The government has made accessible to two leading UAE companies its top five stakes in State Owned Entities (SOEs).
Two UAE companies have been offered access to shares of National Bank of Pakistan (NBP), Pakistan International Airlines (PIA), Pakistan National Shipping Corporation (PNSC), Pakistan Petroleum Limited (PPL), and Oil and Gas Development Company Limited (OGDCL) in an effort to increase UAE investment in the country.
Both organisations manage a combined $300 billion in investment funds and have showed interest in investing in profitable Pakistani governmental businesses.
During Prime Minister Shehbaz Sharif’s recent visit to the UAE, the investment plan was addressed, and the UAE’s leadership was informed of potential large-scale investments in Pakistani goods and government-owned corporations.
During his meeting with the top leadership of the United Arab Emirates, including Abu Dhabi Development Holding Company (ADO) and International Holding Company (IHC), the prime minister invited investment in National Parks Management Company Limited (NPPMCL), solar power projects, and airport management in Karachi, Lahore, and Islamabad (IHC).
In addition to the implementation of a $1 billion financial facility, Monday’s visit of UAE President Sheikh Mohamed bin Zayed Al Nahyan to Islamabad was supposed to include additional investment-related negotiations. However, his trip was abruptly postponed.
Pakistan is in dire need of foreign investment to bolster its struggling economy, and the UAE has recently hinted at expanding its investment footprint in Pakistan.
Relations between the two countries trace back to 1971, when Pakistan was one of the first countries to recognise the UAE as a sovereign state. Since then, their ties have expanded into wide regional collaboration, and the Gulf state has become Pakistan’s largest supplier of economic relief and financial help.
