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Saudi prince to visit Malaysia
NEW DELHI/ISLAMABAD: Saudi Arabia's Crown Prince Mohammed bin Salman is expected to announce investments in energy and infrastructure during a visit to India and Pakistan in coming days as part of his efforts to wean the Saudi economy off oil exports.
He is also expected to visit Malaysia, China and Indonesia during a tour that will be his first through the region since the storm over the murder of Jamal Khashoggi, a Washington Post columnist, at the Saudi consulate in Istanbul in October.
Prince Mohammed is expected to sign agreements, mostly linked to a refinery and the power sector, during the trip to Pakistan this weekend, Pakistani officials said.
The memorandums of understanding will include renewable energy projects and investments in petrochemicals and mineral resources, Saudi state news agency SPA said.
The prince is expected in New Delhi next week, along with leading Saudi businessmen, at the invitation of Prime Minister Narendra Modi, India's foreign ministry said on Tuesday.
Pakistani Prime Minister Imran Khan was among a handful of leaders who attended an investment conference in Saudi Arabia in October, an event boycotted by many companies and world leaders in protest over Khashoggi's killing.
India's Modi met the prince in November, when they were both in Argentina for a Group of 20 summit. Saudi Arabia is India's top supplier of crude oil but the two countries have expanded ties beyond energy, and their governments have agreed to build a strategic partnership, the foreign ministry said.
In a statement, it cited cooperation in areas including energy security, trade and investment, infrastructure, defence and security.
India is expecting Prince Mohammed to announce an initial investment in its National Investment and Infrastructure Fund (NIIF), a quasi-sovereign wealth fund, to help accelerate the building of ports and highways, an Indian official said.
Saudi state media said Saudi officials will discuss an investment in NIIF.
Saudi Arabia has also flagged a desire to invest in India's farm sector, with products to be exported to Saudi, another official at the trade ministry said.
REFINERY HITCH
However, progress on a $44 billion refinery that Indian state-run oil companies agreed to build with Saudi Aramco on India's west coast has been held up by strong opposition from mango farmers who will lose their land.
Since taking office in 2014, Modi has sought to use India's fast-growing economy to attract more investment from Saudi Arabia and other Islamic nations.
As a fellow Muslim country, Pakistan has long maintained strong ties with Saudi Arabia. In late October, Riyadh offered Pakistan a $6 billion loan to help keep its ailing economy afloat.
Saudi Arabia has also announced plans for a $10 billion refinery and petrochemical complex at the coastal city of Gwadar, where China is building a port as part of its vast Belt and Road initiative.
"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.
Sharif, who chairs Pakistan's Board of Investment, said there was also Saudi interest in Pakistan's mining sector.
"Saudi Arabia has huge resources. Their investment fund is over $1 trillion, so we want just a fraction of that," said a second Pakistani minister, who did not wish to be named.
Saudi state news said Saudi officials will discuss investments with China, South Korea and Indonesia, in sectors including healthcare and telecommunications, without giving further details.
- Reuters
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Be the first to like this. Showing 11 of 11 comments
last time speakup was strong supporter of PH. even donated a lot money to them. but after PH victory, see their true face.... and it's UGLY!
at least speakup dah sedar, open eyes already. many still haven't
2019-02-13 10:44
Bcs US Trump never sanction on Saudi. if we deal with Venezuela, then we're doom as its sanctioned by idiot trump. wakaka
2019-02-13 10:45
when i read this: http://www.financetwitter.com/2019/02/buying-loyalty-despite-rm1-trillion-debt-muhyiddin-rewards-16-senior-cops-with-luxury-holidays.html , I got very very angry
speakup voted for change, but instead see same-old-same SHIT in PH! WTF!
2019-02-13 10:53
no lah, i dont like old BN!
now i dont like new PH cos new PH behave like old BN! WTF!
2019-02-13 11:27
http://www.financetwitter.com/2019/02/buying-loyalty-despite-rm1-trillion-debt-muhyiddin-rewards-16-senior-cops-with-luxury-holidays.html
this nonsense is normal in old BN, but now see this nonsense also in new PH.
so what's the difference? sama je!
2019-02-13 11:29
Old BN got strong oppo like PH to keep them on their toes. New PH is similar to Tun M era when BN was the main party and oppo just few brave souls like Lim Kit Siang, Karpal and few others.
2019-02-13 13:29
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speakup
ya lor, WTF!
something is really wrong with Malaysia. But many ppl eyes still blinded by PH victory in GE14.
2019-02-13 10:37