Finance UAE rolls over $2bn payment due from Pakistan By Pramod Kumar January 8, 2025, 10:26 AM Wam UAE president Sheikh Mohamed bin Zayed Al Nahyan meets Pakistan's prime minister Shehbaz Sharif in Rahim Yar Khan city in Pakistan The UAE has agreed to roll over the payment of $2 billion due from Pakistan in January, Pakistan’s prime minister Shehbaz Sharif has said. Speaking at a press conference, Sharif said that the Emirati president extended the $2 billion repayment due this month in a one-on-one meeting during the UAE leader’s visit to Pakistan on Sunday, the UAE state-run Wam news agency reported. The length of the extension period was not disclosed. Sharif admitted that Pakistan had requested the UAE to back “a few billion dollars” in key investment projects and that the Gulf nation was committed to investing. In August 2024, State Bank of Pakistan governor Jameel Ahmad said that Pakistan plans to raise up to $4 billion from commercial lenders in the Middle East by fiscal year 2025. UAE commits to invest $10bn in Pakistan’s economy Saudi Arabia chases 15% stake in Pakistan’s Reko Diq mine Saudi Arabia agrees more Pakistan investment deals In December, Saudi Arabia renewed its $3 billion deposit with Pakistan’s central bank for another year. The deposit renewal with the State Bank of Pakistan will boost Pakistan’s foreign exchange reserves and strengthen its economy, the Saudi Fund for Development said. Saudi Arabia, the UAE and China have already rolled over their loans to support Islamabad’s $7 billion bailout package from the International Monetary Fund.
Mining Ma’aden signs $1bn contracts to develop industrial cities Saudi mineral giant Ma’aden has signed three contracts worth a combined $922 million with foreign companies to develop a third phosphate fertiliser project. The majority state-owned Saudi mining company announced the agreements in a note to the Saudi bourse on Thursday, coinciding with the final day of the Future Minerals Forum in Riyadh. Ma’aden is […] 4 hours ago
Transport Tenders issued for high speed Abu Dhabi-Dubai rail link Tenders have been issued for the design and construction of central components in a high-speed rail link between Abu Dhabi and Dubai. Etihad Rail, the national rail company of the UAE, has sent out tenders for designing and constructing civil works and station packages for the line connecting the two cities as part of the […] 5 hours ago
EXCLUSIVE Aviation Wizz Air increases flights from UAE to Israel after ceasefire The budget carrier Wizz Air is increasing the number of flights between Abu Dhabi and Tel Aviv after the ceasefire agreement between Israel and Hamas. The airline had previously scaled back its Tel Aviv-Abu Dhabi service to four flights a week because of the conflict, down from its pre-crisis schedule of two flights a day. […] 6 hours ago
Construction Dubai Multi Commodities Centre announces “Crypto Tower” Dubai Multi Commodities Centre (DMCC) and software company Reit Development have announced plans to build a 17-storey “Crypto Tower” that they say will demonstrate the use of blockchain technology. Blockchain will be used for tenant interactions and transactions through the use of on-chain voting mechanisms, shared resources, smart contracts and other automated services. The 150,000 sq […] 6 hours ago
