Pakistan, Saudi Fund Discuss Trade, Investment And Refinery Upgrades In Bangkok
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✧ GENERATE BRIEFING
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb met with Sultan Abdulrahman Al-Marshad, Chief Executive Officer of the Saudi Fund for Development (SFD), on the sidelines of the World Bank Group–IMF Annual Meetings 2026 in Bangkok. The bilateral engagement focused on advancing economic cooperation, enhancing private sector engagement, and structuring capital investments in strategic national assets, including domestic oil refinery upgrades. Key strategic drivers and operational tracks discussed include: Refinery Upgrades & Downstream Energy Integration: Discussions centered on attracting Saudi capital for Pakistan's refining sector upgrades under the Brownfield Refinery Policy aiming to modernize existing facilities, expand production of Euro-5 compliant fuels, and reduce furnace oil yields. Bilateral Investment Protection Agreement (BIPA): Both sides conducted follow-up discussions regarding the formal implementation of the bilateral investment protection framework to streamline capital flows, protect foreign direct investments (FDI), and incentivize private sector collaboration.
Federal Minister for Finance and Revenue Muhammad Aurangzeb met Saudi Fund for Development (SFD) Chief Executive Officer Sultan Abdulrahman Al-Marshad on the sidelines of the World Bank Group–IMF Annual Meetings 2026 in Bangkok, discussing opportunities to expand bilateral trade, investment and development cooperation.
During the meeting, Aurangzeb expressed condolences over the loss of lives in recent incidents in Saudi Arabia and thanked the Kingdom for its longstanding support to Pakistan.
Capital Markets and Investment Framework
The finance minister highlighted Pakistan’s improving macroeconomic position and renewed access to international capital markets, noting opportunities to strengthen economic engagement between the two countries.
Discussions covered greater private-sector participation, follow-up on the bilateral investment protection agreement and potential investment in refinery upgrades.
SFD Project Pipeline and Development Cooperation
Both sides also reviewed progress on projects supported by the SFD and described it as satisfactory. They emphasised the need to develop a fresh pipeline of development projects to sustain cooperation.
The Saudi Fund for Development reaffirmed its continued support for Pakistan within its mandate, according to the Press Information Department.
The meeting reflects ongoing efforts by Pakistan and Saudi Arabia to deepen economic ties through investment, development financing and cooperation in strategic sectors, including energy.
