Saudi Arabia to Increase Deposits in SBP to $5 Billion

The Kingdom of Saudi Arabia has agreed to increase deposits in the State Bank of Pakistan from $3 billion to $5 billion. This was disclosed by the CEO of Saudi Arabia Holding Co. Mohammad AlQahtani on LinkedIn. The agreement took place during a meeting between Prime Minister Muhammad Shehbaz Sharif and Crown Prince Mohammed Bin Salman on Monday. AlQahtani said the agreements include increasing Saudi deposits in SBP from $3 billion to $5 billion and injecting investments into a new oil refinery and copper mines. These initiatives are part of a broader agreement previously reached, where Saudi Arabia is in discussions to invest $21 billion in Pakistan. This includes establishing a $7 billion copper mine and a $14 billion oil refinery. These investments are viewed as a positive development in strengthening economic ties between Pakistan and Saudi Arabia, bolstering the Pakistani economy, and generating new job opportunities. AlQahtani remarked that these investments come at a crucial time for Pakistan, which is grappling with a severe economic crisis marked by high inflation rates and a foreign currency shortage. Pakistan hopes that these investments will help improve its economy and create new job opportunities. Pakistan has a strong and reliable ally in Saudi Arabia, which has been providing extensive financial and political support for a long time. These new investments signify the continued close cooperation between the two countries, AlQahtani added.