UAE plans to invest $1 billion in Pakistan as rupee, stock market recover gradually

11:55 PM | 6 Aug, 2022
UAE plans to invest $1 billion in Pakistan as rupee, stock market recover gradually
Source: @PakPMO (Twitter)
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DUBAI – As Pakistani rupee and the stock market have started recovering gradullay, reports suggest the United Arab Emirates (UAE) is planning to invest $1 billion in Pakistani companies.

According UAE's state news agency (WAM), the UAE is keen to continue cooperation with Pakistan “in various fields, which include gas, energy infrastructure, renewable energy, health care”.

Citing an official source in Abu Dhabi, the news agency said Pakistan and the UAE agreed to boost bilateral economic cooperation in the fields of trade, energy, infrastructure, and petroleum during Prime Minister Shehbaz Sharif’s visit to the Gulf country.

The Pakistani rupee appreciated in the stock market after more than a week of the slump in July. But the situation changed in the market this week when the rupee appreciated by Rs17.38 against the greenback owing to the changing political and economic situations.

Pakistan met the last requirement of the International Monetary Fund for the combined seventh and eighth review of the $6 billion loan facility, with the increase in the petroleum development levy on July 31, the global lender’s representative to the country said on Tuesday.

The development was expected to pave the way for the release of the first tranche of over $1 billion.