Islamabad established this summer the Special Investment Facilitation Council, which includes the army chief, to smooth the bureaucratic path for Gulf investment. “For the Gulf, Pakistan and Egypt are a regional security priority,” said Karen E. Young, a researcher at Columbia University’s Center on Global Energy Policy. Pakistan will also have to manage competition between Gulf nations for assets, already being felt, especially between Saudi Arabia and UAE, which have strained relations. In July, Saudi Arabia said it would buy a $2.5 billion stake in Brazilian mining company Vale, also through the same fund and Ma’aden. For Islamabad, there are strategic advantages to tying Saudi Arabia in, while Barrick has joined with Saudi Arabia elsewhere too.

Source: The Nation August 11, 2023 14:20 UTC