Saudi Arabia’s Cabinet has approved a Memorandum of Understanding (MoU) aimed at strengthening trade relations with the Maldives, following the agreement signed between the two countries on 1 October 2024.
The MoU, signed between the Maldives’ Ministry of Economic Development and Trade and the Kingdom of Saudi Arabia’s General Authority of Foreign Trade, seeks to enhance economic and commercial cooperation. According to the Maldivian Ministry of Economic Development and Trade, the approval by Saudi Arabia’s Council of Ministersmarks a significant step in expanding bilateral trade ties.
In a statement shared on social media, the Ministry highlighted that the MoU aligns with the economic priorities of President Mohamed Muizzu and Saudi Crown Prince Mohammed bin Salman, fostering a stronger partnership for mutual benefit. The agreement is expected to facilitate greater commercial engagement between the two nations.
As part of the agreement, a special trade forum will be held in the Maldives, according to Economic Development and Trade Minister Mohamed Saeed. The forum is expected to bring together business leaders and government officials to explore new opportunities for trade and investment.
This development signals closer economic collaboration between the Maldives and Saudi Arabia, reflecting both countries’ commitment to enhancing trade partnerships and fostering economic growth.
