MoUs count rises to 34; Minister Falih meets Shehbaz, terms new deals ‘beginning of something very special’
In a positive development, Saudi Arabia on Wednesday announced adding another $600 million to its recently pledged $2.2 billion investment in Pakistan, with Saudi Investment Minister Khalid bin Abdulaziz Al Falih calling it “only the beginning of something very special”.
The development came during a meeting between Prime Minister Shehbaz Sharif and the Saudi minister held on the sidelines of 8th edition of the Future Investment Initiative in Riyadh.
The “very productive” meeting encompassed bilateral cooperation in multiple sectors including trade, finance, agriculture, technology and skilled manpower, according to a joint press stakeout.
Accompanied by Adviser at the Royal Court Mohammad Maziad Al-Tuwaijri, Saudi Minister Al Falih told the media that during his recent visit to Pakistan, both sides had signed 27 memorandums of understanding for investment worth $2.2 in Pakistan.
He announced that following PM Sehbaz’s meeting with the
crown prince and their discussion, the number of MoUs has been increased from 27 to 34 to add $600 million in investment taking the investment volume to $2.8 billion.
Speaking on the occasion, the premier said that the meetings with the crown prince and Al Falih were reassuring, adding that some of the projects agreed upon during the recent Saudi delegation’s visit were under implementation.
He said both sides would work on the timelines of the project and expressed the hope that under the leadership of Saudi crown prince, both sides would strengthen bilateral relations not only for the benefit of the people of Pakistan and Saudi Arabia but the entire Muslim ummah.
“When I come back, I will have good news for the people of Pakistan and Saudi Arabia. With your valuable support, we will be able to carve our way forward and soon be able to make big announcements,” he remarked.
Minister Al-Falih said that as a follow-up of their Pakistan visit, both sides had “extensive” working-level meeting to elevate the bilateral relations to yet higher horizons in the fields of economy, finance, trade and people-to-people contacts.
