UAE to invest $1b in Pakistani companies, key economic sectors

Abu Dhabi: The UAE is planning to invest $1 billion in Pakistan’s economic and investment sectors, the Emirates News Agency (WAM) reported, quoting an official source in Abu Dhabi.

The move aims to explore new investment opportunities, expand bilateral economic relations, and enhance mutual cooperation in projects covering various sectors

The investment will channeled to key sectors including gas, energy infrastructure, renewable energy, health care, biotechnology, agricultural technology, logistics, digital communications, e-commerce and financial services.

The UAE is Pakistan’s largest trading partner in the Middle East and a major source of investments and remittances. The trade volume between the two countries amounted to $8.19 billion (Dh30 billion) in 2019. Both countries also have significant investments in various sectors in each other’s economies such as real estate.