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Saudi crown prince's Pakistan visit expected to feature series of investments


Saudi crown prince's Pakistan visit expected to feature series of investments
Mohammad, who is also the Gulf Kingdom's vice president of the council of ministers and defence minister, will arrive here on February 16 on his first state visit to Pakistan. Image Credit: ANI

Pakistan on Wednesday said that Saudi Crown Prince Mohammad bin Salman will arrive in Islamabad on Saturday on a two-day visit during which a number of agreements worth billions of dollars invested in the country would be signed. Pakistan and Saudi Arabia are likely to sign over USD 10 billion investment agreements, including a multibillion-dollar oil refinery in Gwadar, during his visit.

Mohammad, who is also the Gulf Kingdom's vice president of the council of ministers and defence minister, will arrive here on February 16 on his first state visit to Pakistan since his elevation to the position of the crown prince in April 2017, the Foreign Office said. He will be accompanied by a high-powered delegation including members of the royal family, key ministers and leading businessmen.

During his visit, Pakistan and Saudi Arabia will be signing a number of agreements and MoUs in diverse sectors, including investment, finance, power, renewable energy, internal security, media, culture and sports, it said. The two countries will also discuss ways and means to develop a robust follow-up mechanism to ensure effective implementation and quick progress on tangible areas of cooperation.

The crown prince will call on President Arif Alvi. He will also meet Prime Minister Imran Khan and Army Chief Qamar Javed Bajwa. The Saudi ministers accompanying the crown prince will meet their counterparts to discuss bilateral cooperation in their respective fields.

On the sidelines of the visit, businessmen of the two countries will also meet to discuss opportunities for collaboration in the private sector. Saudi Arabia has committed USD 6 billion to Pakistan as part of a bailout package to help shore up Islamabad's dwindling foreign currency reserves.

(With inputs from agencies.)

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