UAE plans to invest $1bn in Pakistan as rupiah and stock market gradually recover

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DUBAI — As the Pakistani rupee and the stock market have started to gradually recover, reports suggest the United Arab Emirates (UAE) is planning to invest $1 billion in Pakistani companies.

According to the UAE’s state news agency (WAM), the UAE is keen to continue cooperation with Pakistan “in various areas, including gas, energy infrastructure, renewable energy and healthcare.” .

Quoting an official source in Abu Dhabi, the news agency said that Pakistan and the United Arab Emirates had agreed to boost bilateral economic cooperation in the areas of trade, energy, infrastructure and oil during the Prime Minister Shehbaz Sharif’s visit to the Gulf country.

The Pakistani rupee appreciated on the stock market after more than a week of decline in July. But the situation changed in the market this week when the rupee appreciated by Rs17.38 against the greenback due to political and economic developments.

Pakistan has met the International Monetary Fund’s latest requirement for the seventh and eighth combined reviews of the $6 billion loan facility, with the increase in the oil development tax on July 31, the representative said on Tuesday. of the global lender in the country.

The development was expected to pave the way for the release of the first tranche of over $1 billion.

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