DUBAI: Pakistan has secured a significant investment commitment of over $20 billion from the United Arab Emirates (UAE) in a bid to bolster its economy. The announcement was made during a visit by a Pakistani delegation led by caretaker Prime Minister Anwaarul Haq Kakar to the UAE, where they met with UAE President Sheikh Mohamed bin Zayed Al Nahyan, accompanied by Chief of Army Staff General Asim Munir.
The collaboration resulted in the signing of Memorandums of Understanding (MoUs) covering various sectors, including energy, port operations, wastewater treatment, food security, logistics, minerals, and banking and financial services. The investment is expected to contribute to economic stability in Pakistan and support initiatives outlined by the Special Investment Facilitation Council (SIFC).
Caretaker PM Kakar highlighted the significance of the signed MoUs, emphasizing that they would unlock multi-billion dollars of investment from the UAE into Pakistan. The bilateral meeting between Kakar and President Sheikh Mohamed bin Zayed Al Nahyan underscored the longstanding and deep-rooted ties between Pakistan and the UAE, with a commitment to strengthening strategic cooperation.
Expressing gratitude for the UAE’s support in the economic and financial domains, PM Kakar acknowledged the significant role played by the 1.8 million Pakistanis residing in the UAE. The leaders also addressed regional and global developments, discussing the human rights situation in occupied Palestine. Kakar reiterated Pakistan’s support for a just and durable solution to the Palestinian question based on international law and relevant United Nations and OIC resolutions.
Furthermore, the meeting touched upon climate-related concerns, with Kakar expressing Pakistan’s full support for the UAE’s Presidency for COP 28. He emphasized the importance of meaningful progress and global actions to mitigate climate impact, including the establishment of the Loss and Damage Fund. Earlier discussions by the Planning Commission head, Dr Jehanzeb Khan, had anticipated a significant foreign direct investment of $70 billion through the SIFC, contingent on the evolving Gaza crisis.
