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

01:53 PM | 18 Jan, 2024
Pakistan, UAE sign over $3b investment pacts in multiple fields
Source: PMO

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.

Daily Pakistan Global Web Desk

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Pakistani rupee exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 18 May 2024 Forex Rates

Pakistani currency rates against US Dollar and other currencies on May 18, 2024 (Saturday) in open market.

USD to PKR rate today

US dollar was being quoted at 277.4 for buying and 280.35 for selling.

Euro stands at 297 for buying and 299.5 for selling while British Pound rate is 348.5 for buying, and 352 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal came down to 73.50.

Today’s currency exchange rates in Pakistan - 18 May 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 277.4 280.35
Euro EUR 297 299.5
UK Pound Sterling GBP 348.5 352
U.A.E Dirham AED 75.25 76
Saudi Riyal SAR 73.5 74.25
Australian Dollar AUD 181 183
Bahrain Dinar BHD 747.77 755.77
Canadian Dollar CAD 203 205
China Yuan CNY 38.49 38.89
Danish Krone DKK 40.25 40.65
Hong Kong Dollar HKD 35.96 36.31
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 913.28 922.28
Malaysian Ringgit MYR 58.69 59.29
New Zealand Dollar NZD 169.45 171.45
Norwegians Krone NOK 25.67 25.97
Omani Riyal OMR 730.59 738.59
Qatari Riyal QAR 76.41 77.11
Singapore Dollar SGD 203 205
Swedish Korona SEK 25.67 25.97
Swiss Franc CHF 309.01 311.51
Thai Bhat THB 7.57 7.72

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