Prime Minister Shehbaz Sharif on Tuesday met UAE President Sheikh Zayed Al Nahyan and Rahim Yar Khan, a press release from the Prime Minister’s office stated. Both the leaders agreed on alleviating the long-standing ties between the two Muslim countries.
Al Nahyan undertook his first official visit to Pakistan last Friday, where substantive talks took place focused on further strengthening the long-standing fraternal relations between the two countries. Prime Minister Shahbaz Sharif was accompanied by Deputy Prime Minister and Foreign Minister Saqdar Information Minister Atul Latara and other officials, who met the Emirati President and Sheikh Zayed’s palace and Rahim Yar Khan.
PM Shehbaz stressed the need for both sides to actively pursue an enhancement in bilateral trade “through a quantum jump which will bring it to the desired level”, the statement added.
“While expressing his great admiration for the UAE’s remarkable progress under His Highness’s (Al-Nahyan) dynamic and visionary leadership, the prime minister thanked the UAE president for his patronage and commitment to foster stronger ties between the two countries,” the statement read.
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“He (PM Shehbaz) also appreciated the UAE for hosting 2.1 million Pakistanis, who were playing an important role in strengthening ties between both countries,” it added. “The meeting capped off a year of extensive leadership-level engagements between Pakistan and the UAE.
It added that the two leaders carried forward discussions from Al Nahyan’s December 26 visit. PM Shahbaz stressed the need for both sides to actively pursue enhancement in bilateral trade. Pakistan and UAE share close diplomatic, economic, and cultural ties, where many Pakistanis are living and earning in UAE.
The ties are also strengthened by historical and religious connections and an expatriate community. The UAE is one of Pakistan’s largest trading partners and a key source of remittances, with thousands of Pakistanis working in various sectors. Both countries are collaborating on defence, energy and investment projects, with UAE frequently providing financial aid as well as assistance to support Pakistan’s economy.
Moreover, the talks are ongoing on UAE investing in Pakistan’s Fauji Foundation. United Arab Emirates is set to convert $1 billion held as deposits with the State Bank of Pakistan into an equity investment in Fauji Foundations, a move that is expected to reduce Pakistan’s external liabilities while increasing foreign direct investment without altering the country’s gross foreign exchange reserves.
