Pakistan, UAE ink MoUs for mega investments

Multi-billion-dollar deals aim at unlocking projects envisioned under SIFC

ISLAMABAD:

Pakistan and the United Arab Emirates (UAE) inked several Memoranda of Understandings (MoUs), paving the way for multi-billion dollar investments in diverse initiatives outlined by the Special Investment Facilitation Council (SIFC).

The signing ceremony took place in Abu Dhabi, witnessed by Caretaker Prime Minister Anwaarul Haq Kakar and UAE President Sheikh Mohammed bin Zayed Al Nahyan, subsequent to a bilateral meeting between the two leaders.

The MoUs cover investment cooperation across various sectors, including energy, port operations, waste water treatment, food security, logistics, mining, aviation, and banking and financial services. The agreements aim to foster collaboration and stimulate significant investments in these key areas, a handout released by the Media Wing of the Prime Minister’s Office and the Information Ministry.

Caretaker Prime Minister Anwaar-ul-Haq Kakar today held a bilateral meeting with His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates in Abu Dhabi. Chief of Army Staff General Syed Asim Munir, NI (M) was also present at the occasion.

The… pic.twitter.com/y5RGQNE5jz

— Prime Minister's Office (@PakPMO) November 27, 2023

On the occasion, Kakar termed the signing of the MoUs a historic event that “will take economic cooperation between both brotherly countries to new heights and open doors of economic prosperity and socio-economic development of Pakistan”.

Kakar also highlighted the success of the SIFC in creating a business and investment-friendly environment through one-window operation and fast-tracking the initiatives. He expressed the hope that the MoUs would turn into tangible projects very soon.

Separately, Kakar, who is on a two-day visit to the UAE, said in a video message that with the signing of the MoUs, the bilateral economic and strategic relations had entered into a new era of bilateral cooperation. On that he congratulated the people of Pakistan and the UAE.

“Foundation of friendship with Pakistan that was laid by Sheikh Zayed bin Sultan Al Nahyan in the 1970s, has been taken forward by his son Sheikh Mohammed bin Zayed Al Nahyan to a new era,” the prime minister said in his message.

Earlier, Prime Minister Kakar held a bilateral meeting with Sheikh Mohamed. Chief of Army Staff General Syed Asim Munir was also present during the meeting. In their talks, the two leaders reaffirmed their resolve to strengthen the bilateral strategic cooperation and dialogue.

Prime Minister Kakar expressed profound gratitude for the UAE’s firm support for Pakistan in economic and financial domain. The UAE is home to 1.8 million Pakistanis, contributing to the progress, prosperity and economic development of the two brotherly countries, he noted.

Read more: Kakar arrives in Abu Dhabi on two-day visit

During the meeting, regional and global developments in the region were also discussed with particular reference to the escalating hostilities in the occupied Palestine. The prime minister expressed concern over the human cost of the dire situation in Gaza.

Kakar reiterated Pakistan’s full support to the UAE’s Presidency of the COP-28 and underlined the importance of the global gathering on climate change as an opportunity for meaningful progress towards effective and result oriented global actions on key areas, including the Loss and Damage fund.

Later in the day, Prime Minister Kakar embarked upon a two-day bilateral visit to Kuwait. During the November 28-29, 2023 visit, the prime minster will meet Kuwaiti Crown Prince Sheikh Meshal Al Jaber Al Sabah, Prime Minister Sheikh Ahmed Nawaf Al Ahmed AL Sabah.

Message of the Caretaker Prime Minister Anwaar-ul-Haq Kakar from Abu Dhabi, United Arab Emirates (27 November 2023)#PMKakarinUAE pic.twitter.com/cnuutcmthh

— Prime Minister's Office (@PakPMO) November 27, 2023

The Foreign Office spokesperson said in a press release that the visit would include the signing of various MoUs in the fields of manpower, information technology, mineral exploration and food security, energy and defence.