A media source claims that Pakistan and the United Arab Emirates ( UAE ) have signed multiple agreements mandating the Gulf state to invest between USD 20 and USD 25 billion in the economically beleaguered nation.
The temporary prime minister Anwaarul Haq Kakar and UAE President Sheikh Mohammed bin Zayed Al Nahyan met, and on Monday, a signing ceremony took place in Abu Dhabi, according to The Express Tribune.
Memorandums of Understanding (MoUs) pertaining to investment partnerships span a wide range of industries, including banking and financial services, energy, port operations, food security, wastewater treatment, logistics, mining, and aviation.
The agreements reportedly called for the UAE to invest between USD 20 and USD 25 billion in Pakistan, a country that is extremely cash-strapped; nevertheless, the authorities withheld the exact amount of the Memorandums of Understanding.
Read More
Recent years have seen Pakistan’s economy under extreme duress due to a significant balance of payments issue and diminishing foreign exchange reserves.
Declaring it a historic moment, Mr. Kakar said that the signing of the memoranda of understanding “will take economic cooperation between both brotherly countries to new heights and open doors of economic prosperity and socio-economic development in Pakistan.”
The Chief of Army Staff, General Syed Asim Munir, was present for a bilateral session between the prime minister and Sheikh Mohamed earlier. The presidents reaffirmed their dedication to improving communication and strategic cooperation on all fronts.
Prime Minister Kakar commended the UAE government for its unwavering support of Pakistan’s economic and trade interests. He also reiterated Islamabad’s steadfast support for the UAE’s presidency at the COP2.
Share this content:
2 Comments