Pakistan, UAE sign over $3b investment pacts in multiple fields

DAVOS – Pakistan and the United Arab Emirates (UAE) have inked a series of agreements exceeding $3 billion, focusing on collaboration in railways, economic zones, and infrastructure, as disclosed by a Pakistani official on Thursday.

The announcement coincides with the visit of Pakistan Prime Minister Anwaarul Haq Kakar to Davos, Switzerland, for the 54th summit of the World Economic Forum (WEF).

The agreements encompass the establishment of a dedicated freight corridor, a multi-modal logistics park, and freight terminals, according to a statement released by Syed Mazhar Ali Shah, the Secretary of Pakistan Railways. DP World, a Dubai-based multinational logistics company, will lead infrastructure enhancements at Qasim International Container Terminal, Pakistan’s primary trade gateway. The Emirati company also plans to develop an economic zone adjacent to the terminal.

Pakistani Communication, Railways, and Maritime Affairs Minister Shahid Ashraf Tarar, along with H.E Sultan Ahmed bin Sulayem, Chairman of ports, customs, and the free zone corporation (PCFC) of the Dubai government, signed the agreements.

Tarar emphasised the enduring partnership between the two nations and highlighted the significance of Pakistan as a gateway to Asia.

Sultan Ahmed bin Sulayem, also the CEO of DP World, expressed pride in contributing to Pakistan’s trading capabilities and underscored the country’s role as a growing market and vital trade corridor to Central Asia. DP World will represent the Dubai government in executing the projects, while Pakistan Railways and Port Qasim Authority will act on behalf of the Pakistani government.

Two additional inter-governmental framework agreements aim to bolster bilateral relations in the marine and logistics sectors. Another framework agreement was signed with Pakistan’s Ministry of Maritime Affairs for dredging a navigation channel, facilitating the development of an economic zone at Port Qasim, attracting over $3 billion in foreign direct investment and maximizing economic activity in Pakistan.