4.2 Billion Dollars Worth of Contracts and Agreements
Saudi Crown Prince Prince Mohammed bin Salman will visit Pakistan on November 21. Saudi Arabia’s special security team will arrive in Pakistan this weekend. Diplomatic sources say that the Saudi special security team will review the security arrangements regarding the visit of Mohammed bin Salman.
Agreements worth billions of dollars will likely take place between the two countries. Preparations for the Saudi crown prince’s visit to finalize investment agreements and MoUs have entered a critical phase. In this regard, an important meeting will be held tomorrow, Tuesday, at four o’clock under the chairmanship of Finance Minister Ishaq Dar.
Earlier, Investment Board Pakistan held a one-and-a-half-hour meeting with the Saudi Ministry of Investment through a video link, the Saudi Deputy Minister for Investment also participated in the meeting through a video link.
Sources say drafts of investment agreements and MoUs worth billions of dollars are nearing completion. An investment agreement has been signed for the new motorway project from Nowshera. The project will cost five million dollars. An agreement also needs to be signed for the construction of King Salman Hospital worth more than 500 million dollars in Terlai Islamabad.
An agreement to invest in two hydropower projects worth $500 million in Azad Jammu and Kashmir is also expected. Saudi Arabia will invest in foreign currency in Karachi to attack the White Oil Pipeline project in Pakistan.
According to the sources, there is also a possibility of an agreement on Saudi investment in the Desalination Project, a project to supply clean drinking water in Karachi. The Sindh Government has also requested the Federation for financial partnership on this project.
The agreement of Saudi investment in establishing NED University in Sindh by the government of Saudi Arabia should also occur. Establishing NED University in Sindh will cost sixty to seventy million dollars. According to sources, Pakistan wants Saudi investment to establish NED University, for which ongoing talks are ongoing.