ISLAMABAD: A delegation from the UAE’s Abu Dhabi (AD) Ports Group met with Pakistan’s Deputy Prime Minister Ishaq Dar on September 19, 2024, to discuss investment opportunities, particularly in the aviation sector. This meeting is part of Pakistan’s ongoing efforts to attract international investments to stabilize its struggling economy.
Amidst a severe balance of payments crisis, a weakening currency, and depleting foreign reserves, Pakistan has been actively engaging with Gulf countries to boost foreign investments. The AD Ports Group, a leading maritime and logistics provider in the Middle East, committed in July to invest $250 million in Pakistan over the next decade, with plans to develop an advanced port facility in Karachi.
During the meeting, AD Ports’ CEO of Shipping and Transhipment, Amir Maghami, discussed further potential collaborations, especially in aviation. The UAE remains Pakistan’s third-largest trading partner after China and the United States. Its geographical proximity helps reduce transportation costs and enhance trade ties between the two nations.
The UAE also hosts over 1.5 million Pakistani expatriates, making it a key source of remittances. After Saudi Arabia, the UAE stands as Pakistan’s largest contributor to foreign remittances and a preferred destination for labor.
As Pakistan seeks to navigate its prolonged economic challenges, partnerships like these with the UAE provide essential support for sustainable development.
