Prime Minister Shehbaz Sharif on Tuesday held a telephonic conversation with United Arab Emirates (UAE) President Sheikh Mohammed bin Zayed al-Nahyan, the Prime Minister’s Office said in a statement.

During the conversation, the two leaders exchanged views on matters of common interest and agreed to work closely to further enhance bilateral cooperation in different fields.

“The prime minister offered his condolences on the damage caused by the recent floods in the Emirates, resulting in the loss of precious lives including Pakistani nationals. He also expressed his deepest sympathies with the Emirati brethren,” the statement said.

The UAE president also extended heartfelt commiserations on the loss of precious lives in floods in Pakistan as well as on the sad demise of army personnel in the recent helicopter crash.

Recalling decisions taken during the visit of the Prime Minister to the UAE in April 2022, the two leaders reviewed the progress and resolved to further strengthen trade and economic ties, with particular focus on accelerating cooperation and building partnerships in areas comprising investments, energy, and infrastructure.

The premier also highlighted the generous support extended by the UAE to Pakistan over the years and welcomed the recent announcement by the UAE to invest US$ 1 billion in various economic and investment sectors in Pakistan.

“Pakistan and the UAE enjoy close fraternal ties which are rooted firmly in common beliefs and shared values and culture. The UAE is Pakistan’s largest trading partner in the Middle East and a major source of investments, and hosts more than 1.6 million Pakistanis,” PM Shehbaz was quoted as saying in the statement.

Last week, an official source in Abu Dhabi emphasised the UAE's intention to invest $1 billion in Pakistani companies in various economic and investment sectors, state news agency WAM reported, a key development that takes Pakistan closer to meeting what the International Monetary Fund (IMF) calls a funding gap ahead of the board meeting scheduled later this month.

"The move aims to explore new investment opportunities and areas for cooperation in projects across various sectors, so as to expand bilateral economic relations in the best interest of the two countries," stated WAM.