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Pakistan to sign $10b MOUs with Saudi Arabia during crown prince’s upcoming visit


Pakistan is expected to get more investment during the upcoming visit of Saudi Crown Prince Mohammad bin Salman. 

The federal government will sign three vital Memorandums of Understanding with the Saudi Arabia government during the visit, said Haroon Sharif, the chairperson of the Board of Investment, this while talking to SAMAA TV on Tuesday.

Saudi Arabia’s Crown Prince Mohammad bin Salman will arrive in Pakistan on a two-day visit on February 16, the Saudi ambassador in Pakistan Ambassador Nawaf bin Said Al-Maliki said Monday.

Related: Pakistan, Saudi Arabia to sign $15b Gwadar oil refinery deal in Feb

“The first ever visit by the Saudi crown prince is highly important for Pakistan and its economy,” the BOI chief said. “The bilateral economic and trade ties will be strengthened as a result of this royal visit.” Sharif shared that investment worth over $10 to $15 billion is expected to come into Pakistan. He said 40 major businessmen from the private sector are coming to Pakistan along with the top Saudi dignitaries.

The BOI chairperson highlighted the significance of the visit. “There are two investment angles of the visit. One pertains to the Saudi government-owned companies like Aramco and ACWA Power that are looking forward to install an oil refinery in Gwadar,” Sharif said.

Related: Saudi Crown Prince Mohammad bin Salman to arrive in Pakistan on Feb 16

“Moreover, they are interested in investing in sectors of alternative energy and mineral development too.”

Pakistan is likely to sign a number of investment deals, including the construction of multi-billion-dollar oil refinery in the port city of Gwadar, during Crown Prince Salman’s visit.

Saudi Arabia had already pledged a $6 billion package for Pakistan.

 

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