Pakistan’s Finance Minister Muhammad Aurangzeb and his Saudi counterpart Khalid bin Abdulaziz Al-Falih met on the sidelines of the World Economic Forum in Davos, where they agreed to continue their bilateral cooperation by working closely together and maintaining high-level contact.
Islamabad and Riyadh have drawn closer in recent months, signing a landmark defence pact in September 2025 and agreeing to launch an economic cooperation framework a month later to enhance bilateral trade and investment relations.
Pakistan’s Finance Division said Aurangzeb met Al-Falih on the sidelines of the 56th annual World Economic Forum (WEF) summit in Davos, adding that the two sides reviewed ongoing cooperation and reviewed progress on existing and planned projects across various sectors.
Pakistan’s Finance Division said in a statement, “Both sides reiterated their strong resolve to expand bilateral collaboration by working closely together, strengthening institutional linkages and maintaining regular high-level contacts. They agreed that sustained engagement and mutual understanding would help translate shared objectives into concrete and mutually beneficial initiatives.”
The Finance Division said Al-Falih appreciated Pakistan’s importance and potential, particularly its natural resources.
“The meeting concluded in a positive and forward-looking spirit, with both ministers expressing confidence that closer partnership and continued dialogue would further strengthen economic and investment ties between Pakistan and the Kingdom of Saudi Arabia,” the statement said.
The two countries have decades of friendly relations based on shared values, culture, faith and economic ties. There are more than two million Pakistani expats in the Kingdom, which is the largest source of foreign remittances for cash-strapped Pakistan.
In 2024, 34 business agreements worth USD 2.8 billion were signed in various sectors between Pakistan and Saudi Arabia, strengthening economic ties. Riyadh has also repeatedly bailed Pakistan out of economic crises, giving it loans and oil on deferred payment terms.
Image Credits: Saudi Finance Ministry