Title: Saudi crown prince likely to visit Pakistan this month
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Saudi Crown Prince Mohammed bin Salman is expected to travel to Pakistan this month on a visit that Islamabad hopes will pave the way for much-needed investment from Riyadh.
The visit of the de facto ruler of Saudi Arabia is long overdue, as the last time he travelled to Pakistan was in February 2019. In late 2022, the Saudi crown prince was scheduled to visit Islamabad, but the visit had to be cancelled since the dates were close to the change of army command.
The new schedule could not be finalised because of unfolding political uncertainty and the general elections in Pakistan.
However, the Saudi crown prince, according to sources, has now agreed to travel to Islamabad at the invitation of Prime Minister Shehbaz Sharif, who visited Riyadh twice in a short span of time.
Read more: KSA eyes Pakistan as high-priority economic, investment opportunity: Saudi minister
Ahead of the much-anticipated visit of the Saudi crown prince, a powerful Saudi delegation comprising leading businessmen is in Islamabad, holding a series of meetings with their Pakistani counterparts to explore investment opportunities.
The visit is part of ongoing efforts by Pakistan to woo Saudi investment, a key strategy being followed by a civil-military-led initiative to pull the country out of economic trouble.
Pakistan is eyeing billions of dollars of investment from Gulf countries, particularly from Saudi Arabia and the UAE. During the visit of PM Shehbaz to Saudi Arabia before Eid, Riyadh agreed to expedite the first phase of investment to the tune of $5 billion.
Also read: Saudi trade delegation arrives to discuss investment avenues
Following Shehbaz’s visit, Saudi Crown Prince Mohammed bin Salman dispatched a high-powered delegation headed by the Saudi Foreign Minister to Islamabad. The delegation comprised key members of the Saudi cabinet and some of the close aides of the Saudi ruler working on his Vision 2030.
The Saudi Foreign Minister, after receiving a briefing from the Special Investment Facilitation Council (SIFC), said he was impressed with the new framework.
Official sources said that the government was hoping that the Saudi crown prince’s upcoming visit would translate commitments into reality.
Pakistan, in order to persuade Saudi investment, has made lucrative offers upon their return to Saudi investors. The government is offering Saudis stakes in key sectors, including agriculture, mines and minerals, energy, etc.
The government feels that Saudi investment, along with investment from other Gulf countries, could address Pakistan’s balance of payment crisis, something that would not only shore up foreign reserves but also spur industrial and economic growth.
Published Date: 06-May-2024
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