ISLAMABAD: Pakistan announced on Monday that out of the 34 Memorandums of Understanding (MoUs) signed with Saudi Arabia, seven have now been converted into formal contracts worth $560 million.

This update was shared during a meeting chaired by Prime Minister Shehbaz Sharif to assess the progress of bilateral cooperation and investments between Pakistan and Saudi Arabia in various sectors. According to a statement from the Prime Minister’s Office, the meeting highlighted the ongoing efforts and success of several projects between the two nations.

Prime Minister Sharif expressed satisfaction with the progress and emphasized the strong, long-standing ties between Pakistan and Saudi Arabia. He acknowledged that Saudi Arabia has consistently supported Pakistan during challenging times, reinforcing the solid friendship between the two countries.

In October, during Prime Minister Sharif’s official visit to Saudi Arabia, the Kingdom had pledged to add an additional $600 million to its previously announced $2.2 billion investment in Pakistan.

This investment boost was a significant step in further strengthening economic ties between the two nations.

Following a high-level meeting between Prime Minister Sharif and Saudi Crown Prince Mohammed bin Salman, Saudi Investment Minister Khalid bin Abdulaziz Al Falih revealed that the two sides had initially signed 27 MoUs, collectively worth $2.2 billion.

However, after further discussions between the leadership of both countries, the number of MoUs was increased to 34, adding $600 million more to the total, raising the overall investment volume to $2.8 billion.

The conversion of these MoUs into contracts marks a significant step forward in realizing the potential of these agreements and will play a key role in enhancing Pakistan’s economic development. These developments also reflect the growing economic cooperation between Pakistan and Saudi Arabia, which has been a cornerstone of the bilateral relationship.

The successful transformation of these agreements into contracts is expected to further promote investments in diverse sectors, including energy, infrastructure, and technology, with a focus on creating new economic opportunities for both countries.

Published in The Daily National Courier, December, 03 2024

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