Gulf Nations Poised to Invest Billions in Pakistan as It Seeks Infusion of Foreign Currency

ISLAMABAD, Pakistan—Pakistan is negotiating with Gulf nations to bring in billions of dollars of investment, as Islamabad seeks the foreign currency it badly needs to stabilize its economy and the oil-rich monarchies move to diversify their economies and expand their influence.

The Saudis are in talks to buy into a copper mine being developed at a cost of $7 billion by Canada’s Barrick Gold in western Pakistan, according to people familiar with the project. Separately, negotiations are at an advanced stage to set up a Saudi oil refinery in Pakistan, which could cost up to $14 billion, according to Islamabad and Gulf officials.