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KSA eyes Gwadar for investment - Zameen News

KSA eyes Gwadar for investment

January 5, 2019 • news

Gwadar: Saudi Arabia has expressed its desire to invest in the port city of Gwadar, a focal point of the multi-billion China Pakistan Economic Corridor (CPEC) project, a news source reported. A delegation from Riyadh, led by Ahmad Alghamdi, adviser to the Saudi energy minister, visited Gwadar.

Read: PM approves ship-breaking yard for Gwadar

Saudi Ambassador to Pakistan, Nawaf Saeed Al Maliky, who accompanied the delegation, said that Gwadar would prove to be a promising venture for the Saudi investors. He also lauded Islamabad for promoting a business-friendly environment.

Read: Pakistan receives second tranche from Saudi Arabia

Maliky said that Saudi Arabia was eager to invest in CPEC, and would develop contacts with Pakistani officials in this regard. He expressed a hope that such massive investment would contribute towards Pakistan’s economic development.
Read: Agreement finalized to build Aramco oil refinery in Gwadar

During his visit to Saudi Arabia, Prime Minister Imran Khan had secured a bailout package to help address Pakistan’s balance of payments crisis. Riyadh had pledged USD 3 billion for a year. Riyadh had also agreed to provide a one-year deferred payment facility for import of oil worth USD 3 billion.