Pakistan and UAE sign ‘multi-billion dollar’ investment agreements

ABU DHABI: Pakistan and the United Arab Emirates (UAE) sealed significant investment cooperation deals on Monday, as part of a historic meeting between caretaker Prime Minister Anwaarul Haq Kakar and UAE President Sheikh Mohamed bin Zayed Al Nahyan.

The agreements signed in in Abu Dhabi span various sectors, including energy, port operations, wastewater treatment, food security, logistics, minerals, and banking and financial services.

The Prime Minister’s Office (PMO) announced that the memorandums of understanding (MoUs) are expected to unlock “multi-billion dollars of investment from the UAE into Pakistan,” contributing to the realisation of initiatives outlined under the Special Investment Facilitation Council (SIFC).

Describing the occasion as a “historic event,” Prime Minister Kakar expressed optimism about the newfound economic partnership between Pakistan and the UAE. He conveyed profound gratitude for the UAE’s unwavering support in the economic and financial domains, emphasising the crucial role played by the 1.8 million Pakistanis residing in the UAE in fostering progress, prosperity, and economic development in both countries.

The bilateral discussions also delved into regional and global developments, with a particular focus on the deteriorating human rights and humanitarian situation in occupied Palestine.

Prime Minister Kakar reiterated Pakistan’s commitment to a just and durable solution to the Palestinian question based on international law and aligned with relevant United Nations and Organisation of Islamic Cooperation (OIC) resolutions.

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During the meeting, both leaders underscored their dedication to bolstering economic and strategic cooperation, highlighting the enduring fraternal ties between Pakistan and the UAE. Chief of Army Staff (COAS) General Asim Munir also attended the meeting.

Former prime minister Shehbaz Sharif has also expressed delight at the signing of these investment pacts. In a post on X, formerly Twitter, he wrote, “The journey from conceptualisation to realisation of the SIFC has been the result of extensive efforts by all stakeholders, especially the Army Chief to navigate the country away from economic challenges.”

Prime Minister Kakar’s diplomatic engagements will continue with a two-day bilateral visit to Kuwait on November 28-29. Afterwards, he will participate in COP28 in Dubai on December 1-2, returning to Pakistan on December 3.