RIYADH: Saudi Arabia signed several new memorandums of understanding (MoUs) with Pakistan on Wednesday. The investment amount now stands at $2.8 billion. Prime Minister Shehbaz Sharif met with Saudi Investment Minister Khalid bin Abdulaziz Al Falih at the 8th Future Investment Initiative (FII) in Riyadh, where the agreements were finalized.
“This is only the beginning,” said Saudi Investment Minister Al Falih after his productive meeting with PM Shehbaz. The meeting covered cooperation in trade, finance, technology, agriculture, and skilled labor exchange.
PM Shehbaz is on a two-day visit to Saudi Arabia at the invitation of Crown Prince Mohammed bin Salman. During his speech at the FII, PM Shehbaz spoke on the theme “Infinite Horizons: Investing Today, Shaping Tomorrow.” He discussed the role of investment in fostering a prosperous and sustainable future and joined global leaders to further explore economic opportunities.
Expanding Investment with New MoUs
During the media briefing, Al Falih stated that Saudi Arabia had recently signed 27 MoUs with Pakistan, bringing in $2.2 billion. Following the recent meetings with PM Shehbaz and Crown Prince Salman, the MoUs have increased to 34, boosting the total investment by $600 million to $2.8 billion.
Prime Minister Shehbaz expressed optimism after his meetings with Crown Prince Salman and Al Falih. He noted that projects discussed during Saudi Arabia’s recent delegation visit to Pakistan are now in progress. PM Shehbaz emphasized that these collaborations would strengthen ties between Pakistan and Saudi Arabia, benefiting both countries and the entire Muslim world.
“When I return, I will have good news for Pakistan and Saudi Arabia. With your support, we will move forward and make significant announcements,” said PM Shehbaz.
Saudi Arabia Commits to Further Collaboration
Saudi Minister Al Falih outlined ongoing efforts to strengthen relations. He said that the countries had made substantial progress in agriculture, trade, finance, and people-to-people contacts. Some MoUs have already led to exports from Pakistan in agriculture and other sectors. He added that Saudi Arabia is interested in hiring more skilled workers from Pakistan as the Kingdom focuses on digital technology and artificial intelligence.
PM Shehbaz thanked the Saudi government for its critical support in helping Pakistan achieve its IMF program. He also acknowledged the contributions of 2.5 million Pakistanis working in Saudi Arabia, noting that Pakistan will work on training more skilled workers to meet the Kingdom’s needs.
Earlier this month, Saudi officials signed additional agreements worth over $2 billion during their visit to Pakistan. These agreements covered sectors like agriculture, technology, petroleum, and digitalization. Key investments include a $70 million agriculture project, a white oil pipeline, and semiconductor chip manufacturing. The agreements also support textile manufacturing, cybersecurity, and the export of Pakistani spices and vegetables.
PM Shehbaz’s Upcoming Visit to Qatar
After Saudi Arabia, PM Shehbaz will head to Qatar for a two-day visit on October 30-31. He will meet Qatar’s Amir, Sheikh Tamim bin Hamad Al Thani, and Qatari officials to discuss trade and investment opportunities. In Doha, PM Shehbaz will also inaugurate a cultural exhibition, “Manzar: Art and Architecture in Pakistan from 1940 to Present,” highlighting Pakistan’s cultural and architectural heritage.
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