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UAE promises $10 billion investment in Pakistan following PM Shehbaz's visit

07:53 PM | 23 May, 2024
uae investment in pakistan

In a significant development, the United Arab Emirates (UAE) has pledged to invest an additional $10 billion in Pakistan. This announcement came during a meeting between Prime Minister Shehbaz Sharif and UAE President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi.

The promise of investment marks a major achievement for the cash-strapped South Asian country, which is actively seeking foreign investment to alleviate its financial challenges. Prime Minister Shehbaz Sharif, on a day-long visit to the Gulf state, expressed optimism about the future economic trajectory of Pakistan, stating that the "begging bowl is broken."

The Pakistan Muslim League-Nawaz (PML-N) government has been exploring various avenues to attract investment from allied nations to bolster its economy, enhance foreign reserves, and curb soaring inflation. This substantial pledge from the UAE is expected to provide much-needed support in these efforts.

The meeting in Abu Dhabi underscores the deepening economic ties between Pakistan and the UAE. It highlights the UAE's confidence in Pakistan's economic potential and its willingness to support its economic stabilization initiatives. This investment is anticipated to stimulate various sectors within Pakistan, fostering economic growth and development.

As Pakistan navigates through its financial straits, the $10 billion investment from the UAE is a promising step towards economic recovery and stability, offering hope for a more prosperous future for the nation.

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Currency Rates in Pakistan - PKR to US Dollar, Euro, Pound, Dirham, Riyal - 20 June 2024

Pakistani rupee rates against US Dollar and other currencies on June 20, 2024 (Thursday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 277.50 for buying and 280.65 for selling.

Euro's buying rate stands at 296 and selling rate is 299 while British Pound rate is 349.7 for buying, and 353.25 for selling.

UAE Dirham AED was at 74.80 and Saudi Riyal at 72.80.

Forex Rates

Currency Symbol Buying Selling
US Dollar USD 277.50 280.65
Euro EUR 296.00 299.00
UK Pound Sterling GBP 349.70 353.25
U.A.E Dirham AED 74.80 75.60
Saudi Riyal SAR 72.80 73.55
Australian Dollar AUD 182.00 184.00
Bahrain Dinar BHD 741.18 749.18
Canadian Dollar CAD 204.00 206.00
China Yuan CNY 38.43 38.83
Danish Krone DKK 40.18 40.58
Hong Kong Dollar HKD 35.66 36.01
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.90 1.98
Kuwaiti Dinar KWD 909.34 909.34
Malaysian Ringgit MYR 59.30 59.90
New Zealand Dollar NZD 170.79 172.79
Norwegian Krone NOK 25.97 26.27
Omani Riyal OMR 723.88 731.88
Qatari Riyal QAR 76.42 77.12
Singapore Dollar SGD 203.65 205.65
Swedish Korona SEK 26.40 26.70
Swiss Franc CHF 311.90 314.40
Thai Baht THB 7.58 7.73

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