Saudi Arabia Signs Record $20 Billion in Deals with Pakistan

Saudi Arabia’s Crown Prince Muhammad Bin Salman is on a 2-day tour to Pakistan that is being termed a successful and beneficial tour for Pakistan and Pak Arab relations.

Prime Minister Pakistan Imran Khan and Crown Prince Muhammad Bin Salman signed deals worth $20bn to be invested in Pakistan in the next 5 years. The deals include an oil refinery in the key port of Gwadar worth $8bn. Several provisional agreements and memorandums of understanding in mining, energy, and petrochemicals sectors were also signed by the two sides.

Addressing the media, the Crown Prince said: “It is just the phase one and definitely it will grow every month and every year, and it will be beneficial to both countries.”

This trip of Crown Prince to Pakistan is being termed quite successful and it is expected that it will greatly help Pakistan come out of the balance of payments crisis. For more updates, stay tuned to ilaan.com news.