By Staff Reporter
ISLAMABAD: The United Arab Emirates is planning to invest $1 billion in Pakistani companies spanning various sectors, state-run news agency WAM reported on Friday.
“An official source in Abu Dhabi has emphasised the UAE’s intention to invest $1 billion in Pakistani companies in various economic and investment sectors,” WAM reported.
The investments will cover fields including gas, energy infrastructure, renewable energy, health care, biotechnology, agricultural technology, logistics, digital communications, e-commerce, and financial services.
“The move aims to explore new investment opportunities and areas for cooperation in projects across various sectors, so as to expand bilateral economic relations in the best interest of the two countries.”
Pakistan has been under fiscal strain this year, turning to the International Monetary Fund for help. Saudi Arabia has already said it will extend an oil-loan facility to the South Asian country and was considering rolling over dollar deposits as Pakistan looks to rein in one of Asia’s highest inflation rates and stave off a current-account crisis.
The IMF is seeking assurance from Persian Gulf nations hoping they will follow through with funding commitments before approving a loan to Pakistan, Bloomberg reported earlier. Both Fitch Ratings and Moody’s Investors Service cut the outlook on Pakistan’s credit rating this year.
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