UAE ambassador visits PSX

KARACHI: Ambassador of United Arab Emirates (UAE), Hamad Obaid Al Zaabi has emphasised on the need for security, stable investment policies, and ease of doing business under a single umbrella for growth of business activities between Pakistan and the Emirates, a statement said.

The ambassador visited the Pakistan Stock Exchange (PSX) along with Counsellor General Bakheet Ateeq Al-Romaithi and Advisor Ahmad Abdulla Albalooshi the other day. The meeting was an opportunity to discuss increased cooperation in areas of common interest, business prospects, as well as to review the longstanding peaceful collaborations between the two countries.

Ambassador Zaabi said UAE was appreciative of Pakistan's contribution to the evolution of key institutions in the Emirates.

“Frequent exchanges of high level visits and regular bilateral consultations between the two countries are reflective of the fact that Pakistan and UAE have laid strong foundations of mutually beneficial relations, friendship and peaceful cooperation over the years,” he added.

He continued that the UAE has emerged as one of Pakistan's major economic and trading partners and a large number of Pakistani expatriates were gainfully employed in UAE; contributing to the promotion of bilateral understanding and to the economy of Pakistan through their home remittances.

PSX Managing Director (Acting) Muhammad Rafique Umer received and welcomed the guests. He apprised the UAE Ambassador of the current economic situation of Pakistan and steps taken by the PSX for the development of Pakistan’s capital market. He also gave a presentation about PSX, its ownership structure, and eco-system for stock investments. PSX MD said Pakistan and UAE have old bilateral relations, both at country and institutions level and in this regard PSX (formerly Karachi Stock Exchange) has executed MOU in the past with Abu Dhabi Securities Market and Dubai Financial Market.