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Reading: UAE Pledges $10 Billion Investment in Pakistan During PM Shehbaz’s Visit
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UAE investment in Pakistan
PhotoNews Pakistan > Pakistan > UAE Pledges $10 Billion Investment in Pakistan During PM Shehbaz’s Visit
PakistanTop News

UAE Pledges $10 Billion Investment in Pakistan During PM Shehbaz’s Visit

Web Desk
By Web Desk Published May 23, 2024 3 Min Read
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Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE, with Shehbaz Sharif, Prime Minister of the Islamic Republic of Pakistan. Photo: UAE Embassy PK (X)
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United Arab Emirates President Sheikh Mohamed Bin Zayed Al-Nahyan on Thursday committed to investing $10 billion in multiple sectors of the Pakistani economy.

A statement released by state-run Pakistan Television on X said the development came during a meeting in Abu Dhabi between the UAE president and Prime Minister Shehbaz Sharif, who is on a day-long visit to the UAE.

UAE President commits to invest US$ 10 billion in Pakistan

Prime Minister of Pakistan Muhammad Shehbaz Sharif held a bilateral meeting with His Highness Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi today.

Prime Minister was accompanied by the Deputy Prime Minister/Foreign… pic.twitter.com/wp2h4nZijy

— PTV News (@PTVNewsOfficial) May 23, 2024

The statement added that Sheikh Mohamed “assured UAE’s support in all circumstances and committed to investing $10bn in multiple sectors in Pakistan.”

Strengthening Bilateral Relations

PM Shehbaz thanked the UAE leadership for hosting the 1.8 million-strong Pakistani diaspora. He highlighted Pakistan’s “huge human resource potential” that could be engaged in various sectors.

Honored to meet my dear brother, His Highness @MohamedBinZayed,President of the UAE. Grateful for his warm hospitality and affection towards Pakistan.
We had a most productive exchange of views on important aspects of our bilateral cooperation as well as an exchange of views on… pic.twitter.com/xg2g1LUPXb

— Shehbaz Sharif (@CMShehbaz) May 23, 2024

The meeting provided an opportunity to discuss bilateral relations, including cooperation in political, economic, social, cultural, and defense sectors. The prime minister emphasized the importance of enhancing cooperation and strengthening the strategic partnership, especially in IT, renewable energy, and tourism.

PM Shehbaz underscored the government’s steps to ensure socio-economic stability and build investor confidence. He reiterated Pakistan’s commitment to implementing investment cooperation agreements in energy, port operations, wastewater treatment, food security, logistics, minerals, and banking and financial services.

Focus on Collaboration, Not Loans

Earlier, PM Shehbaz clarified that his visit aimed to seek collaborations and investments, not loans. Addressing an IT community round table in Abu Dhabi, he emphasized the mutual benefits of joint ventures and the importance of empowering Pakistan’s youth with modern skills.

Prime Minister Muhammad Shehbaz Sharif addressing Round-Table Session "Innovate Together: UAE-Pakistan Tech Collaborations," held in Abu-Dhabi.

🇵🇰 🇦🇪#PMShehbazInUAE pic.twitter.com/r8yVXywGVK

— Government of Pakistan (@GovtofPakistan) May 23, 2024

He stated, “Gone are the days when I will go to a brotherly country with a begging bowl; I have broken that bowl.” He stressed that prosperity comes from collaboration, not aid.

In his meeting with the UAE president, PM Shehbaz requested trainers to help train Pakistani people. He expressed his commitment to transforming Pakistan’s economy through joint ventures, collaborations, and knowledge-sharing partnerships.

PM Shehbaz noted the progress made in Pakistan’s IT sector and the country’s potential, with almost 60% of the population being youth. He praised the UAE president for his vision of a diversified economy and appreciated his support for Pakistan.

State Minister for IT Shaza Fatima Khawaja also addressed the event, highlighting the collaboration’s potential benefits.

TAGGED:FeaturedPak­istan
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