The United Arab Emirates (UAE) has announced a $10 billion investment in promising economic sectors in Pakistan. This announcement came following a meeting between UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Pakistani Prime Minister Muhammad Shehbaz Sharif in Abu Dhabi.
The two leaders discussed ways to further enhance the historical ties between the UAE and Pakistan, particularly in the economic, commercial, and developmental fields. They explored opportunities to boost cooperation in areas aligned with the shared aspirations of sustainable economic growth.
Read more: UAE President reaches Pakistan: Bilateral cooperation on agenda
Prime Minister Sharif commended the UAE’s development journey and emphasized Pakistan’s commitment to strengthening its friendship with the UAE and expanding cooperation, especially in the economic, commercial, and investment sectors.
Prominent figures in attendance
The meeting was attended by H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi. H.H. Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s Representative in Al Dhafra Region, was in attendance. Â H.H. Sheikh Hamdan bin Mohamed bin Zayed Al Nahyan was also present. Sheikh Mohammed bin Hamad bin Tahnoun Al Nahyan, advisor for Special Affairs at the Presidential Court, attended the meeting. Ali bin Hammad Al Shamsi, secretary-general of the Supreme Council for National Security, was in attendance. Mohamed Mubarak Fadhel Al Mazrouei, UAE minister of State for Defence Affairs, participated in the meeting. Sheikh Abdulla bin Mohammed bin Butti Al Hamed, chairman of the National Media Office, was present. A number of other officials also attended the meeting.
In January 2023, the UAE agreed to roll over an existing $2 billion loan and provide an additional $1 billion to Pakistan, according to a statement from the Office of the Pakistani Prime Minister.
UAE-Pakistan trade dynamics
In 2022, the UAE exported $5.8 billion worth of goods to Pakistan. The main products exported from the UAE to Pakistan were Crude Petroleum ($2.29 billion), Refined Petroleum ($1.3 billion), and Propylene Polymers ($212 million). Over the past 19 years, the UAE’s exports to Pakistan have increased at an annualized rate of 7.88 percent, rising from $1.37 billion in 2003 to $5.8 billion in 2022.
Moreover, Pakistan exported in 2022 $2.58 billion worth of goods to the UAE. The top Pakistani exports were Refined Petroleum ($1.07 billion), Rice ($235 million), and Bovine Meat ($165 million). Pakistan’s exports to the UAE have grown at an annualized rate of 4.5 percent over the last 19 years, increasing from $1.12 billion in 2003 to $2.58 billion in 2022.
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