Saudi Arabia’s crown prince Mohammed bin Salman is set to make his first state visit to Pakistan on Saturday, where he will announce investment projects worth up to $20 billion, a senior official told VOA news.
The investment is needed for Pakistan, which is cash-strapped and facing multiple regional political challenges with a recently-elected Prime Minister.
Included in that figure is a $10 billion refinery and oil complex in the strategic Gwadar Port on the Arabian Sea.
“Saudi Arabia wants to make Pakistan’s economic development stable through establishing an oil refinery and partnership with Pakistan in the China-Pakistan Economic Corridor,” Saudi Energy Minister Khalid al-Falih told reporters in Gwadar on January 12.
Crown Prince Mohammed will be accompanied by a high-powered delegation, including members of the royal family, key ministers and leading businessmen. He will hold meetings with Prime Minister Khan and other top officials, as well as Pakistani military leaders.
Saudi Arabia and Pakistan have cultivated strong bi-lateral defense and economic relations. Writing for the Pakistan-based news website thenews.com.pk, ambassador of the Kingdom of Saudi Arabia in Pakistan between 2001 and 2009, said “the level of mutually-shared love and respect between Saudi Arabia and Pakistan is exceptional.”