UAE promises to Invest $10b in Pakistan

Prime Minister Muhammad Shahbaz Sharif has secured a commitment from the President of the United Arab Emirates (UAE), His Highness Sheikh Muhammad bin Zayed Al Nahyan, for a $10 billion investment in Pakistan.

The announcement came after a high-level meeting in Abu Dhabi, attended by Prime Minister Sharif, Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar, Commerce Minister Jam Kamal Khan, Defense Minister Khawaja Asif, and Special Assistant Tariq Fatemi.

During the meeting, Prime Minister Sharif and President Al Nahyan discussed enhancing bilateral relations and cooperation in various sectors, including political, economic, and defense.

The leaders also expressed condolences over the recent deaths of Sheikh Tahnoon bin Muhammad Al Nahyan and Sheikh Hazza bin Sultan Al Nahyan.

Prime Minister Sharif emphasized Pakistan's commitment to strengthening ties with the UAE, particularly in information technology, renewable energy, and tourism.

He also reiterated his determination to ensure the implementation of UAE investments in key sectors such as energy, port operations, food security, communications, minerals, banking, and financial services.

PM Shehbaz conveyed his gratitude to the UAE leadership for hosting the Pakistani diaspora of 1.8 million and highlighted Pakistan’s “huge human resource potential” that could be engaged in multiple sectors.

“The meeting provided an opportunity to discuss whole gamut of bilateral relations, including cooperation in political, economic, social, cultural and defence sectors. [The] prime minister 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.”

This investment is expected to significantly bolster Pakistan's economy and enhance cooperation between the two nations across multiple domains.