Shehbaz expected to meet MBS as Saudi Arabia invites him for Umrah

ISLAMABAD, (NNI): Saudi Arabia has invited Prime Minister Shehbaz Sharif for performing Umrah, sources say, as he is expected to meet Crown Prince Mohammed bin Salman during his stay in the kingdom.

The invitation comes at a time when Pakistan is desperate for foreign investment to revive the flagging economy which has been hit hard by rupee devaluation, persistent inflation and record-high interest rates.

According to the sources, the prime minister will leave for Saudi Arabia after his meeting with the Saudi crown prince - who is the de facto ruler of oil-rich Gulf State - is finalised.

Discussions are already underway to give a formal shape to different projects for Pakistan and the two leaders will deliberate upon several of these ventures.

The sources say it is expected that Saudi Arabia will invest $1 billion in the Reko Diq project in the coming weeks, as a Barrick Gold delegation visited Pakistan recently and held meetings with Shehbaz and top officials.

Barrick owns a 50 per cent stake in Reko Diq, with the remaining 50pc owned by the governments of Pakistan and the province of Balochistan.

Mark Bristow - who is the Barrick chief executive officer - had previously welcomed the Saudi investment in the billion-dollar Reko Diq project which is one of the biggest undeveloped ventures, offering massive copper and gold reserves. Meanwhile, Saudi Arabia and Pakistan are already looking into ways and means to enhance collaboration in sectors other than energy and mining like agriculture. It is expected that the prime minister's visit will produce multiple development projects for Pakistan.

Any Saudi investment will boost the stocks and investors' morale in the country, as the Pakistan Stock Exchange is again on a recordbreaking spree after a sharp decline in inflation rekindled the hopes for early interest rate cuts.

On the other hand, Riyadh under the leadership of Mohammed bin Salman - commonly known as MBS - has been working on economic diversification to reduce the kingdom's dependence on fossil fuels and make it not only manufacturing bub but also a centre of sports, tourism and entertainment.

Hence, Saudi Arabia is not only attracting foreign investment in different sectors but has also been pouring billions of dollars into other countries - a move that will also enhance and fortify its credentials as an effective global player.