The Maldives and Saudi Arabia have formalized their commitment to enhancing trade and economic collaboration through the signing of a Memorandum of Understanding (MoU).

The agreement was signed by Economic Minister Mohamed Saeed on behalf of the Maldivian government and Minister of Commerce Majid bin Abdullah bin Osman Al Qasabi representing the Saudi government. Minister Majid announced the signing via a post on X.

During the meeting between the two ministers, they discussed ways to strengthen economic relations between the two nations. The Maldives and Saudi Arabia have maintained strong ties across various sectors, particularly in economy and trade.

This year, Saudi Arabia has provided a significant USD 150 million loan through the Saudi Fund for Development, aimed at expanding and developing Velana International Airport and enhancing the health sector in the Maldives.