ISLAMABAD – The Pakistani government has extended an offer to Saudi Arabia for constructing two five-star hotels in capital city of Islamabad through joint ventures or independently.
The development comes as Saudi Foreign Minister Prince Faisal bin Farhan Al Saud is visiting the South Asian country for important talks comprising bilateral ties and economic cooperation.
Reports said Pakistan has invited the kingdom to make investment for building two five-star hotels in Islamabad. Under a proposal, the Capital Development Authority will provide land whereas construction related matters will be handled by Saudi Arabia. Under another proposal, Saudi Arabia can take a decision about land acquisition by itself.
Matters related to PIA and airports were also discussed in the meeting with the Saudi foreign minister, reports said, adding that the kingdom was also invited to make investment in First Woman Bank and Mitairi Transmission Line.
Earlier in the day, Prime Minister Muhammad Shehbaz Sharif expressed Pakistan’s desire to further enhance bilateral cooperation with Saudi Arabia in the fields of trade and investment.
He was talking to a high-level Saudi delegation led by Foreign Minister Prince Faisal bin Farhan Al Saud in Islamabad today.
The premier said Pakistan and Saudi Arabia should work closely to expedite the first phase of Saudi investments in Pakistan.
He said the visit of Saudi delegation marks beginning of a new era of strategic and commercial partnership between the two countries.
The Prime Minister said the visit of Saudi delegation immediately after his visit to Saudi Arabia is a manifestation of strong commitment of both countries to strengthen bilateral relations.
PM Shehbaz informed the delegation about the Special Investment Facilitation Council and key role of Chief of Army Staff General Syed Asim Munir and the cooperation of all institutions for promotion of investment in the country. He especially mentioned the wide potential of investment in Pakistan.
