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Saudi Arabia asks Shehbaz to perform Umrah, so he anticipates meeting MBS.

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According Pakistani reports, Saudi Arabia has extended an invitation to Prime Minister Shehbaz Sharif to perform Umrah because it anticipates that during his visit, he will meet Crown Prince Mohammed bin Salman.

The invitation is extended at a time when Pakistan is in dire need of foreign investment to boost its faltering economy, which has been severely impacted by the depreciation of the currency, ongoing inflation, and historically high interest rates.

The sources claim that once the prime minister’s meeting with the Saudi crown prince, who serves as the de facto ruler of the oil-rich Gulf State, is finalized, he will depart for Saudi Arabia.

The two presidents will discuss a number of these endeavors as talks to formally define several projects for Pakistan are already under way.

According to the sources, a delegation from Barrick Gold recently visited Pakistan and spoke with Shehbaz and other high-ranking officials. As a result, it is anticipated that Saudi Arabia will spend $1 billion in the Reko Diq project in the coming weeks.

50% of Reko Diq is owned by Barrick, with the remaining 50% being jointly held by the province of Balochistan and the Pakistani government.

Chief Executive Officer of Barrick, Mark Bristow, has earlier praised Saudi Arabia’s participation in the billion-dollar Reko Diq project, one of the largest undeveloped ventures with enormous deposits of gold and copper.

In the meantime, Saudi Arabia and Pakistan are already investigating methods to strengthen cooperation in fields other than mining and energy, such as agriculture. It is anticipated that Pakistan will benefit from several development initiatives as a result of the prime minister’s visit.

Any investment from Saudi Arabia will help the country’s stocks and investors’ spirits, as the Pakistan Stock Exchange is once again setting new records following a strong decrease in inflation that reignited expectations for early interest rate reduction.

However, Riyadh, led by Mohammed bin Salman, usually referred to as MBS, has been focusing on economic diversification in an effort to lessen the kingdom’s reliance on fossil fuels and establish itself as a hub for entertainment, sports, and tourism in addition to manufacturing.

As a result, Saudi Arabia is not only drawing in international capital for a variety of industries, but it has also been sending billions of dollars abroad, a move that will strengthen its position as a major player in the world economy.

However, the World Bank noted in a recent report that Pakistan must simultaneously implement reforms and remove obstacles to draw in foreign investment on a consistent and long-term basis by attracting investors in a variety of industries.

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The Deputy Prime Minister presides over a session of the Exploration and Production Committee.

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Deputy Prime Minister Ishaq Dar presided over the fifth session of the committee established by the Prime Minister to formulate a comprehensive action plan for tackling the difficulties confronting the exploration and production sector in Pakistan.

The committee achieved a preliminary consensus to present a long-anticipated framework to the executive committee of the national economic council on the sale of 35% of the unallocated gas volumes to external purchasers.

The committee resolved to commence a bidding process for accessible onshore exploration blocks by the following month.

The committee received an update on the current digitalisation initiatives of the Directorate General of Petroleum Concessions (DGPC). A competitive procedure has commenced to facilitate this digital transformation, which will optimise operations and improve efficiency in the sector.

The committee deliberated on a proposal to adjust petrol selling prices monthly or quarterly. The committee instructed the petroleum division to do a more thorough analysis of the idea and present it again at the next meeting.

The committee addressed the security concerns encountered by exploration and production companies, underscoring that the establishment of robust security measures is crucial for fostering investment in the E&P industry to ensure Pakistan’s energy security.

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PTI to intensify pressure on the government on November 24: Barrister Saif

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Khyber Pakhtunkhwa Information Adviser Barrister Saif stated on Tuesday that the Pakistan Tehreek-e-Insaf (PTI) intends to intensify pressure on the “Form-47 government” during its forthcoming protest campaign, planned to commence on November 24.

Saif stated that the residents of KP were making comprehensive arrangements for the gathering on November 24, noting that KP Chief Minister Ali Amin Khan Gandapur had issued directions to legislators from all constituencies to accelerate their preparations for the anti-government initiative.

“We are conducting rallies and corner meetings throughout KP to ensure the success of the gathering on November 24.” Thousands of individuals, along by public officials, will assemble at the Motorway, from which KP Chief Minister Ali Amin Gandapur will direct the procession towards Islamabad,” Saif reiterated.

He stated that November 24 will be a day for the supremacy of law and the constitution.

“I implore individuals to protect themselves from the actions of the fascist regime; otherwise, they will suffer the consequences,” he said.

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Twin cases are sent back to the regular bench by the constitutional court.

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A few cases were returned to the ordinary bench by the newly established constitutional bench on Tuesday, raising doubts about its constitutionality.

In the name of the Ministry of Petroleum, Saeed Khosa’s case was heard by a seven-member bench presided over by Justice Amin-ud-din Khan.

Only cases that fall inside the purview of the constitutional bench should be sent to it, said Justice Muhammad Ali Mazhar.

Notably, on October 23, the matter was referred to the constitutional bench by a three-member panel headed by Justice Mansoor Ali Shah.

Additionally, a different housing society case was returned to the regular bench as well.

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