ECONOMY

Saudi Arabia, Pakistan sign seven MoUs worth $20 bln across several sectors

The deals were signed on Sunday upon the arrival of Saudi Crown Prince Mohammed bin Salman to Islamabad on an official visit. (Supplied)

Saudi Arabia and Pakistan signed seven memorandums of understandings worth $20 bln between the two countries across several sectors including oil, mining and energy.

The deals were signed on Sunday upon the arrival of Saudi Crown Prince Mohammed bin Salman to Islamabad on an official visit.

One of the deals signed was to build an oil refinery at Pakistan’s Gwadar Port worth $10 billion.

Crown Prince Mohammed bin Salman lauded Pakistan’s ability to grow its GDP by five percent last year and said that Riyadh looks forward to working with Islamabad.

“We believe that Pakistan is going to be a very important country in the coming future,” Crown Prince Mohammed bin Salman said at the signing ceremony.

“We will work with Pakistan economically, politically and in security and we will be sure that we are creating an amazing, great future for Saudi Arabia and Pakistan and for our region,” he added.

The Saudi Crown Prince also said that the two countries have worked together in tough and good times and that they will continue doing the same. “Especially that Pakistan is facing a great future today with great leadership,” he said.

For his part, Pakistani PM Khan said that “Saudi Arabia has been a friend when Pakistan needed friends. We have just signed these MoUs and Pakistan and Saudi Arabia are now taking this relationship to a level which we never had before.”

“A relationship where it will now be investments between the two countries which will be mutually beneficial,” he added.

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Last Update: Monday, 18 February 2019 KSA 01:16 - GMT 22:16
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