A Saudi investor delegation headed by Minister of Investment Khalid Al-Falih is concluding a three-day visit to Pakistan. The delegation includes officials and companies from various sectors including energy, mining, minerals, agriculture, business, tourism, industry and manpower.
Azer News reports that the, “arrival of the delegation is an important milestone in Pakistan-Saudi trade relations. Saudi Arabia has shown full confidence in Pakistan’s economy, geographical position, natural resources, and capabilities and Pakistan is a preferred country for investment by the Saudi government and companies.” The Saudi delegation includes over 130 members whose companies have expertise in information technology, marine, mining, oil and gas, pharmaceuticals, and aviation as well as agriculture, tourism and manpower.
On Thursday members of the delegation signed 27 agreements and memorandums of understanding (MOUs) valuing $2.2 billion in various sectors including industry, agriculture, Information Technology (IT), food, education, mine & minerals, health, petroleum and energy. According to sources, Saudi Arabia has shown interest in investing in hotel industry, renewable energy projects especially solar projects in South Punjab, Reko Diq, and petrochemical refinery.
Also, Khalid Al-Falih announced on Saudi Arabia plans to allocate a significant portion of its $200 billion annual construction and material procurement contracts to Pakistan. Knight Frank reports that the Kingdom’s total construction output is projected to reach $181.5 billion by the end of 2028.
Speaking at the Pak-Saudi Business Forum 2024, Khalid Al-Falih said, “Saudi Arabia is the largest construction site in the world and we will in the next few years be awarding construction and material procurement contracts reaching about $1.8 trillion,” emphasizing that a substantial portion of the inputs for these contracts will be imported, with a strong preference for sourcing from Pakistan.
Yahoo Finance reports that, Pakistan’s Prime Minister Shehbaz Sharif and the country’s powerful army chief Gen. Asim Munir attended the signing of the memorandums in the capital, Islamabad. In a televised speech, Sharif lauded the MOUs adding that his government will do its best to facilitate Saudi investments in the country. Sharif also thanked Saudi Arabia for helping Pakistan reach an agreement to receive a $7 billion bailout from the International Monetary Fund.
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