Saudi Crown Prince to visit Malaysia, Latest World News

Pakistan: Saudi crown prince to visit Islamabad this week

Pakistan: Saudi crown prince to visit Islamabad this week

The Saudi crown prince's two-day visit of Pakistan will further promote mutual cooperation between the two countries, Foreign Office Spokesman Dr Muhammad Faisal said.

Minister for Information and Broadcasting Chaudhry Fawad Hussain, Advisor to Prime Minister on Commerce, Textile, Industries and Production and Investment Abdul Razak Dawood and Board of Investment (BoI) Chairman Haroon Sharif joined the foreign minister for a comprehensive briefing on the visit of Saudi dignitary, with particular focus on its positive impact on economy.

The Saudi Cabinet has authorized the ministers to sight the trade deal for investment with Pakistan.

The unprecedented Saudi investment is being viewed by Prime Minister Imran Khan's nascent government as a major boost for cash-strapped Pakistan, which is facing an economic crisis and balance of payments pressure.

Qureshi said retired Pakistani Gen. Raheel Sharif, who heads a 39-member Saudi-led military alliance, told him ahead of Prince Mohammad's visit that the coalition was not formed against any particular region or country.

The minister said that Crown Prince Muhammad Bin Salman's visit is the beginning of a new era, adding that at least eight MoUs are expected to be signed during his visit.

Responding to another question, Foreign Minister Qureshi said that Pakistan enjoyed brotherly relations with Iran.

The United Arab Emirates, a staunch Saudi ally, has recently also offered a $6 billion package to Pakistan.

OPEC squeezes oil output to 4-year low, Russia compliance low
US crude oil production remained at a record of 11.9 million barrels per day (bpd). Analysts polled by Reuters forecast an increase of 2.7 million barrels.

Qureshi said that he would leave for Germany on Thursday. It worth $14 billion and is considered the biggest trade deal of Pakistan's history.

He remarked that more investment is coming into Pakistan than it has in the last 10 years.

He said this was for the first time after former prime minister Zulfikar Ali Bhutto that Pakistan had attained vast success at diplomatic front.

He also said that Pakistan would raise the matter of Pakistani nationals jailed in Saudi Arabia, however, this would not include countrymen involved in heinous crimes.

Pakistan has traditionally maintained strong political, cultural, economic and defense ties with Saudi Arabia.

Abdul Razak Dawood said that Saudi Arabia will invest Rs7 billion investment in Pakistan in the next two years.

While the current United States president, Donald Trump, said Riyadh's explanation was "credible", many others from the global community condemned the killing with Germany, Norway and Denmark all ceasing the sale of arms to Saudi Arabia.

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.