UAE invests $21b in Pakistan

[Lahore_Real_Estate]

IT WAS a great opportunity provided by Essa Abdulla Al-Basha Al-Noaimi, ambassador of the United Arab Emirates to Pakistan on Monday night when business tycoons from UAE and Pakistan assembled under one roof in a local hotel to interact for exploring more avenues for promoting trade and investment in Pakistan and UAE.

The CEOs of UAE investment companies, which have invested in Pakistan to the tune of $ 21 billion so far were present with a new spirit and vigour to generate more and more business activities in the brotherly county.

“The UAE fully realizes the importance of strengthening economic coordination with Pakistan as the later presents good environment ready for investment,” remarked the ambassador on the occasion who greeted Commerce Minister Makhdoom Amin Faheem as Chief Guest in the brain-storming sitting.

Among those who attended the dinner were President & CEO Ufone Abdul Aziz, Chairman Gerry’s Group Afzal Wali Muhammad, Chief Executive Al Falah Insurance Company Nasar-us-Samad Qureshi, Representative of Burj Bank Taimur Afzal, CEO Al Ghurair Giga Javed Ashraf Khan, Haji Rafiq, Chaudhry Munir, Nadeem Khan and Wafaa A Ghaffar.

The growing figure of bilateral trade of $ 7.6 billion and increasing number of UAE companies investing in Pakistan in different sectors of economy reflected the determination of both the countries to come closer to each other in this important sector of human activities.

Makhdoom Amin Faheem said on the occasion that Pakistan and UAE are twin brothers. The importance of such gathering can be gauged from the fact that “I left my engagements in Karachi connected with interviews of candidates for Senate elections and dashed to Islamabad to attend this dinner.”

Whenever Pakistan was in trouble, whether it was 2005 earthquake or floods, UAE always came forward to help Pakistanis, he said. Language barrier between both the countries is no more a hurdle now and free and frequent exchanges in business field will further consolidate economic and commercial ties, he said.

The Government of Pakistan is ever ready to remove bottlenecks and extended full cooperation to UAE entrepreneurs. He said one window policy is the way out for enhancing cooperation, he said.

The smiling UAE ambassador Essa Abdulla Al- Basha Al-Noaimi, who provided the stage to the business tycoons, said Pakistan and UAE have been enjoying relations since ancient times. Pakistan’s support to the UAE companies helped in widening economic ties. The foundation of relations with Pakistan was laid down by the late Sheikh Zayed Bin Sultan Al- Nahyan and now His Highness Sheikh Khalifa Bin Zayed Al- Nahyan, the President of UAE is consolidating it. The conference on ‘Promotion of Investment in Pakistan’ in March 2010 and recently held ‘UAE Expo Magnificent 7” proved milestones for increasing relations.

The UAE investment covered all sectors including aviation, navigation, banks, real-estate and energy. The flag carrier of UAE extends facilities to different cities of Pakistan for passengers and cargo. The other sectors are also flourishing with fast speed, he said.

Describing bilateral relations as model one, the ambassador said the meetings of businessmen and officials of both countries will help to find common grounds for enhancing business ties.

His next goal, the ambassador said will be to establish joint committee especially for businessmen of both the countries. The history of relationship among the businessmen spreads over decades due to religious, geographical, cultural connections and mutual interests, he said.

A video was screened on the occasion showing economic development of UAE, right from searching pearls under the sea to the emergence of magnificent cities and business houses.