Saudi Arabia's $600m tranche boosts total investment in Pakistan to $2.8b

During announcement, Saudi minister called it 'only beginning of something very special'; MoUs rose from 27 to 34

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Saudi Arabia announced an additional $600 million investment in Pakistan, increasing the total to $2.8 billion.

This development follows a productive meeting between Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman, during which the number of memoranda of understanding (MoUs) was raised from 27 to 34.

The announcement was made by Saudi Investment Minister Khalid bin Abdulaziz Al Falih at a joint press briefing with PM Shehbaz.

The two leaders discussed bilateral cooperation across various sectors, including trade, finance, agriculture, technology, and skilled labour.

During his two-day official visit, PM Shehbaz addressed the 8th Future Investment Initiative in Riyadh, highlighting how investment can drive sustainable growth. Al Falih noted that this increased investment is “only the beginning of something very special.”

PM Shehbaz expressed optimism about ongoing projects and future collaborations, stating, “When I come back, I will have good news for the people of Pakistan and Saudi Arabia.” He highlighted the importance of this partnership for the broader Muslim community.

Al Falih mentioned that some MoUs had already led to exports from Pakistan, particularly in agriculture.

He also confirmed Saudi Arabia's interest in importing skilled workers from Pakistan, as the kingdom seeks to enhance its digital technology and artificial intelligence sectors.

PM Shehbaz expressed gratitude for Saudi support, which he deemed crucial for Pakistan's economic progress and its efforts to meet International Monetary Fund (IMF) requirements.

He acknowledged the contributions of 2.5 million Pakistani expatriates to Saudi development and pledged to enhance training for workers to meet Saudi demands.

Pakistan, KSA sign 30 MoUs for skilled worker employment

Earlier Pakistan and Saudi Arabia formalised 30 Memoranda of Understanding (MoUs) aimed at facilitating the employment of skilled Pakistani workers in various sectors in Saudi Arabia.

The agreements were signed in Riyadh by Federal Minister for Overseas Pakistanis and Human Resource Development, Chaudhry Salik Hussain, alongside Tevta Chairman Brigadier Retired Sajid Khokhar and officials from the Special Investment Facilitation Council.

The government is mobilising both public and private vocational training centres in Pakistan to ensure that workers are trained to meet the specific needs of the Saudi labour market.

This initiative reflects the government's commitment to capitalising on opportunities for Pakistani workers, not only in Saudi Arabia but also in other Gulf countries and beyond.