Transactions on agreements worth $2.2 billion between Saudi Arabia and Pakistan have begun, Petroleum Minister Musadik Malik has said while quoting the kingdom’s investment minister, Khalid A Al-Falih.

He told this to Aaj News anchorperson Shaukat Piracha who is in Saudi Arabia to cover the ‘Global Harmony Initiative’ in Riyadh. The short interview was part of the news programme Rubaroo which was aired on Sunday.

Last month, the two countries signed 27 Memorandums of Understanding (MoUs) worth $2.2 billion, spanning key sectors such as industry, agriculture, IT, food, education, mining, health, petroleum, energy, and other areas of mutual cooperation.

Prime Minister Shehbaz Sharif had expressed optimism that the agreements would pave the way for further collaboration.

On October 30, the kingdom’s investment minister announced that the total number of MoUs has risen to 34 after the addition of seven more MoUs, increasing their worth to $2.8 billion. “The kingdom will also increase the number of visas provided to Pakistani workers,” Khalid A Al-Falih had said.

While speaking about the agreements, Malik compared the amount of MoUs with the annual International Monetary Fund’s loan for Pakistan which stands at $1.1 billion.

He added that that the volume of agreements were finalised in two to three visits of delegations of the two sides.

Malik expressed hope that there could of five to seven such contracts if the delegation’s visit takes place between the two countries every three to four weeks. “It will lead to manufacturing, transportation and livelihood opportunities. This should give some confidence to us.”

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Pakistan, Saudi Arabia reaffirm commitment to boost cooperation

On November 8, Pakistan and Abu Dhabi Ports Group signed four MoUs to enhance collaboration in multiple fields including rail, airport infrastructure and maritime shipping and logistics.

According to the agreements, Pakistan and AD Ports Group “will explore potential collaboration in customs, rail, airport infrastructure and maritime shipping and logistics sectors.”

The MoUs are aimed at improving digital customs controls, developing dedicated freight rail corridors, upgrading Pakistan’s maritime fleet and marine services, and Pakistan’s international airports.