Saudi Arabia, Pakistan sign three deals on China-Pakistan Economic Corridor

Saudi Crown Prince Mohammed bin Salman (R) meets with Pakistani Prime Minister Imran Khan in Jeddah on September 19, 2018. (Saudi Ministry of Media handout via AFP/File photo)
Updated 30 September 2018
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Saudi Arabia, Pakistan sign three deals on China-Pakistan Economic Corridor

  • The agreements will bring major investments to the China-Pakistan Economic Corridor (CPEC) projects
  • First delegation from KSA to arrive in Pakistan on Sunday

ISLAMABAD: Pakistan Information Minister Fawad Chaudhry announced on Thursday that Islamabad and Saudi Arabia have signed three major investment deals for China-Pakistan Economic Corridor (CPEC) projects.
He told the media: “Pakistan and Saudi Arabia have inked three agreements for grants. The first delegation from Saudi Arabia, comprising the chief of its investment and petroleum ministers, will be arriving in Pakistan on Sunday.”
Earlier, Nawaf bin Said Al-Malki, Saudi Ambassador to Pakistan, said that Islamabad and Riyadh have shared grief and joy together, and that the bonds of bilateral ties will be further strengthened through CPEC.
Al-Malki made his remarks as a chief guest at a ceremony organized by the International Islamic University Islamabad (IIUI) to celebrate Saudi Arabia’s 88th National Day on Monday.
He thanked the management of IIUI for arranging the ceremony and hoped the university would soon get positive news from Saudi Arabia.
“The leaderships of both the countries agreed on bilateral minister-level talks for cooperation and soon the KSA delegation will meet the relevant government officials,” he said.


Finance chiefs meet to map out Kingdom’s budget plans

Updated 13 min 15 sec ago
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Finance chiefs meet to map out Kingdom’s budget plans

RIYADH: Saudi finance chiefs have kicked off a major conference in the capital aimed at mapping out the Kingdom’s budget requirements.
Around 300 specialists representing 150 government bodies met at the InterContinental hotel in Riyadh for the Budget Forum 2020.
Minister of Finance Mohammed Al-Jadaan welcomed delegates to the second edition of the gathering organized by the Saudi Finance Ministry under the slogan “Partnership and Empowerment.”
Al-Jadaan said the ministry was focused on “partnership and commitment,” and sought to share the challenge of developing an effective budget to achieve the Kingdom’s ambitious goals.
“We are also committed to empowering financial leaderships to learn about the ministry’s programs and projects and provide training and qualification opportunities to the best international standards,” he added.
The finance chief said the budget planning process required the collaboration of multiple authorities and a clear strategy based on transparency. 
Items up for discussion at the forum included financial planning in governmental bodies, automation, and the promotion of revenues and efficient spending.
Finance Ministry steering committee chairman, Abdul Aziz bin Saleh Al-Freih, stressed the importance of the forum in getting the ball rolling at an early stage on formulating a general state budget.
Workshops were held on the sidelines of the conference focused on empowering government organizations, and a training program on financial planning and income estimations was also staged.