The Saudi council of ministers has officially approved a Memorandum of Understanding (MoU) between the Maldives’ Ministry of Economic Development and Trade and the general authority for foreign trade of the Kingdom of Saudi Arabia.

The agreement marks a step in strengthening economic relations between the two nations.

Aligned with the strategic objectives of Maldivian President Dr Mohamed Muizzu and Saudi Crown Prince Mohammed bin Salman, the MoU aims to enhance commercial cooperation for mutual benefit.

By formalising this partnership, both countries seek to unlock new opportunities for trade and investment.

Saudi Arabia, a major economic force in the region, brings extensive trade and investment expertise to the table.

For the Maldives, this agreement represents an opportunity to expand its economic footprint and attract foreign investment through strategic collaboration.