RIYADH: Prime Minister Shehbaz Sharif on Monday arrived Riyadh, Saudi Arabia on a two-day visit to attend the Future Investment Initiative (FII) Summit being held from October 25-27, 2022.
The prime minister is visiting the Kingdom at the invitation of Saudi Crown Prince Mohammed Bin Salman bin Abdulaziz.
At the airport, the Governor of Riyadh Faisal bin Bandar bin Abdulaziz Al Saud received the prime minister who was accompanied by a delegation comprising the federal ministers.
During his stay in Riyadh, the prime minister will hold consultations with the Saudi Crown Prince to review the longstanding fraternal relations, with a view to further strengthening the multifaceted cooperation, especially in the economic field, according to the Foreign Office.
Prior to his departure, the prime minister in a series of tweets said the present state of the global economy needed “new thinking and bold vision to overcome the irritants and forge new paths”.
“The pandemic and climate-induced disasters have already put immense strains on the developing countries,” he said, adding that it was high time the world explored solutions to the deepening challenges through candid dialogue.
The FII summit will convene the world’s foremost CEOs, policymakers, investors, entrepreneurs, and young leaders to shape the future of international investment and the global economy.
The event will include in-depth conversations about new pathways for global investment; analysis of critical industry trends; and unparalleled networking among CEOs, world leaders, and experts.
RIYADH: Saudi Arabia on Tuesday appointed Crown Prince Mohammed bin Salman as the prime minister of the country.
Custodian of the Two Holy Mosques King Salman has issued on Tuesday a royal decree appointing Crown Prince Mohammed bin Salman as Prime Minister of Saudi Arabia.
However, the weekly session of the Cabinet, in which the King attends, will be held under his chairmanship, according to the royal decree.
The Crown Prince’s appointment was made with giving an exemption to the provision of Article 56 of the Basic Law of Governance, and the relevant provisions contained in the Law of the Council of Ministers.
In another royal decree, the King restructured the Council of Ministers, headed by the Crown Prince.
King Salman also issued a decree appointing Deputy Minister of Defense Prince Khalid bin Salman as Minister of Defense. Yousef bin Abdullah Al-Benyan has been appointed new minister of education.
The ministers keeping their positions unchanged are Prince Abdulaziz bin Salman as Minister of Energy, Prince Faisal bin Farhan as Minister of Foreign Affairs, Khalid bin Abdulaziz al-Falih as Minister of Investment, Prince Abdulaziz bin Saud bin Nayef bin Abdulaziz as Minister of Interior, Mohammed bin Abdullah al-Jadaan as Minister of Finance.
Also keeping their ministerial titles are Prince Abdullah bin Bandar bin Abdulaziz as Minister of the National Guard, Walid al-Samaani as Minister of Justice, Abdullatif bin Abdulaziz Al al-Sheikh as Minister of Islamic affairs, Prince Badr bin Abdullah bin Farhan as Minister of Culture, Prince Abdulaziz bin Turki al-Faisal as Minister of Sports, Tawfiq bin Fawzan al-Rabiah as Minister of Hajj and Umrah, Majid bin Abdullah Al-Qasabi as Minister of Commerce.
In addition, Bandar bin Ibrahim al-Khorayef as Minister of Industry and Mineral Resources, Ahmed al-Khateeb as Minister of Tourism, Faisal bin Fadhil Alibrahim as Minister of Economy and Planning, and Fahd bin Abdulrahman al-Jalajel as Minister of Health.
ISLAMABAD: A state minister on Thursday briefed Saudi envoy about investment opportunities in Pakistan.
Minister of State and Chairman Board of Investment (BOI), Muhammad Azfar Ahsan highlighted the investment opportunities at a meeting with the Ambassador of Kingdom of Saudi Arabia to Pakistan, Nawaf bin Said Al-Malki.
Both sides shed light on the cordial relations between the two countries and deliberated on ways to further enhance and promote bilateral relations, said a press release issued here.
Chairman BOI briefed the ambassador about the lucrative investment opportunities available in Pakistan with special mention of incentivized priority sectors.
He stressed that Board of Investment under the leadership of Prime Minister Imran Khan is committed to facilitate and encourage investment in the country.
