PM Shehbaz lands in Riyadh for two-day visit

Published October 24, 2022
Prime Minister Shehbaz Sharif arrives in Riyadh, Saudi Arabia on Monday. — President PMLN Twitter
Prime Minister Shehbaz Sharif arrives in Riyadh, Saudi Arabia on Monday. — President PMLN Twitter

Prime Minister Shehbaz Sharif landed in Riyadh on Monday for a two-day visit to Saudi Arabia to attend the Saudi Future Investment Initiative Summit, often referred to as ‘Davos in the Desert’, and hold consultations with Crown Prince Mohammed bin Salman.

PM Shehbaz was received by Riyadh Governor Prince Faisal Bin Bandar Bin Abdul Aziz Al Saud at the airport. The premier was accompanied by Finance Minister Ishaq Dar, Defence Minister Khawaja Asif, Information Minister Marriyum Aurangzeb and other officials.

Prior to his departure, a statement by the Foreign Office (FO) said PM Shehbaz’s official trip to Saudi capital Riyadh was scheduled following an invitation by Prince Salman, who was named the kingdom’s prime minister last month.

During his stay in Riyadh, PM Shehbaz would hold consultations with the Saudi crown prince to review the longstanding fraternal relations, with a view to further strengthening the multifaceted cooperation, especially in the economic field, the FO statement said.

It added that the premier would also attend the Saudi Future Investment Initiative Summit, an annual feature since 2017.

Confirming his attendance at the summit, the PM tweeted: “The present state of the global economy needs new thinking and bold vision to overcome the irritants and forge new paths.

“There are serious concerns about the threat of global recession hitting the economies. The pandemic and climate-induced disasters have already put immense strains on developing countries. High time the world explored solutions to the deepening challenges through candid dialogue.”

The conference is hosted by the Future Investment Initiative Institute which, though not officially associated with the Saudi government, operates under the patronage of Prince Salman.

Earlier, an official told Dawn that PM Shehbaz would be one of the key speakers at the conference and use the occasion to highlight investment opportunities in Pakistan.

This year, the conference’s theme is “Investing in Humanity: Enabling a New Global Order”. The edition runs from Tuesday to Thursday with 6,000 delegates from different parts of the world participating, including top corporate executives of multinationals, policymakers, investors, entrepreneurs and young leaders.

The investment conference, whose second edition in 2018 was eclipsed by the killing of journalist Jamal Khashoggi, is being held this year in the shadow of a US-Saudi spat over Opec’s oil production cut.

Opec+, the producer group comprising the Organisation of the Petroleum Exporting Countries (Opec) plus allies including Russia, had earlier this month agreed to reduce two million barrels per day from November at a meeting in Vienna — a move that angered the US.

Following the announcement, US President Joe Biden vowed to impose “consequences” on Saudi Arabia for siding with Russia in supporting the cuts.

According to a Dawn report, US officials have not been invited by organisers to this year’s event because of the rift.

The organisers say they do not want politics to take centerstage and instead keep the focus on the business at the conference. However, nearly 400 top US business executives have confirmed their participation in the event, the report said.

For its part, Pakistan has sided with the kingdom in the row over the oil production cut.

Opinion

Editorial

Islamabad protest
Updated 20 Nov, 2024

Islamabad protest

As Nov 24 draws nearer, both the PTI and the Islamabad administration must remain wary and keep within the limits of reason and the law.
PIA uncertainty
20 Nov, 2024

PIA uncertainty

THE failed attempt to privatise the national flag carrier late last month has led to a fierce debate around the...
T20 disappointment
20 Nov, 2024

T20 disappointment

AFTER experiencing the historic high of the One-day International series triumph against Australia, Pakistan came...
Tribunals’ failure
Updated 19 Nov, 2024

Tribunals’ failure

With election tribunals having failed to fulfil their purpose, it isn't surprising that Pakistan has not been able to stabilise.
Balochistan MPC
19 Nov, 2024

Balochistan MPC

WHILE immediate threats to law and order must be confronted by security forces, the long-term solution to...
Firm tax measures
19 Nov, 2024

Firm tax measures

FINANCE Minister Muhammad Aurangzeb is ready to employ force to make everyone and every sector in Pakistan pay their...