Maldives and Saudi Arabia Sign MoU to Boost Trade Cooperation

The Maldives and Saudi Arabia have formalised a Memorandum of Understanding (MoU) aimed at enhancing joint cooperation and promoting trade opportunities between the two countries.

The MoU was signed by the Maldivian Economic Minister, Mohamed Saeed, and the Saudi Minister of Commerce, Dr Majid bin Abdullah Al-kassabi, in a move to further strengthen bilateral economic relations. Minister Al Qasabi shared the news of the agreement through a post on X, where he highlighted the discussions between the two nations on deepening their economic ties.

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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

The Maldives and Saudi Arabia have maintained close relations in various sectors, particularly in trade and economic collaboration. Earlier this year, the Saudi Fund for Development provided a USD 150 million loan to support the expansion of Velana International Airport and the development of the health sector in the Maldives.

This latest agreement reinforces the growing partnership between the two countries as they seek to explore new avenues for mutual benefit.