The Kingdom of Saudi Arabia (KSA) and Pakistan have strengthened their economic partnership to $2.8 billion by adding seven new Memoranda of Understanding (MoUs) to the 27 signed earlier this month.
This update was announced by Saudi Minister of Investment Sheikh Khalid Bin Abdul Aziz Al Faleh on Wednesday.
“I am pleased to announce that the total number of MoUs has risen to 34,” said Minister Al-Faleh.
In Riyadh, Al-Faleh was joined by Pakistani Prime Minister Shehbaz Sharif and Saudi Royal Court Advisor Mohammad Bin Mazyad Al-Tuwaijri.
“Notably, the value of these agreements has also increased to $2.8 billion, with additional agreements still being evaluated for precise valuation,” he added, highlighting an additional $600 million investment in Pakistan.
Saudi Arabia also plans to increase the number of visas granted to Pakistani workers.
Earlier this October, a Saudi delegation led by Al-Faleh visited Pakistan and signed 27 MoUs valued at $2.2 billion. Al-Faleh confirmed that work has already begun on five of those MoUs, with announcements by involved companies expected soon, covering key sectors like healthcare and energy. He also noted that Saudi investors have secured land and assets to establish a comprehensive medical complex in Pakistan.
A statement from Pakistan’s Prime Minister’s Office on Thursday noted that Minister Sharif, Minister Al-Faleh, and Advisor Al-Tuwaijri reviewed the progress of various economic initiatives in a recent meeting. Reflecting on Al-Faleh’s visit to Pakistan, the Prime Minister observed that the business-to-business MoUs signed are materializing into concrete investments and agreements.
He emphasized maintaining this momentum to unlock more opportunities for economic partnership and encouraged leveraging Saudi Arabia’s Vision 2030 for mutual growth.
Prime Minister Shehbaz is currently in Saudi Arabia on a two-day visit to lead Pakistan’s delegation at the 8th Future Investment Initiative in Riyadh, taking place from October 29-30, 2024.
