Hajra Naz
Sheikh Khalid Bin Abdul Aziz Al Faleh, announced this on Wednesday, stating, “The total number of MoUs is now 34.”
Prime Minister Shehbaz Sharif and Saudi Royal Court Advisor Mohammad Bin Mazyad Al-Tuwaijri joined Al-Faleh in Riyadh for the announcement.
Al-Faleh explained that these agreements bring the investment total to $2.8 billion, with more deals under review. This could add another $600 million in investment for Pakistan. Additionally, the monarchy would expand the number of visas that Pakistani labourers 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 pointed out that Saudi businessmen had purchased property in Pakistan to build a complete hospital facility, costing billions of dollars.
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).
Prime Minister Sharif noted that the business-to-business agreements and B2B memorandums of understanding from Al-Faleh’s recent visit to Pakistan are starting to take the form of actual investments and business contracts. He underlined the need to take 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.
