Signing of major investment deals expected during Saudi crown prince's visit to Pakistan: officials

Posted In: News Date:Feb 10th, 2019

A number of major investment deals are expected to be signed during Saudi Crown Prince Mohammed bin Salman's upcoming visit to Islamabad, according to officials.

Two Saudi sources have confirmed to AFP that the heir apparent to the Gulf kingdom's throne will visit Islamabad shortly, without giving a date. Officials from both countries confirmed to AFP that a number of deals are expected to be signed during the visit.

Riyadh and Islamabad, decades-old allies, have been involved for months in talks to hammer out details of the deals in time for the high-profile visit.

A record investment package being prepared by Riyadh for Islamabad will likely provide welcome relief while also addressing regional geopolitical challenges, analysts believe.

At the heart of the investment is a reported $10 billion refinery and oil complex in the strategic Gwadar Port on the Arabian Sea, the ultimate destination for the massive multi-billion dollar China-Pakistan Economic Corridor, which lies not far from the Indo-Iranian port of Chabahar.

"The outcome of the talks so far has been very positive and this is going to be one of the biggest-ever Saudi investments in Pakistan," a senior finance ministry official told AFP.

"We hope that an agreement to this effect will be signed during the upcoming visit of the Saudi crown prince to Pakistan," said the official, requesting anonymity.