Pakistan, Saudi Arabia likely to sign $2bn MoUs as KSA delegation to visit tomorrow
1. Saudi Arabia's Minister of Investment Khalid Al-Falih to arrive in Islamabad on a two-day visit — October 10-11
ISLAMABAD: A high-level Saudi delegation is set to arrive in Pakistan tomorrow (Thursday) to finalize agreements worth $2 billion with the federal government.
Led by Saudi Arabia's Minister of Investment, Khalid Al-Falih, the delegation will visit Pakistan for two days, October 10-11, ahead of the Shanghai Cooperation Organisation (SCO) summit later this month in Islamabad.
According to Geo News, the minister will oversee the signing of multiple memorandums of understanding (MOUs) and engage in business-to-business meetings. The delegation includes Saudi companies from sectors such as construction, engineering, financial services, IT, hospitality, agriculture, food, energy, and petroleum.
During his visit, Al-Falih will address a business forum at a local hotel in Islamabad and meet with leaders from Pakistan's private sector.
Prime Minister Shehbaz Sharif had earlier announced that Pakistan is expected to sign agreements and MOUs worth $2 billion with Saudi Arabia in various sectors during this visit.
Pakistan, which has been working to attract foreign investment following a series of economic reforms, is looking to further stabilize its economy. Inflation recently hit a record high, but efforts including an IMF loan have helped reduce inflation and improve economic conditions.
The government has also secured foreign loan commitments totaling $3.2 billion from international creditors, including a $1.2 billion Saudi Oil Facility (SOF) for the next 12 months.
