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Saudi prince likely to sign $10bn MoUs during upcoming visit

12 February 2019, 08:17 | Devin Moran

Saudi prince likely to sign $10bn MoUs during upcoming visit

Books dedicated to murdered Saudi journalist Jamal Khashoggi are displayed during a presentation in Istanbul on Feb 8 2019

Agreements worth $20 billions are expected to be signed during the visit of Saudi Crown Prince Muhammad bin Salman to Pakistan, sources privy to Saudi Arabia's embassy informed ARY News on Tuesday. It is believed that 80 containers will be shipped to Islamabad for the crown prince and his entourage's stay.

He said the three MOUs will be signed in the fields of oil refining, liquefied natural gas (LNG) and mineral development.

Khashoggi, an insider-turned-critic of the Saudi ruling regime, was killed and dismembered by people close to the crown prince after entering to pick up documents for his wedding.

The adviser estimated minimum United States dollars 10 billion to USD 12 billion Saudi investment in Pakistan in the medium term.

The Saudi prince will be accompanied by 130 royal guards during the visit, they added. The delegation will interact with the local business community. "It is expected that some other private level agreements will also be inked during the visit", the BoI chief said.

"Besides foreign investment, it will also provide job opportunities to the locals of the port city".

Pakistan's Prime Minister Imran Khan was among a handful of heads of state who attended Riyadh's flagship investment conference, an event that was boycotted by many companies and world leaders in protest over Khashoggi's murder.




The Trump administration pushed back Monday against allegations that it was trying to cover up the killing of Saudi columnist Jamal Khashoggi when it failed to send Congress a report determining who was responsible for his death.

The investment deals with Saudi Arabia will mark a partial departure from Pakistan's decades-old policy of begging from Saudi Arabia in hard economic times.

Much is pinned on Saudi crown prince Mohammed bin Salman's upcoming visit to Pakistan and while the host country is leaving no stone unturned to woo the royal guest, his own team is leaving nothing to chance.

The Kingdom of Saudi Arabia also facilitates Hajj pilgrimage to over 1,75,000 Indians every year.

Responding to a query regarding China's reaction over Saudis investment in Gwadar, Mr Sharif said the former had no objection over the latter's plan to establish an oil refinery.

As a result, Saudi Arabia announced $6 billion rescue package for Pakistan including $3 billion in foreign currency support for a year to overcome its balance of payment crisis and another $3 billion for one year in deferred payments for oil imports.



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