Maldives, Saudi Arabia sign MoU to boost trade, economic ties

Maldives on Monday signed a Memorandum of Understanding (MOU) with Saudi Arabia to enhance bilateral ties on trade and economic cooperation.

The signing took place during the official visit of the Minister of Economic Development and Trade, Mohamed Saeed, to Riyadh.

On behalf of the Maldivian government, Saeed signed the MOU, while Dr Majed Bin Abdullah Alkassabi, Minister of Commerce and Chairman of the Board of Directors of the General Authority of Foreign Trade, represented Saudi Arabia.

The MOU aims to strengthen trade relations, promote mutual investment opportunities, and foster greater commercial collaboration between the two countries.

Key sectors covered include commerce, tourism, and infrastructure development, with a focus on driving cross-border investments and cooperation.

Saeed expressed his appreciation for the partnership with Saudi Arabia and emphasised that the MOU is a significant step in advancing President Mohamed Muizzu's long-term vision for economic diversification and resilience.