ISLAMABAD: The Emirates News Agency reported on Friday the UAE’s intention to invest $1 billion in Pakistani companies across various sectors.
Relations between the UAE and Pakistan date back to the UAE’s formation in 1971, and have since evolved into wide-ranging cooperation in various fields. Pakistan was the first country to extend recognition of the United Arab Emirates, while the UAE continues to be a major donor of economic and financial assistance to Pakistan.
In recognition of the UAE’s humanitarian support to Pakistan, multiple institutions, bridges, airports and hospitals in Pakistan are named after the UAE’s founding father and first president, Sheikh Zayed bin Sultan Al Nahyan, such as the Sheikh Zayed Bridge in Swat Valley and Sheikh Zayed Medical Complex in Lahore.
“An official source in Abu Dhabi has emphasised the UAE’s intention to invest $1 billion in Pakistani companies in various economic and investment sectors,” the Emirates state news agency said.
“The move aims to explore new investment opportunities and areas for cooperation in projects across various sectors, so as to expand bilateral economic relations in the best interest of the two countries.”
WAM added: “It also emphasises the keenness of the UAE and Pakistan to continue cooperation in various fields, which include gas, energy infrastructure, renewable energy, health care, biotechnology, agricultural technology, logistics, digital communications, e-commerce and financial services.”