MoU signed with Saudi for joint cooperation on trade

Maldives and Saudi Arabia have executed a Memorandum of Understanding (MoU) for joint cooperation and exchange of trade opportunities between the two nations.

The MoU was signed by Economic Minister Mohamed Saeed on behalf of the Maldivian government and Minister of Commerce Majid bin Abdullah bin Osman Al Qasabi on behalf of the Saudi government.

Minister Majid announced the execution of the MoU via a post on X.

اجتمعت اليوم بمعالي السيد محمد سعيد وزير التنمية الاقتصادية والتجارة المالديفي، وبحثنا سويا تعزيز علاقاتنا الاقتصادية، كما وقعنا مذكرة تفاهم للتعاون المشترك، وتبادل الفرص التجارية بين بلدينا الصديقين. pic.twitter.com/0olYiOcuSv

— ماجد عبدالله القصبي (@malkassabi) September 30, 2024

He detailed that strengthening economic relations between Maldives and Saudi Arabia was discussed during the meeting between the two ministers.

Maldives and Saudi Arabia maintain close ties in various fields including economy and trade.

Notably, a USD 150 million loan has been provided by Saudi Fund for Development this year for the expansion and development of Velana International Airport and the health sector.