Pakistan and UAE Sign MoUs Worth Multi-Billion Dollars

In a significant stride towards bolstering economic ties, Pakistan and the United Arab Emirates sealed a deal on Monday, signing memorandums of understanding (MoU) aimed at fostering investment cooperation. The momentous occasion unfolded during a meeting between the caretaker Prime Minister, Anwaar-ul-Haq Kakar, and UAE President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi. This meeting was an important part of the Prime Minister’s week-long trip to the Middle East.

The Prime Minister’s Office (PMO) disclosed that the MoUs span diverse sectors such as energy, port operations, wastewater treatment, food security, logistics, minerals, and banking and financial services. The agreements are poised to unleash a financial windfall, with “multi-billion dollars” in investments anticipated from the UAE into Pakistan. The PMO emphasized that these investments would play a crucial role in realizing initiatives outlined under the Special Investment Facilitation Council (SIFC).

Prime Minister Kakar hailed the signing of the MoUs as a “historic event” that heralds a new era in the economic partnership between Pakistan and the UAE. Expressing gratitude, he acknowledged the UAE’s steadfast support in the economic and financial domains, emphasizing the significant contribution of 1.8 million Pakistanis residing in the UAE to the progress and prosperity of both nations.

The meeting also delved into regional and global developments, with a specific focus on the deteriorating human rights and humanitarian situation in occupied Palestine. Prime Minister Kakar reiterated Pakistan’s support for a just and durable solution to the Palestinian question, rooted in international law and aligned with relevant United Nations and Organisation of Islamic Cooperation resolutions.

Additionally, the Prime Minister expressed full support for the UAE’s presidency of the United Nations Climate Change Conference 2023 (COP 28). He highlighted the conference as a pivotal opportunity for global cooperation in addressing climate change, emphasizing the importance of establishing the Loss and Damage Fund.

The leaders underscored their commitment to strengthening economic and strategic cooperation, emphasizing the deep-rooted and historic fraternal ties between Pakistan and the UAE. Chief of Army Staff General Asim Munir was also in attendance during the meeting.

Looking ahead, Prime Minister Kakar is scheduled for a two-day bilateral visit to Kuwait on November 28-29, where he is expected to engage with top Kuwaiti leadership and potentially sign additional MoUs. Subsequently, he will participate in COP 28 in Dubai from December 1-2, emphasizing the urgency of global actions to mitigate climate impact. While the summit continues until December 12, the Prime Minister will partake in the main session alongside other world leaders before returning to Pakistan on December 3.

Read more: Petrol Prices in Pakistan Expected May See Significant Reduction From Next Fortnight.

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