Pakistan, UAE Strengthen Ties with Five Key Economic Agreements

Pakistan and the United Arab Emirates (UAE) have taken a significant step toward strengthening their economic and strategic partnership by signing five key economic agreements covering banking, railways, mining, and infrastructure investment. This milestone was marked during the first official visit of Abu Dhabi’s Crown Prince, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, to Pakistan.

A New Era of Cooperation

The high-level visit, undertaken on the invitation of Prime Minister Shehbaz Sharif, marks the growing relations between the two countries. Upon arrival at Nur Khan Airbase, the Crown Prince was given a grand welcome by President Asif Ali Zardari and Prime Minister Shehbaz Sharif, accompanied by top government officials. A ceremonial reception, complete with children holding the flags of both countries, marked the beginning of a visit aimed at furthering bilateral ties.

Strategic Economic Partnerships

The visit saw the leaders of both nations exchange signed documents, opening doors to fresh economic cooperation. Some of the signed agreements include a significant banking cooperation agreement, which was exchanged between Pakistan’s Secretary Finance Imdadullah Bosal and IHC CEO Syed Basar Shueb. A further important agreement was signed in an effort to improve cooperation in the mining sector, increasing investment in resource exploration and development.

The railways industry also saw a breakthrough with Pakistan Railways CEO Amir Ali Baloch and Etihad Rail CEO Shadi Malik signing two Memorandums of Understanding (MoUs) to modernize rail infrastructure. An MoU on infrastructure investment was also signed between Secretary Board of Investment Nadeem Chaudhary and AD Ports CEO Capt. Muhammad Juma Al Shamisi, indicating intensified cooperation in Pakistan’s development projects.

Leadership’s Commitment to Economic Growth

Prime Minister Shehbaz Sharif and Crown Prince Sheikh Khaled had in-depth talks on economic cooperation, trade development, and investment plans. The premier expressed Pakistan’s commitment to turning its historic relations with the UAE into a strong economic partnership. He underlined that negotiations for the Uzbekistan-Afghanistan-Pakistan Railway project could potentially assist ports in Gwadar and Abu Dhabi, setting the region up for unprecedented economic growth.

Sheikh Khaled reaffirmed the UAE’s firm commitment to Pakistan’s economic stability and prosperity, with Abu Dhabi vowing to strengthen investment relations.