Saudi Arabia to invest $1B in Pakistan

By Islamuddin Sajid

ISLAMABAD (AA) – Saudi Arabia announced on Thursday that it will invest $1 billion in Pakistan to help the country with its current economic difficulties.

The Saudi Foreign Ministry said in a statement that King Salman bin Abdulaziz has issued investment orders to help Pakistan's economy.

Saudi Foreign Minister Faisal bin Farhan later phoned his Pakistani counterpart Bilawal Bhutto Zardari to inform him of the decision, which he then tweeted.

On Wednesday, the Qatar Investment Authority also announced that it would invest $3 billion in various commercial and investment sectors in the South Asian country, which is struggling due to a reduction in the country's foreign reserves, which presently stand at $7.8 billion.

Local media claimed last week that Islamabad has planned to sell two LNG-fired power plants to Qatar, as well as 51% shares in the Roosevelt Hotel in New York and Pakistan International Airlines (PIA).

"It was decided that Pakistan should offer 10% stakes to Qatar in the government-owned listed companies, in line with the similar offer that it has made to the United Arab Emirates," the daily Express Tribune reported.