Saudi Arabia\u2019s Minister for Investment Sheikh Khalid Bin Abdul Aziz Al Faleh on Wednesday confirmed that the 27 memorandums of understanding (MoUs) signed during his visit to Pakistan in October had increased to 34, with five of them already operational. Speaking on the sidelines of the Future Investment Initiative (FII) event in Riyadh, the Saudi investment minister, alongside a Pakistani delegation led by Prime Minister Shehbaz Sharif, said, \u201cWhen we came to Pakistan we concluded, in three days, 27 MOUs at 2.2 billion dollars and I mentioned at that time during various events that this was only the beginning. \u201cAnd to prove that, here we are \u2014 two or three weeks later \u2014 and I\u2019d like to announce that the number has increased from 27 MOUs and agreements to 34.\u201d On October 10, Pakistan and Saudi Arabia had signed 27 MOUs worth $2.2 billion in various sectors during a high-level Saudi delegation\u2019s visit to Islamabad. Regarding the increase in value, the minister said that funding now increased to $2.8bn, adding that many of them had not been assigned value due to them as the government was \u201cstill trying to determine exactly how much the valuation is\u201d. \u201cI think better news yet, that I\u2019m happy to share with you, your government and the people, is that of the 27 we concluded, five are already working operational, finance-funded and creating value for the companies that have concluded them for Pakistan [and] for Saudi Arabia,\u201d he added. The investment minister said that some of the agreements had already resulted in \u201cexports from Pakistan especially in agriculture\u201d, adding that he would leave the five agreements to be announced in terms of their operation by the companies themselves. These agreements, he said, covered important sectors such as healthcare facilities where Saudi investors had \u201calready acquired land and assets and would be building an integrated medical complex in Pakistan\u201d. During the press conference, PM Shehbaz expressed his gratitude to the investment minister, the Crown Prince, and Prime Minister Muhammed bin Salman, adding that they had a \u201cvery productive meeting.\u201d \u201cThe meetings last night have been really reassuring and on the MOUs signed a few weeks ago in Islamabad \u2014 the ink hasn\u2019t dried and implementation has started,\u201d he said. He added that Pakistan and Saudi Arabia were \u201cmarching towards progress\u201d. Moreover, PM Shehbaz also said Pakistan had secured an International Monetary Fund (IMF) programme due to the Saudi leadership\u2019s support, adding that he hoped it would be the last one. \u201cWhen I come back, we will have more good news for the people of Pakistan,\u201d he said. Islamabad and Riyadh Saudi share historic brotherly relations and cooperation in different sectors such as culture, economy, trade, and defence, among others. In April, PM Shehbaz made his first official trip to Saudi Arabia since assuming office this year. During the visit, he and Crown Prince Salman had agreed to expedite the first wave of a planned $5 billion Saudi investment package for Pakistan. The move, according to the Saudi Press Agency, confirmed Saudi Arabia\u2019s position on supporting the economy of Pakistan and its \u201csisterly people\u201d. In May when a Saudi delegation visited Pakistan, PM Shehbaz assured Saudi investors that they would get the best facilities possible and also ease of doing business under the umbrella of the Special Investment and Facilitation Council (SIFC). The two countries not only share strong bilateral ties but the Kingdom has often come to Pakistan\u2019s rescue during times of economic turmoil. In June last year, Riyadh deposited $2 billion in the State Bank of Pakistan (SBP) to help the country unlock a $3 billion bailout package from the International Monetary Fund (IMF). The loan was crucial to preventing the country from a sovereign default.<\/p>\n","protected":false},"excerpt":{"rendered":"
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