UAE likely to invest $1 billion in Pakistan’s Reko Diq, $5 billion in other sectors

WEB DESK: United Arab Emirates (UAE) officials have assured Pakistan of an investment of $1 billion in the Reko Diq project, according to sources.

The investment is expected to be made by a UAE-based company, marking a significant development in the bilateral relations between the two countries.

During a recent meeting, Pakistani officials provided an extensive briefing to UAE authorities on more than ten different projects, sources revealed. The UAE has also expressed its willingness to invest an additional $5 billion in various sectors, further strengthening economic ties between the two nations.

The Foreign Direct Investment (FDI) in the Reko Diq minerals project is projected to reach a total of $20 billion, sources added. In addition to the Reko Diq project, UAE officials were briefed on opportunities in agriculture and other energy-related projects.

Moreover, the privatisation process of First Women Bank for UAE investors is reportedly in its final stages.

A high-level delegation from Pakistan is expected to visit the UAE soon to continue discussions, with talks on over ten agreements between the two countries already concluded, according to sources.

Read next: Pakistan obtained IMF loan at over 5 per cent interest rate in 2023, Senate told