Asad Umar meets Saudi delegation, views exchanged on big investment

ISLAMABAD (92 News) – Saudi power producing company ACWA Power has expressed its willingness to invest around 4 billion dollars in Pakistan's renewable energy sector. Delegation-level talks between the Saudi Arabia and Pakistan formally began in which both the sides discussed matters of mutual interest. The Pakistan’s delegation was represented by Finance Minister Asad Umar. The Saudi delegation was led Saudi Energy Minister Khalid al-Falih. Both the sides exchanged views on investments by billions of dollars to be made by Saudi Arabia. “The agreement will be formally signed when Saudi Crown Prince Muhammad bin Salman reaches Pakistan.” The energy minister has expressed its willingness to invest around 4 billion dollars in Pakistan's renewable energy sector. This was expressed during a meeting between a Saudi investors’ delegation led by ACWA Power Chairman Mohammad A Abunayyan and the Pakistani side headed by Asad Umar in Islamabad. Speaking on the occasion, Mohammad A Abunayyan said the ACWA Power is a developer, investor, and co-owner of portfolio of power generation and desalinated water production plants in countries in the Middle East, North Africa, Southern Africa and South East Asian region. He said his company is keen to invest in Pakistan's energy sector, particularly in renewable energy as there is huge investment opportunity for production of cheap energy to fulfill the growing local demand. Welcoming the Saudi delegation, Asad Umar lauded the beginning of renewed relationships between Pakistan and Saudi Arabia. Later, speaking to the journalists, the finance minister said the visit of Saudi Crown Prince would help open new avenues of bilateral trade and investment. He said the existing bilateral economic relations do not reflect the true potential. However, after the visit, a huge investment was expected from Saudi Arabia which would help further strengthen the trade ties between the two countries.