| Islamabad: Pakistan and the United Arab Emirates (UAE) have formally inked an investment agreement exceeding USD 3 billion, according to news sources on January 19. The pact encompasses collaboration in key sectors such as railways, economic zones, and infrastructure development.
Read: Pak, UAE forge bilateral ties with multi-billion-dollar MoUs
As per the details, the agreement was signed between the governments of Pakistan and a UAE-based company on the sidelines of the World Economic Forum held in Davos, Switzerland.
Ministry of Railways, who is also Federal Minister for Communication, Railways and Maritime Affairs Shahid Ashraf Tarar, speaking at the signing ceremony, emphasized the longstanding and proud presence of DP World, the company acting on behalf of the Dubai Government, in Pakistan. He expressed confidence in the partnership and trust between the two countries, highlighting their decision to strengthen economic cooperation through significant projects.
Read: Pakistan, UAE-based firm forge 25-yr Karachi Port deal for modernization
Chairman of Ports, Customs and Free Zone Corporation of Dubai Sultan Ahmed bin Sulayem, in his remarks, underscored Pakistan’s status as a growing market and a crucial trade corridor to Central Asia. He expressed pride in the UAE’s contributions to Pakistan’s trading capabilities, citing operations at Qasim International Container Terminal and various other projects. |
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