Riyadh, October 30, 2024-Saudi Arabia (KSA) and Pakistan have significantly expanded their partnership, raising the total value to $2.8 billion with the addition of seven new Memoranda of Understanding (MoUs) to the 27 previously signed earlier this month. This announcement was made by the Saudi Minister for Investment, Sheikh Khalid Bin Abdul Aziz Al Faleh, on Wednesday.
“I am pleased to announce that the number of MoUs has increased to 34,” stated Minister Al Faleh, who was joined by Prime Minister Shehbaz Sharif and Advisor to the Saudi Royal Court, Mohammad Bin Mazyad Al-Tuwaijri, during the announcement in Riyadh.
Importantly, Al Faleh noted that the total value of these agreements has risen to $2.8 billion, with many agreements still under evaluation for their exact valuation, representing an additional $600 million investment in Pakistan.
Earlier this month, a Saudi investment delegation led by Al Faleh visited Pakistan, resulting in the signing of 27 MoUs and agreements valued at $2.2 billion. Al Faleh emphasized that work has already commenced on five of these agreements. “The operational details of these five agreements will be shared by the respective companies, and they encompass key sectors such as healthcare and energy,” he explained.
Additionally, Al Faleh revealed that Saudi investors have acquired land and assets for the development of an integrated medical complex in Pakistan, further strengthening the bilateral partnership.
