Saudi To Invest $1B in Pakistan

Just one day after Qatar pledged to invest $3 billion in the South Asian nation, Riyadh reports that King Salman bin Abdulaziz has issued investment directives to boost Pakistan’s economy.

In order to aid Pakistan in overcoming its current economic challenges, Saudi Arabia has stated it will contribute $1 billion in the nation.

In a statement released on Thursday, the Saudi Foreign Ministry said that King Salman bin Abdulaziz had ordered investments to support Pakistan’s economy.

Later, to inform his Pakistani counterpart Bilawal Bhutto Zardari of the choice, the Saudi foreign minister Faisal bin Farhan phoned him. Zardari then tweeted the news.

The South Asian nation will get $3 billion in investments from the Qatar Investment Authority, which also made the announcement on Wednesday.

Last week, local media reported that Islamabad intended to sell Qatar two LNG-fired power facilities, along with 51 percent ownership stakes in Pakistan International Airlines and the Roosevelt Hotel in New York.

According to the newspaper Express Tribune, it was decided that Pakistan should offer 10 percent stakes to Qatar in the government-owned listed companies, in line with the similar offer that it has made to the United Arab Emirates.


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