“The Qatar Investment Authority announced its aspiration to invest $3 billion in various commercial and investment sectors in the Islamic Republic of Pakistan.”
By Staff Reporter
ISLAMABAD: Qatar’s sovereign wealth fund plans to invest $3 billion Pakistan, the ruler’s office said on Wednesday, extending its support to the cash-strapped economy of the South Asian country.
“The Qatar Investment Authority announced its aspiration to invest $3 billion in various commercial and investment sectors in the Islamic Republic of Pakistan,” the Emiri Diwan said on its website, without giving any further details.
The $445 billion Qatar Investment Authority (QIA) is eyeing strategic investments in Pakistan’s airports in Islamabad and Karachi, as well as in the renewable energy, power and hospitality sectors.
Reports suggest the investments from the QIA may partly overlap with the $2 billion in bilateral support Qatar has already planned for Pakistan. The fund may end up investing more or less than $3 billion depending on the asset valuations and opportunities.
The decision came during a meeting between Prime Minister Shehbaz Sharif and Qatari ruler Sheikh Tamim Bin Hamad Al Thani. Sharif has been visiting Qatar ahead of an IMF board meeting next week that could lead to the release of $1.2 billion in stuck-up financing. PM Sharif also met senior official of the QIA on Tuesday.
Pakistan is in economic turmoil and faces a balance of payments crisis, with foreign reserves having dropped as low as $7.8 billion, barely enough for more than a month of imports. It is also contending with a widening current account deficit, weakening rupee currency, and inflation that exceeded 24 percent in July.
Officials said Doha has also shown interest in airport management partnership and the Roosevelt Hotel in New York’s Manhattan owned by the Pakistan International Airlines. Pakistan has offered a 25 percent stake in the hotel. Shares in state-controlled PIA rose as much as 10 percent following the reports.
During the meeting the two sides also discussed investment possibility in Pakistan’s next LNG import terminal.
Meanwhile a statement said Qatari Amir Sheikh Tamim bin Hamad Al-Thani and Prime Minister Sharif held an official talks at Amiri Diwan office on Wednesday morning.
The Amir stressed the importance of strategic relations between the two countries and their aspiration to enhance economic partnership by raising trade exchange and promoting investments through the Qatar Investment Authority.
During the session, they discussed bilateral relations between the two countries, and ways to support and develop them in the fields of defense, economy, investment, trade exchange, energy, and sports, in addition to discussing the most prominent regional and international developments of common interest, especially the efforts made by the two countries to combat terrorism.
Copyright © 2021 Independent Pakistan | All rights reserved
