Pakistan seeks UAE investments

Islamabad; Pakistan wants the United Arab Emirates (UAE) to invest in its renewable energy, textiles, agriculture, infrastructure and construction sectors.

A delegation, representing the Pakistan Federation of Chamber of Commerce and Industry (FPCCI), held first round of meetings this week with firms such as Aldar and Masdar.

Pakistan is seeking investment in more than a dozen projects, ranging from hydro, wind and solar-thermal power generation, to corporate farming, textile and property ventures.

Issues relating to a free-trade agreement between Pakistan and the Gulf countries were also discussed. Later, the delegation met representatives of property developers, Limitless and Nakheel, Emirates Investment Group, Dubai Islamic Bank and NBD Capital.

The delegation also met Sharjah and Ajman chambers of commerce and industry representatives, as well as officials from the Dubai Export Development Corporation and the Planning and Development Department in Dubai. 'We have several attractive options for the UAE investors to invest in renewable energy.

Pakistan would seek 10 billion dollars (Dh 36.73bn) over the next three years from the Friends of Democratic Pakistan group, set up in September to help the nation stabilise its economy.

These projects would help reduce poverty, meet security challenges and boost human resources development, health and education. The Pakistani officials and representatives of member countries and institutions would meet in Abu Dhabi next Wednesday and Thursday to 'fine tune' the details of projects.

Already, the property developers, Emaar and MAF Investments, are building several key projects in Pakistan. The UAEs Bin Din Group has already signed an agreement with Pakistan to develop the Thar Coal Project in Sindh province. The project, to be completed in three years, would include a mine-mouth thermal power plant with 1,000 megawatts of capacity.