Seven $560mn MoUs signed with Saudi Arabia
Pakistan on Monday said that seven out of the 34 Memorandum of Understandings (MoUs) signed with Saudi Arabia have been translated into contracts worth $560 million.
Seven MoUs signed with Saudi Arabia converted into $560mn contracts
The statement was shared by the Prime Minister’s Office regarding a meeting of Prime Minister Shehbaz Sharif with officials to review cooperation and investment between Pakistan and Saudi Arabia in different sectors.
Read More: $2.2bn MoUs signed between Pakistan, Saudi Arabia
PAK-Saudi Relations Strengthens
It stated that the PM expressed his satisfaction over the progress of the various ongoing projects between the two countries and said “Saudi Arabia is a long-standing friend and has supported Pakistan in every difficult time”.
Investment in Pakistan: Seven $560mn MoUs signed with Saudi Arabia
The kingdom announced it would add another $600 million to its recently announced $2.2 billion investment in Pakistan in October.
This was during PM Shehbaz’s visit to Saudi Arabia in October.
The Saudi investment minister, Khalid bin Abdulaziz Al Falih, said that during his visit to Pakistan, the two sides had signed 27 MoUs for investment worth $2.2 in Pakistan.
He said that following the meeting of Prime Minister Shehbaz with Crown Prince Mohammed bin Salman and discussion, the number of MoUs increased from 27 to 34 to add $600 million in investment, taking its volume to $2.8 billion.
Seven $560mn MoUs signed with Saudi Arabia
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