Saudi crown prince signs $20b investment deals in Pakistan
It’s big for phase 1, and definitely will grow every month, Mohammad says
Crown Prince Mohammad Bin Salman yesterday said Saudi Arabia has signed investment agreements worth $20 billion (Dh73.4 billion) during his high-profile visit to Pakistan.
Kicking off his tour of South Asia and China with a far higher Pakistan investment than expected, the crown prince said the $20 billion figure represents only the start of an economic tie-up that would bring the historic Muslim allies even closer.
“It’s big for phase 1, and definitely it will grow every month and every year, and it will be beneficial to both countries,” said the crown prince.
‘A friend in need’
“We have been a brotherly country, a friendly country to Pakistan. We’ve walked together in tough and good times, and we (will) continue.”
Pakistan welcomed the crown prince with open arms and in grandiose fashion, including sending fighter jets to guide his incoming plane once it entered Pakistani airspace.
Prime Minister Imran Khan and Pakistan’s army chief Qamar Javed Bajwa greeted Prince Mohammad on the red carpet of a military airport in the garrison town of Rawalpindi, before Khan personally drove the crown prince to the capital Islamabad.
“Saudi Arabia has always been a friend in need, which is why we value it so much,” said Khan, while seated next to Prince Mohammad. “I want to thank you for the way you helped us when we were in a bad situation.”
Prime Minister Imran Khan said the visit by Saudi Crown Prince Mohammad Bin Salman to Pakistan that it would go a long way in boosting strategic and economic relations that have been the hallmark of the two countries.
“The generous deposit of $3 billion [Dh11 billion] and supply of oil on deferred payment is reflective of the desire of the kingdom to see a strong, vibrant and prosperous Pakistan,” he said in an interview published in the Saudi Gazette yesterday.
Imran added that the visit pointed to Saudi Arabia’s strong diplomatic support for Pakistan. He expressed confidence that new avenues of investment and joint ventures would be identified.
“Pakistan is a highly attractive investment destination for Saudi Arabia. So the possibilities of Saudi investment in sectors like energy, petroleum, and agriculture and infrastructure development will come under discussion,” he added.
Driving peace efforts
In the diplomatic sphere, the prime minister said the two nations could join hands to effectively mobilise the international community for an amicable resolution of festering disputes such as Kashmir and Palestine.
“Saudi Arabia and Pakistan have similar stances on regional and global security and this visit will be an opportunity to discuss key regional and global security issues,” he said, adding that both countries could also exert their energies and influence in facilitating the peace process in Afghanistan.
According to Imran, the two countries could utilise the Organisation of Islamic Cooperation (OIC) platform to strengthen Muslim Ummah and close cooperation among Muslim countries.
On the establishment of an oil refinery in Gwadar, Imran said the kingdom, as one of the leading producers of oil, had tremendous experience in the energy market, something that could help Pakistan in its quest for developing energy resources.
The prime minister said Pakistan would like to develop an economic and cultural corridor with Saudi Arabia to further expand bilateral relations.
Imran plays up exploration of new avenues of investment, joint ventures
Pakistan is a highly attractive investment destination for Saudi Arabia. So the possibilities of Saudi investment in sectors like energy, petroleum, and agriculture and infrastructure development will come under discussion.” Imran Khan | Pakistan Prime Minister