Saudi Arabia mulls increasing investments in Pakistan to $10bn

RIYADH: In a major development, Saudi Arabia’s Crown Prince Mohammed bin Salman has directed authorities concerned to study increasing the Kingdom’s investments in Pakistan to reach $10 billion.

According to a Saudi Press Agency (SPA) report, Crown Prince also directed the SDF to study increasing the amount of the deposit which has previously been extended on December 2, 2022, to hit a $5 billion ceiling, confirming the Kingdom’s position supportive to Pakistan’s economy and its people.

The investments in Pakistan were previously announced in August. The Saudi deposit to the central bank was extended in December.

Saudi Arabia is Studying to Augment its Investments in Pakistan to Reach $10 b and Increasing its Deposit to CBP to $5b, it was Announced.https://t.co/rc9ZBBQfCe #SPAGOV pic.twitter.com/Muxj1GpqoY

— SPAENG (@Spa_Eng) January 10, 2023

This came within the framework of the existing communication between HRH the Crown Prince and Muhammad Shehbaz Sharif, Prime Minister of Pakistan.

On Dec 2, Saudi Arabia extended the term for a $3 billion deposit it had made to Pakistan’s central bank.

The announcement comes a day after Chief of Army Staff (COAS) General Asim Munir held a meeting with Saudi Arabia’s Crown Prince Mohammad bin Salman in Riyadh.

During the meeting, the Saudi crown prince congratulated General Asim Munir for assuming charge of his office, last year. The meeting discussed bilateral ties, defence cooperation and other matters between the two Islamic States.

It is pertinent to mention here that COAS General Asim Munir is on an official visit to Saudi Arabia and UAE from January 4 to January 10, according to Inter-Services Public Relations (ISPR).