The Kingdom of Saudi Arabia (KSA) and Pakistan have expanded their partnership to $2.8 billion by adding seven new Memoranda of Understanding (MoUs) to the 27 signed earlier this month.
This announcement was made by KSA’s Minister for 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,” the Saudi minister stated.
In Riyadh, Al-Faleh was accompanied by Prime Minister Shehbaz Sharif and Advisor at the Saudi Royal Court, Mohammad Bin Mazyad Al-Tuwaijri.
“More importantly, the value of these agreements has also increased to $2.8 billion, with many agreements still being assessed for their exact valuation,” he noted, indicating an additional investment of $600 million into Pakistan.
The kingdom will also increase the number of visas provided to Pakistani workers.
Read more: Saudi Arabia extends the issuance period for seasonal work visas
Earlier in October 2024, a Saudi investment delegation led by Al-Faleh visited Pakistan, where they signed 27 MoUs and agreements valued at $2.2 billion.
Al-Faleh mentioned that work has already commenced on five of the 27 MoUs signed earlier.
“These five agreements will soon be announced by the respective companies, covering key sectors such as healthcare and energy,” he said.
He also shared that Saudi investors have secured land and assets to develop an integrated medical complex in Pakistan.
According to a statement from the Prime Minister’s Office (PMO) released on Thursday, Prime Minister Shehbaz Sharif, along with Saudi Investment Minister Khalid bin Abdulaziz Al-Falih and Royal Court Advisor Mohammad Bin Mazyad Al-Tuwaijri, reviewed the progress of various economic initiatives between the two nations in a recent meeting.
Reflecting on Al-Faleh’s recent visit to Pakistan, the Prime Minister noted that the B2B MoUs signed during that visit have begun to turn into tangible investments and commercial agreements.
He encouraged maintaining the momentum to create new opportunities for strong economic partnerships and emphasized the need to leverage the significant economic opportunities arising from Saudi Arabia’s Vision 2030.
Prime Minister Shehbaz is currently on a two-day visit to Saudi Arabia to lead Pakistan’s delegation at the 8th edition of the Future Investment Initiative in Riyadh on October 29-30, 2024.
