ISLAMABAD: With the signing of seven more memoranda of understanding (MoUs), Saudi Arabia has agreed to invest an additional $600 million in Pakistan. This brings the total number of MoUs signed by Saudi Arabia to 34, up from 27 recently in Pakistan.
Following their “very productive” meeting in Riyadh, Prime Minister Shehbaz Sharif and Saudi Investment Minister Khalid bin Abdulaziz Al Falih made the announcement during a joint press stakeout on Wednesday. The meeting talked about how to work together on trade, finance, agriculture, technology, skilled labor, and other areas.
Saudi Minister Al Falih told the media, accompanied by Royal Court Adviser Mohammad Maziad Al-Tuwaijri, that during his recent visit to Pakistan, both sides had signed 27 memorandums of understanding (MoUs) for a $2.2 billion investment in Pakistan.
After the new MoUs declared on Wednesday, the number expanded from 27 to 34 and the declaration of $600 million speculation has taken the aggregate sum to $2.8 billion, he added. According to PM Shehbaz, the meetings with Al Falih and the crown prince were reassuring, and some of the projects that were agreed upon during the Saudi delegation’s visit to Pakistan are already being implemented.
The Saudi minister stated that Pakistan exported agricultural and other goods as a result of some of the MoUs. Additionally, he stated that the Saudi government would import Pakistan’s skilled workforce. PM Shehbaz also thanked the Saudi leadership for their assistance with Pakistan, which was essential to completing the IMF program.
On a two-day visit to Qatar, PM Shehbaz thanks the Saudi investment minister for his efforts and dedication to strong economic cooperation with Pakistan.
He stated that both sides would work to meet the project deadlines and expressed the hope that, under the Saudi crown prince’s leadership, they would strengthen bilateral ties to the benefit of the entire Ummah as well as the people of Pakistan and Saudi Arabia.
“I will have good news for the people of Pakistan and Saudi Arabia when I return.” We will be able to move forward with your valuable support, and we will soon be able to make big announcements,” he said.
Qatar trip Prime Minister Shehbaz Sharif arrived in Doha for a two-day official visit following his trip to Saudi Arabia at the invitation of the Qatari emir, Sheikh Tamim bin Hamad Al Thani.
On October 30, 2024, Qatar’s Minister of State Mohammed bin Abdulaziz Al-Khulaifi receives Prime Minister Shehbaz Sharif at Doha International Airport. PID According to the PM’s Office, the prime minister will meet with Sheikh Al Thani and Qatari Prime Minister Mohammed bin Abdulrahman bin Jassim in Doha to review the relationship between the two countries and look into new ways to work together in trade and investment.
Additionally, delegations from the Qatar Businessmen Association (QBA) and the Qatar Investment Authority (QIA) will contact the premier to inquire about potential investment opportunities in Pakistan.
After spending two days in Saudi Arabia to attend the Future Investment Initiative conference in Riyadh, the prime minister also criticized Israeli actions in Gaza.
