Pakistan inks MoUs with UAE to unlock billions of dollars' worth investment

Caretaker Prime Minister Anwaar-ul-Haq Kakar (left) meets UAE President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi on November 27, 2023. — PID

Pakistan and the United Arab Emirates (UAE) bilateral ties have entered a “new era” as the two countries signed several memorandums of understandings (MoUs) worth billions of dollars to boost economic cooperation, caretaker Prime Minister Anwaar-ul-Haq Kakar said.

The development comes during an official two-day visit of the premier to the gulf nation, according to an official statement issued on Monday.

PM Kakar said that with the signing of the MoUs in various areas the bilateral economic and strategic relations had entered into a new era of cooperation.

Congratulating the people of Pakistan and the UAE, he said the foundation of friendship with Pakistan which was laid by Sheikh Zayed bin Sultan Al Nahyan in the 1970s, had been taken forward by his son Sheikh Mohamed bin Zayed Al Nahyan to a new era.

Army Chief General Asim Munir and the federal ministers were present on the occasion while on the other side, all the important ministers of UAE were also present, according to state-run APP.

PM Kakar expressed the hope that the MoUs that were signed by the two countries would turn into tangible projects very soon.

Bilateral meeting

During the visit, PM Kakar held a bilateral meeting with UAE President Mohamed bin Zayed in Abu Dhabi and discussed global and bilateral matters

General Munir was also present on the occasion, according to a statement issued by the PM's Office.

The leaders underlined that Pakistan and the UAE have historic and deep-rooted fraternal ties that have stood the test of time.

They reaffirmed the resolve to further strengthen bilateral strategic cooperation and dialogue between Pakistan and the UAE.

Prime Minister Kakar expressed profound gratitude for the UAE’s firm support to Pakistan in the economic and financial domain.

The UAE is home to 1.8 million Pakistanis, contributing to the progress, prosperity and economic development of the two brotherly countries.

During the meeting, regional and global developments were also discussed with particular reference to the deteriorating human rights and humanitarian situation in occupied Palestine.

The prime minister expressed Pakistan’s support for a just and durable solution to the Palestinian question anchored in international law and in line with relevant United Nations and OIC resolutions.

He also reiterated Pakistan’s full support of the UAE’s Presidency for COP 28, underlining its importance as an opportunity for meaningful progress towards effective and result-oriented global actions in key areas to mitigate climate impact including the establishment of the Loss and Damage Fund.

The two leaders witnessed the signing of MoUs between Pakistan and the UAE pertaining to investment cooperation in the sectors of energy, port operations projects, wastewater treatment, food security, logistics, minerals, and banking and financial services.

The official statement said these MoUs will unlock multi-billion dollars of investment from the UAE into Pakistan and will help realise various initiatives envisioned under the Special Investment Facilitation Council (SIFC).

Kuwait visit

Following his visit to the UAE, PM Kakar will embark on a bilateral visit to Kuwait on November 28-29, the Foreign Office said in a statement.

During the visit, the prime minister will meet Sheikh Meshal Al Jaber Al Sabah, Crown Prince of State of Kuwait, and Sheikh Ahmed Nawaf Al Ahmed AL Sabah, Prime Minister of the State of Kuwait.

The visit will include the signing of various MoUs in the fields of manpower, information technology, mineral exploration and food security, energy, and defence.

Pakistan and Kuwait enjoy deep-rooted and historical ties spanning over six decades. The year 2023 marks the 60th anniversary of the establishment of diplomatic relations, as per the statement.