Islamabad, Jan 16: Saudi Arabia is taking significant steps towards enhancing its investment portfolio in Pakistan’s mining sector. During the Future Minerals Forum held in Riyadh, Saudi Mining Minister Bandar Alkhorayef disclosed that the Saudi Development Fund (SDF) is considering a $100 million investment in Pakistan’s mining infrastructure. This announcement underscores the growing interest from Saudi Arabia in Pakistan’s vast natural resources and strategic mineral deposits.
One of the key areas of focus for Saudi investment is Pakistan’s Reko Diq mine, which boasts one of the largest untapped copper-gold reserves in the world. The Saudi mining company, Manara Minerals, is actively exploring investment opportunities in this project.
This comes in the wake of remarks made by Pakistan’s Petroleum Minister Musadik Malik, who expressed confidence that substantial investments from Manara Minerals would materialize within the next two quarters.
Manara Minerals, a joint venture between Saudi Arabia’s state-owned Ma’aden and the $925 billion Public Investment Fund (PIF), has been on an aggressive global investment drive, looking to diversify Saudi Arabia’s economy beyond oil.
This strategy aligns with the Kingdom’s Vision 2030 plan, which aims to reduce the nation’s dependency on oil revenues by fostering investments in various sectors, including mining.
In May of the previous year, executives from Manara Minerals visited Pakistan to discuss the possibility of acquiring a stake in the Reko Diq mine. The mine is jointly owned by Barrick Gold and the Government of Pakistan, making it a prime target for foreign investments.
Read More: Engro Holdings to Issue 722.9 Million Shares to Shareholders
The discussions highlighted the immense potential of Reko Diq to contribute to both Pakistan’s economic growth and Saudi Arabia’s strategic mining ambitions.
The potential Saudi investment in Pakistan’s mining sector is a testament to the growing bilateral ties between the two nations.
It offers Pakistan a chance to tap into advanced mining technologies, funding, and expertise, which could significantly boost its mining infrastructure.
Moreover, such investments will play a crucial role in unlocking the full potential of Pakistan’s mineral resources, benefiting the country’s economy for years to come.
