Saudi Arabia’s interest in securing a significant stake in Pakistan’s mining sector, particularly in the Reko Diq project controlled by Barrick Gold Corp., is gaining traction. Sources familiar with the matter reveal that Manara Minerals Investment Co., backed by the Saudi sovereign wealth fund, is poised to inject a substantial sum of at least $1 billion into the Reko Diq copper and gold mining endeavor.
The potential deal, which has been brewing behind the scenes, is expected to reach a preliminary agreement on transaction terms within the coming weeks, marking a significant milestone in Saudi Arabia’s investment foray into Pakistan’s resource-rich landscape.
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This move underscores Saudi Arabia’s broader strategy of strengthening economic ties with Pakistan, with a focus on strategic investments. The Saudi Public Investment Fund (PIF) has been instrumental in facilitating this initiative, displaying a willingness to explore opportunities in Pakistan’s market with a relatively higher risk appetite and a more lenient due diligence threshold.
What makes this prospect particularly enticing for Saudi Arabia is the favorable terms being offered by Pakistan, which has demonstrated a pragmatic approach in its pursuit of foreign investment. While the likelihood of Saudi’s entire $25 billion investment commitment materializing remains uncertain, the allure of lucrative deals in the minerals sector has the potential to translate into tangible investments over the coming months.
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However, the driving force behind these potential agreements lies in Pakistan’s urgent need to stimulate deal flow and revitalize its economy. The allure of attracting foreign investment, coupled with the promise of mutually beneficial partnerships, has propelled Pakistan to actively court investors like Saudi Arabia, who seek credible commercial opportunities without exorbitant demands.
In essence, Saudi Arabia’s interest in the Reko Diq project and other potential ventures represents a symbiotic relationship where both parties stand to gain from strategic collaboration. While Saudi Arabia seeks to diversify its investment portfolio and secure access to valuable mineral resources, Pakistan aims to leverage foreign capital to spur economic growth and development.
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Pictured above [Left to Right] Pakistan’s Prime Minister Shehbaz Sharif with Saudi Arabia’s crown prince, MBS.
As negotiations progress and agreements take shape, the evolving partnership between Saudi Arabia and Pakistan in the realm of mining investments holds the promise of mutual prosperity and economic advancement for both nations.
The deals however rely heavily on Pakistan delivering on her end of the bargain in no way supporting avoiding of a default that is another issue altogether!
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The writer is a lawyer, academic and political analyst. She has authored a book titled ‘A Comparative Analysis of Media & Media Laws in Pakistan.’ She can be contacted at: yasmeenali62@gmail.com and tweets at @yasmeen_9
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A good piece that strengthens hope👍
KSA has been a friend of Pakistan through thick and thin. Let’s hope the potential JV agreements are drafted in a way that further promotes the existing bilateral relations!