ISLAMABAD: Saudi Minister for Investment Khalid Al-Falih said on Wednesday $2.2 billion in agreements and memorandums of understanding signed between Saudi and Pakistani businesses earlier this month had been enhanced to $2.8 billion.

The business-to-business collaborations were signed on Oct. 10 during Al-Falih’s visit to Islamabad with a delegation of top investors and entrepreneurs from the Kingdom.

Pakistani Prime Minister Shehbaz Sharif is currently on a two-day visit to Riyadh where he attended the Future Investment Initiative forum on Tuesday and also held a bilateral meeting with Saudi Crown Prince Mohammed bin Salman who earlier this year reaffirmed the Kingdom’s commitment to expedite a $5 billion investment package for Pakistan.

“When we came to Pakistan, we concluded in three days 27 MoUs valued at $2.2 billion,” Al-Falih said in a televised press talk with Sharif. 

“And I mentioned during that time at various events that this was only the beginning. To prove that, here we are two or three weeks later, and I would like that that number has increased from 27 MoUs and agreements to 34 MoUs.

“So, we have been able to add another seven, almost two per week. And I think more importantly, the value of those agreements has also increased to $2.8 billion.”

The Saudi minister said five agreements signed during his trip to Pakistan were already operational and had resulted in exports from the South Asian state to the Kingdom. Al-Falih said Saudi Arabia would also absorb a greater and more qualified Pakistani workforce, especially in the health sector, in the foreseeable future.

“Remittances back to Pakistan will be on the rise,” the official said. “The first results will be seen in the next few weeks.”

Al-Falih said Saudi Arabia would also seek help from Pakistani technology firms to transform the way digital artificial intelligence was used for business and the economy.

Sharif thanked the Saudi government, especially Crown Prince Mohammed, for helping Pakistan secure a $7 billion International Monetary Fund program last month by helping Islamabad meet its external financing needs.

The PM added that he planned to return to Saudi Arabia next month for more discussions on bilateral engagements.

“Together we are marching forward, together we are strengthening our brotherly relations,” he said.

The Pakistani PM’s visit takes place at a time when Islamabad is seeking to strengthen trade and investment ties with friendly nations, particularly the Kingdom, which has promised a $5 billion investment package that cash-strapped Pakistan desperately needs to shore up its dwindling foreign reserves and fight a chronic balance of payment crisis.

RIYADH: Saudi Arabia has unveiled Ocean Central, a first-of-its-kind digital platform offering a view of marine health to aid global regeneration efforts. 

The platform, revealed at the Future Investment Initiative by the Kingdom’s Ambassador to the US Princess Reema bint Bandar, was developed in partnership with Wave to integrate data, design, storytelling, and strategy into accessible insights. 

Ocean Central allows users worldwide to understand health trends of the sea, identify data gaps, and work toward comprehensive restoration.

Princess Reema highlighted the need for shared understanding and collaboration to achieve ambitious ocean regeneration goals. 

“Countries are setting ambitious targets to regenerate a thriving ocean, but what’s been missing is a clear view of the journey,” she said. 

The ambassador continued: “By working together and leveraging data, Ocean Central will act as a catalyst for ocean regeneration by highlighting successful initiatives, identifying gaps in ocean data, and building a shared understanding of the ocean.”

The platform aligns with global objectives, integrating targets from the UN Sustainable Development Goals, the Kunming-Montreal Global Biodiversity Framework, and the 2015 Paris Agreement, to track both 2030 and 2050 milestones toward a regenerated ocean. 

It facilitates the collection and analysis of data on marine biodiversity, coastal preservation, and other key areas to drive informed action.

Princess Reema called for global collaboration, urging individuals, scientific communities, and industries to unite in the endeavor. 

“Together, we can build a collective understanding of ocean health and ensure a thriving ocean by 2050.” she said.

In a panel discussion alongside Red Sea Global CEO John Pagano, Princess Reema said: “We all know that the health of our planet and our oceans and our ecosystems are all connected to our well-being.”

She said the ocean-related industries generate over $2.5 trillion economic value per year globally, supporting the livelihoods of 3 billion people in industries that include seafood, port construction, and coastal tourism.

The Saudi envoy reiterated that economies can grow “but not at the expense of the ocean,” adding that “the investment in the blue economy has a trifecta of positive impact.”

 She added: “This collaboration of well-being and economic investment in coastal communities really can be considered as part of the toolkit that can restore the damage that has been done to oceans. You don't have to have it separated. It's all one and the same.”

Pagano emphasized: “I think we've taken our oceans far too for far too long, for granted.”