ISLAMABAD: Pakistani information minister Fawad Chaudhry said on Saturday the Saudi Crown Prince would arrive in Pakistan on a two-day visit in the third week of February.
Crown Prince Mohammed bin Salman is expected to sign off on a range of deals during his trip to Islamabad, including a $10 billion oil refinery to be set up in the deep water port of Gwadar.
The visit is part of Pakistan’s efforts to raise funds to tackle a soaring current account deficit caused partly by rising oil prices. Last year, Saudi Arabia offered Pakistan a $6 billion rescue package that included help to finance crude imports. Pakistan has already received $3 billion.
“We expect the crown prince to arrive in Pakistan in the third week of February,” Chaudhry told Arab News. “It will be either the 16th or 17th of this month, but we cannot disclose the exact date yet for security reasons.”
Pakistan’s The Nation newspaper reported on Saturday that Saudi Ambassador to Pakistan Nawaf Bin Saeed Al-Malki had confirmed that the crown prince would arrive on February 16.
The Pakistani foreign office declined to confirm the dates.
Last month, Saudi energy minister Khalid A. Al-Falih visited Gwadar port to inspect the site of the proposed oil refinery. The head of the Saudi military also visited Pakistan in January and co-chaired the fifth round of the Joint Military Cooperation Committee which focused on regional security, bilateral military engagements, and training cooperation between the two countries.
Pakistan’s Board of Investment chairman Haroon Sharif said last month Riyadh was expected to invest between $15-20 billion Pakistan in the next three years.
“This is our first major breakthrough,” Sharif told the Wall Street Journal. “Saudi Arabia is taking a long-term strategic economic position here.”