RIYADH: Saudi Arabia’s Minister of Investment, Khalid bin Abdulaziz Al-Falih, announced an increase in the Kingdom’s investment in Pakistan from $2.2 billion to $2.8 billion.
Speaking at a news conference alongside Pakistani Prime Minister Shehbaz Sharif in Riyadh, Al-Falih highlighted that the recent visit to Pakistan had yielded 27 memorandums of understanding (MoUs) worth $2.2 billion. This number has since grown to 34 MoUs, now totaling $2.8 billion in investments, he said.
The Saudi minister noted that five of these MoUs are already active and funded, creating value for both Saudi Arabia and Pakistan. He added that some agreements have resulted in exports from Pakistan, and a Saudi investor has acquired land for the development of an integrated medical complex in Pakistan.
Prime Minister Shehbaz Sharif emphasized that Pakistan and Saudi Arabia are committed to strengthening their close ties.
Under Saudi Crown Prince Mohammed bin Salman’s dynamic leadership, he said, “we will achieve progress and prosperity for the people of Saudi Arabia, Pakistan, and the entire Muslim Ummah.” He also expressed gratitude for Saudi support in securing an International Monetary Fund loan.
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Describing his discussions in Saudi Arabia as productive, the Prime Minister stated, “We have reviewed several significant, mutually beneficial projects.” He noted his satisfaction with the implementation of the MoUs signed in recent weeks.
Sharif added that he plans to visit Saudi Arabia in mid-November and is confident that “we will meet the project timelines.” Additionally, he highlighted Pakistan’s commitment to producing a skilled workforce that will contribute to Saudi Arabia’s continued development.
PM Shehbaz thanked Saudi Arabia for hosting of 2.5 million Pakistanis stating “we would further horn skills of our labour force and professionals for a better representation in the Saudi development programmes.”