Pakistan and the Saudi Fund for Development (SFD) have discussed opportunities to expand bilateral trade, increase investment, strengthen private-sector cooperation and explore refinery upgrade projects. The discussions took place during a meeting on the sidelines of the World Bank Group-International Monetary Fund (IMF) Annual Meetings 2026 in Bangkok, Thailand, as both sides reviewed ongoing development cooperation and considered additional areas for economic engagement. The meeting reflects continued efforts by Pakistan and Saudi Arabia to deepen their economic relationship through investment initiatives, development projects and measures designed to support long-term cooperation between the two countries.
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb met with Saudi Fund for Development Chief Executive Officer Sultan Abdulrahman Al-Marshad during the visit. At the beginning of the meeting, Aurangzeb expressed condolences over the loss of lives in recent incidents in Saudi Arabia and acknowledged the Kingdom’s longstanding support for Pakistan. The engagement provided an opportunity for both sides to discuss the broader economic relationship and examine areas where existing cooperation could be expanded through investment, trade and development initiatives. Saudi Arabia has remained an important partner for Pakistan, and discussions between the finance minister and the SFD leadership focused on sustaining this relationship through practical economic projects.
During the meeting, Aurangzeb highlighted improvements in Pakistan’s macroeconomic position and the country’s renewed access to international capital markets. These developments formed part of the broader economic context for discussions about attracting investment and strengthening financial and commercial ties with international partners. Access to international capital markets can provide countries with additional financing opportunities, while improved macroeconomic conditions can support efforts to encourage investor participation. Against this backdrop, the Pakistani delegation and the SFD leadership discussed opportunities to build on the current economic relationship and identify areas where investment cooperation could contribute to Pakistan’s development priorities.
Both sides also reviewed progress on the bilateral investment protection agreement, which was among the key subjects discussed during the meeting. Investment protection arrangements are intended to establish a framework for supporting investor confidence and clarifying protections associated with cross-border investments. For Pakistan and Saudi Arabia, progress in this area could contribute to a more structured environment for bilateral investment and encourage further engagement between businesses and investors. The discussions also covered ways to strengthen overall economic ties, with particular attention to expanding private-sector cooperation and identifying investment opportunities that could support commercial activity in both countries.
Refinery upgrades emerged as another area of discussion, alongside the broader objective of developing new investment projects. The two sides explored opportunities related to improving refinery infrastructure, although specific projects, investment amounts, implementation schedules and financing arrangements were not detailed in the announcement. Refinery development can involve substantial capital requirements and long-term planning, making cooperation between governments, development institutions and private-sector participants relevant to identifying viable projects. Further progress would depend on the development of specific proposals and the arrangements required to take them forward. The meeting placed refinery upgrades within a wider discussion of potential investments and opportunities to strengthen Pakistan-Saudi economic cooperation.
The meeting also included a review of projects supported by the Saudi Fund for Development in Pakistan. Both sides expressed satisfaction with the implementation progress of the existing projects, indicating that their ongoing development cooperation remained an important part of the bilateral relationship. In addition to reviewing current initiatives, the participants stressed the need to establish a new pipeline of projects that could extend cooperation and support future development activities. Building such a pipeline would allow both sides to identify additional priorities, assess potential projects and explore opportunities for continued collaboration within the SFD’s mandate.
The Saudi Fund for Development reaffirmed its continued support for Pakistan within the scope of its mandate. This commitment came as both sides discussed the next stage of their development partnership, including potential new projects, investment opportunities and ways to strengthen economic engagement. While the meeting did not announce specific financial commitments for refinery upgrades or other proposed initiatives, the discussions highlighted the shared interest in expanding cooperation beyond existing projects. The outcomes will depend on how the proposals are developed and whether the relevant parties reach agreements on individual projects, investment structures and implementation plans.
The engagement in Bangkok brought together Pakistan’s finance leadership and the SFD’s senior management at a time when Pakistan is seeking to build on improvements in its macroeconomic position and restore access to international capital markets. By discussing refinery upgrades, investment protection, private-sector participation and a new pipeline of development projects, the two sides identified several areas for continued engagement. The reaffirmation of SFD support and the review of ongoing projects underscored the importance of maintaining established development cooperation while examining additional opportunities for investment and economic growth.
Follow the PakBanker Whatsapp Channel for updates across Pakistan’s banking ecosystem.