ISLAMABAD: Pakistani Prime Minister Shehbaz Sharif held bilateral talks with Saudi Crown Prince Mohammed bin Salman today, Friday, and discussed a range of issues, including political, trade and investment ties, the latest military standoff with India and the worsening humanitarian situation in Gaza.

Sharif arrived in the Kingdom on Thursday on a two-day visit aimed at enhancing cooperation in trade and investment and to discuss regional security concerns. 

“The meeting reaffirmed the deep-rooted, strategic, and fraternal ties between Pakistan and the Kingdom of Saudi Arabia,” said a statement released by Sharif’s office after his meeting with Crown Prince Mohammed.

“Prime Minister Shehbaz Sharif expressed satisfaction on the growing momentum of bilateral cooperation in the political, economic and security domains. 

“Both leaders agreed to further elevate this strategic partnership in accordance with the shared vision of the leadership and the aspirations of the brotherly people of the two countries.”

Last month, following the worst military confrontation between India and Pakistan in decades, Saudi Arabia, along with other Gulf nations, played a key role in mediating between the two nuclear-armed neighbors, helping to avert a potential war. 

“The Prime Minister expressed appreciation for the Kingdom’s proactive role during recent tensions between Pakistan and India, and its steadfast commitment to promoting peace and stability in the region and beyond,” the statement added. 

The two leaders also discussed the “dire humanitarian situation in Gaza,” calling on the international community to fulfill its moral and legal obligations. They reiterated their “unwavering support for a just and durable resolution to the Palestinian question, grounded in the Arab Peace Initiative and the relevant United Nations Security Council resolutions.”

Earlier in the day, Sharif held “informal talks” with the Crown Prince at a special luncheon at the royal court. 

A statement from Sharif’s office said the Crown Prince gave a “special welcome” to the PM and personally drove him to attend the lunch.

“The Saudi Crown Prince warmly welcomed Prime Minister Muhammad Shahbaz Sharif at the lunch and informal talks were held between the two leaders,” the statement said. 

“The lunch was attended by important leaders from the Middle East, including members of the Saudi cabinet and top Saudi civil and military leadership.”

“STRENTHEN BILATERAL COOPERATION”

Sharif reached Jeddah on Thursday evening and departed for Makkah to perform Umrah, the Prime Minister’s Office (PMO) had said in an earlier statement.

“The two leaders will discuss ways to further strengthen bilateral cooperation in various fields, including trade and investment, welfare of the Muslim Ummah, and regional peace and security,” PMO said about Sharif’s meeting with the Saudi Crown Prince.

The visit comes amid deepening economic ties between Pakistan and Saudi Arabia. 

In recent months, the two countries have signed multiple agreements aimed at boosting bilateral trade and investment. Notably, Saudi Arabia has committed to a $5 billion investment package to support Pakistan’s economy, which has been grappling with a balance of payments crisis.

Last year, Saudi and Pakistani businessmen signed 34 memorandums of understanding worth $2.8 billion, covering sectors such as industry, technology, and agriculture. Additionally, Saudi Arabia’s Manara Minerals is in talks to acquire a 10-20 percent stake in Pakistan’s $9 billion Reko Diq copper and gold mining project, one of the largest of its kind globally.

Defense cooperation is also a key component of the bilateral relationship. The two nations have a history of military collaboration, with Saudi Arabia providing support to Pakistan during times of regional tension and Pakistan training Saudi forces. 

Pakistan has a 2.7 million-strong diaspora in Saudi Arabia, which accounts for the highest remittance inflow, a crucial lifeline for the country’s economy.

KARACHI: Pakistan’s Minister of State for Crypto and Blockchain, Bilal Bin Saqib, has met New York City Mayor Eric Adams, in a “key step” toward building “direct collaboration” between the crypto councils of Pakistan and New York, Saqib’s office said in a statement on Friday. 

The minister, who is also the CEO of the Pakistan Crypto Council (PCC), has been on a visit to the United States since last month, where he has met over a dozen key US government officials and lawmakers to strengthen cooperation in the areas of digital assets, blockchain regulation, and financial innovation.

Pakistan set up the PCC in March to create a legal framework for cryptocurrency trading in a bid to lure international investment. In April, Pakistan introduced its first-ever policy framework to set rules for how digital money like cryptocurrencies and the companies that deal in it should operate in Pakistan. The policy has been formulated to align with compliance and financial integrity guidelines of the global Financial Action Task Force (FATF).

Last month, the government also approved setting up the Pakistan Virtual Assets Regulatory Authority (PVARA), a specialized regulatory body to oversee blockchain-based financial infrastructure. Saqib last week also unveiled the country’s first government-led strategic bitcoin reserve at the Bitcoin 2025 conference in Las Vegas.

“Both New York City and Pakistan have taken bold steps by establishing dedicated Crypto Councils to support the responsible growth of the digital economy,” a statement from Saqib’s office said after he met Adams.

“This meeting marked a key step toward building direct collaboration between the New York Crypto Council and the Pakistan Crypto Council— two government-backed bodies committed to shaping the future of Web3.”

Adams and Saqib explored opportunities to co-develop knowledge-sharing initiatives, capacity-building programs, and strategic advisory efforts to foster innovation and also discussed regulatory compliance. 

“This event marked the final stop on Minister Saqib’s official US tour focused on blockchain innovation, public-private partnerships, and advancing global crypto collaboration. The meeting at Gracie Mansion offered a fitting conclusion— highlighting New York City’s pivotal role in global tech leadership and Pakistan’s emergence as a bold new voice in the digital asset space,” the statement said. 

Late last month, Pakistan announced the allocation of 2,000 megawatts (MW) of electricity in the first phase of a national initiative to power bitcoin mining and artificial intelligence data centers. The allocation is the first phase of a broader, multi-stage digital infrastructure roll-out.

On Thursday, Pakistan’s Finance Minister Muhammad Aurangzeb chaired a meeting at the Finance Division to review progress on the development of a comprehensive regulatory framework for digital and virtual assets in the country. 

The law ministry tabled a draft of the proposed legal framework during the meeting, which was developed through close collaboration with members of the PCC, key stakeholders and technical experts.

“During the meeting, the draft was thoroughly reviewed and refined,” the Finance Division said. “It was collectively agreed that in-principle approval process will be fast-tracked to ensure timely enactment and effective implementation.”

The draft legislation outlines a regulatory structure for digital and virtual assets, encompassing governance mechanisms, licensing protocols and investor protection provisions, the statement said. The proposed framework seeks to position Pakistan as a forward-looking participant in the digital asset ecosystem, the statement added.