UAE plans to invest $10 billion in Pakistan

ABU DHABI: United Arab Emirates President Sheikh Mohamed bin Zayed Al Nahyan on Thursday assured Pakistan his country’s support in all circumstances and made a commitment to invest $10 billion in multiple sectors in Pakistan.

The development comes after Prime Minister Shehbaz Sharif held a bilateral meeting with Sheikh Mohamed in Abu Dhabi during his daylong visit to the Middle Eastern country. The meeting provided an opportunity to discuss a wide range of bilateral relations, including cooperation in political, economic, social, cultural, and defense sectors.

During the meeting, Prime Minister Shehbaz Sharif highlighted the steps taken by the government to ensure socio-economic stability in the country and build investors’ confidence. He reiterated Pakistan’s commitment to implementing investment cooperation agreements in areas such as energy, port operations projects, wastewater treatment, food security, logistics, minerals, and banking and financial services.

Shehbaz also expressed gratitude to the UAE leadership for hosting 1.8 million Pakistani diaspora and emphasized Pakistan’s vast human resource potential that could be engaged in various sectors. Both leaders exchanged views on regional and global developments, with the prime minister extending an invitation to the UAE president for an official visit to Pakistan, which was accepted.

In a roundtable conference on ‘Innovate together: UAE-Pakistan Tech Collaboration’ in Abu Dhabi, PM Shehbaz emphasized the importance of moving away from a dependency on aid and focusing on collaboration and joint investments for mutual benefits. He highlighted the potential for Pakistani workers to receive vocational training and contribute to the UAE economy.

The event, organized by Pakistan Software Houses Association (PSHA) and Pakistan Software Export Board (PSEB), aimed to promote digital transformation and collaboration between Pakistani and UAE IT companies. The prime minister stressed the need to replicate the success of Pakistani IT professionals in digitizing the UAE economy in Pakistan.

Shehbaz also discussed matters related to the export of sugar during a special meeting, emphasizing the need to maintain stable sugar prices and explore opportunities for sugar exports to generate revenue for Pakistan. Additionally, he extended warm wishes to Buddhists worldwide celebrating the Vesak festival, highlighting the importance of mutual respect and understanding.

The prime minister’s engagement with world leaders, including Tajikistan President Emomali Rahmon, Azerbaijani counterpart Ali Asadov, and Emir of Qatar Tamim bin Hamad Al Thani, focused on strengthening bilateral relations and fostering cooperation in various sectors. Shehbaz also met with Turkish Vice President Cevdet Yilmaz and Foreign Minister Hakan Fidan, reiterating an invitation to Turkish President Recep Tayyip Erdogan to visit Pakistan.

In a significant move towards addressing the long-standing issues of Gilgit-Baltistan, Prime Minister Shehbaz Sharif constituted a high-level committee to present recommendations for resolving financial matters, electricity crisis, and wheat subsidy in the region. The committee aims to provide a comprehensive roadmap for the economic and social development of Gilgit-Baltistan.

While the formation of the committee has been welcomed by GB Chief Minister Haji Gulbar Khan, political activists in Gilgit-Baltistan have demanded the cancellation of leases issued to green tourism and other individuals, as well as the establishment of a constitutional assembly and financial autonomy.

Overall, Prime Minister Shehbaz Sharif’s visit to the UAE and engagements with world leaders reflect a commitment to strengthening bilateral relations, promoting economic cooperation, and addressing key issues for the development and prosperity of Pakistan and its regions.