Tag: prince salman

  • Saudi Arabia mulls increasing investments in Pakistan to $10 billion

    Saudi Arabia mulls increasing investments in Pakistan to $10 billion

    Saudi Crown Prince Mohammed Bin Salman has directed the Saudi Development Fund (SDF) to study increasing the deposit amount in the State of Bank of Pakistan (SBP) to $5 billion.

    “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,” it said.

    “The crown prince also directed the Saudi Development Fund to study increasing the amount of the deposit provided by the Kingdom of Saudi Arabia in favour of the Central Bank of Pakistan which have previously been extended on December 2, 2022, to hit a $5 billion ceiling,” according to Saudi Press Agency.

    The move, according to SPA, confirmed Saudi Arabia’s commitment to assist Pakistan’s economy and its sisterly people.

    The development was reached within the framework of the ongoing dialogue between Prime Minister Shehbaz Sharif and Prince Salman.

    The announcement made today comes the day after Prince Salman and Chief of Army Staff General Asim Munir met in Madina to discuss ways to strengthen bilateral ties between the two nations. Munir was on a week-long official visit to Saudi Arabia and the United Arab Emirates.

    The SBP and SFD entered into a contract in 2021 for the SBP to receive $3 billion, which would be deposited in the central bank’s account to increase its foreign exchange reserves.

    The SFD subsequently acknowledged the rollover of a $3 billion deposit for an additional year in September of last year. The deposit was supposed to maturity on December 5 but Saudi Arabia extended its term on December 2.

    Saudi Arabia had previously committed to restart its financial assistance to Pakistan in the final week of October 2021, providing $1.2 billion in oil deliveries on a deferred payment plan and around $3 billion in safe deposit boxes.

    The accord was made the same month when former prime minister Imran Khan visited Saudi Arabia.

  • PM Shehbaz promises to mend relations with the US

    Prime Minister (PM) Shehbaz Sharif has promised that the federal government is trying to mend relations with the United States (US).

    Addressing the passing out parade of the Specialised Training Programme (STP) in Islamabad, the Premier said that in the last few years, Pakistan’s relations with friendly countries had suffered. However, he promised that he was making all-out efforts to mend ties.

    He said that he is going to China soon as the northern neighbor, “always stood with Pakistan”.

    The Prime Minister, who just concluded a three-day trip to Saudi Arabia, said that that Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al-Saud would soon be visiting Pakistan, adding that he has expressed willingness to support development projects in the country.

    “Earlier this year, a team from the Saudi Development Fund visited Pakistan. During a meeting with me, they complained about delays in projects in Pakistan caused by the previous government,” he recalled.

    Shehbaz Sharif said that during his meeting with Prince Salman he had apologised for these delays. “He [Prince Salman] said that the people of Pakistan and Saudi Arabia are closely bound together in a relationship. We are like one family and I am ready to do everything. These were his words,” the Prime Minister recounted to the audience.

    Hence, he added, when the crown prince visits Pakistan, “I want all of you to welcome him warmly because he comes from a brotherly country.”

  • Prince Mohammed Bin Salman named as Saudi Prime Minister

    Saudi Arabia’s Crown Prince Mohammed Bin Salman was named the country’s prime minister on Tuesday. The development came after a cabinet reshuffle ordered by King Salman.
    “HRH the crown prince, based on the king’s orders, alre

    ady supervises the main executive bodies of the state on a daily basis, and his new role as prime minister is within that context,” said an official while talking with Reuters.

    As prime minister, Prince Salman will lead the council of ministers. Prince Khalid bin Salman will become Defense Minister amidst a cabinet reshuffle.

    Prince Mohammed, who turned 37 last month, has been first in line to succeed his father as king since 2017.

    Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, has congratulated Saudi Arabia’s Crown Prince Mohammed bin Salman on his appointment as the Kingdom’s Prime Minister.

    “I congratulate my brother, Prince Mohammed bin Salman bin Abdulaziz, Crown Prince of Saudi Arabia, on his appointment as the Kingdom’s Prime Minister, wishing him success, and the Kingdom greater progress under the wise leadership of King Salman bin Abdulaziz Al Saud,” Sheikh Hamdan said in a tweet.

    The newly designated Prime Minister is expected to visit Pakistan in November this year.

    COAS General Qamar Javed Bajwa has congratulated Mohammed Bin Salman on his appointment.