Saudi Arabia to Invest $10 billion mega project in Pakistan, largest ever in the history of both countries

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Saudi Arabia to Invest $10 billion mega project in Pakistan, largest ever in the history of both countries

ISLAMABAD – An economic package worth US$10 billion has been agreed between Pakistan and Saudi Arabia.

During Prime Minister Imran Khan’s visit to Saudi Arabia, it has been decided mutually that Saudi Arabia will build an oil city in Gawadar and the project will be part of China-Pakistan Economic Corridor (CPEC) project.

It is pertinent here to mention that China, who is the main investor in CPEC, had planned to build oil city in Gawadar. But with the visit of PM Imran Khan to Saudi Arabia, Saudi king has premised for an investment of $10Billion.

Pakistan has given the project to Saudi Arabia after taking China in confidence over agreements with Saudi Arabia under CPEC.

Sources said that agreements worth billions of dollars will also be signed with United Arab Emirates (UAE) government.

Earlier, in his first interview with a Saudi newspaper after assuming office, Prime Minister Imran Khan had said that Pakistan will always stand by Saudi Arabia whenever it faces difficult time.

“Pakistanis want to assure people of Saudi Arabia that we will stand with Saudi Arabia, because Saudi Arabia has stood with us in bad times. We will always stand by Saudi Arabia whenever it faces difficult time,” Imran said.

Answering a question Imran said Pakistan would like to ensure peace in the Middle East because it is very distressing for Muslims to see conflict among Muslim nations.

We would like our role as reconciliator to bring Muslim world together. This would be our main effort, Imran said and added that in Yemen too, if we are required, we will play positive role there also to end the conflict.

Khan said that Saudi Arabia is one country for which the people of Pakistan have special love. Every Muslim has a special bond with Saudi Arabia because of Makkah and Madinah.