Published: Thu, February 14, 2019
Worldwide | By Isabel Fisher

Saudi Crown Prince to Announce $20B Investment Projects

Saudi Crown Prince to Announce $20B Investment Projects

"With the visit of Prince Muhammad bin Salman, Pakistan and Saudi Arabia are going to witness an unprecedented level of closeness based on solid economic integration", he said at a press briefing regarding the upcoming two-day visit of Saudi crown prince to Islamabad from February 16 to17.

The Saudi Cabinet has authorized the ministers to sight the trade deal for investment with Pakistan.

The minister said that Crown Prince Muhammad Bin Salman's visit is the beginning of a new era, adding that at least eight MoUs are expected to be signed during his visit.

Khan's adviser for commerce, Abdul Razzak Dawood told reporters he expects a $7 billion Saudi investment in the country in the next two years and that agreements will be signed between Pakistan and Saudi Arabia when the Saudi crown prince visits Pakistan.

At a news conference Wednesday evening, Pakistan Foreign Minister Shah Mahmood Qureshi said he hoped Saudi Arabia will make "a huge and extraordinary investment in Pakistan as a result of this visit".

Qureshi said when they took over the reins of the country, Pak-Saudi relations were strained.

Speaking on the occasion, Information Minister Fawad Chaudhry termed Saudi Arabia a strong and trusted friend of Pakistan. He mentioned that Saudi Arabia had recently transferred $3 billion to Pakistan and also promised oil on deferred payment.

Asked if Saudi investment could be termed as part of the China Pakistan Economic Corridor project, he said though it was bilateral, however as Pakistan and China had agreed upon setting up three Special Economic Zones, it could be joined by other countries including Saudi Arabia and the United Arab Emirates.

He also said that Pakistan would raise the matter of Pakistani nationals jailed in Saudi Arabia, however, this would not include countrymen involved in heinous crimes.

The memorandum of understanding will be regarding the joint projects in the field of Developing Renewable Energy, Refining & Petrochemical, the mineral sector, and the business sector.

While the current United States president, Donald Trump, said Riyadh's explanation was "credible", many others from the global community condemned the killing with Germany, Norway and Denmark all ceasing the sale of arms to Saudi Arabia.

According to sources, deals with Saudi Arabia have been finalized to get oil on loan. Following the visit of the Saudi crown prince, the BoI would remain in constant touch with their Saudi counterparts on technical level, he said.

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