Azfar Ahsan expounded that Pakistan has ample untapped opportunities waiting to be explored in various sectors of the economy. He added that Pak-Saudi relations are moving in an upward trajectory and Pakistan is really looking forward to facilitate Saudi investors in the country.
Ambassador Malki agreed with the Chairman about Pakistan’s massive investment potential. Highlighting the recent positive developments in Pak-Saudi bilateral relations, the ambassador stated that he was confident about substantial economic cooperation between KSA and Pakistan in coming future.
The ambassador underscored that there is room for collaboration between the two countries in areas of trade and investment.
He shared that Saudi investors are taking keen interest in investing in several sectors of Pakistan including energy & petroleum, technology, infrastructure etc.
Chairman BOI apprised the ambassador on an upcoming investors’ meet-up being organized by BOI and requested the ambassador for participation from the Saudi side.
Ambassador Malki warmly accepted the invitation and assured of maximum assistance from his side.
He also mentioned that a group of Saudi investors will soon visit the Board of Investment to formally discuss project proposals and to take this meeting to the next level.
ISLAMABAD: Pakistan and Saudi Fund for Development (SFD) have signed debt service suspension agreements amounting $846 million, a statement said on Thursday.
The agreements have been signed under the G-20 Debt Service Suspension Initiative (DSSI) Framework.
Nawaf bin Saeed Al-Malkiy, Ambassador of the Kingdom of Saudi Arabia to Pakistan witnessed the signing ceremony held in Islamabad.
Dr. Saud Ayid R. Alshammari, Director General for Asia represented the SFD in the signing ceremony.
This amount which was due to be paid during the testing period from May 2020 to December 2021 will now be repaid over a period of six years starting from 2022 in semi-annual installments.
Due to the support extended by the Saudi Fund for Development – one of the major bilateral development partners of Pakistan – along with other bilateral creditor countries, the G-20 DSSI has provided the fiscal space which was necessary to deal with the urgent health and socioeconomic needs of the Islamic Republic of Pakistan.
The total amount of debt that has been suspended and rescheduled under the DSSI framework, covering the period from May 2020 to December 2021, is $ 3,688 million.
Pakistan has already concluded and signed 80 agreements with 21 bilateral creditors for the rescheduling of its debts under the G-20 DSSI framework, amounting to rescheduling of $ 2,088 million.
The signing of agreements with the Saudi Fund for Development brings the total rescheduled amount to $ 2,934 million while negotiations for the remaining $ 754 million are underway.
The agreements for this amount are expected to be signed with respective bilateral development partners within the current fiscal year.
ISLAMABAD: Saudi Arabia to operationalize soon the oil facility to Pakistan, it was agreed at a meeting on Thursday.
Ambassador of the Kingdom of Saudi Arabia in Islamabad Nawaf bin Saeed Al-Malkiy called on the Federal Minister for Economic Affairs Omar Ayub Khan in his office on Thursday.
During the meeting, it was agreed to operationalize the Saudi Oil Facility at the earliest.
The Financing Agreement worth $ 1.2 billion for import for petroleum products was signed on November 29, 2021 between the Saudi Fund for Development (SFD) and Economic Affairs Division (EAD), Pakistan.
As per Financing Agreement, the SFD will extend financing facility up to $100 million per month for one-year for purchase of petroleum products on deferred payment basis.
Both the sides discussed ongoing development projects and new initiatives.
The Minister for Economic Affairs appreciated the Saudi support in the priority development areas, said a press release received here today.
They also discussed the remaining work of development projects in the earthquake affected areas of Azad Jammu & Kashmir (AJK) and Khyber Pakhtunkhwa (KP).
Saudi Fund for Development (SFD) is providing financial assistance for various development projects in the areas of Energy, Health, Education and Infrastructure.
Most recently, the SFD has committed to provide financing for Mohmand Dam Project, Shounter Hydropower Project, Jagran-IV Hydropower Project, Gravity Flow Water Scheme Mansehra, and Abbottabad- Muzaffarabad Road Project.
The Saudi Ambassador assured of continued support at all level to further strengthen the bilateral economic cooperation between the two brotherly countries.
The Saudi Ambassador expressed that the Kingdom of Saudi Arabia is committed to play a much stronger role in the socioeconomic development of Pakistan.
