Pakistan and UAE Boost Economic Partnership with Multi-Billion Dollar Investment Agreements

In a significant development, Pakistan and the United Arab Emirates (UAE) recently signed memorandums of understanding (MoU) during a meeting between caretaker Prime Minister Anwaarul Haq Kakar and UAE President Sheikh Mohamed bin Zayed Al Nahyan met in Abu Dhabi. The agreements cover various sectors such as energy, port operations, wastewater treatment, food security, logistics, minerals, and banking and financial services.

The Prime Minister’s Office (PMO) revealed that these MoUs are expected to unlock "multi-billion dollars" in funding from the UAE into Pakistan. The move is set to support several initiatives outlined under the Special Investment Facilitation Council (SIFC). Prime Minister Kakar referred to the signing of the MoUs as a "historic event" that marks the beginning of a new era in the economic partnership between Pakistan and the UAE.

During the meeting, Prime Minister Kakar expressed deep gratitude for the UAE's consistent support to Pakistan in the economic and financial domains. He highlighted the significant contribution of 1.8 million Pakistanis living in the UAE to the progress, prosperity, and economic development of both nations.

In addition to economic matters, the leaders discussed regional and global developments, particularly focusing on the challenging human rights and humanitarian situation in occupied Palestine. Prime Minister Kakar expressed Pakistan's support for a just and lasting solution to the Palestinian issue based on international law and relevant resolutions from the United Nations and the Organisation of Islamic Cooperation.

The leaders also reiterated their commitment to strengthening economic and strategic cooperation, emphasizing the "historic and deep-rooted fraternal ties" between Pakistan and the UAE. General Asim Munir, the head of the army, was also there at the meeting.

Prime Minister Kakar is scheduled to make a two-day bilateral visit to Kuwait on November 28-29, where meetings with top Kuwaiti leadership are expected, and additional MoUs may be signed. Following that, he will participate in the United Nations Climate Change Conference 2023 (COP 28) in Dubai on December 1-2. While the summit will continue until December 12, PM Kakar will attend the main session with other heads of state, and technical sessions will follow, attended by officials rather than world leaders. The caretaker Prime Minister is set to return to Pakistan on December 3.