Tuesday, August 16, 2022

Saudi Arabian crown prince to soon visit Pakistan, announce $15bn investment


ISLAMABAD: Crown Prince of Saudi Arabia Mohammad Bin Salman Al Saud will visit Pakistan in few weeks and announce a heavy investment of 15 billion dollars on behalf of the Saudi Arabian government, ARY News reported.

Sources said date for Mohammad Bin Salman Al Saud’s visit was being finalised.

A petrochemical complex would be built from Saudi Arabia’s investment in Gwadar and a memorandum of understanding will be signed in this regard, they added.

The sources said the kingdom was likely to hand Pakistan another one billion rupees for balance of payment purpose. The Arab country already has given Pakistan $2 billion out of the promised $3 bn. 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.

The information minister said Pakistan will remain ‘neutral’ over Yemen issue.

Pakistan’s central bank, on December 14, had received another installment of one billion dollars from Saudi Arabia’s bailout package for Pakistan.

A spokesman of State Bank of Pakistan (SBP) had said that the bank received another tranche of one billion US dollars from the package, the kingdom had announced after visit of Prime Minister Imran Khan.



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