UAE to invest $1 billion in various Pakistani companies

Written by The Frontier Post

F.P. Report

ISLAMABAD: The United Arab Emirates is showing inclination to invest $1 billion in various Pakistani companies, on Saturday.

The UAE state news agency (WAM) reported citing official sources that the country would invest $1 billion in Pakistani companies across various economic, investment sectors.

The WAM said the move aims to explore new investment opportunities and areas for cooperation in projects across various sectors, so as to expand bilateral economic relations in the best interest of the two countries.

It also emphasises the keenness of the UAE and Pakistan to continue cooperation in various fields, which include gas, energy infrastructure, renewable energy, health care, biotechnology, agricultural technology, logistics, digital communications, e-commerce and financial services, the WAM concluded.

On Friday, Chief of the Army Staff General Qamar Javed Bajwa contacted Saudi Arabia and the United Arab Emirates seeking their help for the early release of the stalled IMF loan for Pakistan.

Reportedly, the IMF on Tuesday conditioned the approval of the $1.2 billion loan tranche in late August with Pakistan’s ability to timely secure ‘adequate assurances’ from friendly countries for more loans to bridge financing gap, exposing Islamabad to demands by its bilateral creditors.

The Pakistani authorities are anxiously waiting from friendly countries for fulfilling bridge financing of $4 billion for meeting the IMF conditions.

On Friday, Rashid Abdul Rahman Al Zamar, Deputy Head of Mission at UAE Embassy in Islamabad, met with Javed Ahmed Umrani, Additional Secretary (Middle East) Ministry of Foreign Affairs, and discussed the means to enhance bilateral cooperation and matters of common interests.

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