Saudi Arabia to invest $1 billion in Pakistan

Saudi Arabia to invest $1 billion in Pakistan. Following the Qatari leadership’s announcement to invest $3 billion, Saudi Arabia has also assured the Pakistani leadership of an investment of $1 billion.

Foreign Minister Bilawal Bhutto and his Saudi counterpart, Faisal bin Farhan, had a telephone conversation in which they discussed the promotion of bilateral brotherly relations.

During the telephone conversation, Saudi FM assured that his country would invest $1 billion in Pakistan. Bilawal Bhutto expressed his gratitude to his Saudi counterpart.

The Foreign Minister informed the Saudi counterpart about the devastation caused by the unusual floods in Pakistan.

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He expressed his gratitude to Saudi Arabia for showing solidarity regarding the worst flood situation and also appreciated the assurance from Saudi Arabia that they would take all possible measures to help the flood victims of Pakistan.

It should be remembered that on Wednesday, Qatar announced an investment of $3 billion in Pakistan.

In February 2019, Saudi Arabia’s Saudi Aramco and SABIC announced to set up a US$10 billion oil refinery and Petrochemical industry in Pakistan’s deepwater port of Gwadar, Balochistan.

It would also help refine and store imported oil for onward transportation to China and develop fuel supply chain for the landlocked Central Asian states.

Fuel transportation to China through Pakistan would take just 7 days as opposed to the western route through Indian Ocean that takes almost 40 days.