UAE To Invest 1b$ In Pakistan's Different Sectors

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UAE to invest 1b$ in Pakistan's different sectors

The state news agency of the United Arab Emirates reports that the planning of investment aims at exploring new investment opportunities, expanding bilateral economic relations and to enhance mutual cooperation in projects covering various sectors of the economy.

DUBAI: (UrduPoint/Pakistan Point News-Aug 6th, 2022) The United Arab Emirates (UAE) would invest one billion Dollars in Pakistan’s economic and investment sectors,the state news agency reported on Saturday.

The UAE would make investment in key sectors including gas, energy infrastructure, renewable energy, healthcare, biotechnology, agriculture technology, logistics, digital communications, e-commerce and financial services.

The development is aimed at exploring new investment opportunities, expanding bilateral economic relations and to enhance mutual cooperation in projects covering various sectors of the economy.

The UAE is Pakistan’s longest trading partner in the middle East and a major source of investments and remittances.

The trade volume between the two sides amounted to $8.19 billion (Dh30 billion) in 2019. UAE and Pakistan had significant investments in various sectors in each other’s economies such as real estate.

The plan of investment by the UAE would encourage the other investors as well.

As an IMF package becomes clearer, the sentiment improved.

The IMF is likely to start the process for releasing the seventh and eighth tranches of a loan programme for Pakistan later this week.

Pakistan and the IMF signed the $6bn bailout accord — Extended Fund Facility (EFF) — in 2019. But the release of a $1.17 billion (seventh and eighth) tranche has been on hold since earlier this year, when the IMF expressed concern about Pakistan’s compliance with the deal. Later, IMF agreed to release the next tranche which is likely to arrive till next month.

Abdullah Hussain

Abdullah Hussain is a staff member who writes on politics, human rights, social issues and climate change.