ISLAMABAD: Seven out of 34 memorandums of understanding (MoUs) signed with Saudi Arabia earlier this year have been actualized into agreements worth $560 million, Pakistani Prime Minister Shehbaz Sharif’s office said on Monday.
The announcement came after Sharif was briefed on progress made on 34 MoUs worth $2.8 billion signed between Pakistani and Saudi business in October. Pakistan and Saudi Arabia have a significant trade relationship, with Pakistan exporting mainly agricultural products and Saudi Arabia exporting mainly petroleum products.
“In a short period of time, 34 investment memorandums of understanding were signed between the two countries, out of which 7 have been given the form of agreements worth $560 million,” Sharif’s office said in a statement after he chaired a meeting to review progress on investment between Pakistan and Saudi Arabia.
“Prime Minister expressed satisfaction over the progress of various ongoing projects between the two countries,” the statement added, as the PM was briefed on discussions held at the second meeting of the Pakistan-Saudi Arabia Joint Task Force in November and informed about cooperation in various sectors.
Pakistan has pushed in recent months to strengthen trade and investment ties with friendly nations, particularly the Kingdom, which has promised a $5 billion investment package that cash-strapped Pakistan desperately needs to shore up foreign reserves and fight a chronic balance of payment crisis.
Pakistanis are the second-largest expatriate community in the Kingdom, with over 2.5 million living and working in Saudi Arabia, the top source of remittances for the South Asian nation.
Pakistan says 7 of 34 MoUs recently signed with Riyadh actualized into deals worth $560 million
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Pakistan says 7 of 34 MoUs recently signed with Riyadh actualized into deals worth $560 million
- 34 MoUs worth $2.8 billion were signed between Pakistani and Saudi business in October
- Pakistan has pushed in recent weeks to strengthen trade, investment ties with friendly nations
Pakistan PM condoles death of Saudi Prince Mishaal bin Badr’s mother
- Saudi prince’s mother passed away on Saturday, drawing condolences from Pakistan, Qatar, other states
- Pakistan, Saudi Arabia who enjoy close cooperation in defense, economic, trade, investment and other sectors
ISLAMABAD: Prime Minister Shehbaz Sharif on Monday expressed his condolences to the Saudi royal family over the recent passing of Prince Mishaal bin Badr bin Saud bin Abdulaziz Al Saud.
The Saudi Royal Court announced the death of Prince Mishaal bin Badr’s mother on Saturday. Her funeral prayers were held a day later, at the Imam Turki bin Abdullah Grand Mosque in Riyadh after Asr prayers.
“I extend my heartfelt condolences to the Royal Family on the passing of the mother of Prince Mishaal bin Badr bin Saud bin Abdulaziz Al Saud,” Sharif wrote on social media platform X.
He prayed for the highest rank in paradise for the departed and hoped the royal family would be able to bear the loss with fortitude.
“Our prayers are with the Custodian of the Two Holy Mosques, His Royal Highness the Crown Prince, and the entire Royal Family in this moment of profound grief,” Sharif added.
Pakistan and Saudi Arabia are close allies that cooperate in several sectors such as defense, trade, investment, tourism, agriculture, mines and minerals and others. The two countries signed a landmark defense pact in September, according to which both agreed to treat an attack on one country as an attack against both of them.
Apart from being a vital trade ally, Saudi Arabia also serves as the top source for foreign remittances for Pakistan, where over 2 million expatriates reside.
