Saudi Arabia Increases Investment in Pakistan to $2.8 Billion, Expands Work Visas for Pakistani Nationals

Riyadh, October 31, 2024: Saudi Arabia announced an additional $600 million investment in Pakistan, raising its total commitment to $2.8 billion and pledging an increase in work visas for Pakistani nationals. The announcement was made by Saudi Minister of Investment Sheikh Khalid Bin Abdul Aziz Al Faleh during a press event alongside Pakistan’s Prime Minister Shehbaz Sharif and Mohammad Bin Mazyad Al-Tuwaijri, an Advisor at the Saudi Royal Court.

With this new commitment, the number of active Memoranda of Understanding (MoUs) between the two nations has risen to 34, as Al-Faleh revealed. “The agreements now total $2.8 billion, with several still undervaluation,” he noted, highlighting the recent $600 million addition.

This latest pledge follows a high-level Saudi investment delegation's visit to Pakistan in October, led by Al-Faleh, during which 27 MoUs were signed. Worth a collective $2.2 billion, these agreements focus primarily on healthcare and energy, areas where progress has already commenced on five projects, with company updates expected shortly.

This bolstered investment and workforce support mark a significant strengthening in the economic partnership between Pakistan and Saudi Arabia, further opening pathways for collaborative growth and development.