Pakistan, India hope to reap investment from Saudi prince's visit


Congress was heading for a showdown with President Trump on Sunday over sanctions against Saudi Arabia for the killing of dissident journalist Jamal Khashoggi, amid growing bipartisan criticism of the president's reluctance to pin blame on the Saudi royal family.

Sources further said $20 billion investment will come in Pakistan following the visit of Saudi Crown Prince Mohammad Bin Salman.

Dawn reported that three major memorandum of understanding (MoUs) amounting to over United States dollars 10 billion will be inked during the Saudi Prince's visit.

Last Congress, the senators leading the Foreign Relations panel triggered a reporting requirement under the Magnitsky Act related to the murder of the former Washington Post columnist inside a Saudi consulate in Turkey.

This will be his first-ever visit to Pakistan as the crown prince.

The act required the president to report back by February 8 to the Senate Foreign Relations Committee on whether the crown prince was responsible.

He will hold bilateral talks with Prime Minister Modi on wide range of issues of mutual interest. The adviser estimated minimum $10 billion to $12 billion Saudi investment in Pakistan in the medium term.

More news: Manchester United 0 - 2 PSG: Player Ratings, Analysis, and More
More news: Mnuchin in Beijing for crunch US-China trade talks
More news: Apex Legends, Titanfall 2 Score Impressive Player Counts

Since taking office in 2014, PM Modi has sought to use India's fast-growing economy to attract more investment from Saudi Arabia and other nations.

As a fellow Muslim country, Pakistan has long maintained strong ties with Saudi Arabia.

Late last week, Saudi Arabia's Minister of State for Foreign Affairs, Adel al-Jubeir, told reporters in Washington that people should await the results of the trial of the suspects as well as the end of an ongoing investigation before drawing any conclusions about the case.

We also welcome the Saudi announcement to set up oil refinery in Gwadar, said Fawad Chaudhry, adding it would be one of the biggest oil refineries in Asia.

"They're looking at the energy sector, at some of our privatisation plans that they might bid for through our privatisation process", Pakistani investment minister Haroon Sharif told Reuters.

He said Pakistan was also considering a visa programme for Saudi Arabia. "The president has been very clear - couldn't be more clear - as we get additional information, we will continue to hold all of those responsible accountable", Pompeo said.

Ahead of that deadline, a bipartisan group of senators led by Menendez reintroduced legislation that would block some US arms sales to Saudi Arabia in an effort to hold the Kingdom accountable.