Saudi King orders to invest $1bn in Pakistan

RIYADH: Kingdom of Saudi Arabia plans to invest $1 billion in Pakistan to support the country and its people, Saudi state-owned media reported.

Saudi King Salman bin Abdulaziz Al Saud has issued a directive to invest $1 billion in Pakistan, in confirmation of the Kingdom’s support of Pakistan economy and its people.

Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah received a telephone call from his Pakistani counterpart Bilawal Bhutto Zardari and informed him of the King’s directive, the official Saudi Press Agency (SPA) reported.

“King Salman bin Abdulaziz ordered investing $1 billion in the brotherly [country] of Pakistan [in line with] the Kingdom’s stance in support of the country’s economy and its people,” Saudi state media reported.

According to the report, the two foreign ministers besides discussing the strong Saudi-Pakistani relations and the ways to boost them, also discussed the regional and international issues of common interest. Regional and international issues of common interest were also discussed during the call.

Bhutto said on Twitter that he welcomed the investment in Pakistan and briefed his counterpart “on damages caused by unprecedented floods” in his country. He added that he highly valued the solidarity expressed by Saudi Arabia and “all possible assistance” provided by the Kingdom.

The International Monetary Fund (IMF) had asked Pakistan to bridge a $4 billion financing gap as the nation faces an economic crisis. Pakistan was able the financing from friendly countries — Saudi Arabia, UAE, and Qatar — to help meet the requirement.

Saudia Arabia will also provide $1 billion in oil financing to Pakistan and the UAE will give a similar amount to the country.

A day earlier, Qatar Investment Authority shared its plan to invest $3 billion in Pakistan, the Qatari Emir office said.  “The Qatar Investment Authority announced its aspiration to invest $3 billion in various commercial and investment sectors in the Islamic Republic of Pakistan,” the Emiri Diwan said.

The announcement came during a visit by Prime Minister Shehbaz Sharif to Doha. The prime minister tmet the Emir of the State of Qatar Sheikh Tamim bin Hamad Al Thani and thanked for the Qatar Investment Authority (QIA)’s readiness to invest $3 billion in various commercial and investment sectors in Pakistan.

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