UAE investment in Pakistan to reach $50bn: envoy
The Ambassador of the United Arab Emirates, Ali Mohammad Al-Shamsi, has stated that the UAE’s total investment in Pakistan is expected to reach $50 billion from $12 billion during the past 16 years as part of a major business strategy, making the Gulf nation the largest foreign investor in Pakistan.
Pakistan is indeed one of the most favourite destinations of UAE’s foreign investment. It is a matter of pride that UAE’s public and private entities are actively engaged in making investment in Pakistan.
The envoy was talking to The News exclusively on the occasion of 35th National Day of the UAE, being celebrated today, 14th of December. The ambassador said the recent privatisation deal, the largest in Pakistan’s history, was fetched by the Emirates Telecommunication Corporation ETISALAT, which acquired 26 per cent stakes in the Pakistan Telecommunication Company Limited and its management control.
He stated that in the past 12 months, the UAE has succeeded, under the leadership of President Sheikh Khalifa bin Zayed Al-Nahyan and Vice President and Prime Minister Sheikh Mohammad bin Rashid Al Maktoum, in making substantial progress in the economic and social development of Pakistan and has continued to play a vital role in regional and international affairs.
The most significant thing to say is the UAE is entering a new era and the Federal National Council (FNC) polls mark the start of the democratic process. The UAE leadership has now embarked on a major initiative to broaden people’s participation in government.
In mid-December, elections will be held for the first time, Ali Mohammad Al-Shamsi said. “The president made it clear that the UAE is on the threshold of a new era called ‘empowerment’ as polls to elect half the members of the Federal National Council are being held in December,” he added.
He said the other half will be selected using the current mechanism, which will be phased out gradually to reach a fully elected council. President Khalifa has said all organisations in the UAE were currently under a comprehensive review of their philosophies, goals, laws and means.
The envoy said one of our key objectives in the next stage is to lay the groundwork for emergence of a more active UAE citizen, stressing that a nation is built by the thought and effort of its own citizens through a set of means to enhance unity, maintain stability, meet citizen’s aspirations and embrace the rapid changes witnessed locally, regionally and internationally.
Ali Mohammad Al-Shamsi said the UAE-based investment group Emaar and Port Qasim Authority are in the process of undertaking a mega joint-venture project to develop an area of 12,000 acres of land into a modern city near Karachi. At present, a state-managed fund in the UAE is considering investing $5 billion in building an oil refinery in Pakistan with an estimated capacity of 200,000 to 300,000 barrels per day.
Sheikh Zayed Centre, a 55-storey complex, is to be built in Lahore under a joint venture between Abu Dhabi Group and the Punjab government. The UAE is one of Pakistan’s major trading partners. Approximately eight per cent of Pakistan’s exports come to the UAE, making it the second-largest destination for Pakistani exports. In view of the increased potential of trade between the two countries, Pakistan has already started negotiations with the Gulf Cooperation Council (GCC) on a Free Trade Agreement.
The envoy said he is confidant that the volume of business between the two countries will further increase after both countries acceded to the New York Convention. Responding to a question, the ambassador quoted from General Mohammad bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, that his country will witness sweeping changes during the next five years as part of national plans to enhance the role of federal entities to meet the aspirations of UAE citizens.
Pakistan is indeed one of the most favourite destinations of UAE’s foreign investment. It is a matter of pride that UAE’s public and private entities are actively engaged in making investment in Pakistan.
The envoy was talking to The News exclusively on the occasion of 35th National Day of the UAE, being celebrated today, 14th of December. The ambassador said the recent privatisation deal, the largest in Pakistan’s history, was fetched by the Emirates Telecommunication Corporation ETISALAT, which acquired 26 per cent stakes in the Pakistan Telecommunication Company Limited and its management control.
He stated that in the past 12 months, the UAE has succeeded, under the leadership of President Sheikh Khalifa bin Zayed Al-Nahyan and Vice President and Prime Minister Sheikh Mohammad bin Rashid Al Maktoum, in making substantial progress in the economic and social development of Pakistan and has continued to play a vital role in regional and international affairs.
The most significant thing to say is the UAE is entering a new era and the Federal National Council (FNC) polls mark the start of the democratic process. The UAE leadership has now embarked on a major initiative to broaden people’s participation in government.
In mid-December, elections will be held for the first time, Ali Mohammad Al-Shamsi said. “The president made it clear that the UAE is on the threshold of a new era called ‘empowerment’ as polls to elect half the members of the Federal National Council are being held in December,” he added.
He said the other half will be selected using the current mechanism, which will be phased out gradually to reach a fully elected council. President Khalifa has said all organisations in the UAE were currently under a comprehensive review of their philosophies, goals, laws and means.
The envoy said one of our key objectives in the next stage is to lay the groundwork for emergence of a more active UAE citizen, stressing that a nation is built by the thought and effort of its own citizens through a set of means to enhance unity, maintain stability, meet citizen’s aspirations and embrace the rapid changes witnessed locally, regionally and internationally.
Ali Mohammad Al-Shamsi said the UAE-based investment group Emaar and Port Qasim Authority are in the process of undertaking a mega joint-venture project to develop an area of 12,000 acres of land into a modern city near Karachi. At present, a state-managed fund in the UAE is considering investing $5 billion in building an oil refinery in Pakistan with an estimated capacity of 200,000 to 300,000 barrels per day.
Sheikh Zayed Centre, a 55-storey complex, is to be built in Lahore under a joint venture between Abu Dhabi Group and the Punjab government. The UAE is one of Pakistan’s major trading partners. Approximately eight per cent of Pakistan’s exports come to the UAE, making it the second-largest destination for Pakistani exports. In view of the increased potential of trade between the two countries, Pakistan has already started negotiations with the Gulf Cooperation Council (GCC) on a Free Trade Agreement.
The envoy said he is confidant that the volume of business between the two countries will further increase after both countries acceded to the New York Convention. Responding to a question, the ambassador quoted from General Mohammad bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, that his country will witness sweeping changes during the next five years as part of national plans to enhance the role of federal entities to meet the aspirations of UAE citizens.