ISLAMABAD: The United Arab Emirates-Pakistan Assistance Program (UAE-PAP) is working on more than 100 largescale projects in Khyber Pakhtunkhwa (KP) and Balochistan, said the top diplomat of the Gulf state in Islamabad while talking to Arab News, adding that the organization was primarily focusing on education and health care sectors during the third phase of its program.
“Last year in May, we signed a $200 million cooperation agreement to execute Phase III of the UAE-PAP. This was for more than 100 bigger projects in Balochistan and KP focusing on education and health care,” UAE Ambassador Hamad Obaid Ibrahim Salem Al-Zaabi said.
The UAE-PAP was launched in January 2011 with the objective of providing help and humanitarian assistance to the people of Pakistan and support their development initiatives for a better future.
The program’s third phase complements the previous two phases in which 165 development and humanitarian projects were completed at the cost of $365 million.
Al-Zaabi said one of the main projects of UAE-PAP was to eradicate polio in Pakistan, though there were also several other programs to improve the country’s water and agriculture sectors.
He added that UAE’s charity institutes, such as Sheikh Muhammad bin Rashid, Sheikh Khalifa bin Zayed, and Sheikh Zayed bin Sultan foundations, were also managing several projects in Pakistan.
“In Kashmir, the Sheikh Muhammad bin Rashid Foundation has built many schools and hospitals in small villages of Muzaffarabad. They built hospitals, medical clinics, mobile clinics and schools in those areas where even vehicles cannot go,” he continued.
Al-Zaabi pointed out that Pakistan and the UAE had always maintained a strong diplomatic relationship. “I always call it classical relations between the UAE and Pakistan because the leaders of the two countries have the same vision of looking to the future.”
The ambassador said his mandate required him to explore new areas where both countries could work together, identify investment opportunities for entrepreneurs in his country, and facilitate Pakistani business people who wanted to benefit from the UAE market.
The envoy added that special emphasis was also placed on improving visa facilities in Karachi and Islamabad to help Pakistani laborers who were looking for work in his country.
Al-Zaabi was awarded the “UAE Medal of Pride” for enhancing bilateral relations between Abu Dhabi and Islamabad by building new partnerships and broadening the scope of economic and trade cooperation in all areas of common interest between both the countries.
“We at the embassy believe in teamwork and this medal is not for me but it’s for my team at the embassy,” he said, adding: “Every other day we have a new initiative and idea to improve relations with Pakistan, enhance bilateral trade and also to facilitate Pakistani community in the UAE. I count myself not only as the UAE ambassador in Islamabad but also as Pakistan’s ambassador in Abu Dhabi.”
UAE investing $200 million in mega projects in Balochistan, KP
UAE investing $200 million in mega projects in Balochistan, KP
- Says he also considers himself as Pakistan’s ambassador in Abu Dhabi
- Previously, the UAE-PAP completed 165 development and humanitarian projects at the cost of $365 million
Pakistan, global crypto exchange discuss modernizing digital payments, creating job prospects
- Pakistani officials, Binance team discuss coordination between Islamabad, local banks and global exchanges
- Pakistan has attempted to tap into growing crypto market to curb illicit transactions, improve oversight
ISLAMABAD: Pakistan’s finance officials and the team of a global cryptocurrency exchange on Friday held discussions aimed at modernizing the country’s digital payments system and building local talent pipelines to meet rising demand for blockchain and Web3 skills, the finance ministry said.
The development took place during a high-level meeting between Finance Minister Muhammad Aurangzeb, Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal bin Saqib, domestic bank presidents and a Binance team led by Global CEO Richard Teng. The meeting was held to advance work on Pakistan’s National Digital Asset Framework, a regulatory setup to govern Pakistan’s digital assets.
Pakistan has been moving to regulate its fast-growing crypto and digital assets market by bringing virtual asset service providers (VASPs) under a formal licensing regime. Officials say the push is aimed at curbing illicit transactions, improving oversight, and encouraging innovation in blockchain-based financial services.
“Participants reviewed opportunities to modernize Pakistan’s digital payments landscape, noting that blockchain-based systems could significantly reduce costs from the country’s $38 billion annual remittance flows,” the finance ministry said in a statement.
“Discussions also emphasized building local talent pipelines to meet rising global demand for blockchain and Web3 skills, creating high-value employment prospects for Pakistani youth.”
Blockchain is a type of digital database that is shared, transparent and tamper-resistant. Instead of being stored on one computer, the data is kept on a distributed network of computers, making it very hard to alter or hack.
Web3 refers to the next generation of the Internet built using blockchain, focusing on giving users more control over their data, identity and digital assets rather than big tech companies controlling it.
Participants of the meeting also discussed sovereign debt tokenization, which is the process of converting a country’s debt such as government bonds, into digital tokens on a blockchain, the ministry said.
Aurangzeb called for close coordination between the government, domestic banks and global exchanges to modernize Pakistan’s payment landscape.
Participants of the meeting also discussed considering a “time-bound amnesty” to encourage users to move assets onto regulated platforms, stressing the need for stronger verifications and a risk-mitigation system.
Pakistan has attempted in recent months to tap into the country’s growing crypto market, crack down on money laundering and terror financing, and promote responsible innovation — a move analysts say could bring an estimated $25 billion in virtual assets into the tax net.
In September, Islamabad invited international crypto exchanges and other VASPs to apply for licenses to operate in the country, a step aimed at formalizing and regulating its fast-growing digital market.
