Saudi crown prince oversees $20bn of deals with Pakistan

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Mohammed bin Salman and Imran Khan at a banquet held in the crown princes honor. (SPA)
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Crown Prince Mohammed bin Salman is greeted by Pakistan's prime minister, Imran Khan, after landing in Islamabad. (PID)
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Crown Prince Mohammed bin Salman is greeted by Pakistan's prime minister, Imran Khan, after landing in Islamabad. (PID)
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Crown Prince Mohammed bin Salman is greeted by Pakistan's prime minister, Imran Khan, after landing in Islamabad. (PID)
Updated 18 February 2019

Saudi crown prince oversees $20bn of deals with Pakistan

  • Consider me ‘the ambassador of Pakistan’ in Saudi Arabia, Mohammed bin Salman tells Imran Khan
  • Pakistani PM: Islamabad, Riyadh have elevated their relationship to ‘level where it has never been before’

ISLAMABAD: Crown Prince Mohammed bin Salman told Pakistani Prime Minister Imran Khan to consider him the “ambassador of Pakistan” in Saudi Arabia moments after the two countries signed key memorandums of understanding (MoUs) worth $20 billion on Sunday in the fields of energy, petrochemicals, minerals, agriculture and food processing.

The MoUs were signed by Pakistani and Saudi ministers on Sunday night in the presence of the crown prince and Khan.

The crown prince kicked off a rare Asian tour with a two-day visit to Pakistan on Sunday evening. After Islamabad, he will travel to India and China.

He was received by Khan and Army Chief Gen. Qamar Javed Bajwa as he landed in Rawalpindi. The crown prince was given a 21-gun salute upon arrival.

A formation of JF-17 thunder jets and F-16 fighter jets had escorted his plane after its entry into Pakistani airspace.

Khan broke protocol by personally driving the crown prince from the Nur Khan Air Base in Rawalpindi on the outskirts of Islamabad.

On a personal request by Khan to the crown prince to allow Hajj pilgrims to go through immigration procedures in Pakistan and to look into the conditions of Pakistani workers, particularly prisoners, in Saudi Arabia, the crown prince said the Kingdom will do “whatever we can do” to oblige Islamabad.

 

“Just consider me the ambassador of Pakistan in Saudi Arabia,” the crown prince said amid applause by Saudi and Pakistani ministers, journalists and businessmen present at the banquet at the Prime Minister House.

The crown prince said Pakistan and Saudi Arabia had signed investment MoUs worth $20 billion.

“It’s big for phase one, and definitely it’s going to grow … and be beneficial for both countries,” he added.

“We believe that Pakistan is going to be a very, very important country in the coming future, and we want to be sure that we are part of that.”

Earlier, Khan and the crown prince had a one-on-one meeting at the Prime Minister House, followed by the inaugural session of the Supreme Coordination Council, co-chaired by the two leaders.

The council was formed “to fast track decisions in key areas of bilateral cooperation, and for close monitoring of their implementation,” the Prime Minister House said in a statement on Sunday night.

“Under the Supreme Coordination Council, a Steering Committee and Joint Working Groups have been set up at Ministerial and Senior Officials levels, to develop frameworks of cooperation in specific projects and submit recommendations to the respective Ministers.”

Khan and the crown prince will co-chair sessions of the joint working groups on Monday. “For Pakistanis, this is a great day,” Khan said in a speech delivered after the signing of the MoUs.

“Saudi Arabia has always been a friend for Pakistan. Saudi Arabia has been a friend when Pakistan has needed friends,” he added.

“Pakistan and Saudi Arabia are taking their relationship to a level where it has never been before.”

Last year, Saudi Arabia offered Pakistan $3 billion in foreign currency support for a year, and a further loan worth up to $3 billion in deferred payments for oil imports to help stave off a current account crisis.

Speaking about the $60 billion China-Pakistan Economic Corridor (CPEC) of energy and infrastructure projects that forms a key node in Beijing’s ambitious Belt and Road Initiative linking China with Asia, Europe and beyond, Khan expressed hope that Saudi Arabia will participate with Islamabad in what he considered an “exciting future.”

He said: “We have CPEC, we have links with China, we have very close connectivity with probably … the biggest market in the world, which is China. So we welcome Saudi Arabia to participate with us. It’s an exciting future.”

Pakistan’s Foreign Office earlier thanked the crown prince for “generously” reducing Saudi visa fees at Khan’s request.

The Saudi Embassy in Islamabad announced on Friday that non-pilgrimage visit visa fees for single entry has been lowered from SR2,000 ($533) to SR338, while the fee for a multiple-entry visa has been reduced from SR3,000 to SR675. The new fee structure came into effect on Feb. 15.


New board of directors for Saudi Arabia's Qiddiya Investment Co.

Updated 14 December 2019

New board of directors for Saudi Arabia's Qiddiya Investment Co.

  • The PIF launched the Qiddiya project as an entertainment, sports and arts destination with more than 300 facilities

RIYADH: The Saudi Public Investment Fund (PIF) has approved a new board of directors for Qiddiya Investment Co. (QIC).

Crown Prince Mohammed bin Salman will head the new board. 

It consists of Prince Abdul Aziz bin Turki Al-Faisal, Prince Turki bin Hathloul bin Abdul Aziz, Prince Badr bin Abdullah bin Farhan, Majid bin Abdullah Al-Hogail, Ahmed bin Aqeel Al-Khatib, Eng. Ibrahim bin Mohammed Al-Sultan, Fahd bin Abdulmohsen Al-Rasheed, Eng. Faisal Bafarat, and Dr. Rakan Al-Harthy.

The PIF launched the Qiddiya project as an entertainment, sports and arts destination with more than 300 facilities particularly aimed at Saudi youth. 

It will occupy an area of 334 square kilometers west of Riyadh. 

The PIF hopes it will contribute to diversifying the Saudi economy, in line with Saudi Vision 2030.

In 2017, the PIF announced its 2018-2020 program —  one of 12 programs designed to help achieve Saudi Vision 2030 —  outlining its plans to contribute to the diversification of the economy and transform the Kingdom into a hub for international investment by next year. 

The goal was to raise the value of its managed assets to over $400 billion by 2020.

The PIF is the Kingdom’s main investment arm, and its goal is to become one of the largest and most influential sovereign wealth funds in the world. 

To achieve that, it is, according to a statement, “working to establish a diversified portfolio in accordance with the highest international standards by investing in attractive and long-term opportunities in various sectors and assets locally and internationally.”

It invests in four main areas: Saudi companies, real estate, Saudi mega-projects, and “promising sectors.”