UAE allocates $10bn for investment in Pakistan’s ‘promising economic sectors’

The United Arab Emirates (UAE) has announced the allocation of $10 billion for investment in promising economic sectors in Pakistan, WAM reported on Thursday.

The announcement came following talks held today by UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan, with Muhammad Shehbaz Sharif, Prime Minister of Pakistan, in Abu Dhabi to “strengthen the Pakistani economy, support it, and enhance cooperation between the two countries”, the UAE’s official news agency reported.

PM Shehbaz arrived on Thursday in the UAE on a day-long visit with reports suggesting that investment in Pakistan would be high on his agenda.

In today’s meeting, PM Shehbaz was accompanied by Deputy Prime Minister/Foreign Minister Muhammad Ishaq Dar, Minister for Commerce Jam Kamal Khan, Minister for Defence Khawaja Muhammad Asif, and Special Assistant to Prime Minister Syed Tariq Fatemi, state-run Radio Pakistan reported.

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During the meeting, the prime minister offered condolences on the passing away of close family members of Al Nahyan family, late Sheikh Tahnoun bin Mohamed Al Nahyan and late Sheikh Hazza bin Sultan Al Nahyan.

“The meeting provided an opportunity to discuss whole gamut of bilateral relations including cooperation in political, economic, social, cultural and defence sectors,” PTV said in its post on X, formerly Twitter.

Shehbaz underscored the importance of galvanising existing cooperation and strengthening strategic partnership, including in the field of information technology, renewable energy, and tourism.

The prime minister highlighted steps taken by the government aimed at ensuring socio-economic stability in the country and building investors’ confidence.

He reiterated Pakistan’s commitment to ensure meaningful implementation of investment cooperation agreements in the areas of energy, port operations projects, wastewater treatment, food security, logistics, minerals, and banking and financial services, the post added.

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The prime minister conveyed gratitude to the UAE leadership for hosting 1.8 million Pakistani diaspora and highlighted Pakistan’s huge human resource potential that could be engaged in multiple sectors.

Both leaders also exchanged views on other issues of mutual interest including regional and global developments.

PM Shehbaz reiterated his invitation to the UAE president for an official visit to Pakistan. “The UAE President accepted the invitation,” PTV reported.