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.
This update was shared on Wednesday by KSA’s Minister for Investment, Sheikh Khalid Bin Abdul Aziz Al Faleh, who said, “I am pleased to announce that the total number of MoUs has now reached 34.”
Accompanying Al-Faleh in Riyadh were Prime Minister Shehbaz Sharif and Saudi Royal Court Advisor Mohammad Bin Mazyad Al-Tuwaijri.
“The value of these agreements has also grown to $2.8 billion, with additional agreements still under evaluation,” Al-Faleh noted, indicating an additional $600 million investment for Pakistan. The kingdom will also increase the number of visas available to Pakistani workers.
In October 2024, a Saudi delegation led by Al-Faleh visited Pakistan, signing 27 MoUs worth $2.2 billion.
Al-Faleh reported that work has already begun on five of these agreements, covering sectors such as healthcare and energy, with announcements from the respective companies expected soon. He also highlighted that Saudi investors have acquired land to develop a comprehensive 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 Minister Al-Faleh and Advisor 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, Prime Minister Sharif observed that the B2B MoUs from that visit are beginning to materialize as tangible investments and commercial agreements. He urged continued momentum in strengthening economic ties and emphasized the importance of leveraging the opportunities arising from Saudi Arabia’s Vision 2030.
Prime Minister Shehbaz is currently on a two-day visit to Saudi Arabia, leading Pakistan’s delegation at the 8th Future Investment Initiative in Riyadh on October 29-30, 2024.
only after the work visa is applied that they will reject it.
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