https://arab.news/yskah
- Sheikh Khaled bin Mohamed bin Zayed Al Nahyan will visit Islamabad with senior officials and businessmen
- UAE is Pakistan’s third-largest trading partner after China and US and a major source of foreign investment
KARACHI: Pakistan and the United Arab Emirates are expected to sign several memoranda of understanding (MoUs) as Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan arrives on his first official visit to the South Asian country today, Thursday, state media said.
The UAE is Pakistan’s third-largest trading partner after China and the United States and a major source of foreign investment, valued at over $10 billion in the last 20 years, according to the Gulf country’s foreign ministry.
Sheikh Al Nahyan will be accompanied by a high-level delegation of ministers, senior officials, and business leaders during his visit to Islamabad.
“At the invitation of PM @CMShehbaz, Crown Prince of Abu Dhabi, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, will embark on his first official visit to Pakistan on Thursday,” state-owned Radio Pakistan said in a social media post on Thursday.
The foreign office announced on Wednesday several agreements and memoranda of understanding would be signed during the visit “to bolster the existing robust framework for long-term collaboration in multifaceted sectors.”
The foreign office said the crown prince will engage in wide-ranging interactions with the Pakistani leadership to “exchange views on matters of mutual interest, reinforce historical bonds, and promote economic as well as investment cooperation.”
Pakistan and the UAE have stepped up efforts in recent years to strengthen economic relations. Last year the two countries signed multiple agreements exceeding $3 billion for cooperation in railways, economic zones, and infrastructure development.
The crown prince’s visit comes as Pakistan pursues economic diplomacy with several Gulf and Central Asian nations and treads a tricky path to economic recovery while being bolstered by a $7 billion IMF bailout program.
Policymakers in Pakistan consider the UAE an optimal export destination due to its geographical proximity, which minimizes transportation and freight costs while facilitating commercial transactions.
It is also home to more than a million Pakistani expatriates, making it the second-largest Pakistani expatriate community worldwide and a major source of foreign workers’ remittances.