Pakistan & Saudi Arabia finalize $560 million in agreements, strengthening bilateral ties
ISLAMABAD: Pakistan and Saudi Arabia have successfully concluded seven major agreements valued at $560 million, further solidifying their strategic partnership. The agreements come after the signing of 34 memoranda of understanding (MoUs) between the two nations, underscoring their commitment to deepening bilateral investments across various sectors.
Prime Minister Shehbaz Sharif chaired a high-level meeting in Islamabad on Monday to review the progress of these agreements. The session focused on enhancing cooperation in economic development, energy, infrastructure, and other key areas. The meeting was part of the ongoing efforts under the Pakistan-Saudi Arabia Joint Task Force, which held its second meeting in November.
During the briefing, PM Sharif was informed that seven of the 34 MoUs signed have been formalized into binding agreements, valued at $560 million. These investments will span across multiple key sectors, with the goal of driving growth and development in both countries.
The meeting was attended by Deputy Prime Minister Ishaq Dar, Federal Minister for Economic Affairs Ahad Khan Cheema, and Finance Minister Muhammad Aurangzeb, among other senior government officials.
PM Sharif praised the progress of the projects, emphasizing Pakistan’s desire to strengthen its long-standing ties with Saudi Arabia. “Saudi Arabia has always been a reliable partner for Pakistan, supporting us in challenging times,” Sharif said, reaffirming the government’s commitment to expanding bilateral cooperation.
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In addition to the meeting, it has been confirmed that PM Sharif will travel to Saudi Arabia for a two-day visit starting tomorrow. During his trip, he will participate in the Water Summit and engage in sideline events during COP 16. He will be accompanied by key officials, including Federal Minister for Information Atta Tarar and Federal Minister for Petroleum Mosaddiq Malik.
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