Saudi Arabia to study enhancing investments in Pakistan to $10 billion :

[muhammadhafeezmalik]

Saudi Arabia to study enhancing investments in Pakistan to $10 billion​

• Saudi Crown Prince Mohammed bin Salman orders a study to increase kingdom's deposits with Pakistan's central bank to $5 billion
• Directives by Saudi crown prince follows new Pakistan army chief's recent visit to kingdom, where he met senior Saudi leadership

A handout picture provided by the Saudi Royal Palace shows Saudi Arabia's Crown Prince Mohammed Bin Salman (R) welcoming Pakistani Prime Minister Shehbaz Sharif in Jeddah on April 30, 2022. (AFP/File)

ISLAMABAD: Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud has directed authorities to study “augmenting” the kingdom’s investments in Pakistan to $10 billion, the Saudi Press Agency (SPA) reported on Tuesday.

Saudi Arabia’s King Salman bin Abdulaziz Al Saud on August 25, 2022, directed the kingdom to invest $1 billion dollars in Pakistan. The directive came during a telephone call between Saudi Foreign Minister Prince Faisal bin Farhan and his Pakistani counterpart Bilawal Bhutto-Zardari last year. Saudi Arabia also extended its deposits to the reserves of Pakistan’s central bank in December 2021 for three years.

The announcement comes at a crucial time for Pakistan, as it actively looks to avoid a balance-of-payments crisis by seeking external financing. The South Asian country’s foreign reserves plummeted to $5.8 billion last year, the lowest in eight years, sparking fears Pakistan may default on its international payments.

The country, already reeling from skyrocketing inflation and a depreciating currency, is desperately trying to revive a loan program with the International Monetary Fund (IMF) to repose confidence in investors and international financial institutions that remain skeptical of Pakistan’s ability to honor its financial commitments.

“His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, has directed to study augmenting the Kingdom of Saudi Arabia’s investments in the sisterly Islamic Republic of Pakistan which have previously been announced on August 25, 2022, to reach $10 billion,” the SPA said.

As per the SPA, the crown prince also directed the Saudi Development Fund to study increasing the amount of the deposit provided by the kingdom in favor of Pakistan’s central bank, to $5 billion. “This came within the framework of the existing communication between HRH the Crown Prince and Muhammad Shehbaz Sharif, Prime Minister of Pakistan,” it added.


The announcement by the crown prince closely follows the recent visit of Pakistan's new army chief, General Syed Asim Munir, to Saudi Arabia where he met the crown prince and senior Saudi civil and military leaders.

Pakistan has always maintained close diplomatic and defense relations with Saudi Arabia. According to official statistics, the Pakistani diaspora in Saudi Arabia remitted $6.67 billion in 2022, which makes the kingdom an important economic and investment partner for the South Asian country.

Saudi Arabia has come to Pakistan’s aid whenever the South Asian country faces tough financial circumstances by offering it deferred oil payment facilities and sending substantial amounts of money to shore up its forex reserves.

The two countries also reached an understanding to set up a $12 billion oil refinery in Pakistan during the Saudi crown prince's official visit to Pakistan in February 2019. Pakistan has said it has done much of the work to implement the project.

Saudi Arabia to study enhancing investments in Pakistan to $10 billion

ISLAMABAD: Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud has directed authorities to study “augmenting” the kingdom’s investments in Pakistan to $10 billion, the Saudi Press Agency (SPA) reported on Tuesday. Saudi Arabia’s King Salman bin Abdulaziz Al Saud on August 25, 2022...

www.arabnews.pk

Alhamdolilah, Crown Prince Mohammed bin Salman directs to study increasing Saudi investment in Pakistan to $10 billion.

 

[Genghis khan1]

Wo jo gawadar oil refinery ki study ki thi, os ka exam Kab hy?

I guess A for effort Wali study thi wo.

 

[maithil]

This lookks like non-response. What is there to study ?

 

[SoulSpokesman]

@muhammadhafeezmalik

Saudi Arabia has come to Pakistan’s aid whenever the South Asian country faces tough financial circumstances

And yet when KSA needed Pak's help- for instance during the Houthi invasion of KSA- Pak turned a blind eye and refused to intervene.

