Saudi inks deal to invest $20 billion in Pakistan

Islamabad - Saudi will invest in the energy sector across the country, including setting up an oil refinery in the southwest near the border with Iran.

Saudi Arabia's Crown Prince Mohammed bin Salman began his four-day regional visit on Sunday, arriving in Pakistan where Saudi officials signed agreements worth $20 billion to help the country overcome its financial crisis.
Prime Minister Imran Khan and top government and military officials greeted him at Islamabad's airport, where he received a 21-gun salute. Earlier, Pakistan Air Force jets escorted Prince Mohammad's flight when he entered the country's airspace.
At the airport, a young boy and girl in traditional Pakistani dress handed the prince flowers. He was greeted by a host of Pakistani Cabinet ministers and the country's powerful army chief, Gen. Qamar Javed Bajwa.
Prime Minister Khan himself drove the prince to the prime minister's residence, where he was met by an honour guard.
During his two-day stay in Pakistan, the crown prince will hold formal talks with the Pakistan prime minister to find ways to enhance bilateral cooperation. Saudi Arabia will invest in the energy sector across the country, including setting up an oil refinery in the southwest near the border with Iran.
Shortly after his arrival, Prince Mohammad, accompanied by a high-powered delegation including leading businessmen and Cabinet ministers, attended a signing ceremony for the investment agreements worth $20 billion.
"This is first phase," he said, at the ceremony, adding that he hoped the future would bring even more Saudi investment in Pakistan.
"Saudi Arabia has always been a fiend of Pakistan, Saudi Arabia has been a friend in need," Imran said.
Pakistan is in the grip of a major debt crisis and is seeking a $12 billion bailout from the International Monetary Fund but has yet to sign the deal which comes with tough conditions.
 Pakistan's Foreign Minister Shah Mahmood Qureshi said on Sunday that the visit by the crown prince will take their countries' bilateral relations "to new heights".
Earlier, Qureshi along with other officials reached the airbase to receive his Saudi counterpart Adel Al Jubeir. Sources said that a 19-member, high-level delegation from Saudi Arabia arrived along with Al Jubeir amid tight security.
This is the first official visit of Prince Mohammed to Pakistan since his elevation to the position of crown prince in April 2017.
Pakistan's foreign office said Islamabad is seeking to sign a number of other deals.
A red-carpet welcome
Pakistan rescheduled flights, blocked-off luxury hotels as part of preparations for the Saudi crown prince's visit.
Banners heralding the crown prince lined the streets of the capital.  Police, the armed forces, and the Saudi Royal Guards provided security, a senior Islamabad police official said. The capital's "red zone", which houses parliament house and the presidency, were sealed off, while civil aviation authorities were told to reschedule flights during the prince's arrival and departure.
Authorities said two five-star hotels had been ordered to cancel all advance bookings as the rooms will be reserved for the prince's entourage. After Pakistan, the Saudi crown prince is scheduled to travel to India, where he will meet Prime Minister Narendra Modi and Petroleum Minister Dharmendra Pradhan. He is expected to finish the Asian trip with a visit to China on Thursday and Friday. 
Two short stops initially scheduled for Sunday and Monday in Indonesia and Malaysia were postponed on Saturday.

• Pakistan