Saudi Arabia has unveiled a major plan to award $200 billion worth of construction and material procurement contracts annually to Pakistani companies. This announcement was made by Saudi Investment Minister Khalid Al-Falih during the Pak-Saudi Business Forum held in Islamabad.
The move is part of Saudi Arabia’s broader Vision 2030 initiative, which seeks to diversify its economy and enhance development across various sectors. Through this collaboration, Saudi Arabia aims to strengthen its economic relationship with Pakistan by involving Pakistani firms in major construction and infrastructure projects.
According to Al-Falih, there is significant potential for Pakistani companies to supply construction materials and offer engineering services, with the value of contracts expected to reach an impressive $1.8 trillion over the coming years.
This partnership opens up vast opportunities for both countries, especially for Pakistani businesses looking to expand their role in Saudi Arabia’s growing construction industry. It also paves the way for increased trade and investment, further solidifying economic ties between the two nations.
