Seven further Memorandums of Understanding (MoUs) have been added to the 27 that were already signed earlier this month, expanding the collaboration between the Kingdom of Saudi Arabia (KSA) and Pakistan to a total of $2.8 billion.
The KSA’s Minister of Investment, Sheikh Khalid Bin Abdul Aziz Al Faleh, made the announcement on Wednesday.
“I am pleased to announce that there are now 34 Memorandums of Understanding,” the Saudi official stated.
Mohammad Bin Mazyad Al-Tuwaijri, the advisor to the Saudi Royal Court in Riyadh, and Prime Minister Shehbaz Sharif joined Al-Faleh.
With an extra $600 million invested in Pakistan, he stated, “More importantly, the value of those contracts has also increased to $2.8 billion, with many of agreements not assigned value given that we are still trying to figure out their exact valuation.”
A Saudi investment group headed by Al-Faleh visited Pakistan earlier in October 2024 and signed 27 memorandums of understanding and deals totaling $2.2 billion.
Five of the 27 MoUs that were previously negotiated have already seen the start of work, according to Al Faleh.
“These five agreements cover important sectors like healthcare and energy, but the companies themselves will announce how they operate,” he added.
According to Al-Faleh, Saudi businessmen have already purchased property and other resources in order to build an integrated healthcare facility in Pakistan.
