Saudi Arabia Expands Investment in Pakistan with 34 MoUs Worth $2.8bn
RIYADH/ISLAMABAD: Saudi Arabia’s Minister for Investment, Sheikh Khalid Bin Abdul Aziz Al Faleh, on Wednesday confirmed that the number of memorandums of understanding (MoUs) signed with Pakistan has risen to 34, up from the 27 agreements worth $2.2 billion concluded during his October visit. Of these, five MoUs are already operational.
Speaking at the Future Investment Initiative (FII) in Riyadh alongside a Pakistani delegation led by Prime Minister Shehbaz Sharif, Al Faleh said, “When we came to Pakistan we concluded 27 MoUs at $2.2 billion. This was only the beginning. Just two or three weeks later, the number has increased to 34.”
The minister added that the value of the deals has now grown to $2.8 billion, with several agreements still under valuation. He highlighted that some pacts have already resulted in Pakistani exports, particularly in agriculture, while Saudi investors have acquired land for building an integrated medical complex in Pakistan.
Strong Bilateral Ties
Prime Minister Shehbaz Sharif expressed gratitude to Crown Prince Mohammed bin Salman and the Saudi leadership for their continued support. “The ink hasn’t dried on the MoUs signed in Islamabad and implementation has already started,” he said, calling the recent meetings “reassuring and productive.”
The prime minister also acknowledged Saudi Arabia’s backing in securing Pakistan’s latest IMF programme, stressing that both countries were “marching towards progress.”
Saudi Arabia and Pakistan share long-standing ties in trade, culture, defence, and economic cooperation. The Kingdom has often extended financial support to Islamabad, including a $2 billion deposit in Pakistan’s central bank last year to help unlock an IMF bailout.
With the latest agreements, Saudi Arabia has reaffirmed its commitment to expand investment under the Special Investment and Facilitation Council (SIFC), which aims to provide foreign investors with improved facilities and ease of doing business.
