UAE likely to invest between USD 20-25 billion in cash-strapped Pakistan: Report

Islamabad: Pakistan and the UAE have inked several agreements under which the Gulf nation is likely to invest between USD 20-25 billion in the cash-strapped nation, according to a media report.

The signing ceremony took place on Monday in Abu Dhabi after caretaker Prime Minister Anwaarul Haq Kakar's meeting with the UAE President Sheikh Mohammed bin Zayed Al Nahyan, The Express Tribune newspaper reported.

The Memorandums of Understanding (MoUs) cover investment cooperation across various sectors, including energy, port operations, wastewater treatment, food security, logistics, mining, aviation, and banking and financial services.

The exact worth of the MoUs was not shared by the authorities but sources said the UAE was expected to invest between USD 20-25 billion in cash-strapped Pakistan under the agreements.

Pakistan's economy has been reeling under pressure for the last few years, and the country is battling an acute balance of payments crisis and falling foreign exchange reserves.

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”.

Earlier, the prime minister held a bilateral meeting with Sheikh Mohamed, which was also attended by Chief of Army Staff General Syed Asim Munir. The two leaders reaffirmed their resolve to strengthen the bilateral strategic cooperation and dialogue.

Prime Minister Kakar thanked the UAE's leadership for their firm support for Pakistan in the economic and financial domain. He also reiterated Islamabad’s full support to the UAE’s Presidency of the COP2.