The crown prince is holding one-on-one meeting with Imran which will be followed by delegation level talks.
Prime Minister Imran Khan along with other government officials received him at the airport and the premier personally drove the crown prince to the PM House.
This is the third interaction between the leadership of Pakistan and UAE in less than three months.
The crown prince was presented a guard of honour by a smartly turned out contingent. He was given twenty-one guns salute.
Sheikh Muhammed bin Zayed Al Nahyan was later greeted by the federal cabinet including Information Minister Fawad Chaudhry, Finance Minister Asad Umar and State Minister for Interior Sheryar Afridi.
The Crown Prince is expected to make an announcement of UAE’s $3billion aid and investment package to help Pakistan overcome its balance of payment while a proposal to provide oil facility on deferred payment will also be discussed.
Much like Saudi Arabia, UAE announced that it will provide Pakistan with an aid package which will include $9billion in oil payments and a $3billion deposit in the State Bank of Pakistan. The Middle Eastern country will also reportedly announce investment in various fields in Pakistan.
UAE is Pakistan’s largest trading partner in the Middle East and a major source of investments. More than 1.6 million expatriate Pakistani currently reside in UAE who contribute around $4.5billion annually to its GDP.
Pakistan and Abu Dhabi are also likely to sign a deal the for investment of $1 billion by the emirate in setting up oil storages at Gwadar Port and laying a white oil pipeline during the crown prince’s visit.
Sources told The Express Tribune that the United Arab Emirates (UAE) had agreed to invest $1 billion through Mubadala, a global investment company. With this capital injection, the total UAE assistance and investment package for Pakistan will rise to $7.2 billion. It also includes a $3.2-billion oil credit facility and $3 billion in cash support for balance of payment.
Tags:
National