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Reading: Pakistan’s Anticipated Deal with Saudi Arabia on Reko Diq Shares
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PhotoNews Pakistan > Business > Pakistan’s Anticipated Deal with Saudi Arabia on Reko Diq Shares
Business

Pakistan’s Anticipated Deal with Saudi Arabia on Reko Diq Shares

Web Desk
By Web Desk Published November 8, 2023 2 Min Read
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In an interview with Arab News Pakistan on November 6, 2023, Caretaker Prime Minister Anwaar-ul-Haq Kakar, Islamabad. Photo Screenshot - Arab News
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Caretaker Prime Minister Anwaar-ul-Haq Kakar has indicated that Pakistan expects to finalize a deal with Saudi Arabia by December to sell shares in the Reko Diq project.

The project is one of the world’s largest gold and copper mines located in Balochistan. In his interview with Arab News, PM Kakar expressed optimism about the negotiations, highlighting the government’s enthusiasm for Saudi participation in this significant venture.

Current Stakeholders and Potential Saudi Involvement

The Reko Diq project currently involves several key stakeholders. Canadian company Barrick Gold Corporation holds a 50% share, while a consortium of Pakistani governmental entities owns 25%. Balochistan holds the remaining 25%.

#WATCH: Prime Minister Anwaar-ul-Haq Kakar tells Arab News government hopes for deal by December for Saudi Arabia to buy stakes in Reko Diq gold-copper mining project, the first time Pakistan has officially confirmed it is considering selling it shares.
–https://t.co/28brvoEYUV pic.twitter.com/DdZLLVyRN8

— Arab News Pakistan (@arabnewspk) November 7, 2023

The project, valued at over $7 billion, has the potential to produce substantial amounts of copper and gold annually. Although Barrick Gold Corporation is not selling its stake, it is open to Saudi Arabia purchasing the shares held by the Pakistan government.

In addition to the Reko Diq discussions, PM Kakar emphasized the role of the newly established Special Investment Facilitation Council (SIFC). The SIFC aims to streamline foreign investment processes and address bureaucratic challenges.

With initiatives like the SIFC, Pakistan hopes to attract significant foreign investment, potentially exceeding $60 billion in the next five years. The SIFC is part of a broader strategy to enhance Pakistan’s investment climate and foster economic growth through foreign direct investments and strategic partnerships.

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