Saudi Crown Prince likely to announce  USD 8 bn investment projects during his Pak visit

Saudi Crown Prince Mohammed bin Salman is likely to visit Pakistan, during which he is expected announce investment projects worth about USD 15 billion. Quoting diplomatic sources, Geo News reported that the dates of the Kingdom's de-facto ruler are currently being discussed and considered for finalisation. According to the report, it was likely that the powerful prince will announce investment worth almost USD 15 billion in Pakistan.

Facing severe financial crisis, Pakistan has reached out to some friendly countries including Saudi Arabia, China and the UAE  for economic assistance since Prime Minister Khan assumed office in August. In October, Saudi Arabia agreed to provide a USD 6 billion package to Pakistan to support its ailing economy. The package included USD 3 billion balance of payments support and USD 3 billion in deferred payments on oil import.

On Sunday, Pakistan said the UAE has almost finalised investment plan for the setting up of an oil refinery in the country as the Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed bin Sultan Al-Nahyan met Prime Minister Khan. Information Minister Fawad Chaudhry said the UAE had already promised to provide USD 3 billion assistance and the Crown Prince also discussed investment to set up an oil refinery.