Saudi Arabia to make biggest investment in Pakistan’s history – Umar

ISLAMABAD: Pakistan’s Finance Minister Asad Umar said on Thursday that an incoming investment package from Saudi Arabia had the potential to be “the biggest foreign investment in the country’s history”, reports in the Pakistani media said.
While addressing an event in Islamabad, Umar said: “The ball is in our court. It is going to the cabinet for approval next week, after which the announcement will be made.”
Following Prime Minister Imran Khan’s maiden visit to the Kingdom in September this year, a high-level Saudi delegation had visited Pakistan to discuss economic ties and investment opportunities.
Later, during PM Khan’s second visit to the country in October, both Pakistan and Saudi Arabia signed an agreement under which the Kingdom agreed to place a deposit of $3 billion for a period of one year to support Islamabad in its balance of payment crisis.
Both countries had also agreed that a one-year deferred payment facility for imported oil, up to $3 billion, will be provided by Saudi Arabia. This arrangement will be in place for three years, which will be reviewed thereafter.
Pakistan has already received the first tranche of $1 billion under the balance of payments support package extended by Saudi Arabia in November, with the second and third installments to be received in the next two months.
In recent months, Pakistan and Saudi Arabia have agreed to enhance their business and trade ties.
Saudi Arabia has also shown an interest to invest in Pakistan’s largest coastal refinery, a multibillion-dollar project being set up at Khalifa Point, near Hub in Balochistan. The details were confirmed to Arab News last month by Sher Afghan Khan, spokesman for the Ministry of Energy (petroleum division) and a board member of the Pak-Arab Refinery Limited (PARCO).