Saudi Arabia Announces Increase in Investment in Pakistan to $2.8 Billion

Riyadh: Saudi Arabia has announced an increase in its investment in Pakistan from $2.2 billion to $2.8 billion. This decision was made during Prime Minister Muhammad Shahbaz Sharif’s visit to Saudi Arabia, where he made special efforts to foster foreign investment in Pakistan.
During a joint press conference held in Riyadh, attended by federal ministers including Khawaja Asif, Ishaq Dar, and Aata Tarar, Saudi Minister of Investment Khalid bin Abdulaziz revealed that an additional $600 million investment would be made. He emphasized that this was just the beginning of further investment growth, following the initial agreement reached during the Prime Minister’s previous visit to Pakistan, which involved 27 memoranda of understanding worth $2.2 billion.
Prime Minister Shahbaz Sharif expressed gratitude for the additional investment and highlighted Saudi Arabia’s role in supporting Pakistan’s economic development. He noted that cooperation in financial matters would pave the way for prosperity and shared goals between the two nations.
The Prime Minister mentioned that the cooperation agreements with Saudi Arabia had already begun to take effect even before their formal signing, thanks to a fruitful meeting with Crown Prince Mohammed bin Salman. He acknowledged the Crown Prince’s visionary Future Investment Initiative and thanked him for his commitment to collaborating with Pakistan on financial matters.
Saudi Arabia is seen as a second home to millions of Pakistanis, and the Saudi Minister of Investment praised the hospitality received during the Prime Minister’s visit. He confirmed that both nations are committed to strengthening their economic partnership.
Notably, during a Saudi investment delegation’s visit to Pakistan in October 2024, agreements worth $2.2 billion were signed, which have now expanded to 34 agreements, with work already underway on five key projects.