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Saudi crown prince likely to visit Pakistan with huge investment

Saudi crown prince likely to visit Pakistan with huge investment
January 31, 2019
ISLAMABAD 992 News) – The visit of Saudi Arabia Crown Prince Mohammad Bin Salman Al Saud is expected in third week of February, with huge investment proposals. According to the reports, the crown prince likely to announce the biggest investment packages in the history of Pakistan. “Agreements of a heavy investment worth 15 billion dollars on behalf of the Saudi Arabian government will be inked in visit Mohammad Bin Salman”, the sources said. It was also reported that the crown prince will also address the Pakistani nation during his visit. “A petrochemical complex would be built from Saudi Arabia’s investment in Gwadar and a memorandum of understanding will be signed in this regard,” the sources added. Pakistan receives final tranche of $1b from Saudi Arabia Pakistan has received the final installment of one billion dollars from Saudi Arabia. Bank of Pakistan received another $1 billion from Saudi Arabia, making up the final instalment of a $3 billion support package. The deposit completes the $3 billion package that Pakistan signed with Saudi Arabia aimed at helping the country averts a balance-of-payment crisis. The kingdom had deposited $2 billion in Pakistan’s central bank earlier.
Saudi minister says will make biggest investment in Pakistan
Earlier, a Saudi delegation headed by Saudi Minister for Energy, Industry and Minerals Khalid Bin Abdul Aziz D Al Falih arrived in Gwadar to inspect the land allocated for a proposed oil refinery. Khalid Bin Abdul Aziz also attended a meeting at China Business Complex. Speaking on the occasion, he said that Saudi Arabia will make the biggest investment in the history of Pakistan. “The participation of Saudi Arabia in the China Pakistan Economic Corridor (CPEC) will increase its importance,” he maintained. On his arrival in Gwadar, Minister for Petroleum Ghulam Sarwar Khan welcomed him. Ghulam Sarwar Khan said Pakistan and Saudi Arabia have distinctive relationship. He said the state-of-the-art oil refinery is the biggest investment project of Saudi Arabia in Pakistan. He added that during the upcoming visit of Saudi crown prince to Pakistan next month a Memorandum of Understanding about the oil refinery will also be signed.