particular have been working closely in recent months to increase bilateral trade and investment, with Crown Prince Mohamed bin Salman reaffirming the Kingdom’s commitment earlier this year to expedite a $5 billion investment package for the South Asian country.
Riyadh calls for enabling private sector investments within existing G2G mechanisms with Pakistan
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Riyadh calls for enabling private sector investments within existing G2G mechanisms with Pakistan
- Pakistan and Saudi businesses signed over $2 billion in agreements and memorandums of understanding this week
- The deals have been signed during a visit to Islamabad by Saudi Investment Minister Khalid bin Abdulaziz Al-Falih
Pakistan U19 pull off last-wicket win against Afghanistan in Zimbabwe tri-series
- Pakistan chased 227 with three balls to spare after a shaky start marked by regular fall of wickets
- Hamza Zahoor’s unbeaten 68 and Usman Khan’s four-wicket haul sealed Pakistan’s thrilling victory
ISLAMABAD: Pakistan Under-19 clinched a tense one-wicket victory over Afghanistan in a tri-series match on Saturday, chasing down a target of 227 with three balls to spare at Harare Sports Club in Zimbabwe.
The win was anchored by an unbeaten half-century from Hamza Zahoor, whose 68 not out off 51 balls guided Pakistan home after a dramatic collapse left them nine wickets down and still 26 runs short.
Afghanistan were bowled out for 226 in their 50 overs after being sent in to bat, with Osman Sadat top-scoring with a patient 75 from 106 deliveries, while Mahboob Khan added 49. Pakistan seamer Usman Khan led the bowling effort with four wickets for 37 runs.
"Pakistan U19 seal a thrilling contest in Harare by 1 wicket," the Pakistan Cricket Board (PCB) announced in a social media post.
"Captain Farhan Yousaf scored a composed 65, before Hamza Zahoor's brilliant unbeaten 68 guided Pakistan home," it added.
Pakistan’s chase faltered early as wickets fell at regular intervals, before captain Yousaf steadied the innings with a knock that included six fours and two sixes, keeping the pursuit on track.
With Pakistan slipping to 201 for nine, Zahoor held his nerve in the closing stages, finding brief support from lower-order batters before adding an unbroken 29-run stand for the final wicket with Niqab Shafiq, who finished unbeaten on one.
Zahoor struck eight fours and a six during his innings, counter-attacking confidently as Afghanistan pressed for the final wicket.
Despite Zahoor’s match-winning innings, Usman Khan was named Player of the Match for his four-wicket haul earlier in the day.
Pakistan entered the tournament as U19 Asia Cup champions after beating India by 191 runs in Dubai earlier this month.
The PCB has said the players are using the tri-series as a key preparation for next month’s ICC Men’s U19 World Cup co-hosted by Zimbabwe and Namibia.
Pakistan will next face hosts Zimbabwe on Monday at Prince Edward School in Harare.
