The United Arab Emirates announces a $10 billion investment package to revitalize Pakistan

The United Arab Emirates (UAE) has announced a $10 billion investment in Pakistan’s promising economic sectors. This statement came after the President of the United Arab Emirates, His Highness Sheikh Mohamed bin Zayed Al Nahyan, and the Prime Minister of Pakistan Muhammad Shehbaz Sharif in Abu Dhabi.

The two leaders discussed ways to further strengthen the historic ties between the UAE and Pakistan, especially in the economic, trade and development fields. They explored opportunities to boost cooperation in areas consistent with shared aspirations for sustainable economic growth.

Read more: UAE President reaches out to Pakistan: bilateral cooperation on the agenda

Prime Minister Sharif praised the UAE’s development journey and emphasized Pakistan’s commitment to strengthen friendship with the UAE and expand cooperation, especially in the economic, trade and investment sectors.

Outstanding figures present

The meeting was attended by His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi. His Majesty was present. Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s Representative in the Al Dhafra region. His Highness Sheikh Hamdan bin Mohamed bin Zayed Al Nahyan was also present. Sheikh Mohammed bin Hamad bin Tahnoun Al Nahyan, special adviser to the Presidential Court, took part in the meeting. Ali bin Hammad Al Shamsi, Secretary General of the Supreme National Security Council, was present. The meeting was attended by Mohamed Mubarak Fadhel Al Mazrouei, Minister of State for Defense of the United Arab Emirates. Sheikh Abdulla bin Mohammed bin Butti Al Hamed, Chairman of the National Media Office, was present. Many other officials also attended the meeting.

According to a statement issued by the UAE, in January 2023, the UAE agreed to extend an existing loan worth $2 billion and provide an additional $1 billion to Pakistan. Office of the Prime Minister of Pakistan.

UAE-Pakistan trade dynamics

In 2022, the UAE exported goods worth $5.8 billion to Pakistan. The main exports from the UAE to Pakistan were crude oil ($2.29 billion), refined petroleum ($1.3 billion) and propylene polymers ($212 million). Over the past 19 years, UAE exports to Pakistan have grown at an annual rate of 7.88 percent, from $1.37 billion in 2003 to $5.8 billion in 2022.

Moreover, Pakistan exported goods worth $2.58 billion to the UAE in 2022. Pakistan’s largest exports are refined petroleum ($1.07 billion), rice ($235 million) and beef ($165 million). Pakistan’s exports to the UAE have grown at an annual rate of 4.5 percent over the last 19 years, from $1.12 billion in 2003 to $2.58 billion in 2022.

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