Saudi Crown Prince to embark on Pakistan visit later this week

Saudi Crown Prince Mohammed bin Salman is expected to make his first visit to Pakistan later this week, according to local media reports.

The Saudi royal will embark on a two-day visit to Islamabad on Saturday (February 16), Saudi ambassador to Pakistan Nawaf bin Said Al-Maliki was quoted as saying.

Investment deals worth billions of dollars are anticipated to be signed during the visit.

One of the biggest investments is expected to be a $10bn oil refinery in Pakistan’s Gwadar, which was announced during a visit to the site by Saudi energy minister Khalid al-Falih in January.

“Saudi Arabia wants to make Pakistan’s economic development stable through establishing an oil refinery and partnership with Pakistan in the China Pakistan Economic Corridor,” Al-Falih told reporters at the time.

He also confirmed that the Crown Prince would visit Pakistan in February to sign the agreement and that the kingdom would invest in other sectors.

Read: Saudi Arabia to set up $10bn oil refinery in Pakistan

According to media reports in Pakistan, the country will also seek investments in the Bahawalpur solar plants, and power plants in Haveli Bahadur Shah and Bhikki from Saudi.

Pakistan is seeking investment and financial support as it struggles with a burgeoning current account deficit.

Pakistan’s Prime Minister Imran Khan has already visited Riyadh twice since taking office in July.

Last year, Saudi Arabia offered Pakistan a $6bn package that included deferring oil imports payments.

Read: Saudis offer Pakistan $6bn rescue package to ease economic crisis