Islamabad, Pakistan and the United Arab Emirates have formalized an investment pact exceeding three billion dollars, focusing on collaborations in railways, economic zones, and infrastructure development.

According to Ministry of Information and Broadcasting, the agreement was signed between the government of Pakistan and a UAE-based company on the sidelines of the World Economic Forum in Davos, Switzerland. Federal Minister for Communication, Railways and Maritime Affairs, Shahid Ashraf Tarar represented Pakistan, while Sultan Ahmed bin Sulayem, Chairman of Ports, Customs and Free Zone Corporation of Dubai, signed on behalf of the UAE.

Minister Shahid Ashraf Tarar highlighted the significant and longstanding presence of DP World, a company representing the Dubai Government, in Pakistan. He emphasized that this agreement strengthens the existing trust and partnership between the two nations, paving the way for landmark projects in economic development.

Sultan Ahmed bin Sulayem remarked on Pakistan’s status as a growing market and a vital trade corridor to Central Asia. He expressed pride in the UAE’s contribution to Pakistan’s trading capabilities, citing their operations at Qasim International Container Terminal and other projects.

This new investment pact signifies a robust economic relationship between Pakistan and the UAE, promising substantial advancements in Pakistan’s railways, economic zones, and infrastructure. The agreement is expected to have a positive impact on trade and development in the region.