UAE president commits to investing $10 billion in Pakistan in meeting with PM Sharif

UAE President Sheikh Mohamed bin Zayed Al Nahyan on Thursday committed to investing $10 billion in multiple sectors in Pakistan during a meeting with Prime Minister Shehbaz Sharif, a statement from the Pakistani Prime Minister’s Office (PMO) said.

Sharif met the UAE president in Abu Dhabi during a day-long trip to the Gulf country where he arrived with a high-level delegation amid a concerted push by Pakistan to seek foreign investment as it navigates a challenging path to economic recovery.

The UAE is one of Pakistan’s closest allies and has frequently bailed out the South Asian country, joining Saudi Arabia and China in rolling over billions of dollars of loans to Pakistan last year to help it clinch a last-gasp deal with the International Monetary Fund (IMF) and avoid a sovereign debt default.