Saudi Arabia, Pakistan sign investment deals worth $20 billion; Imran Khan, crown prince oversee MoUs for bilateral cooperation

Pakistan and Saudi Arabia on Sunday signed a slew of investment agreements worth $20 billion which will provide a welcome relief to the teetering economy of cash-strapped Pakistan.

Reuters February 18, 2019 12:09:10 IST
Saudi Arabia, Pakistan sign investment deals worth $20 billion; Imran Khan, crown prince oversee MoUs for bilateral cooperation
  • Pakistan, Saudi Arabia signed a slew of investment agreements worth $20 billion which will provide a welcome relief to cash-strapped Pakistan

  • At a ceremony in the Prime Minister House, Pakistan and Saudi officials signed MoUs for bilateral cooperation in a number of areas

  • The process was overseen by Pakistan premier Imran Khan and Saudi crown prince Mohammad bin Salman, who arrived on a two-day visit

Islamabad: Pakistan and Saudi Arabia on Sunday signed a slew of investment agreements worth $20 billion which will provide a welcome relief to the teetering economy of cash-strapped Pakistan.

Saudi Arabia Pakistan sign investment deals worth 20 billion Imran Khan crown prince oversee MoUs for bilateral cooperation

Pakistani Prime Minister Imran Khan greeted Saudi crown prince Mohammed bin Salman on his arrival in Pakistan. Reuters

At a ceremony in the Prime Minister House, Pakistan and Saudi officials signed MoUs for bilateral cooperation in a number of areas a process overseen by Pakistan premier Imran Khan and Saudi crown prince Mohammad bin Salman, who arrived on a two-day visit.

"Today we signed MoUs. The amount of that kind of investment is $20 billion. It is big for phase one and definitely it (Saudi investment in Pakistan) will grow every month, every year in bigger numbers and it will be beneficial for both the countries," the crown prince said. "Pakistan is going to be a very, very important country in the future and we want to be sure we are part of that," he added.

Seven agreements, including MoUs in power, petrochemical and mining sectors, were inked as Prince Salman launched his diplomatic trip to Asia in Islamabad. After Pakistan, the crown prince will travel to India, where he will meet Prime Minister Narendra Modi and Petroleum Minister Dharmendra Pradhan.

He is expected to finish the trip with a visit to China on Thursday and Friday. Prince Salman said Saudi "cannot say no to Pakistan, whatever you (Pakistan) want we will do." "For Pakistanis, this is a great day," the Pakistani premier said while addressing a dinner reception held in honour of the visiting Saudi guests at the House.

He said Saudi Arabia has always been there when Pakistan needed friends. "I want to thank you for the way you helped us when we were in (a) bad situation," Khan told the royal guest, adding that Pakistan and Saudi Arabia were now taking their relationship to a new level, where investment agreements would be mutually beneficial for the countries. "The future is exciting for both Pakistan and Saudi Arabia after joining hands," he said.

Updated Date:

also read

Pakistan pacer Wahab Riaz mulls retirement after 2023 ODI World Cup
First Cricket News

Pakistan pacer Wahab Riaz mulls retirement after 2023 ODI World Cup

Wahab Riaz has not been a regular in the Pakistan team for a while now and was also ignored for the T20 World Cup.

Pakistan to host 2025 Champions Trophy, India get 3 ICC events in next cycle including 2026 World T20
First Cricket News

Pakistan to host 2025 Champions Trophy, India get 3 ICC events in next cycle including 2026 World T20

United States and West Indies to co-host of the 2024 T20 World Cup. This will be the first ever global event hosted in North America

T20 World Cup 2021: England fans turn New Zealand supporters for final against Australia
First Cricket News

T20 World Cup 2021: England fans turn New Zealand supporters for final against Australia

Both Australia and New Zealand are gunning for their maiden T20 World Cup crown in Dubai after defying predictions from pundits of an England-Pakistan title clash.