UAE commits $10b investment in Pakistan

Sheikh Mohamed makes announcement during meeting with Shehbaz

APP May 23, 2024
Prime Minister Shehbaz Sharif and President of UAE Sheikh Muhammad bin Zayed Al Nahyan meet in Abu Dhabi on May 23, 2024. PHOTO: PID


UAE President Sheikh Mohamed bin Zayed Al Nahyan affirmed unwavering support for Pakistan, vowing a substantial $10 billion investment across various sectors.

In a bilateral meeting with Prime Minister Shehbaz Sharif, both leaders delved into the breadth of bilateral relations, spanning political, economic, social, cultural, and defense realms.

Prime Minister Sharif emphasized the need to bolster existing cooperation and fortify strategic partnership, particularly in information technology, renewable energy, and tourism. He spotlighted governmental initiatives aimed at fostering socio-economic stability and nurturing investor confidence.

Reiterating Pakistan's commitment, Sharif pledged to diligently implement investment agreements covering energy, port operations, waste management, food security, logistics, minerals, and financial services.

He expressed appreciation to the UAE for hosting 1.8 million Pakistani expatriates and underscored the vast potential of Pakistan's human capital across diverse sectors.

The leaders also discussed mutual interests, encompassing regional and global developments. Prime Minister Sharif extended an official invitation to President Al Nahyan to visit Pakistan, which was graciously accepted.PM Shehbaz was accompanied by Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar, Minister for Commerce Jam

Kamal Khan, Minister for Defence Khawaja Muhammad Asif and Special Assistant to Prime Minister Syed Tariq Fatemi.

The prime minister also offered condolences on the passing away of close family members of Al Nahyan family, late Sheikh Tahnoun bin Mohamed Al Nahyan and late Sheikh Hazza bin Sultan Al Nahyan.

Earlier in the day, PM Shehbaz arrived in Dubai for a one-day visit, his first since coming to power after the February 8 polls.

On arrival, the premier was welcomed by Vice President and Deputy Prime Minister of the United Arab Emirates Mansour bin Zayed Al Nahyan.

Later, the premier, while addressing the business community, said that his aim was not to seek loans but joint collaboration and investment which will offer mutual benefits to the UAE and Pakistan.

The prime minister praised the UAE for its advancement in technology and the nation's success in building advanced infrastructure.

He also expressed pride in seeing talented individuals from both countries working together in various sectors and emphasised the need to replicate these efforts to promote the digitisation of the economy in Pakistan.
Shehbaz also commended the UAE for its visionary leadership in diversifying its economy beyond oil and gas and paving the way for a future focused on industrial growth, youth empowerment, and digitalization - positioning the UAE as a hub for import and export.

The prime minister asserted that since being re-elected, he has prioritised the promotion of technology and AI across diverse sectors such as agriculture, mining, and minerals.

“Today, I am not here to seek loans, but to seek joint collaborations and investments that offer mutual benefits,” Shehbaz added.

Emphasising the significance of digital transformation, Shehbaz underscored the necessity for top-tier vocational training and the empowerment of youth with contemporary skills. He advocated for the establishment of businesses, startups, and enterprises in the UAE, particularly given that 60% of Pakistan's population comprises young individuals.


“The round table conference aims to explore achievable goals, demonstrating that the sky is the limit," the PM stated.

The premier acknowledged that while Pakistan's tech sector has a long way to go, the goal is to completely transform the economy through joint ventures, collaboration, and knowledge sharing.

Read Rs20b sought to boost cybersecurity, regulate social media

Prime Minister Shehbaz Sharif on Thursday said that he had broken the begging bowl as no nation had ever achieved prosperity through the begging bowl or aid rather through sacrifice and hard work. “Gone are the days when I will go to a brotherly country with a begging bowl. I have broken that bowl. The bowl will lead us nowhere. When was the last time that a country prospered through aid and bowls? Only the nations made their mark and left indelible footprints through sacrifice, hard work, sweat and blood,” he said addressing a roundtable conference on “Innovate together: UAE-Pakistan Tech Collaboration” during his daylong visit here.


This event was organized by Pakistan Software Houses Association (P@SHA) and Pakistan Software Export Board (PSEB) in collaboration with Ministry of Information Technology and Telecommunication and Pakistan Embassy in Abu Dhabi.


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