 is planning to invest one billion dollars in Pakistan’s economic and investment sectors, estimating an official source in Abu Dhabi.){kind=link}
The United Arab Emirates (UAE) is planning to invest one billion dollars in Pakistan’s economic and investment sectors, estimating an official source in Abu Dhabi the state news agency has reported.
The move purposes at exploring new investment opportunities, growing bilateral economic relations and to improve mutual cooperation in projects covering numerous sectors of the economy.
The UAE investment will probably be conducted to key sectors containing gas, energy infrastructure, renewable energy, healthcare, biotechnology, agriculture technology, logistics, digital communications, e-commerce and financial services.
The UAE is Pakistan’s biggest trading partner in the Middle East and a main source of investments and remittances.
The trade volume amongst the two countries amounted to $8.19 billion (Dh30 billion) in 2019. Both countries also have major investments in numerous sectors in each other’s economies such as real estate.
The move is predictable to help in revival of investor sentiment in the country. As an IMF package come to be clearer, the sentiment has improved.
Read Also: Pakistan will get $4 billion soon: Governor State Bank
Rendering to a report, the IMF is expected to start the process for releasing the seventh and eighth tranches of a loan program for Pakistan later this week.
Pakistan and the IMF signed the $6bn bailout accord — Extended Fund Facility (EFF) — in 2019. But the release of a $1.17 billion (seventh and eighth) tranche has been on hold since previously this year, when the IMF spoken concern about Pakistan’s compliance with the deal.