Saudi Arabia and Pakistan Sign Multiple MoUs

Pakistan and Saudi Arabia took a significant step towards deepening their economic cooperation by signing several Memorandums of Understanding (MoUs) on Thursday, covering key sectors such as energy, transport, petroleum, and construction.

The signing ceremony, held in Islamabad, was attended by Saudi Arabia’s Minister for Investment, Khalid bin Abdulaziz Al-Falih, Prime Minister Shehbaz Sharif, and Chief of Army Staff General Asim Munir. The agreements aim to boost collaboration in fields like cybersecurity and skilled labor exchange, marking a new phase of partnership between the two nations.

Speaking at the event, Prime Minister Shehbaz Sharif praised Saudi Arabia’s $2 billion investment in Pakistan, calling it a testament to the close relationship between the two countries. He expressed gratitude for Saudi Arabia’s consistent support, particularly during Pakistan’s challenging economic times.

The Prime Minister noted that the agreements are a stepping stone for enhanced cooperation, ensuring Pakistan and Saudi Arabia continue to strengthen their economic ties. He also highlighted Saudi Arabia’s role, along with China and the UAE, in helping Pakistan secure the IMF deal, which has been critical for economic recovery.

The agreements underscore the strategic partnership between the two nations, which have historically supported each other through various challenges. The collaboration is expected to open up new opportunities in infrastructure development, energy projects, and technology transfers, further bolstering economic growth in Pakistan.