Finance Minister Nirmala Sitharaman sealed a new bilateral investment treaty with Saudi Arabia during her three-day visit to Doha. The visit ran from September 27 to 29 and centred on the 11th annual meeting of the Asian Infrastructure Investment Bank’s board of governors.

Sitharaman signed the treaty with Saudi Finance Minister Mohammed Al-Jadaan on the sidelines of the Doha meeting. The pact replaces the 2006 agreement and aims to protect investments in both directions. Officials said it will give investors more confidence to put money into each other’s economies.

India has now signed 15 such treaties since December 2023, after finalising its 2025 model text. Trade between India and Saudi Arabia stands at about 56 billion dollars, with Saudi investments in India worth nearly 9.7 billion dollars.

At the AIIB meeting, Sitharaman pushed for faster project clearances and stronger private-sector funding. India is the bank’s second-largest shareholder, and officials said New Delhi wants the AIIB to play a bigger role in green and digital infrastructure.