Author: Admin

Saudi Arabia’s Manara Minerals Set to Acquire Stake in Pakistan’s Reko Diq Gold and Copper Mine

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Reko-Diq

Saudi Arabia’s Investment Minister, Sheikh Khalid Bin Abdul Aziz Al Faleh, announced on Thursday that Manara Minerals, a company backed by Saudi Arabia’s sovereign wealth fund, is poised to acquire a stake in Barrick Gold’s Reko Diq project in the coming weeks. Reko Diq, one of the world’s largest untapped copper and gold reserves, is a key asset in Pakistan’s Balochistan province. Currently, Barrick Gold holds a 50% stake in the Reko Diq mine, with the remaining shares divided between the federal and provincial governments of Pakistan. This new partnership…

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Pakistan and Saudi Arabia Strengthen Economic Ties with $2.2 Billion MoUs Across Multiple Sectors

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Saudi-Arabia

Islamabad, Pakistan — Pakistan and Saudi Arabia solidified their strategic partnership with the signing of 27 Memorandums of Understanding (MoUs) valued at $2.2 billion. These agreements span a wide array of sectors, including industry, agriculture, IT, education, health, petroleum, mining, energy, and food. The MoUs were signed during a high-profile visit by Saudi Arabia’s Minister of Investment, Sheikh Khalid Bin Abdul Aziz Al Faleh, who led a business delegation to Islamabad. The signing ceremony was attended by Prime Minister Shehbaz Sharif, Chief of Army Staff (COAS) General Asim Munir, and…

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Saudi Kingdom’s Vision 2030 ties seamlessly with Pakistan’s economic vision, Dr Musadik Malik

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Saudi-pak

Federal Minister for Petroleum Dr Musadik Malik addressing the Pak-Saudi business forum 2024 gave an overview of the investment opportunities. He said that historically we have had ties in traditional areas and formidable friendship. Now we would like to transition from friendship to a journey of growth and development and become partners. We have started thinking now in terms of 360 security: food security, economic security, energy security.We now want to club into the global value chains.We’ve been producing a lot of commodities and Saudi Arabia has a lot of…

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NBP Partners with Huawei to Establish National Cloud Data Center

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NBP-Partners

Karachi – October 10, 2024 National Bank of Pakistan has signed a MoU with Huawei Technologies Pakistan (PVT) to develop a state-of-the-art National Cloud Data Center. The MoU was formalized during the Huawei Connect 2024 Global Conference. This collaboration aims to strengthen NBP’s digital infrastructure by deploying cutting-edge cloud services in a Tier-3 certified data center. Huawei will provide dedicated teams to ensure timely implementation, ongoing operations and maintenance support. Additionally, NBP representatives will receive hands-on training and documentation to ensure smooth project integration. Mr. Amin Manji, Chief Information Technology…

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Government Ends Power Agreements with Five Major IPPs in Reform Push

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power-sector

Islamabad: In a significant move toward reforming Pakistan’s struggling power sector, the Federal Cabinet has approved the termination of existing Power Purchase Agreements (PPAs) with five Independent Power Producers (IPPs). The decision follows recommendations by the Task Force on Power Sector Reforms. According to a statement from the Prime Minister’s Office, the affected IPPs include HUBCO, Lalpir Power Limited, Saba Power, Rousch Power, and Atlas Power. Rousch Power, originally established under a Build-Operate-Transfer (BOT) agreement, will be transferred to government ownership and later privatized. The other four IPPs will retain…

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