UAE commits to invest $10bn in Pakistan’s economy

Wam

The UAE intends to invest $10 billion in various economic sectors in Pakistan.

“UAE president Sheikh Mohamed bin Zayed Al Nahyan assured the Emirates’ support in all circumstances and made a commitment of investing $10 billion in multiple sectors,” Pakistan’s prime minister’s office said in a statement.

The statement was released after the UAE president met with Pakistan’s prime minister Shehbaz Sharif during the latter’s visit to the country on Thursday.

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The two leaders discussed a wide range of bilateral relations, including cooperation in the political, economic, social, cultural and defence sectors.

Sharif highlighted the importance of strengthening existing cooperation and strategic partnerships in the information technology, renewable energy and tourism sectors.

The prime minister reiterated Pakistan’s commitment to ensuring the implementation of investment cooperation agreements in energy, ports operations projects, wastewater treatment, food security, logistics, minerals, and banking and financial services, the statement said.

The UAE is home to 1.8 million Pakistanis.

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In March, the International Monetary Fund (IMF) agreed to release $1.1 billion of a $3 billion bailout package to Pakistan, saying the country will need more policy reforms to address deep-seated economic vulnerabilities. 

The IMF has asked Islamabad to privatise state-owned enterprises to revitalise its ailing economy.

ARY News, a Pakistani news channel, reported last March that investors from the UAE, Qatar and Turkey had shown interest in Pakistan’s national airline and airports as the South Asian nation accelerates its privatisation programme.