Home Business Saudi Arabian Signs Deal Worth $20bn With Pakistan

Saudi Arabian Signs Deal Worth $20bn With Pakistan

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Saudi Arabia has pledged investment deals worth $20bn (£15.5bn) with Pakistan which is seeking to bolster its fragile economy.

The deals include funding for an $8bn oil refinery in the city of Gwadar.

It comes as part of a high-profile Asian tour by the kingdom’s Crown Prince Mohammed bin Salman.

Saudi Arabia has already given a $3 billion loan to Pakistan, while the United Arab Emirates provided $1 billion as part of its $3 billion balance of payment support that helped south Asia’s second biggest economy avert a financial crisis.

“We are creating a great future for Saudi Arabia and Pakistan,” Prince Mohammed said at a reception by Prime Minister Imran Khan after the kingdom’s de facto ruler reached Islamabad on Sunday on a two-day trip.

The two nations signed investments deals in energy and agriculture sector including setting up a $10 billion oil refinery in southwestern city of Gwadar.

“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 PM 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