Saudi Arabia signs deals worth $20 bln with Pakistan

Saudi Arabia on Sunday signed agreements worth $20 billion with Pakistan, during Crown Prince Mohammed bin Salman’s high-profile visit to the South Asian country.

The Crown Prince and Pakistan Prime Minister Imran Khan oversaw the signing of seven agreements and memorandums of understanding in diverse fields, including energy, power, petrochemical, mineral resources and sports, aimed at further bolstering their bilateral cooperation, state news agency SPA reported.

“We believe that the amount of investment of $20 billion is large for the first phase and will certainly grow each month and every year for larger numbers," Prince Mohammed said.

While stressing on the strength of the strategic relations between the two countries, the Crown Prince said that Pakistan's GDP growth during 2018 was by 5 percent and the Kingdom believes that Pakistan will be a very prosperous country in the future.

"We want to make sure that we are part of that boom,” he stated.

With respect to tourism, he said that Saudi Arabia today receives 18 million tourists but will achieve 50 million tourists quickly and easily in the coming years.

"We have many heritage and beautiful places, infrastructure and stability, and we have everything, including funding for investment in tourism," the Crown Prince said.

Photos courtesy of SPA