UAE Pledges $10 Billion Investment to Boost Pakistan's Economy

UAE Pledges $10 Billion Investment to Boost Pakistan's Economy

By Staff Writer, 24 May 2024

The United Arab Emirates (UAE) has pledged a substantial investment of $10 billion in various promising sectors of Pakistan's economy, as announced by Islamabad on Thursday (23 May).

This commitment comes at a crucial time for Pakistan, which is actively seeking foreign investments to bolster its economy valued at $350 billion.

Plagued by high inflation and sluggish growth, Pakistan is undergoing challenging reforms mandated by the International Monetary Fund (IMF).

The investment pledge was made following a meeting between Pakistani Prime Minister Shehbaz Sharif and UAE President Sheikh Mohamed bin Zayed Al Nahyan during Sharif's two-day visit to the UAE.

The Emirati state news agency (WAM) also confirmed the commitment.

In a statement issued by Pakistan's Prime Minister's Office, it was highlighted that President Sheikh Mohamed bin Zayed Al Nahyan assured unwavering support to Pakistan and confirmed the $10 billion investment across multiple sectors.

However, the specific sectors earmarked for investment were not disclosed in the statement.

Prime Minister Sharif stressed the importance of strengthening strategic partnerships, particularly in areas such as information technology, renewable energy, and tourism.

This move signifies a significant step forward in the economic collaboration between the UAE and Pakistan, promising mutual benefits and opportunities for both nations.

Source: Reuters

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