$14 bn investment expected during Saudi crown prince visit in Feb

ISLAMABAD: Crown Prince of Saudi Arabia Mohammad Bin Salman Al Saud will visit Pakistan in third week of February, with huge investment proposals, ARY News reported on Wednesday.

Sources privy to the matter have said, the crown prince during his stay in Pakistan, will also address the Pakistani nation, while one of the biggest investment packages in the history of Pakistan will also be announced.

“Agreements of a heavy investment worth 14 billion dollars on behalf of the Saudi Arabian government will be inked in visit Crown Prince Mohammad Bin Salman”, sources were quoted as saying.

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.

The kingdom has transferred $3 billion as promised, during visit of Prime Minister Imran Khan, to face balance of payment issue.

Later in a video message, Prime Minister Imran Khan had congratulated the nation and thanked Saudi Arabia for what he termed an “amazing package” to steer the country out of balance of payment crisis.

Provision of raw oil will also be discussed with the Saudi Arabian dignitary during his stay in the country.

Last month in a statement, Federal Information Minister Fawad Chaudhry said the Saudi crown prince will come with a huge foreign investment proposal.

However, the information minister stressed that Pakistan will remain ‘neutral’ over Yemen issue.