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.
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.
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.