Saudi Arabia to Invest $1 Billion in Pakistan

The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, has issued a directive to invest $1 billion in Pakistan, the Saudi Press Agency reported on Thursday. During a phone call, Saudi Arabia’s Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah informed Foreign Minister Bilawal Bhutto-Zardari of the King’s directive, the state agency said.   The development comes a day after the Qatar Investment Authority (QIA) announced its plan to invest $3 billion in Pakistan. The major chunk of the Qatari investment is expected to be in the Islamabad and Karachi airports. The renewable energy and power sectors and hospitality industry could also attract sizeable investment. The announcement was made during the two-day official visit of Prime Minister Shehbaz Sharif to Qatar. During the visit, the premier met with the Amir of the State of Qatar Sheikh Tamim bin Hamad Al Thani. The two sides agreed inter alia to strengthen institutional engagement to increase bilateral trade, deepen collaboration in the agriculture and food sectors, boost cooperation in the fields of energy, and encourage and facilitate Qatar’s investments in Pakistan’s renewable energy, tourism, and hospitality sectors.