A Saudi television station announced on Wednesday that Pakistan and Saudi Arabia intend to sign a deal worth more than $1 billion in the oil sector through the Saudi Development Fund.
The Saudi Al-Khabaria channel quoted Nawaf Al-Maliki, the Saudi ambassador to Pakistan, as saying: “The next days will witness the sign of an agreement between the Kingdom and Pakistan through the Saudi Development Fund for Development with an increase of one billion dollars.”
On August 25, 2022, the Crown Prince and Prime Minister of Saudi Arabia, Prince Mohammed bin Salman bin Abdulaziz Al Saud, ordered an examination to increase the Kingdom of Saudi Arabia’s (KSA) investments in Pakistan, reaching $10 billion.
According to the SPA, the Crown Prince directed the Saudi Development Fund (SDF) to investigate raising the deposit amount made in favor of the State Bank of Pakistan by Saudi Arabia (SBP). On December 2, 2022, the agency will report that the cap of $5 billion has been reached.
The move, according to the Saudi official news agency, improved the Kingdom’s ability to support the people and economy of Pakistan.
The action was the result of discussions between the Crown Prince and Prime Minister Muhammad Shehbaz Sharif, according to the article.
Saudi Arabia was one of the first nations to recognize Pakistan after its creation in 1947. The two nations have maintained significant strategic ties since then. Pakistan and Saudi Arabia have also shared cultural and religious ties over the years.
However Saudi Arabia has consistently helped Pakistan in a variety of ways. From the founding father of Saudi Arabia to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz, the Kingdom always stood with Pakistan. Crown Prince Muhammad bin Salman continues this support by taking various steps to strengthen bilateral ties.