The Kingdom of Saudi Arabia is expected to join CPEC—the multi-billion-dollar project soon. The China Pakistan Economic Corridor (CPEC) would be getting a major boost with the acquaintance of the Kingdom.
Saudi Arabia joined the Belt and Road Initiative (BRI) of the government of China, the significant stakeholders—Islamabad and Beijing would be speeding up their efforts for completing the projects as soon as they possibly could.
According to the media reports, Saudi Arabia is expected to transform Gwadar into an oil city.
Pakistan needs nine billion dollars for running the state affairs and it would be overcoming its difficulties with the huge investment receiving from Saudi Arabia and China.
Last year in September, Nawaf Saeed Ahmed Al-Malky—the Saudi Ambassador said that the Kingdom would soon be undertaking investments at the Gwadar Port and would be joining the China-Pakistan Economic Corridor (CPEC).
Saudi Arabia is one of the many nations who has always shown interest in taking part in the China-Pakistan Economic Corridor, primarily for relating its economy with that of China and for taking steps in acquiring its Vision of 2030.
The 2030 Vision of the Kingdom is a plan of making it a diverse economy in mega projects like powerhouses and energy to turn from Saudi Arabia’s dependence on oil.
One major pillar of their vision’s plan is to make use of its rare location and to become the global centre for extensive economic activities.
The CPEC would be providing the Saudis with a network of good trade routes and pattern for engaging even better in the world trade traffic.
Saudi Arabia would also be assisting China in having better crude oil for import reasons as billions of dollars of the Chinese economy is significantly dependent on the trade activities.
Pakistan, as well as Saudi Arabia, could take advantage of the exclusive trade routes under the BRI project.