Pakistan to Receive $600 Million Investment from Saudi Arabia

On Wednesday, the Saudi Investment Minister referred to the previously announced $2.2 billion investment in Pakistan as “only the beginning of something very special,” and the Saudi government added an additional $600 million to the total.

Following a “very productive” meeting covering bilateral cooperation in various sectors including trade, agriculture, technology, and skilled manpower, Prime Minister Shehbaz Sharif and Saudi Investment Minister Khalid bin Abdulaziz Al Falih announced a joint press stakeout.

During his two-day official visit to Saudi Arabia, the prime minister attended the 8th Future Investment Initiative (FII) on ‘Infinite Horizons: Investing Today, Shaping Tomorrow.’ The event was held in Riyadh and brought together global leaders to discuss the role of investment in creating a sustainable and prosperous future. The prime minister was invited by Saudi Crown Prince Mohammed bin Salman. 

During his recent visit to Pakistan, Saudi Minister Al Falih informed the media that the two countries had signed 27 memorandums of understanding (MoUs) for investments totaling $2.2 billion in Pakistan. He was accompanied by Advisor at the Royal Court Mohammad Maziad Al-Tuwaijri.

He announced after Prime Minister Shehbaz met with the Crown Prince to discuss the outcome of their meeting. As a result, the number of MoUs has been expanded from 27 to 34, bringing the total investment volume to $2.8 billion, with an additional $600 million.

Prime Minister Shehbaz informed the media that several initiatives agreed upon during the recent visit of a Saudi delegation are now underway, and he described the conversations with the Crown Prince and Al Falih as reassuring. 

Saudi Minister Al Falih told the media during his recent trip to Pakistan that the two countries had signed 27 memorandums of understanding (MoUs) for projects worth a total of $2.2 billion in Pakistan. He was joined by Mohammad Maziad Al-Tuwaijri, an advisor at the royal court.

The prime minister and crown prince had a meeting, and he made the statement afterward. Consequently, the total investment amount has increased to $2.8 billion, with an additional $600 million, and the number of MoUs has been expanded from 27 to 34.

Following his reassuring talks with the Crown Prince and Al Falih, Prime Minister Shehbaz informed the media that various projects agreed upon during the recent Saudi delegation’s visit are now underway. 

Pakistan and KSA Finalize 30 MoUs to Facilitate Skilled Worker Employment

In the past, the two countries formally established 30 MoUs to ease the hiring of qualified Pakistani workers in Saudi Arabia’s several industries.

Officials from the Special Investment Facilitation Council, Brigadier Retired Sajid Khokhar (Chairman of Tevta), and Chaudhry Salik Hussain (Minister of Overseas Pakistanis and Human Resource Development) signed the agreements in Riyadh.

The Saudi labor market has unique requirements, thus the government is coordinating vocational schools in Pakistan, both public and private, to train people to fill such positions.

With this program, the government is showing its dedication to helping Pakistani workers take advantage of possibilities in Saudi Arabia and other Gulf nations.