The Maldives has taken a significant step towards strengthening its economic partnership with Saudi Arabia through the signing of a Memorandum of Understanding (MOU) on September 30, 2024. The agreement, focused on trade and economic cooperation, was formalized during an official visit by Maldivian Minister of Economic Development and Trade, H.E. Mohamed Saeed, to Riyadh.
Minister Saeed signed the MOU on behalf of the Maldives, while Saudi Arabia was represented by H.E. Dr. Majed Bin Abdullah Alkassabi, the Minister of Commerce and Chairman of the Board of Directors of the General Authority of Foreign Trade.
The agreement marks a new chapter in the Maldives-Saudi relationship, aiming to enhance bilateral trade, promote investment opportunities, and foster greater cooperation in key sectors such as tourism, commerce, and infrastructure development. It also seeks to drive cross-border investments and further solidify the economic ties between the two nations.
Speaking at the signing, Minister Saeed expressed gratitude for Saudi Arabia’s continued support and highlighted the importance of the partnership in the Maldives’ economic development. He noted that the MOU aligns with President Dr. Mohamed Muizzu’s vision of building a more diversified and resilient economy.
“The unwavering support from Saudi Arabia has been instrumental in our development journey,” Saeed stated, adding that this new agreement would pave the way for expanded collaboration and mutual growth.
The Maldives and Saudi Arabia have long shared a close relationship, and this latest agreement is seen as a strategic move that will enhance their cooperation in the years to come. Both nations are hopeful that the strengthened partnership will bring substantial economic benefits, contributing to long-term growth and prosperity.
This MOU is expected to serve as a catalyst for new ventures and economic initiatives between the two countries, further boosting their already strong ties.
