Saudi Crown Prince signs $20 billion investment deals with Pakistan

Saudi Arabia and Pakistan on Sunday signed investment deals worth $20 billion to shore up the South Asian nation’s ailing economy.

The Crown Prince arrived in Pakistan’s capital, Islamabad on Sunday, a day after he was originally scheduled to land. He was greeted by Prime Minister Imran Khan and given a red-carpet welcome with a 21-gun salute. 

Prince Mohammed bin Salman was accompanied by a high-powered delegation, including leading businessmen and cabinet ministers.

“It’s going to grow every month, every year,” Prince Mohammed said of economic cooperation between the two countries. “We believe Pakistan is going to be a very important country in the coming future and we want to be sure we are a part of that,” he added.

The crown prince, widely known as “MBS” will travel to India after his Pakistan visit, where he will meet Prime Minister Narendra Modi and Petroleum Minister Dharmendra Pradhan.

Prince Mohammed is expected to finish the trip with a visit to China on Thursday and Friday.

According to the reports, Pakistan and Saudi officials signed several other provisional agreements and memorandums of understanding in the energy, petrochemicals and mining sectors. Pakistan is facing a serious balance of payments crisis and hopes the deals will provide relief to the country.