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Crown Prince Mohammed Bin Salman signs deals with Pakistan

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Saudi Arabia has signed investment deals with Pakistan worth $20bn, as an attempt to boost Pakistan’s fragile economy.

The deal also includes funding for an oil refinery in Gwadar city, with an investment worth $8bn.

All this falls under the Crown Prince Mohammed Bin Salman’s high-profile Asian tour.

These investments are just what the country needs at the moment; as they suffer from a financial crisis, and has been looking for international backers to support them.

Pakistan’s Prime Minister, Imran Khan has been on the lookout for friendly countries to help him cut down the size of the bailout package that Pakistan is going to need from the International Monetary Fund.

The kingdom has already offered its help with a  loan worth of $6bn.

“It’s big for phase one, and definitely [our commercial relationship] will grow every month and every year, and it will be beneficial to both countries.” Crown Prince Mohammed Bin Salman commented regarding the latest deal.

Pakistan is the first country on the Asian tour, and the Crown Prince is scheduled to visit India on Tuesday, and China on the following Thursday and Friday.

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The Kingdom Ranked Among ’10 Global Business Climate Improvers’

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The Kingdom has been ranked among other countries in this year’s top 10 global business climate improvers, according to the World Bank Group’s Doing Business 2020 study

Saudi Arabia has succeeded in landing a spot thanks to the several reforms that have been implemented in eight Doing Business areas, the country has been ranked the 62nd globally with an overall score of 71.6 out of 100, it has successfully climbed 30 places.

“Saudi Arabia’s impressive reforms in doing business this year show its commitment to fulfilling a main pillar of its National Vision 2030: A thriving economy,” said Issam Abousleiman, World Bank regional director of the Gulf Cooperation Council (GCC).

“Easing the business climate for local entrepreneurs to thrive as well as foreign investors to work in the Kingdom shows a forward path to creating more jobs for Saudi youth and women, and creating sustainable, inclusive growth.” He added.

Saudi Arabia has indeed thrived this year in the field of starting a business, it now only costs 5.4% of income per capital for an entrepreneur to start their own business, which is lower than the cost in other North African and Middle Eastern countries.

 

 

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Princess Reema bint Bandar Meets With US Treasury Chief Steven Mnuchin

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Saudi ambassador Princess Reema bint Bandar met earlier with US Treasury Secretary Steven Mnuchin where the two of them got to discuss opportunities to further enhance the relationship between the two countries.

The Saudi Arabian embassy in the US said in a tweet that the two senior officials explored “ways to strengthen Saudi Arabia’s close partnership with the United States on countering the financing of terrorism, as well as US support for the Kingdom’s economic reforms.”

Princess Reema assumed her new office earlier this month, and has since met with the political figures of the US in the attempt of strengthening the relationship between the two countries.

She presented her credentials in the presence of US President Donald Trump as the Kingdom’s top diplomat in Washington.

 

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Princess Reema Bint Bandar Meets Donald Trump At The White House

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Saudi Arabia’s ambassador to the United States, Princess Reema bint Bandar, has met with President Donald Trump to present her credentials as the Kingdom’s top diplomat in Washington.

“HRH stated that the Saudi-U.S. partnership is essential to the interests of both countries and expressed confidence that the two countries are capable of overcoming any challenges at the regional or global levels,” the embassy said.

The 44-year-old diplomat expressed her enthusiasm on social media, writing, “Looking forward to starting this chapter of my life in Washington DC.”

“Presented credentials today at the White House,” she wrote on Twitter. “Conveyed the well wishes of Kingdom’s Leadership. Looking forward to working on strengthening and solidifying the historic Saudi – U.S partnership.”

Princess Reema Bint Bandar became the 11th Saudi diplomatic representing the Kingdom to Washington since 1945, marking an opening for more women to participate and take roles in government positions.

 

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