Saudi Delegation’s Arrival in Pakistan Sparks $2 Billion in MoUs

A high level Saudi delegation to talk business and investment deals arrived in Pakistan amid expectations that Riyadh and Islamabad are to sign bilateral agreements worth $2 billion. The Saudi delegation led by the kingdom’s Minister of Investment Khalid Al Falih landed at a Pakistani air base located in Chaklala, Rawalpindi, in the Punjab Province ahead of the Shanghai Cooperation Organisation (SCO) summit that is going to be held later this month. 

Pak Energy minister Musadik Malik along with Commerce minister Jam Kamal Khan and Privatisation minister Abdul Aleem Khan received the delegation at the Noor Khan Airbase. According to the schedule the delegation are to hold business meetings with Pak companies where several agreements are expected to be signed.

The companies will belong to various economic and other sectors like construction, engineering, IT, financial services, agro, food, energy and petroleum industries. The meeting will be held in Islamabad at a local hotel where Pakistan’s top business brass are to be present from the private sector.

PM Shehbaz Sharif stated Pakistan companies are expected to sign MOUs and close business deals worth about $2 billion with companies based in KSA during the visit. Pak administration also said that it has been in bilateral talks to secure foreign loans amounting to $3.2 billion from international creditors including a loan amount from Saudi Oil Facility (SOF) amounting to $1.2 billion in the next 1 year.

The loan amount will be received from Dubai Islamic Bank (DIB), SCB and Islamic Development Bank’s International Islamic Trade Finance Corporation (ITFC) facility amounting to $1 billion, $600 million, $430 million respectively.