Pakistan and Saudi Arabia are likely to sign memoranda of understanding (MoU) worth more than $10 billion this month, the media reported on Thursday.
The announcement was made at the second meeting on ease of doing business (EoDB) presided over by Prime Minister Imran Khan on Wednesday.
Speaking to Dawn news after the meeting, Finance Minister Asad Umar said Saudi Prince Mohammad bin Salman bin Abdulaziz would visit Pakistan next month and most of the MoUs were expected to be signed during his trip.
Board of Investment (BoI) Chairman Haroon Sharif said Saudi Arabia was interested in Pakistan’s four sectors – oil refinery, petrochemicals, renewable energy and mining.
“According to a survey, 65 per cent of the investments will take place in the country’s commercial hub Karachi and 35 per cent in Lahore,” he added.
The $10 billion investment will be in addition to the $6 billion bailout package given by Riyadh to Islamabad during Khan’s visit to Saudi Arabia in October 2018.
Similarly, Pakistan will also sign MoUs with China, the United Arab Emirates (UAE) and Malaysia over the next two months.
Sharif told Dawn that he had recently visited China and signed MoUs on industrial cooperation under the China-Pakistan Economic Corridor (CEPC).
In August 2019 it was announced that a new race at King Abdulaziz Racetrack in Riyadh had been created. But what made this particular race stand out amount its competitors was the staggering prize fund on offer.
With the inaugural running of the Saudi Cup scheduled to take place on February 29 2020, $20 million is up for grabs. This will make it the richest race in the world, overshadowing the Pegasus World Cup Invitational which had a purse of $16m in 2018 and the Dubai World Cup which is worth $12m.
Jockey Club of Saudi Arabia chairman Prince Bandar bin Khalid Al Faisal declared that the Saudi Cup is being designed to be long-lasting as well as lucrative. The prestigious race will also be limited to 14 invited runners.
For those that do get the golden ticket to run in the Saudi Cup, the benefits keep coming. Not only is race entry free but the Jockey Club of Saudi Arabia will pay for all shipping of horses as well as travel and accommodation for connections.
This is a major coup for the Saudi’s who have been steadily trying to attract big sporting events to their country including boxer Anthony Joshua’s most recent heavy weight win against Andy Ruiz Jr.
Given the money being pumped into the newly created Saudi Cup it will definitely attract a huge world wide audience. Maybe not as many as the 600 million viewers who tune in to watch the Grand National at Aintree every year but over time this new race will find its fans. And with $10 million going to the winner of the race, only the best thoroughbreds in the world will be running.
So with the first ever Saudi Cup taking place in a matter of weeks, the race to get one of the 14 spots has already begun. A total of 143 horses have been put forward representing four continents, 16 countries and more than 60 trainers around the globe including huge industry names such as Saeed bin Suroor, Aidan O’Brien, Willie Mullins and Satish Seemar. The entrants include 32 Group or Grade 1 winners with plenty of American representation from the likes of Maximum Security, Midnight Bisou and McKinzie.
Held four weeks after the Pegasus World Cup Invitational in Florida , it is also expected that the top three finishers in that race will also be issued invites even if they are not among the initial entrants. From there, entries will be whittled down to final fields, based on ratings allocated by former BHA senior handicapper, Phil Smith who spent most of his career being famous for handicapping the Grand National in England.
So who will race away with the $10M on February 29 2020? That is still unknown but as the entries get reduced over the next few weeks the picture will become a lot clearer. Will the Saudi Cup bring in the worldwide horse racing audience that it so desperately craves? Quite possibly, if only to witness history in the making as one horse wins the biggest race in the world.