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Saudi Arabia, Pakistan sign $20bn investment deals

Monday 18 February 2019 11:27 AM

Saudi Crown Prince
Saudi Crown Prince

Saudi Arabia and Pakistan have signed a number of investment deals worth $20 billion at the start of a two-day visit to the South Asian country by Saudi Arabia's Crown Prince His Royal Highness Prince Mohammed bin Salman.
In the presence of the Crown Prince and Pakistan's Prime Minister Imran Khan, seven bilateral agreements and memorandums of understanding (MoUs) were signed. They are related to: an MoU on technical cooperation; an agreement to finance the supply of crude oil and petroleum products to Pakistan; an MoU to finance power generation projects; an MoU to study investment opportunities in the refining and petrochemical sectors in Pakistan; an MoU related to mineral resources in Pakistan; an MoU on developing renewable energy projects; and a cooperation agreement in the field of sport.
Prince Mohammed arrived in Islamabad yesterday (Feb 17) on an official visit to Pakistan. At Khan Military Base Airport, he was received by Pakistan's Prime Minister Imran Khan; Commander of the Pakistani Army General Qamar Javed Bajwa; Saudi Ambassador to Pakistan Nawaf Al-Malki, and Pakistani Ambassador to Saudi Arabia Raja Ali Ejaz.
A bilateral meeting was held between the Crown Prince and the Prime Minister, during which Prince Mohammed conveyed the greetings and appreciation of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud to the Prime Minister of Pakistan. On his part, the Prime Minister extended his greetings and appreciation to the King.
The Crown Prince and the Prime Minister of Pakistan also chaired the Saudi-Pakistan Supreme Coordination Council at the Presidential Palace in Islamabad. During the meeting, they reviewed the historical relations between the kingdom and Pakistan, the prospects of bilateral cooperation between the two countries and the opportunities to develop them, in addition to discussing the latest developments and situations on the Islamic and international arenas and efforts exerted towards them.