Regards

 

[muhammadhafeezmalik]

https://twitter.com/x/status/1612679480375492608

This lookks like non-response. What is there to study ?

Finding new avenues to invest

 

[muhammadhafeezmalik]

@muhammadhafeezmalik

Saudi Arabia has come to Pakistan’s aid whenever the South Asian country faces tough financial circumstances

And yet when KSA needed Pak's help- for instance during the Houthi invasion of KSA- Pak turned a blind eye and refused to intervene.

Regards

Pakistan is helping KSA on many other initiatives, we are not bound to accept their every demand, Pakistan will protect Holy Cities at any cost.

 

[Vapnope]

The terms on which refinery is being offered are downright insulting and damaging for Pakistan. But as a saying goes beggars can't be choosers so here we are.

 

[PakFactor]

https://twitter.com/x/status/1612679480375492608

Finding new avenues to invest

After that, they'll find another avenue to study. Realistically, what is left of Pakistan to learn? As @Genghis khan1 mentioned, we are still waiting for the Gwadar study results and exam. Simultaneously, they've invested over $ 40B+ in Reliance Industries alone within the last five years in India.

Please wake the hell up. Or is it a national sport to be on the spectrum (autistic)?

Wo jo gawadar oil refinery ki study ki thi, os ka exam Kab hy?

I guess A for effort Wali study thi wo.

I'm still waiting for the syllabus. Lol

 

[Winchester]

PDF=Patwari Defence Forum

 

[AZ1]

$20 Billion jama ho chukay ab tak moun se lol

 

[lightning F57]

No one will invest until there is stability and a viable government in place.

 

[muhammadhafeezmalik]

After that, they'll find another avenue to study. Realistically, what is left of Pakistan to learn? As @Genghis khan1 mentioned, we are still waiting for the Gwadar study results and exam. Simultaneously, they've invested over $ 40B+ in Reliance Industries alone within the last five years in India.

Please wake the hell up. Or is it a national sport to be on the spectrum (autistic)?



I'm still waiting for the syllabus. Lol

That is not Gawader refinery secondly that investment is at advanced stage, Pakistan and KSA are negotiating for fine tuning of the agreement, KSA demanding some concessions and Pakistan persuading them at lesser concessions.

 

[Jango]

That is not Gawader refinery secondly that investment is at advanced stage, Pakistan and KSA are negotiating for fine tuning of the agreement, KSA demanding some concessions and Pakistan persuading them at lesser concessions.

Since you seem to be well versed in this deal, what exactly are the concessions being discussed?

 

[muhammadhafeezmalik]

Since you seem to be well versed in this deal, what exactly are the concessions being discussed?

Pakistan says 'very close' to locking $12 billion oil refinery deal with Saudi Arabia​

Agreed points:

- Both side inject $1.5 billion as equity
- Equity loan ration will be at 30:70
- Rest of the 70% amount will be raised through commercial banks
- Land will be provided by Government of Pakistan
- Design and feasibility

Disagreement

- KSA wants 7.5 percent deemed duty on gasoline and diesel for 25 years, along with 20 years tax holiday and waiver of 5% import duty on crude oil.
- Pakistan offered 10 percent deemed duty for the first 10 years of the operational project and 10 years tax holiday

 

[Jango]

Pakistan says 'very close' to locking $12 billion oil refinery deal with Saudi Arabia​

Agreed points:

- Both side inject $1.5 billion as equity
- Equity loan ration will be at 30:70
- Rest of the 70% amount will be raised through commercial banks
- Land will be provided by Government of Pakistan
- Design and feasibility

Disagreement

- KSA wants 7.5 percent deemed duty on gasoline and diesel for 25 years, along with 20 years tax holiday and waiver of 5% import duty on crude oil.
- Pakistan offered 10 percent deemed duty for the first 10 years of the operational project and 10 years tax holiday

Source please?

Also, is this different from the one which was being negotiated by the PTI government?