Saudi Arabia has committed to investing an additional $600 million in Pakistan, signing seven new memoranda of understanding (MoUs) that increase the total from 27 to 34 agreements. This announcement came after a productive meeting between Prime Minister Shehbaz Sharif and Saudi Investment Minister Khalid bin Abdulaziz Al Falih in Riyadh, focusing on enhancing cooperation in various sectors, including trade, finance, agriculture, technology, and skilled labor.
During the meeting, which included Royal Court Adviser Mohammad Maziad Al-Tuwaijri, Minister Al Falih noted that a previous visit by Saudi officials had resulted in the signing of 27 MoUs, corresponding to a $2.2 billion investment in Pakistan. With the latest agreements, the total investment now amounts to $2.8 billion.
PM Shehbaz expressed gratitude towards the Saudi leadership for their vital support, especially concerning the IMF program. He also appreciated Minister Al Falih’s dedication to strengthening Pakistan-Saudi economic ties and mentioned ongoing projects that are already taking shape.
In his remarks, PM Shehbaz was optimistic about the future of bilateral relations, stating that he planned to return with positive news for both nations.
After concluding his visit to Saudi Arabia, PM Shehbaz traveled to Qatar for a two-day trip, where he was welcomed by Qatari officials. In Doha, he will meet with Sheikh Tamim bin Hamad Al Thani and Qatari Prime Minister Mohammed bin Abdulrahman bin Jassim to discuss enhancing trade and investment relations. The Qatar Investment Authority and the Qatar Businessmen Association are also set to meet with the Prime Minister to explore investment opportunities in Pakistan.
