Saudi Arabia and Pakistan have expanded their partnership to $2.8 billion and added seven more to the 27 MoUs signed earlier this month.
This development was announced by Saudi Arabia’s Minister of Investment Sheikh Khalid bin Abdulaziz Al Falih on Wednesday.
The Saudi minister said that I want to announce that the number of MoUs has increased to 34
Prime Minister Shahbaz Sharif and Advisor to the Saudi Royal Court Muhammad bin Maziyad Al-Twaijri were also present on this occasion.
“Most importantly, the value of these contracts has also increased to $2.8 billion,” he said, reflecting an additional investment of $600 million in Pakistan.
Most importantly, he said, the value of these contracts has also increased to $2.8 billion, which reflects an additional investment of $600 million in Pakistan. “Many contracts have not been priced as we are still trying to determine their exact value,” he said.
Earlier in October 2024, a Saudi investment delegation headed by Al Falih visited Pakistan in which 27 MoUs and agreements worth $2.2 billion were signed.
Al-Falih said that work has already started on five of the 27 MoUs agreed earlier.
He said that these five agreements will be announced by the companies themselves in terms of their operations, but they cover key sectors such as healthcare and energy.
Khalid bin Abdulaziz Al Falah said that Saudi investors have already acquired land and assets to build a medical complex in Pakistan.
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According to the details, in the meeting between Prime Minister Muhammad Shahbaz Sharif and Saudi Arabia’s Investment Minister Khalid bin Abdulaziz Al-Falih and Saudi Royal Court Advisor Muhammad bin Maziyad Al-Tawaijri, the progress on various economic initiatives between the two countries was reviewed.
Recalling the recent visit of the Saudi minister to Pakistan, the Prime Minister said that the B2B MoUs signed in Pakistan during the visit have started to take the shape of concrete investment and trade agreements.
The Prime Minister encouraged to continue the momentum of creating new opportunities to promote strong economic partnership.
He highlighted the need to take advantage of the tremendous economic opportunities emerging for both countries in the background of Saudi Arabia’s Vision 2030.
Prime Minister Shahbaz Sharif is on a two-day visit to Saudi Arabia to lead the Pakistani delegation to the eighth edition of the Future Investment Initiative in Riyadh on October 29 and 30, 2024.
