Gwadar is the deepest port on the shores of Arabian Sea. It is the largest port of Pakistan and have significant importance due to its location. As the port connect the Middle East, India, Iran, and Central Asia, it is the center of attraction for all the investors and the businessmen. Although, this port is very beneficial to Pakistan and all the Asian countries the port was neglected until the announcement of CPEC by China. In the end of the year 2017, China came up with the proposal of this mega project and ask the Pakistani Government to collaborate in building the economic gateway between the countries.
As the project opens the gate for foreign investment in Pakistan, Saudi Arabia shows great intent to help Pakistan by investing a sum of 10 billion$. By investing this much amount Saudi Arab also becomes third partner in the project CPEC. In this blog, we are going to give detailed information about the Saudi Arab recent investment, the positive aspects of CPEC and the motive of China behind investing in Pakistan.
Gwadar Receive a Major Push by Saudi Arab
In February 2019, Saudi Crown prince Mohammad Bin Salman Bin Abdul Aziz Al Saud is going to visit Pakistan to sign a pact to build an oil refinery. Earlier in January, a Saudi delegation visited the port Gwadar for the inspection of the area on which the project is going to build. The worth of this project is over 10 billion USD. This project will be fruitful to Pakistan as it will help to uplift the drown economy of Pakistan. Saudi Arab always tries to be the best support as when in need the country always stays side by side to Pakistan. Being the Islamic Kingdom, Saudi Arab has never left Pakistan alone no matter what the situation is. By signing the pact the Saudi Arab has already showed its hospitality.
OIL CTY GWADAR – Project Insights
The mega oil refinery project is the project proposed by Saudi Arab to Pakistan. This project is spread over the area of 80,000 acres of land and comes under the project CPEC. The investment that is promised by the Saudi Government is around 10 billion dollars. This project is going to establish by the mutual understanding of China, Pakistan and Saudi Arab. Pakistan handed over the project to Saudi Arab after taking China into confidence. The idea of investment in CPEC was initially proposed by the Prime Minister of Pakistan Imran Khan when he visited by Saudi Arab in September 2018. This is how the refinery will help to become Gwadar a center point of importing and exporting the oil.
How Oil City Gwadar Will Be Beneficial To China?
China needs to import a large amount of oil from other countries. A lot of money, time and energy is required to bring the import to the country. This is the reason why China has put its resources into the project CPEC. Gwadar will be serving as a gateway to China for the trading purpose. This will not only cut down the cost for bringing the imports but will also help in saving the time. The project CPEC worth 62 billion dollars. China also needs a large reservoir for the preservation of its imports. This problem is now solved as the Saudi government has agreed to build an oil city in Gwadar. By investing in the oil city, Saudi Arab is now the strategic partner in the project CPEC.
Benefits To Pakistan
Both the projects, the CPEC, and the oil refinery will bring glory to Pakistan. These projects will be helping to give boost in the drown economy of Pakistan. This project encourages the foreign investment which was lost a long ago. Also, a number of job opportunities will be open to the people of Pakistan.
Moreover, the real estate market of Gwadar will be hot and increase in demand of land in Gwadar will be observed. Considering these numerous advantages, a housing scheme named as Gwadar Golf City has already launched. This is the project of the grandson of Malik Riaz. The housing scheme features all the facilities and amenities based on international standard. Considering the important factors and advantages; many other countries are showing their interest in joining the hands in the projects.
The Future of Gwadar
Right now, Gwadar is mere a barren land, but soon, with the help of these projects it will be providing a number of fortunate opportunities to the people. Not only this, the speculations are that it will be the highest revenue generating city of Pakistan providing all the economic benefits. It is also said that Pakistan is going to witness the highest trend in the real estate market in the area of Gwadar. The rates are now low but are expected to be high shortly.