In a significant boost to Pakistan’s economy, United Arab Emirates President Sheikh Mohamed Bin Zayed Al-Nahyan has committed to investing $10 billion in multiple sectors. The announcement came during a meeting in Abu Dhabi with Pakistani Prime Minister Shehbaz Sharif, who was on a day-long visit to the UAE.
According to a statement released by Pakistan Television on the social media platform X, Sheikh Mohamed assured the UAE’s support “in all circumstances” and committed to the substantial investment. This move is expected to strengthen bilateral ties and support Pakistan in various critical sectors.
Prime Minister Shehbaz Sharif conveyed his gratitude to the UAE leadership for hosting the Pakistani diaspora, which numbers around 1.8 million. He emphasized Pakistan’s “huge human resource potential” that could be leveraged in multiple sectors. “The meeting provided an opportunity to discuss the whole gamut of bilateral relations, including cooperation in political, economic, social, cultural, and defense sectors,” the statement noted. PM Shehbaz highlighted the importance of galvanizing existing cooperation and strengthening the strategic partnership, particularly in information technology, renewable energy, and tourism.
During the meeting, PM Shehbaz underscored the steps taken by his government to ensure socio-economic stability and build investor confidence. He reiterated Pakistan’s commitment to implementing investment cooperation agreements in areas such as energy, port operations, wastewater treatment, food security, logistics, minerals, and banking and financial services.
The discussions also covered other issues of mutual interest, including regional and global developments. PM Shehbaz reiterated his invitation to Sheikh Mohamed for an official visit to Pakistan, which the UAE President accepted.
Earlier in the day, PM Shehbaz addressed a round table session of the IT community in Abu Dhabi, stating that the purpose of his visit was “not to seek loans but joint collaborations and investments.” He emphasized the mutual benefits of these collaborations for both investors and Pakistan. “I want to share with you my broad parameters of our program; we want to provide the highest quality vocational training and empower our youth with modern skills so that they can come to the UAE,” PM Shehbaz said. He stressed the importance of transforming the economy through joint ventures, collaborations, and knowledge-sharing partnerships.
Highlighting a significant shift in approach, PM Shehbaz declared, “Gone are the days when I will go to a brotherly country with a begging bowl; I have broken that bowl.” He questioned the efficacy of aid and handouts in fostering long-term prosperity.
During his meeting with Sheikh Mohamed, PM Shehbaz expressed his resolve to transform Pakistan’s economy in collaboration with UAE partners. He noted that in a short span, significant progress had been made in Pakistan’s IT sector, but acknowledged there was still a long way to go. The prime minister also praised the UAE President for envisioning a future not solely dependent on oil and gas, but on a diversified economy supported by trained youth and digital advancements.
PM Shehbaz also appreciated the UAE’s historical support for Pakistan, recalling the generosity of Sheikh Mohamed’s father during Pakistan’s difficult times. “We will never forget his support and generosity to Pakistan,” he said.