Saudi investment

SAUDI Arabia is coming to Pakistan with a big investment portfolio, which in fact is great news for the country faced with serious economic challenges. This will also encourage other countries and foreign companies to exploit country’s vast potential in different sectors ranging from natural resources to the manufacturing.
Pakistan and Saudi Arabia are reportedly finalising a series of investment packages ahead of a visit by Saudi Crown Prince Mohammed bin Salman bin Abdulaziz in February when memorandums of understanding are to be signed. The most important amongst these will be regarding the establishment of state of the art oil refinery in Gwadar. Saudi Minister for Energy Khalid bin Abdul Aziz visited the site of proposed facility on Saturday and speaking on the occasion said the Kingdom would make big investments in Pakistan. Finance Minister Asad Omar has already made similar remarks about Saudi Arabia’s proposed investments. Though exact volume of investment is not known at the moment yet establishment of oil refinery in itself is a project worth billions of dollars. The refinery, with a capacity of 100,000 barrels per day, will represent one of the most modern and largest refinery plants in Aramco’s international portfolio.
In addition, Saudi Arabia’s ACWA Power, a developer, investor and operator of power generation plants that has assets in the United Arab Emirates, Jordan and Tunisia, is also in advanced planning to enter Pakistan’s renewable energy sector. Relations between the two brotherly countries have always remained very cordial but the visits of Prime Minister Imran Khan to the Kingdom and frequent visits of Saudi delegations to Pakistan have really taken these relations forward. The focus is now shifting to building a stronger economic partnership. The Saudi investment would not only be beneficial for both the countries but also help them further strengthen relations with China. This will also help realise the objective of making Gwadar real hub of economic and commercial activities at a fast pace and attract other foreign companies to invest in Special Economic Zones being established under the China Pakistan Economic Corridor (CPEC) project.
Saudi like investment is also expected from the United Arab Emirates and given the interaction the two countries had recently, we expect that matters between the two will also be finalised at the earliest. The investment pouring into the country is also reflection of the trust and confidence that friendly countries have on the country’s potential as well as the leadership. Ever since assuming office, the focus of PTI government has been on investment and Prime Minister Imran Khan himself has chaired several meetings aimed at ensuring ease of doing business in the country. This is the way forward and we are sure that the Saudi and UAE massive investment packages will lead to more foreign investment which will help the country diversify the economy, create job opportunities for the youth and bolster exports.

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