Saudi Arabia’s foreign minister said on Tuesday that Riyadh will be “moving ahead significantly” to invest in projects in Pakistan, days after Islamabad announced that the Kingdom had pledged to expedite $5 billion in investment, Reuters reported.

Prince Faisal bin Farhan bin Abdullah arrived in Islamabad on Monday to lead a delegation on a two-day visit as part of efforts to boost economic cooperation.

His Pakistani counterpart Ishaq Dar told a joint news conference that Pakistan gave extensive briefings to the delegation on potential investment projects.

Dar outlined areas of interest for Saudi investors such as agriculture, mining, information technology and aviation.

The prince said he was very impressed with the briefings on the investment opportunities, read the report.

“This gave us some very, very significant confidence that we will be able to move forward on those projects which we decide to identify as a worthy of investment,” he said, adding, “I am sure we will be moving ahead significantly.”

The delegation came to follow-up on the understanding reached between Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman during their recent meeting in Makkah Al Mukarramah to enhance economic cooperation between the two countries.

Sharif met with the crown prince last week and discussed expediting a planned $5 billion investment package, which cash-strapped Pakistan desperately needs to shore up its dwindling foreign reserves and fight a chronic balance of payment crisis.

The Special Investment Facilitation Council (SIFC), a body consisting of Pakistani civilian and military leaders set up to promote investment in Pakistan, briefed the delegates to showcase various sectors for investment, Dar said.

The visit came ahead of Pakistan seeking a 24th bailout from the International Monetary Fund. Pakistan Finance Minister Muhammad Aurangzeb is in Washington to attend the IMF, World Bank spring meetings where he will open formal talks for the new loan programme, Reuters reported.

Iran’s chief commander of the Islamic Revolution Guards Corps (IRGC) has warned Israel that Tehran’s reaction will be “certainly much harsher” if the regime responds to Iran’s retaliatory operation.

“The Zionist regime must stop its past behavior and learn from this [attack]. If the Zionist regime shows any response, our reaction will certainly be much harsher based on this new experience we have gained from their capabilities,” Iran’s Press TV quoted Major General Hossein Salami as having said Sunday.

“From now on, if the Zionist regime attacks our interests, assets, figures, and citizens at any point, it will face counterattack from within the Islamic Republic of Iran,” he added.

On Saturday night, the IRGC launched extensive missile and drone strikes against Israel in response to an attack on the Iranian diplomatic mission in Syria early this month.

Early Sunday, Iran’s chief of army staff Major General Mohammad Baqeri said they had concluded its retaliatory strikes on Israel and also warned of a “stronger” reaction if Israel responded.

“The operation is over from our point of view, but the armed forces are ready and we will act if necessary,” Baqeri said Sunday morning.

Iran launched explosive drones and fired missiles at Israel late on Saturday in its first direct attack on Israeli territory, a retaliatory strike that raised the threat of a wider regional conflict, as the U.S pledged “ironclad” backing for Israel.

Sirens wailed and Reuters journalists in Israel heard distant heavy thuds and bangs from what local media called aerial interceptions of explosive drones. Authorities said a 7-year-old girl was critically injured.

Israel’s military spokesperson Rear Admiral Daniel Hagari said Iran launched dozens of ground-to-ground missiles at Israel, most of them intercepted outside Israeli borders. They included more than 10 cruise missiles, he said.

The Iranian salvo came to more than 200 drones and missiles so far, Hagari said, and had caused light damage to one Israeli military facility.

The Israeli military later said it was not advising any residents to prepare to take shelter. This revision of an earlier alert appeared to signal the end of the threat.

Israel’s Channel 12 TV cited an unnamed Israeli official as saying there would be a “significant response” to the attack.

Iran had vowed retaliation for what it called an Israeli strike on its Damascus consulate on April 1 that killed seven officers of the Islamic Revolutionary Guard Corps including two senior commanders and said its strike was a punishment for “Israeli crimes”. Israel has neither confirmed nor denied responsibility for the consulate attack.

“Should the Israeli regime make another mistake, Iran’s response will be considerably more severe,” the Iranian mission to the United Nations said, warning the U.S. to “stay away”. However, it also said Iran now “deemed the matter concluded”.

United Nations Secretary-General Antonio Guterres condemned Iran’s attack, saying he was “deeply alarmed about the very real danger of a devastating region-wide escalation.”

The U.N. Security Council was set to meet at 4 p.m. ET (2000 GMT) on Sunday after Israel requested it condemn Iran’s attack and designate the Iranian Revolutionary Guard Corps a terrorist organization, according to a schedule released late on Saturday.

U.S. President Joe Biden and Israeli Prime Minister Benjamin Netanyahu spoke by telephone on Saturday night, the White House said, without immediately giving details. The White House said it would provide a summary of the call.

Biden, who on Friday had warned Iran against an attack, cut short a weekend visit to his home state of Delaware and returned to Washington to meet with his national security advisers, including his secretaries of defense and state, in the White House Situation Room. He pledged to stand with Israel.

“Our commitment to Israel’s security against threats from Iran and its proxies is ironclad,” Biden said on X after the meeting.

The Gaza war between Israel and Hamas, now in its seventh month, has ratcheted up tensions in the region, spreading to fronts with Lebanon and Syria and drawing long-range fire at Israeli targets from as far away as Yemen and Iraq.

British maritime security company Ambrey said in a statement that drones were also reportedly launched against Israel by Yemen’s Iran-aligned Houthi group.

Those clashes now threaten to morph into a direct open conflict pitting Iran and its regional allies against Israel and its main supporter, the United States. Regional power Egypt urged “utmost restraint”.

While Israel and Iran have been bitter foes for decades, their long feud has mostly unfolded via proxies or by targeting each other’s forces operating in third countries.

U.S. and British warplanes were involved in shooting down some Israel-bound drones over the Iraq-Syria border area, Channel 12 reported. Two American officials said the U.S. military had shot down dozens of drone aircraft headed for Israel.

ESCALATION

Netanyahu convened Israel’s war cabinet at a military headquarters in Tel Aviv, his office said.

Israel and Lebanon said they were closing their airspace on Saturday night. Jordan, which lies between Iran and Israel, had readied air defences to intercept any drone or missile that violated its territory, two regional security sources said.

Residents in several Jordanian cities said they heard heavy aerial activity.

Syria, an ally of Iran, said it was putting its ground-to-air defence systems around the capital and major bases on high alert, army sources there said.

The European Union, Britain, Czech Republic, Denmark, France, Mexico, the Netherlands and Norway condemned Iran’s attack.

Biden’s Republican rival in November’s presidential election, Donald Trump, briefly referred to the airstrikes at a rally in Pennsylvania, criticizing his Democratic rival.

“They’re under attack right now,” Trump said. “That’s, because we show great weakness. This would not happen, the weakness that we’ve shown, it’s unbelievable, and it would not have happened if we were in office.”

Israel had been bracing for an Iranian response to the Damascus consulate strike since last week, when Iran’s Supreme Leader Ayatollah Ali Khamenei said Israel “must be punished and shall be” for an operation he called equivalent to one on Iranian soil.

Iran’s main ally in the region, the Lebanese Shi’ite group Hezbollah that has been exchanging fire with Israel since the Gaza war began on Oct. 7, said early on Sunday it had fired rockets at an Israeli base.

(Reuters)