ISLAMABAD (Tuesday February 12, 2019) – Pakistan and Saudi Arabia are expected to sign three major memorandum of understandings (MoUs) amounting to over $10 billion during the upcoming visit of Saudi Prince Mohammed bin Salman (MBS) to the country.
As per sources the three MOUs will be signed in the fields of oil refining, liquefied natural gas (LNG) and mineral development.
Prince MBS is paying his first two-day visit to Pakistan, most likely, on Feb 16 on the invitation of Prime Minister Imran Khan. He had earlier visited Pakistan as defence minister at the start of the Yemen conflict.
Earlier it was reported by media sources that the crown prince’s belongings, including his exercise equipment and furniture, reached Islamabad in five trucks.
MBS’s security team and Saudi media representatives have already arrived in the capital ahead of his visit.
While the Prince himself is expected to stay at the Prime Minister House, two of the top hotels in Islamabad have been booked fully for members of his staff, while two other hotels have been partially booked.
Besides the MoUs, other business agreements are also likely to be signed between businessmen and industrialist of the two sides.
A group of top 40 Saudi businessmen is accompanying Prince MBS. The delegation will interact with the local business community. It is expected that private business agreements will also be signed during the visit, as per sources.
Saudi Arabia plans to set up an oil refinery at Gwadar, with a cost of $8 billion. In addition to foreign investment, it will also provide job opportunities to the locals of the port city. In future Saudis also intend to establish a petrochemical complex along with the refinery which will bring additional investment of billions of dollars to Pakistan, informed sources.