High-ranking UAE delegation in Pakistan to discuss maritime, railways, aviation investments

ISLAMABAD: A high-ranking delegation from the United Arab Emirates (UAE) on Tuesday called on Pakistan’s deputy prime minister, Ishaq Dar, and discussed with him investment in Pakistan’s maritime, railways and aviation sectors, Dar’s office said.
The development comes amid a push for foreign investment by the South Asian country, which has been facing low foreign exchange reserves, currency devaluation and high inflation for the last one year.
Since avoiding a default last year, Pakistan has been making desperate attempts to revive its fragile $350 billion economy and reached a staff-level agreement with the International Monetary Fund (IMF) in July for a new $7 billion loan.
The UAE delegation, which called on the deputy prime minister, was led by Sheikh Ahmed Dalmook Al-Maktoum, according to Dar’s office.
“The talks focused on investment opportunities in Pakistan’s maritime, railways, and aviation sectors,” it said in a statement on Tuesday.
The UAE is one of Pakistan’s closest allies and has frequently bailed out the South Asian country, joining Saudi Arabia and China in rolling over billions of dollars of loans in support to the South Asian country.
In May, UAE President Sheikh Mohamed bin Zayed Al-Nahyan announced $10 billion investment in Pakistan during a visit by Prime Minister Shehbaz Sharif to the Gulf country, according to Sharif’s Office.
The South Asian nation this year also signed an agreement with the Abu Dhabi (AD) Ports Group, which will be investing about $395 million for the development of a container and cargo terminal under a government-to-government (G2G) agreement between the UAE and Pakistan.