Saudi Arabia’s Minister for Investment, Sheikh Khalid Bin Abdul Aziz Al Faleh, confirmed on Wednesday that the number of memorandums of understanding (MoUs) between Pakistan and Saudi Arabia has risen from 27 to 34, with five already in operation.

During a press conference at the Future Investment Initiative (FII) event in Riyadh, Sheikh Khalid, joined by a Pakistani delegation led by Prime Minister Shehbaz Sharif, stated, “When we visited Pakistan, we finalized 27 MoUs worth $2.2 billion over three days, and I mentioned this was only the beginning. Today, only a few weeks later, I’m pleased to announce that the count has increased to 34 MoUs and agreements.”

The initial agreements, signed on October 10, covered investments of $2.2 billion across various sectors. Now, according to Sheikh Khalid, the total funding has reached $2.8 billion, though some agreements have yet to be assigned specific values as the government continues to assess them.

He added, “Of the original 27 MoUs, five are already operational, financed, and creating value for both countries.” The investment minister noted that some of these agreements had already enabled exports from Pakistan, particularly in the agricultural sector, but details on the specific agreements would be provided by the companies involved.

Sheikh Khalid highlighted that one of the MoUs includes the establishment of a healthcare complex in Pakistan, with Saudi investors already having secured land and assets to develop an integrated medical facility.

Prime Minister Shehbaz Sharif thanked Sheikh Khalid, Crown Prince Mohammed bin Salman, and the Saudi leadership, saying they had a “highly productive meeting.” Reflecting on the agreements, he remarked, “The ink on the MoUs signed in Islamabad is barely dry, and implementation has already begun. Pakistan and Saudi Arabia are making strides towards progress.”

Additionally, PM Shehbaz acknowledged Saudi Arabia’s support in helping Pakistan secure an International Monetary Fund (IMF) program and expressed hope that it would be the last one Pakistan would require. He assured, “When I return, there will be even more positive news for the people of Pakistan.”

Pakistan and Saudi Arabia maintain a long-standing relationship marked by cooperation in areas such as culture, economy, trade, and defense. Earlier this year, in April, PM Shehbaz made his first official visit to Saudi Arabia, where he and the Crown Prince committed to fast-tracking a $5 billion Saudi investment plan for Pakistan, underscoring Saudi Arabia’s commitment to Pakistan’s economic stability and welfare.

In May, when a Saudi delegation visited Pakistan, PM Shehbaz assured Saudi investors that they would benefit from an improved business environment under the Special Investment and Facilitation Council (SIFC).

Saudi Arabia has frequently provided support to Pakistan in times of economic difficulty, including a $2 billion deposit in Pakistan’s central bank in June of the previous year. This deposit was essential in unlocking a $3 billion IMF bailout package, preventing Pakistan from a sovereign default.