Pakistani finance chief calls for coalition of developing nations to push for fair trade, financial reform

RIYADH: US-based electric vehicle manufacturer Tesla will begin its operations in Saudi Arabia next month, the company has announced.

Scheduled to launch on April 10 at the Bujairi Terrace in Riyadh, the EV maker — led by CEO Elon Musk— has been active in several countries in the Middle East but is yet to establish its presence in the Kingdom, the largest market in the Gulf region. 

The upcoming launch of Tesla also aligns with Saudi Arabia’s broader strategy to reduce its dependence on crude revenues. 

The move is also expected to contribute to the Kingdom’s sustainable journey, with the nation targeting to achieve net-zero emissions by 2060. 

“You and your family are warmly invited to our launch event at the Bujairi Terrace on April 10. Explore our global bestselling lineup and step into a world powered by solar energy, sustained by batteries, and driven by electric vehicles,” the company said on its website. 

It added: “Experience the future of autonomous driving with Cybercab, and meet Optimus, our humanoid robot, as we showcase what’s next in AI (artificial intelligence) and robotics.” 

The company did not disclose when these electric vehicles will be available for purchase in Saudi Arabia.

Tesla’s entry into the Kingdom comes at a tumultuous time for the company, as it is facing a decline in sales across various markets like Europe and the US. 

According to data from the European Automobile Manufacturers Association, Tesla has witnessed a 42.6 percent drop in sales on the continent in 2025, even as overall purchases of electric vehicles in the region continue to rise. 

In the US, widespread protests have been organized against Tesla in recent months, following Musk’s appointment as the head of the Department of Government Efficiency under the Donald Trump administration. 

The Saudi government has actively promoted the EV industry to achieve economic diversification and sustainability. 

The Kingdom’s Public Investment Fund is the majority investor in Lucid Group, a startup competing with Tesla in the global market. 

In January, Lucid Motors became the first global automotive company to join the Kingdom’s “Made in Saudi” program. The milestone grants the firm the right to use the “Saudi Made” label on its products, representing the Kingdom’s focus on quality and innovation.

KARACHI: Pakistani state-owned Oil & Gas Development Company Ltd. (OGDCL) and Pakistan Petroleum Ltd. (PPL) have increased their investments in the Reko Diq gold and copper mining project to $1.25 billion, the energy firms said in separate filings in the Pakistan Stock Exchange (PSX).
The OGDCL and PPL, each holding 8.33 percent stake in the multi-billion-dollar project through Pakistan Minerals (Private) Limited, have completed their feasibility studies. The third state-owned shareholder is Government Holdings (Private) Limited, according to the stock filings.
Each of the two oil and gas explorers have decided to increase their funding commitment with respect to the project, reflecting their pro rata share of total capital investment, inclusive of project financing costs, to $627 million. The financing cost is to be adjusted according to the actual project cost and inflation.
On Tuesday, the Economic Coordination Committee (ECC) of the federal cabinet also approved a summary regarding the Reko Diq project and changes in its overall development plan, the Finance Division said in a statement.
“The ECC took up a summary by the Petroleum Division regarding the Reko Diq Project and changes in its overall development plan and related financial commitments and project finance considerations due to inflation and enhanced scope of the project concerning capacity, energy mix, alternative water supply options and updated processing plants and machinery,” the statement read.
“The ECC noted the factors leading to the project escalations, and approved the proposals contained in the summary with the directions to the Ministries of Petroleum & Finance to continue close coordination with a view to ensuring timely implementation of all agreed actions.”
Reko Diq, one of the world’s largest underdeveloped copper-gold mine, is jointly owned by Canadian mining firm Barrick Gold Corp. and Pakistan. Out of the total shareholding of Reko Diq project, 25 percent is held by the provincial government of Balochistan — 15 percent on a fully funded basis through Balochistan Mineral Resources Limited and 10 percent on a free carried basis — and 50 percent is held by Barrick Gold Corporation which is the operator of the project.
As per the estimates, the increase in copper and gold prices has offset the impact of higher project costs, according to the two energy firms. The feasibility study of the project shows it has a mining life of 37 years and is expected to yield 13.1 million tons of copper and 17.9 million ounces of gold.
The project will be executed in two phases, with the phase one having an estimated capital outlay of $5.6 billion that is exclusive of the financing costs and inflation. It is planned to be funded through a limited-recourse project financing facility of up to $3 billion with the remaining funded through shareholder contributions, the OGDCL and PPL said.
The energy companies plan to fund the second phase through a mix of revenue generation from the project, additional project financing and shareholder contributions, if required. Under the updated feasibility study phase one is planned to process 45 million tons per annum (Mtpa) of mill feed from 2028. While phase two is planned to double the processing capacity to 90 Mtpa by 2034.
The project will leverage five of the currently identified 15 porphyry surface expressions within the current mining lease, highlighting substantial future growth potential. Negotiations for the proposed project financing are ongoing.