Saudi Arabia has decided to invest in Ricodic
In a significant move to bolster economic ties, Saudi Arabia has announced its decision to invest in the Rekodic project, a major mining venture in Pakistan. This investment is expected to bring millions of dollars into the region and enhance collaborative efforts between the two countries.
Overview of the Rekodic Project
The Rekodic project, located in the Balochistan province of Pakistan, is primarily known for its rich mineral resources, including copper and gold. This project has the potential to become one of the largest mining operations in the world, attracting international interest and investment.
Stakeholders in Rekodic
Current stakeholders in the Rekodic project include Canadian Barrick Gold, which holds a 50% stake. The federal government of Pakistan and the Balochistan provincial government each own a 25% share in the project. The involvement of Saudi Arabia is anticipated to enhance the financial and operational capabilities of Rekodic.
Saudi Investment Delegation
A 130-member delegation from Saudi Arabia, led by Investment Minister Engineer Khalid bin Al-Aziz Al-Falih, arrived in Pakistan recently to explore investment opportunities. This delegation marks a significant step in strengthening bilateral relations and economic cooperation.
Agreements and Future Prospects
During the Pakistan-Saudi Arabia Business Forum, the Saudi Minister for Investment announced that 27 different agreements would be signed between the two countries. These agreements are expected to encompass various sectors, potentially paving the way for further investments and collaborative projects in the future.
Conclusion
Saudi Arabia’s investment in the Rekodic project is a promising development for Pakistan’s economy, especially in the mineral sector. This collaboration not only enhances the economic ties between the two nations but also opens up new avenues for growth and development in Balochistan.
