Pakistan said on Monday that out of the 34 Memorandum of Understandings (MoUs) signed with Saudi Arabia, seven worth $560 million have been converted into contracts.

This was informed to Prime Minister Shehbaz Sharif who chaired a meeting to review the progress of cooperation and investment between Pakistan and Saudi Arabia in various sectors, said a statement by the Prime Minister’s Office.

The statement added that the PM expressed satisfaction over the progress of various ongoing projects between the two countries and said “Saudi Arabia is a long-standing friend and has supported Pakistan in every difficult time”.

In October, the Kingdom announced to add another $600 million to its recently announced $2.2 billion investment in Pakistan.

This was announced during PM Shehbaz’s visit to Saudi Arabia in October.

Following their meeting, Saudi Investment Minister Khalid bin Abdulaziz Al Falih told the media that during his visit to Pakistan, both sides had signed 27 MoUs for investment worth $2.2 in Pakistan.

He said that following Prime Minister Shehbaz’s meeting with Crown Prince Mohammed bin Salman and their discussion, the number of MoUs increased from 27 to 34 to add $600 million in investment, taking its volume to $2.8 billion.