The Kingdom has formally communicated this to Pakistan during the recent visit of Prime Minister to Saudi Arabia, one of the senior officials who accompanied Prime Minister during the visit and in the meetings with Saudi officials and business tycoons told The News.

He said that Saudi Arabia has included Pakistan in its radar screen for investment as Saudi government, its economic managers and the Saudi businessmen are of the view that Pakistan has now become an investment destination because of its prudent economic policies.

Sheikh Abdul Aziz Hamad Al-Jumaih, Chairman of Karachi Electric Supply Company (KESC) during the meeting with Pakistan’s premier has extended assurance to invest $145 million to strengthen and enhance the electric power transmission and distribution system of KESC.

The official said that Saudi Arabia is passing through second phase of development because of the strengthening of the petrol dollar in the wake of the steep hike in prices of petroleum, oil and lubricants in the international market. At one time oil prices touched nearly $80 per barrel, which is now at $63 per barrel.

“Owing to the unprecedented hike in the oil prices, the revenue of Saudi Arabia has tremendously increased which is why the Saudi government and business tycoons also have decided to invest their capital in various countries under its investment diversification plan.”

It is pertinent to mention that during the last visit to New Delhi, Saudi King Abdullah bin Abdulaziz had signed many MoUs under which Saudis would invest over $40 billion in India in various sector of economy.

Now Saudi Arabia has decided to invest in Pakistan also.

The official said during the visit, the Saudi investors asked Prime Minister to let them know the areas where in they should invest. Prime Minister responded that the government of Pakistan is acting like a facilitating agency. However, it is up to the Saudi entrepreneurs to decide which sector they desire to invest in Pakistan.

Saudi investors have shown interest in infrastructure and housing sector.