The UAE will lend $1 billion and will roll over their existing $2 billion in PM Shehbaz, the President of the United Arab Emirates which will address brotherly connections between the two nations as well as regional and international issues.
ISLAMABAD: Sheikh Mohamed bin Zayed Al Nahyan, president of the United Arab Emirates (UAE), concurred on Thursday to extend the $2 billion existing loan and offer a $1 billion extra credit, according to a press release from the Prime Minister’s Office.
To discuss bilateral commerce and investments, Prime Minister Shehbaz Sharif had earlier travelled in the UAE for a two-day official visit. Sheikh Mohamed bin Zayed Al Nahyan welcomed him to Abu Dhabi.
The prime minister and his delegation were welcomed at the Abu Dhabi airport by the UAE’s Minister of Economic Affairs, Abdullah Touq Al Marr.
The two leaders discussed methods to further expand the relationship between Pakistan and the UAE during their meeting with the president of the UAE. They specifically looked at ways to do so in the areas of trade, investment, and energy.
The two leaders also discussed topics of shared interest in the region and around the world.
Both parties committed to expand their investment cooperation, encourage joint ventures, and provide chances for investment integration between the two nations.
Additionally, they reported satisfaction with the constant pace of improvement in the two-way relationships. They concurred that in order to further strengthen and give the relationship momentum, increased bilateral encounters and regular interaction at all levels are essential.
The UAE president consented to extend the current loan of $2 billion and give a new loan of $1 billion.
Sheikh Mohamed Bin Zayed President accepted the invitation from the prime minister to pay a state visit to Pakistan. The visit’s dates will be chosen later through diplomatic channels.
Shehbaz is in the Gulf state at the president of the UAE’s invitation. Since becoming prime minister, he has made three official visits.
The prime minister will also meet Sheikh Muhammad bin Rashid Al Maktoum, ruler of Dubai, vice president of the UAE, and prime minister of the UAE.
The PM will talk about methods to increase bilateral trade and investment during his talks with Emirati businesspeople and investors.
Around 1.7 million Pakistanis reside in the UAE and have made significant contributions to the two nations’ progress, prosperity, and economic development over the past 50 years, helping to shape the success narrative of the gulf state.
$1 billion Saudi announcement
Following Saudi Arabia’s statement that it would contribute $1 billion to Pakistan’s flood relief efforts, PM Shehbaz expressed his gratitude for the country’s assistance in trying times.
He stated that Pakistan was appreciative of the $1 billion pledge made by Saudi Arabia’s Crown Prince and Prime Minister Mohammed bin Salman for the rehabilitation of Pakistan’s flood victims.
He shared these opinions during a meeting with Sultan Al Murshid, the CEO of the Saudi Fund and head of a delegation of four people.
According to the prime minister, Pakistan views the kingdom’s contribution to the rehabilitation of flood victims highly.
Various Saudi Arabian development initiatives in Pakistan were also discussed at the meeting.
Senior officials, including Finance Minister Ishaq Dar, Attorney General Nazir Tarar, Prime Minister’s Adviser Ahad Cheema, and others, attended the meeting.
