Connect with us

Latest News

Saudi Arabia asks Shehbaz to perform Umrah, so he anticipates meeting MBS.

Published

on

According Pakistani reports, Saudi Arabia has extended an invitation to Prime Minister Shehbaz Sharif to perform Umrah because it anticipates that during his visit, he will meet Crown Prince Mohammed bin Salman.

The invitation is extended at a time when Pakistan is in dire need of foreign investment to boost its faltering economy, which has been severely impacted by the depreciation of the currency, ongoing inflation, and historically high interest rates.

The sources claim that once the prime minister’s meeting with the Saudi crown prince, who serves as the de facto ruler of the oil-rich Gulf State, is finalized, he will depart for Saudi Arabia.

The two presidents will discuss a number of these endeavors as talks to formally define several projects for Pakistan are already under way.

According to the sources, a delegation from Barrick Gold recently visited Pakistan and spoke with Shehbaz and other high-ranking officials. As a result, it is anticipated that Saudi Arabia will spend $1 billion in the Reko Diq project in the coming weeks.

50% of Reko Diq is owned by Barrick, with the remaining 50% being jointly held by the province of Balochistan and the Pakistani government.

Chief Executive Officer of Barrick, Mark Bristow, has earlier praised Saudi Arabia’s participation in the billion-dollar Reko Diq project, one of the largest undeveloped ventures with enormous deposits of gold and copper.

In the meantime, Saudi Arabia and Pakistan are already investigating methods to strengthen cooperation in fields other than mining and energy, such as agriculture. It is anticipated that Pakistan will benefit from several development initiatives as a result of the prime minister’s visit.

Any investment from Saudi Arabia will help the country’s stocks and investors’ spirits, as the Pakistan Stock Exchange is once again setting new records following a strong decrease in inflation that reignited expectations for early interest rate reduction.

However, Riyadh, led by Mohammed bin Salman, usually referred to as MBS, has been focusing on economic diversification in an effort to lessen the kingdom’s reliance on fossil fuels and establish itself as a hub for entertainment, sports, and tourism in addition to manufacturing.

As a result, Saudi Arabia is not only drawing in international capital for a variety of industries, but it has also been sending billions of dollars abroad, a move that will strengthen its position as a major player in the world economy.

However, the World Bank noted in a recent report that Pakistan must simultaneously implement reforms and remove obstacles to draw in foreign investment on a consistent and long-term basis by attracting investors in a variety of industries.

Latest News

To clarify, the Finance Division has stated that Chinese engineers are not participating in the IPP Negotiations.

Published

on

By

In response to claims in the media that linked the two Chinese engineers who were killed in an explosion in Karachi to the ongoing IPP talks, the Finance Division has provided clarification.

The Finance Division issued a statement in which it stated that the government has been in negotiations with independent power producers (IPPs), one of which being the power plant for whom both of the Chinese engineers worked.

The engineers who passed away, on the other hand, were not taking part in the IPP discussions. Consequently, any impression that is formed to this effect by reporting in the media is incorrect and has no basis in reality.

Continue Reading

Latest News

A Significant Contribution Made by the Pakistani Diaspora to the Enhancement of Education: Ahsan Iqbal

Published

on

By

In Islamabad, there was a conference that brought together people from all over the world to discuss ways to improve the educational system.

During his speech at the conference, the Federal Minister for Planning Ahsan Iqbal claimed that the Pakistani diaspora plays a significant part in enhancing the education sector of the country.

Continue Reading

Latest News

The “Internet Dost” initiative is the result of the National Rural Support Program’s transformative initiative.

Published

on

By

Utilizing the assistance of google.org, the National Rural Support Program has initiated a revolutionary program known as the “Internet Dost” Program. The program’s objective is to close the digital gap that exists in rural areas.

A significant event, internet dost journalist, was hosted by the National Rural Socialist Party (NRSP) at its headquarters in Nowshera as part of a larger campaign to improve digital literacy.

Continue Reading

Trending