ISLAMABAD: As Caretaker Prime Minister Anwar ul Haq Kakar has said that Saudi Arabia will invest around $25 billion during the next five years in Pakistan, it is evident that the Kingdom is increasingly becoming the top foreign investor in the country.
Saudi Forex Reserves in State Bank of Pakistan – Approximate $ 5 billion
Earlier, on 11 July 2023, Saudi Arabia had deposited $ 2 billion in the State Bank of Pakistan (SBP). Whereas on November 29, 2021, the central bank of Pakistan and Saudi Arabia reached an understanding for a deposit worth $3 billion.
Mohmand Hydropower Dam Project
Saudi Arabia has also inked an agreement with Pakistan to help build a dam by providing $240 million. Mohmand Hydropower Dam on the Swat River is being supported through a soft loan. The dam would generate electricity of 800 megawatts and could store around 1.6 million cubic meters of water.
Saudi Company Invests in Ravi City Project
Saudi Sarh Attaqnia Company is collaborating with Pakistan’s Javedan Enterprise for an urban development project on the banks of the Ravi River near Lahore. MoU between two companies was signed in Karachi in 2020 for Ravi Riverfront Urban Development Project.
Riyadh to Invest $10b refinery project
Pakistan and the Kingdom of Saudi Arabia have also decided to establish a $ 10 billion oil refinery in Gwadar. The announcement was made during the visit of Saudi Crown Prince Mohammad Bin Salman in 2019.
Saudi Arabia’s US $ 333 mln for 23 projects in Pakistan
Pakistan and Saudi Arabia have also signed an agreement under which the latter would invest approximately US $333 million in 23 projects in Pakistan.
SFD Inaugurates Project to Provide Solar Energy for 1,240 Schools in Pakistan
On July 14, 2021, the Kingdom of Saudi Arabia’s ambassador to Pakistan started a project to supply solar panels to 1,240 schools, benefitting more than 135,000 students. The project would be covered by the Saudi Fund for Development (SFD).
Saudi Prince launches $100 million tech house in Pakistan
Prince Fahad bin Mansour Al-Saud initiated a $100 million Saudi Arabia-Pakistan Tech House to promote IT sector of Pakistan to create job opportunities.
Road to Makkah initiative launched for five countries, including Pakistan
Saudi Arabia also started a ‘Road to Makkah’ project for the year 2022 to facilitate Hajj pilgrims from five countries, including Pakistan. It was aimed to streamline the immigration process for pilgrims to Makkah in their native countries.
Saudi Fund for Development Signs $ 4.2 Bln Agreements
The Saudi Fund for Development signed two agreements with the Government of Pakistan to back the country’s depleting cash reserves.
Saudi Arabia provides $ 4.44 billion to Pakistan from 2019 to 2021
Aimed at supporting Pakistan’s economy and development, the Government of Saudi Arabia provided $ 4.44 billion to Pakistan from 2019 to 2021 in different projects.
Saudi Arabia is also collaborating with Pakistan in other projects, such as the reconstruction of bridges and water and irrigation channels in the Kalam area of Swat district in Khyber Pakhtunkhwa.
