Islamabad, Oct 31: The Kingdom of Saudi Arabia (KSA) and Pakistan have expanded their collaboration to $2.8 billion
With the addition of seven new Memoranda of Understanding (MoUs) to the 27 previously signed earlier this month.
Bringing the total value of the Kingdom of Saudi Arabia’s (KSA) and Pakistan’s cooperation to $2.8 billion.
KSA’s Minister of Investment, Sheikh Khalid Bin Abdul Aziz Al Faleh, provided this update on Wednesday,
saying, “I am pleased to announce that the total number of MoUs has now reached 34.”
Prime Minister Shehbaz Sharif and Mohammad Bin Mazyad Al-Tuwaijri, an advisor to the Saudi Royal Court, accompanied Al-Faleh in Riyadh.
According to Al-Faleh, the value of these agreements has increased to $2.8 billion, and other agreements are still being assessed.
This means that Pakistan will receive an additional $600 million investment.
Additionally, the monarchy would expand the number of visas that Pakistani laborers can obtain.
A Saudi group headed by Al-Faleh visited Pakistan in October 2024
And signed 27 Memorandums of Understanding valued at $2.2 billion.
Five of these agreements, spanning industries like healthcare and energy, have already started development,
according to Al-Faleh, and the corresponding companies are anticipated to make announcements shortly.
Additionally, he emphasized that Saudi businessmen have purchased land in Pakistan to build a comprehensive medical facility.
In a recent meeting, Prime Minister Shehbaz Sharif, Saudi Minister Al-Faleh, and Advisor Al-Tuwaijri reviewed the status of several economic initiatives between the two countries,
According to a statement issued Thursday by the Prime Minister’s Office (PMO).
He underlined the need of taking advantage of the potential presented by Saudi Arabia’s Vision 2030 and called for more progress in fortifying commercial ties.
Prime Minister Shehbaz is now leading Pakistan’s team to the 8th Future Investment Initiative in Riyadh, October 29–30, 2024, during a two-day trip to Saudi Arabia.
