The Pakistani government has extended a formal invitation to Saudi Arabia for the construction of two prestigious five-star hotels in the capital city of Islamabad. This proposal, offered through joint ventures or independently, seeks to bolster bilateral ties and foster economic cooperation between the two nations.
The invitation comes amidst an important visit by Saudi Foreign Minister Prince Faisal bin Farhan Al Saud to Pakistan, where discussions encompass a wide range of issues, including bilateral relations and potential investment opportunities.
According to reports, Pakistan has proposed that the Capital Development Authority (CDA) will allocate land for the construction of the hotels, while Saudi Arabia will oversee the construction process. Alternatively, Saudi Arabia has the option to independently acquire land for the project.
In addition to the hotel project, discussions during the meeting with the Saudi foreign minister also touched upon matters concerning Pakistan International Airlines (PIA), airports, and potential investments in institutions such as the First Women Bank and the Mitairi Transmission Line.
Earlier in the day, Prime Minister Muhammad Shehbaz Sharif reaffirmed Pakistan’s commitment to enhancing bilateral cooperation with Saudi Arabia in trade and investment sectors. During talks with the high-level Saudi delegation, led by Foreign Minister Prince Faisal bin Farhan Al Saud, the Prime Minister emphasized the importance of expediting the first phase of Saudi investments in Pakistan.
Highlighting the significance of the visit, Prime Minister Shehbaz underscored the beginning of a new era of strategic and commercial partnership between Pakistan and Saudi Arabia. He also reiterated the strong commitment of both countries to strengthen bilateral relations.
Prime Minister Shehbaz briefed the delegation about Pakistan’s Special Investment Facilitation Council and highlighted the crucial role played by Chief of Army Staff General Syed Asim Munir and other institutions in promoting investment in the country. He further emphasized the vast potential for investment in Pakistan across various sectors.
The visit of the Saudi delegation, following the Prime Minister’s recent visit to Saudi Arabia, serves as a testament to the unwavering commitment of both nations to deepen their cooperation and explore mutually beneficial opportunities for economic growth and development.
