ISLAMABAD: Islamabad and Abu Dhabi took a step forward in transforming their bilateral relationship into a “long-term strategic and economic partnership” following the conclusion of a brief visit by Sheikh Mohammed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces on Sunday.
Sheikh Mohammed had visited the country after a gap of 12 years on the invitation of Prime Minister Imran Khan.
The UAE delegation, led by the crown prince, met with PM Khan and top Pakistani officials during the day-long trip, with the premier personally receiving Sheikh Mohammed at the Nur Khan air base. Later, he was accorded a 21-gun salute and presented with a guard of honor at the Prime Minister’s House in Islamabad.
Both the leaders “held wide-ranging talks focusing on all areas of bilateral relations” including those of “regional and global importance”. This was the third meeting between PM Khan and Sheikh Mohammed in less than three months.
PM Khan has visited the UAE twice after assuming office in August last year and was successful in receiving financial support from Abu Dhabi, the second Arab nation which agreed to help Pakistan after Saudi Arabia which has pledged to extend a $6 billion low-interest relief package.
Sheikh Mohammed’s visit comes at a time when Islamabad is coping with a balance of payments crisis stemming from an ailing economy and a devalued currency, amid depleting foreign reserves.
“The prime minister expressed thanks for the generous balance of payment support of $3 billion underscoring the UAE’s continued commitment and friendship that has remained steadfast over the years,” a statement released by the PM Office read.
Islamabad is keen on securing UAE’s investments in “Pakistan’s oil and gas, logistics, ports, and construction sector,” the statement said, adding that provisions for “deferred payments for oil facility are under discussion”.
The news brought some semblance of stability to the country’s volatile market. “Today the market rebounded primarily because investors were positive about the outcome of [Sheikh Mohammed’s] Sunday’s visit,” Khurram Schehzad, CEO, Alpha Beta Core told Arab News on Monday.
Experts said that the scope of cooperation in fields of mutual interest has remained limited and that the UAE investments in Pakistan have witnessed a decline in the past decade after the rule of former President General Pervaiz Musharraf ended in 2007.
Dr. Mirza Ikhtiar Baig, Senior Vice President of FPCCI expressed optimism when he said that the revitalization in relations would help in resolving an $800 million payment settlement by UAE telecom giant Etisalat to Pakistan. He told Arab News that Pakistan will be able to pursue an export deal to UAE cooperative stores which are equivalent to economical utility stores (grocery outlets) to provide low cost quality “food security” in large quantities. 
Pakistan was the first country to recognize the UAE after it gained independence in 1971. The UAE is considered Pakistan’s largest trading partner in the Middle East and a major source of investment, in addition to being home to nearly 1.6 million expatriates who contribute $4.5 billion to the country’s GDP every year.
“Past administrations in Pakistan developed personal ties with the Arab leadership, ignoring the value of a consistent bilateral relationship,” Qamar Cheema, a foreign affairs expert, told Arab News, adding that unless “bilateral relations are not strong multilateral relations do not work swiftly.”