Pakistan announced on Monday that seven Memorandums of Understanding (MoUs), valued at $560 million, out of the 34 signed with Saudi Arabia, have been converted into formal contracts, according to a statement from the Prime Minister’s Office.
This development was shared during a meeting chaired by Prime Minister Shehbaz Sharif to assess the progress of Saudi investments and bilateral cooperation.
During the session, the prime minister expressed satisfaction with the pace of ongoing projects and acknowledged Saudi Arabia’s unwavering support for Pakistan. He emphasized that Saudi Arabia has consistently stood by Pakistan during challenging times.
The update follows Saudi Arabia’s October announcement to boost its investment in Pakistan by an additional $600 million, raising its total commitment to $2.8 billion. The increase came after PM Shehbaz’s meeting with Saudi Crown Prince Mohammed bin Salman during his visit to the kingdom.
Earlier, Saudi Investment Minister Khalid bin Abdulaziz Al Falih revealed that during his visit to Pakistan, 27 MoUs worth $2.2 billion were initially signed. After further discussions between the two leaders, the number of MoUs increased to 34, adding $600 million to the total investment.
