Skip to content Skip to Search
Skip navigation

Saudi Arabia to invest $2bn in Pakistan’s economy

People, Person, Adult Reuters/Ahmed Yosri
Saudi investment minister Khalid Al Falih said bilateral trade with Pakistan has surged by 80 percent to $5.4 billion from $3 billion in 2019

Saudi Arabia and Pakistan have signed 27 memorandums of understanding totalling $2 billion.

The investments will target industry, agriculture, information technology, food, education, mining and minerals, health, petroleum and energy, Dawn newspaper reported.

The MoUs were signed in the presence of Pakistan’s prime minister Shehbaz Sharif, chief of army staff general Asim Munir and Saudi Arabia’s investment minister Khalid Al Falih.

Sharif assured the Saudi investors that the MoUs would be “fully materialised without delays or bureaucratic hurdles”, the report said.

Al Falih said that the possibilities of “economic cooperation between the two countries have no limits, adding that Riyadh is committed to investing $5 billion as announced in April during Sharif’s visit to Saudi Arabia.

The Saudi minister said bilateral trade has surged by 80 percent to $5.4 billion from $3 billion in 2019.

In August Saudi Arabia, the UAE and China confirmed their debt rollover for one year to support Pakistan’s $7 billion bailout package with the International Monetary Fund, which was approved in September.

Latest articles

Qlik provides data integration, tracking and management software to businesses

Adia to buy $1bn stake in US software company Qlik

Abu Dhabi’s sovereign wealth fund is buying a $1 billion stake in data analytics software company Qlik, the latest deal in a string of Gulf purchases from buyout groups. Thoma Bravo, a US buyout group that specialises in software businesses, acquired Qlik for $3 billion in 2016 and is to sell a stake to the […]

Adnoc Gas LNG Ahmed Alebri

Adnoc Gas considers M&A deals to meet LNG demand

Adnoc Gas is looking at international acquisitions and mergers to cope with what it predicts will be strong demand for liquefied natural gas (LNG) in the next decade, a senior executive said on Monday. “We have the balance sheet to do it, so if there is an opportunity, we will definitely consider it,” chief financial […]

AlAbraaj has several franchises in Saudi Arabia, including Mezza-W-Mashawi at Riyadh's King Khalid airport

Restaurant chain AlAbraaj plans IPO on Bahrain Bourse

AlAbraaj Restaurants Group is planning to list on Bahrain Bourse before the end of 2024. Founded in 1987, the restaurant chain manages 15 brands across 37 locations in Bahrain. It employs about 1,200 people. AlAbraaj also franchises five restaurants, three of which are in Saudi Arabia – Khobar, Jeddah and Riyadh. The company is finalising […]

DP World Australia operates four container ports and is taking on more than 40 Silk Logistics sites

DP World to acquire Australia’s Silk Logistics

DP World Australia has announced plans to acquire the freight and logistics service provider Silk Logistics Holdings, in a deal worth A$174.5 million ($114.9 million). The Australian subsidiary of Dubai’s DP World will buy Silk Logistics at a price of A$2.14 ($1.40) per share.  The transaction is subject to shareholder approval and regulatory approvals, and is […]