UAE firms keen to invest in Gwadar

ISLAMABAD: UAE companies are eager to invest in Gwadar that has assumed importance under the China-Pakistan economic corridor framework envisaging the connection of western Chinese province with the Balochistan’s sea port.

UAE Ambassador Hamad Obaid Ibrahim Salem Al-Zaabi on Tuesday said many companies in UAE are keen to invest in Gwadar and they recently visited Pakistan for the purpose. Al-Zaabi called on the Adviser to Prime Minister on Finance, Revenue and Economic Affairs Abdul Hafeez Shaikh.

“Pakistan and UAE need to work together to further upgrade their ties aiming at developing strategic partnership,” an official statement quoted the envoy as saying. The ambassador hoped that the current high level of exchanges between the two countries would open the door of investment in Pakistan.

Both sides discussed bilateral ties and emphasised the need to further promote economic and trade relations between the two countries.

Shaikh said Pakistan highly values its ties with UAE which always extends support to Pakistan in difficult times. “Both countries need to realise the full potential of their ties by encouraging the private sector to come and invest in Pakistan,” he said.

The PM adviser briefed the ambassador about the vision of Prime Minister of Pakistan. He thanked the UAE government for providing financial support to Pakistan under the Abu Dhabi Fund for Development (ADFD). Pakistan has so far received $2 billion from the UAE’s foreign aid agency ADFD, which earlier this year committed $3 billion to deposit into the State Bank’s accounts to support the foreign exchange reserves.