Daily Times

The United Arab Emirates on Thursday committed to investing $10 billion in multiple sectors of the country’s economy, a statement from the Prime Minister’s Office (PMO) said.

According to the statement, Prime Minister Muhammad Shehbaz Sharif held a bilateral meeting with the President of the UAE and the Ruler of Abu Dhabi Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi.

The prime minister was accompanied by the Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar, Minister for Commerce Jam Kamal Khan, Minister for Defence Khawaja Muhammad Asif and Special Assistant to Prime Minister Syed Tariq Fatemi.

The premier offered condolences on the passing away of close family members of Al Nahyan family, late Sheikh Tahnoun bin Mohamed Al Nahyan and the late Sheikh Hazza bin Sultan Al Nahyan. The meeting provided an opportunity to discuss the whole gamut of bilateral relations including cooperation in political, economic, social, cultural and defence sectors. PM Shehbaz underscored the importance of galvanising existing cooperation and strengthening strategic partnership including in the field of information technology, renewable energy and tourism.

He highlighted steps taken by the government aimed at ensuring socio-economic stability in the country and building investors’ confidence. He reiterated Pakistan’s commitment to ensure meaningful implementation of investment cooperation agreements in the areas of energy, port operations projects, wastewater treatment, food security, logistics, minerals, and banking & financial services.

The UAE president assured UAE’s support in all circumstances and made commitment of investing $10 billion in multiple sectors in Pakistan. The prime minister conveyed gratitude to the UAE leadership for hosting 1.8 million Pakistani diaspora and highlighted Pakistan’s huge human resource potential that could be engaged in multiple sectors.

Both leaders exchanged views on other issues of mutual interest including regional and global developments. The prime minister reiterated his invitation to the UAE president for an official visit to Pakistan, which the UAE president accepted.

Earlier in the day, PM Shehbaz arrived in Dubai, United Arab Emirates for a one-day visit, his first since coming to power after the February 8 polls. On arrival, the premier was welcomed by Vice President and Deputy Prime Minister of the United Arab Emirates Mansour bin Zayed Al Nahyan.

Later, the premier, while addressing the business community, said that his aim was not to seek loans but joint collaboration and investment which will offer mutual benefits to the UAE and Pakistan. The prime minister praised the UAE for its advancement in technology and the nation’s success in building advanced infrastructure.

He also expressed pride in seeing talented individuals from both countries working together in various sectors and emphasised the need to replicate these efforts to promote the digitisation of the economy in Pakistan. Shehbaz also commended the UAE for its visionary leadership in diversifying its economy beyond oil and gas and paving the way for a future focused on industrial growth, youth empowerment, and digitalization – positioning the UAE as a hub for import and export.

The prime minister asserted that since being re-elected, he has prioritised the promotion of technology and AI across diverse sectors such as agriculture, mining, and minerals.

“Today, I am not here to seek loans, but to seek joint collaborations and investments that offer mutual benefits,” Shehbaz added.

Emphasising the significance of digital transformation, Shehbaz underscored the necessity for top-tier vocational training and the empowerment of youth with contemporary skills. He advocated for the establishment of businesses, startups, and enterprises in the UAE, particularly given that 60% of Pakistan’s population comprises young individuals. “This round table conference is to discuss what can be achieved and serves as a testimony that the sky is the limit,” the PM said. The premier acknowledged that while Pakistan’s tech sector has a long way to go, the goal is to completely transform the economy through joint ventures, collaboration, and knowledge sharing.