ISLAMABAD: A deal has been signed on Sunday by Pakistan and Saudi Arabia for certification and employment of Pakistani skilled workforce through Takamol and NAVTTC.
The agreement was signed by Minister for Federal Education and Professional Training, Shafqat Mahmood from the Pakistan side, and Dr. Ahmad Jabbar Al Yamni, from Saudia Arabia Takamol side.
The Agreement signing ceremony took place at the Ministry of Human Resources and Social Development, Saudi Arabia and it was witnessed by senior officials of both countries.
This important cooperation between both countries has a far-reaching impact for enhancing the employment opportunities for the skilled Pakistani workforce by joint certification and testing by Takamol Saudi Arabi and NAVTTC National Vocational and Technical Training Commission Pakistan.
This will also safeguard the existing Pakistani workforce in Saudi Arabia. In order to facilitate the Pakistani expatriate workforce, NAVTTC under the leadership of Shafqat Mahmood, Minister for Federal Education and Professional Training, Chairman NAVTTC Syed Javed Hassan and Executive Director NAVTTC Sajid Baloch worked hard to achieve this hallmark far-reaching Agreement between NAVTTC and Takamol.
It is expected that millions of Pakistani skilled workers will get gainful employment opportunities with higher earning as a result of the efforts of the Government of Pakistan.
Under this partnership, NAVTTC, National Vocational and Technical Training Commission Pakistan and Takamol, a subsidiary of the Government of Saudi Arabia are establishing the testing regime under the Skills Verification Program, by exchanging the NOS (National Occupational Standards) and facilitating skill verification of candidates through competency-based assessment (Theory & Practical) at exam Centers in Pakistan for candidates desirous of working in the Kingdom of Saudi Arabia.
This will enable the Pakistani skill workforce to have authentic and internationally recognized joint certification by both Takamol Saudi Arabia and NAVTTC Pakistan, through the Recognition of Prior Learning (RPL) assessment.
The Ministry of Human Resource and Social Development of the Kingdom of Saudi Arabia (KSA) has introduced Skill Verification Program (SVP) implemented from July 2021 in order to regulate its labor market. After the implementation of SVP in KSA, skill verification has become necessary for the Pakistani skilled workers, who intend to have employment in Saudi Arabia.
It is important to note that the largest number of Pakistani expatriate workforce is based in Saudi Arabia, who contribute substantially to Pakistan’s economy through foreign remittances.
Most of the present Pakistani workforce in KSA fall in the category of un-skilled or semi-skilled labor, which means reduced remunerations and it also impacts remittances negatively.
Moreover, in the changing scenario of labour laws and dynamics of the labor market overseas, a large number of Pakistani skill workforce require skills certification as presently they face non-recognition of their qualifications, skills and certification.
This cooperation will help a large number of these workers, also leading to national productivity and development.
ISLAMABAD: Nawaf bin Said Al-Malki, Ambassador of Saudi Arabia in Pakistan, has stressed the need to remove barriers in trade between Saudi Arabia and Pakistan.
While welcoming a delegation from Federation of Pakistan Chambers of Commerce and Industry (FPCCI) led by its president Mian Nasser Hyatt Maggo at Saudi Embassy Islamabad, Al-Malki underscored the need of the removal of trade barriers and the promotion of trade through the direct route.
He stated that Pakistan and Saudi Arabia both possess huge natural resources which can be utilized for enhancement of bilateral trade relations.
The envoy also informed that there is huge potential in rice, textile, sea food, sports goods, agro-based products and there is a need of direct interaction between the traders of both countries in these commodities.
He said that Saudi Arabia wanted to see Pakistan as a growing economy as it is a very important country for the whole Muslim Ummah.
The ambassador said that Pakistan has lots of potential for speedy economic growth that should be highlighted more effectively to attract foreign investors.
Al-Malki urged that the media should focus on projecting the positive things of Pakistan to change wrong perception about it.
He said that wrong perceptions about Pakistan in foreign world needed to be changed to unlock its real economic potential.
President FPCCI Mian Nasser Hyatt Maggo said that Pakistan desired to further strengthen its trade ties with Saudi Arabia as both countries have great scope to promote trade in many areas.
