By Ghulam Haider
The President of the United Arab Emirates (UAE) His Highness Sheikh Mohamed bin Zayed Al Nahyan has agreed to roll over Pakistan’s existing loan of US$ 2 billion besides providing US$ 1 billion additional loan to Islamabad.
This development comes on the heels of Prime Minister Muhammad Shehbaz Sharif’s meeting His Highness Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi on Thursday.
His Highness Sheikh Mohamed bin Zayed welcomed Prime Minister Sharif and wished progress and prosperity for Pakistan. He praised the historical relations between the two nations and the valuable contributions made by the Pakistani community in the UAE.
Both sides also agreed to deepen the investment cooperation, stimulate partnerships and enable investment integration opportunities between the two countries.
They also called for enhanced bilateral exchanges and regular dialogue at all levels to further solidify the bilateral relations.
The Prime Minister thanked the UAE President for inviting him to the brotherly country. The two leaders discussed the fraternal relations existing between Pakistan and the UAE and explored ways and means to further strengthen these ties, especially in the fields of trade, investment and energy. The two leaders also had an exchange of views on regional and international issues of mutual interest.
Prime Minister Shehbaz Sharif invited His Highness Sheikh Mohamed Bin Zayed President of the UAE for a state visit to Pakistan to which he agreed. The dates will be decided through diplomatic channels.
The premier will also meet with Sheikh Mohammad bin Rashid Al Maktoum, the UAE’s vice president and prime minister as well as the ruler of Dubai. He will also hold meetings with Emirati businessmen and investors to discuss ways to enhance bilateral trade and investment.
This is the third visit of PM Shahbaz Sharif to the UAE since assuming office in April 2022.
PM Shehbaz first visited Abu Dhabi for a day-long trip to the UAE in April 2022. His second visit was on his way back from the UK in May 2022 when he touched down in the UAE to offer condolences over the death of its former president Sheikh Khalifa bin Zayed Al Nahyan.
The prime minister’s trip comes after Chief of Army Staff (COAS) General Asim Munir’s visit to the Middle Eastern nation. COAS Asim Munir called on the Emirati president at Qasr Al Shati Palace and reviewed bilateral cooperation between the two countries.
The prime minister is accompanied by a high-level delegation, including key members of the cabinet.
The UAE is home to around 1.7 million Pakistanis who have been playing a pivotal role in the success story of the UAE, for the last five decades, contributing to the progress, prosperity and economic development of the two brotherly countries.
Pakistan and the United Arab Emirates enjoy close and fraternal ties based on common faith and traditions, shared history and heritage, deep-rooted cultural affinities, geographic proximity and identity of views on several regional and global issues.
United Arab Emirates Dirham Exchange Rate