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ISLAMABAD: The Pakistan government has constituted a high-level committee to steer bilateral economic engagements and negotiations with ������Ƶ, according to an official notification issued by the prime minister’s office on Sunday.

It is widely believed that Islamabad and Riyadh will sign a wide-ranging economic pact as early as this month, weeks after they inked a mutual defense pact, significantly strengthening a decades-old security partnership. 

Pakistan’s alliance with ������Ƶ — the site of Islam’s holiest sites — is rooted in shared faith, strategic interests and economic interdependence. Nearly 2.6 million Pakistanis live and work in ������Ƶ and are also the largest source of remittances to the South Asian nation.

Pakistan has pushed in recent months to strengthen trade and investment ties with friendly nations, particularly the Kingdom, which has promised a $5 billion investment package that cash-strapped Pakistan desperately needs to shore up foreign reserves and fight a chronic balance of payment crisis. 

According to the PM office notification, the committee will be co-chaired by Minister for Climate Change Musadik Masood Malik and Lt. Gen. Sarfraz Ahmad, National Coordinator of the Special Investment Facilitation Council, a civil-military body that oversees foreign investments. 

“The Co-Chairs shall constitute Core/Negotiation Teams for negotiations with the Saudi counterparts. These teams shall be responsible for implementing and executing the assigned tasks on fast-track basis,” the notification said. 

It further noted that all members and representatives would ensure availability from Oct. 6 onwards and that the PM has directed the SIFC to process members’ travel approvals “within one hour the same working day.”

The committee has been tasked to submit progress reports to the Prime Minister on a fortnightly basis, with the SIFC Secretariat providing administrative support.

Other members of the committee include Minister for Economic Affairs Ahad Khan Cheema, Minister for Power Awais Leghari, Minister for Commerce Jam Kamal Khan, Minister for National Food Security & Research Rana Tanveer Hussain, Minister for Communications Abdul Aleem Khan, Minister for Information Technology & Telecommunication Shaza Fatima Khawaja, and Special Assistant to the Prime Minister on Industries & Production Haroon Akhtar Khan, among others.

Bilateral trade between Pakistan and ������Ƶ remains highly imbalanced, with Saudi exports to Pakistan vastly exceeding Pakistani exports in recent years. In 2023, ������Ƶ’s exports to Pakistan were estimated at approximately $4.65 billion, while Pakistan’s exports to ������Ƶ were much smaller, such as about $138 million in rice among other goods. 

In 2024, Pakistan’s total exports to ������Ƶ stood at around $734 million, with major items including cereals and meat, while Saudi exports to Pakistan included refined petroleum and chemical products. 

Last October, Pakistani and Saudi business communities signed 34 MoUs worth about $2.8 billion during a visit by a Saudi investment delegation. It is unclear how many of those MoUs have been converted into active projects or contracts in a year. 

RIYADH: ������Ƶ showcased its mining reforms and investment opportunities at the PERUMIN 37 Mining Conference in Arequipa, Peru, aiming to position the Kingdom as a global hub for minerals and downstream processing.

A delegation comprising representatives from the Ministry of Industry and Mineral Resources, the Saudi Geological Survey, and the Saudi Mining Services Co. highlighted ������Ƶ’s commitment to sustainable mineral resource development, the Saudi Press Agency reported.

The group also emphasized the upcoming fifth edition of the Future Minerals Forum, scheduled for January 2026 in Riyadh. 

The Kingdom’s participation comes amid a sharp rise in mining exports, which have surged by about 80 percent due to increased production of key minerals including phosphate, iron, aluminum, copper, and gold.  

According to a report in August, current and planned investments in the sector are estimated at SR180 billion ($48 billion), as ������Ƶ intensifies its strategy to position itself as a global hub for mineral resources.  

This expansion aligns with broader government efforts to boost exports and attract high-quality foreign investment into downstream processing industries. 

During PERUMIN 37, Abdulrahman Al-Belushi, deputy minister for Mining Resource Development, stated that ������Ƶ and Peru share a strong commitment to leveraging mining as a driver of economic growth.  

“He explained that ������Ƶ’s participation in PERUMIN 37 reflects its belief in the importance of cooperation and knowledge exchange to support mineral supply chains, serving the goals of global digital and energy transitions,” the SPA report added. 

Al-Belushi reiterated the Kingdom’s strategic objective of transforming mining into a third pillar of the national economy under Vision 2030.  

He noted that ������Ƶ holds mineral resources valued at over SR9.4 trillion and has enacted policies to enhance investment attractiveness. 

These include the development of integrated infrastructure from mine to market and the pursuit of international partnerships to strengthen global supply chain resilience. 

Recent initiatives presented by the Saudi delegation include the launch of mining exploration license rounds via the digital Tadween platform, which ensures transparency and equal opportunity for investors.  

The ministry has also introduced the Mining Exploration Enablement Program to support companies with valid licenses for less than five years, offering up to SR7.5 million per project to mitigate early-stage investment risk. 

“The Kingdom also offers competitive incentives through its mining investment regime, including full foreign ownership, in addition to financing provided by the Industrial Development Fund to support mining exploration,” Al-Belushi said, as reported by SPA. 

He highlighted the National Geological Database, which compiles over 80 years of geological data, alongside a comprehensive regional survey program to deepen knowledge of the Arabian Shield. 

The Saudi delegation emphasized the Kingdom’s interest in expanding strategic partnerships with Latin American nations, especially Peru — a leading global producer of copper, silver, and zinc. 

Discussions between Saudi and Peruvian officials explored collaboration in exploration technologies, artisanal mining challenges, and joint investments to strengthen global supply chains. 

On the sidelines of the event, the Saudi team held several bilateral meetings with leading Peruvian and international exploration and mining companies to showcase investment opportunities in ������Ƶ and promote available incentives.