Pakistan has strong strategic, diplomatic and economic relations with Saudi Arabia and cannot forget the financial assistance of Saudi Arabia in the form of oil on credit, construction of educational institutions and on Kashmir cause.
Maggo while quoting the statistics, he informed that the share of Pakistan in Saudi Arabia’s trade is just one per cent; while in Pakistan’s trade is approximately 7 per cent stated that Saudi Arabia is an important trading partner of Pakistan and the joint business council between the national chambers of both countries can play a vital role in enhancing the trade and business activities.
He urged on accelerated efforts for activation of trade and economic promotional activities through this platform. Maggo also underlined the need of exchange of trade delegations, holding of B2B meetings, trade exhibitions and business forums etc.
The President FPCCI further highlighted various potential areas for investment in special economic zones of Pakistan under CPEC project. He invited the investors of Saudi Arabia to explore Joint venturesin these special zones. Pakistan will facilitate Saudi investors by providing them one window operation.
Qurban Ali, Chairman Capital Office & Mirza Abdul Rehman Chief Coordinator FPCCI also emphasized on the enhancement of bilateral trades and investment and suggested opening of Saudi Arabia EXIM bank branch in Pakistan for trade facilitation. Mirza Abdul Rehman &Qurban Ali highlighted the potentials of bilateral trade in different sectors and also requested multiple entry visa to the genuine businessmen on the recommendation of FPCCI within shortest possible time.
ISLAMABAD: The Kingdom of Saudi Arabia (KSA) has signed an agreement to extend an oil facility of $100 million per month for one year to Pakistan on deferred payments.
Sultan bin Abdulrahman Al-Marshad, CEO of Saudi Fund for Development (SFD) exchanged the Financing Agreement with Omer Ayub Khan, Minister for Economic Affairs for the Import of Saudi Goods on Monday.
Talking on the occasion, Minister for Economic Affairs stated that Pakistan values the bilateral and brotherly relations with the Kingdom of Saudi Arabia and thanked KSA for extending support for implementing the infrastructure and energy projects in Pakistan.
KSA helped Pakistan generously during the earthquake of 2005. Both the countries signed projects worth $500 million during the visit of the Prime Minister of Pakistan to the Kingdom in May this year. As per the Financing Agreement, the SFD will extend the financing facility up to $100 million per month for one year for the import of crude oil and petroleum products from Saudi Arabia, which will be extended for another year.
The CEO, SFD stated that Saudi Arabia holds relations with Pakistan in the highest esteem and assured to extend full support for the implementation of development projects in Pakistan. Both sides expressed their strong commitment to enhancing bilateral economic relations in the future.
KARACHI: State Bank of Pakistan (SBP) on Monday signed an agreement for a deposit of $3 billion from Saudi Fund for Development (SFD).
The SBP in a statement said that a deposit agreement between the Kingdom of Saudi Arabia, represented by the Saudi Fund for Development (SFD), and the Government of the Islamic Republic of Pakistan, represented by the State Bank of Pakistan (SBP), was signed on Monday by the Chief Executive Officer of SFD, H.E. Sultan Bin AbdulRahman Al-Marshad and the Governor SBP, Dr. Reza Baqir at the State Bank of Pakistan in Karachi, Pakistan.
Under this deposit agreement, SFD shall place a deposit of USD 3.0 billion with SBP.
The deposit amount under the agreement shall become part of SBP’s Foreign Exchange Reserves. It will help support Pakistan’s foreign currency reservesand contribute towards resolving the adverse effects of the COVID-19 pandemic.
The deposit agreement reflects the strong and special relationship between the Kingdom of Saudi Arabia and Pakistan and will further augment the economic ties between the two brotherly countries, the SBP said.
ISLAMABAD: Saudi Arabia has allowed direct entry from Pakistan with effect from December 01, 2021, according to a report.
The nationals of Pakistan are now eligible for direct entry without spending 14-day quarantine in a third country.
According to Saudi Press Agency report quoting an official source at the ministry of interior, the directive will come into force from next Wednesday, December 01, 2021.
Saudi Arabia along with Pakistan also allowed direct entry from Indonesia, India, and Egypt. Brazil and Vietnam are the other countries that are included in the new list of countries allowed direct entry into the Kingdom.
