MyAdhan Blog

Link: UAE keen to increase investment in Pakistan

The United Arab Emirates (UAE) has set Pakistan well amongst its potential list of investment opportunities when it announced last year to double its endeavours to a staggering US$26 billion as trade between the two countries reaches the $5 billion mark. Chairman, Pak-UAE Business Council, Mirza Ikhtiar Baig pointed out that the UAE was making heavy investments owing to increase in oil prices which have led to additional $400 billion revenue entering into the Gulf region of which the UAE is an active member. “Last year, the UAE invested $3 billion into our country which when compared to the $400 billion is insignificant and which can triple in figures.” He added that Pakistan was their first choice as the market of the country was not saturated like that of most other countries and it being a third world country offers them better economies of scale than the western countries. Also since Pakistan is closer to the UAE and is ideally geographically placed, it benefits the Arab country to target it for its investments. He said the council was formed a year back by the foreign ministers of both the countries keeping in view the growing number of investments between the countries. Baig added that though the political instability and the dismal law and order was a major turn off for any foreign investors, the UAE was eager to continue with further investments and is searching to enter unexplored markets.As major groups continue to participate in Pakistan’s privatisation programme, the UAE already has investments worth billions of dollars in various sectors of Pakistan such as housing and real estate, telecommunication, banking, mineral exploration, oil and gas, information technology and tourism. Other UAE investments in Pakistan are in the fields of airlines, financial business, hotels and tractors.