UAE commits $10 billion investment in Pakistan

The United Arab Emirates (UAE) announced an investment of $10 billion in Pakistan, focusing on various promising economic sectors, including energy, ports, minerals, food security and financial services.

This was announced after talks between President Sheikh Mohamed bin Zayed Al Nahyan and Prime Minister Muhammad Shehbaz Sharif in Abu Dhabi, aiming to bolster the Pakistani economy and enhance bilateral cooperation.

During their meeting, President Sheikh Mohamed assured full support to Pakistan under all circumstances, emphasizing the UAE’s commitment to invest in multiple sectors. The discussion covered a broad range of bilateral relations, including cooperation in political, economic, social, cultural, and defense sectors.

Pakistani Prime Minister Shehbaz Sharif and President of UAE Sheikh Mohamed bin Zayed Al Nahyan
Pakistani Prime Minister Shehbaz Sharif and President of UAE Sheikh Mohamed bin Zayed Al Nahyan during a meeting in Abu Dhabi on May 23, 2024. (Image Credit: APP)

Prime Minister Shehbaz Sharif highlighted the importance of strengthening the existing cooperation and strategic partnership between the two countries. He pointed out the potential for collaboration in fields such as information technology, renewable energy, and tourism.

The Prime Minister also outlined the steps his government has taken to ensure socio-economic stability and build investor confidence. He emphasized Pakistan’s dedication to implementing investment agreements in areas like energy, port operations, wastewater treatment, food security, logistics, minerals, and banking and financial services.

In addition, Prime Minister Shehbaz thanked the UAE leadership for hosting 1.8 million Pakistanis, acknowledging the significant contribution of this diaspora. He highlighted the vast human resource potential of Pakistan, which can be utilized in various sectors to benefit both nations.

The leaders also exchanged views on regional and global developments, discussing issues of mutual interest. Sharif also invited the UAE president to visit Pakistan, an offer which Sheikh Mohamed bin Zayed accepted, the statement said.

Accompanying the Prime Minister were several key officials, including Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar, Minister for Commerce Jam Kamal Khan, Minister for Defence Khawaja Muhammad Asif, and Special Assistant to the Prime Minister Syed Tariq Fatemi.

During his visit, Prime Minister Shehbaz also extended condolences on the passing of Sheikh Tahnoun bin Mohamed Al Nahyan and Sheikh Hazza bin Sultan Al Nahyan, members of the Al Nahyan family.

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