Abu Dhabi Crown Prince Mohammed Bin Zayed is scheduled to arrive in Pakistan’ capital Islamabad today on a two-day visit expected to result in a number of agreements as well crucial investment-related discussions.
This will be Sheikh Mohammed bin Zayed’s first visit to Pakistan in 12 years and is followed by Pakistan Prime Minister Imran Khan visiting the UAE twice after his election in August.
The visit will be marked by a one-one-one meeting between both Prince Mohammed and PM Khan followed by talks between delegations of both countries.
The visit will see the UAE sign on a $6.2 billion support package to help the South Asian country stem its balance of payments crisis. The package will result in the form of cash transfers and deferred payments for oil imports.
News outlets in Pakistan also suggest that Abu Dhabi will ink further agreements to invest in increasing oil storage capacity in the country.
Pakistan and the UAE have previously engaged in a joint venture with Pak-Arab Refinery Corporation (Parco) in 1974. The JV is currently looking to develop a deep oil-refinery at Khalifa Point in Pakistan’s South Western Balochistan province.
A report by the Express Tribune citing sources familiar with the matter says the UAE, through investment arm Mubadala, will invest $1 billion in developing oil storage sites and extending white oil pipelines out of Pakistan’s newly developed port city of Gwadar.
Gwadar is Pakistan’s largest infrastructural development and the most prominent part of the 62 billion China-Pakistan economic corridor. The corridor aims to connect maritime silkroad routes from the Arabian Gulf and beyond through Pakistan with into mainland China.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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