Saudi Shoura approves investment in Pakistan's renewable energy sector.

ISLAMABAD -- The Saudi Shoura Council has approved a draft agreement between Saudi Arabia and Pakistan on renewable energy development.

'The Saudi Shoura Council approves a draft MoU between Saudi Arabia and the government of Pakistan to study investment opportunities in the refining and petrochemical sectors,' the Shoura Council said, Arab News reported.

'The government of Pakistan will certainly welcome the investment from international investors, including from the Kingdom of Saudi Arabia,' Dr. Rana Abdul Jabbar, chief executive of Pakistan's Alternative Energy Development Board (AEDB), said.

He said that renewable energy cooperation between Pakistan and Saudi Arabia was initiated in February last year when the draft memorandum was signed during the visit of Crown Prince Mohammed bin Salman.

During the crown prince's visit, Saudi Arabia announced a $20 billion investment...