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UAE to fund building of crucial highway in Pakistan

Discussion in 'Pakistan Economy' started by Dance, Jan 15, 2012.

  1. Dance

    Dance SENIOR MEMBER

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    Islamabad: The construction of a strategic highway between Wana and Angoor Ada in South Waziristan, Pakistan, will be funded by the UAE through the Khalifa Bin Zayed Foundation.
    The UAE Project to Assist Pakistan (UAE-PAP) announced the $38 million (Dh139 million) Shaikh Khalifa Bin Zayed Al Nahyan Wana-Angoor Ada Highway will be completed by the beginning of next year.
    Abdullah Al Ghafli, director of the UAE-PAP, made the announcement in a speech at a ceremony in Islamabad to mark the signing of an agreement with the Pakistani authorities concerned.
    The funding of the 50km road was instructed by President His Highness Shaikh Khalifa Bin Zayed Al Nahyan.

    Major General Zahir Shah, of the Pakistani Armed Forces, UAE Ambassador to Pakistan Eisa Basha Al Nuaimi, senior officials and representatives of Pakistani and international humanitarian organisations were also present.
    Deep-rooted relations
    Ambassador Al Nuaimi said the new project reflects the deep-rooted and long standing relations between the UAE and Pakistan.
    He reiterated the commitment of the UAE's leadership, namely, President Shaikh Khalifa, His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and General Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to assisting reconstruction and development efforts in Pakistan.
    In doing so, the UAE's leadership is following in the footsteps of the late Shaikh Zayed Bin Sultan Al Nahyan who laid the foundations for the strong bilateral relations between the two countries, according to the UAE diplomat.
    In addition to infrastructure development, the UAE is currently constructing 51 projects comprising 41 schools and ten institutes and colleges.

    gulfnews : UAE to fund building of crucial highway in Pakistan
     
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  2. Sinnerman108

    Sinnerman108 SENIOR MEMBER

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    If our leaders are prudent enough they should refuse this project and say bye bye to UAE.
    UAE for trying to talk us into letting americans use the airbase !

    Secondly, looking at their record, the contract for the road will go to some one , who can ensure UAE (American) presence in those areas.

    It will be a intelligence nightmare,
     
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  3. AZADPAKISTAN2009

    AZADPAKISTAN2009 ELITE MEMBER

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    why to take more weapons to usa soldiers
     
  4. ziaulislam

    ziaulislam ELITE MEMBER

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    UAE has been the only arab country that has been investing in pakistan And we want to say good bye to them too!!!!!!!!!!!!!!!
     
  5. Erhabi

    Erhabi BANNED

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    Good news.. Shaikh Khalifa Bin Zayed Al Nahyan Wana-Angoor Ada Highway..keep the investment coming...building roads wont be an Intelligence nightmare..workers will be Pakistanis(ISI) anyway..
     
  6. Al Bhatti

    Al Bhatti SENIOR MEMBER

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    During the second half of the last decade:

    UAE top investor in Pakistan

    particular interest this year, has been closer financial, investment and business relations between Pakistan and United Arab Emirates. The same is true about other Muslim countries, with which Pakistan is widening and deepening economic ties and strengthening solidarity with them. United Arab Emirates and Pakistan, in particular, have decided to give a major boost to their economic relations in the immediate future.

    The present $ 13.1 billion UAE investment in Pakistan can be doubled, and the $ 5.0 billion plus trade rapidly raised, the Foreign Ministers of the two countries have agreed in their meeting at Islamabad, only weeks ago. The new investment and trade plans were unveiled at the 9th UAE-Pakistan Joint Ministerial Commission (JMC) by UAE Foreign Minister Shaikh Abdullah bin Zayed Al-Nahyan and his Pakistani counterpart Khurshid Mahmud Kasuri.

    At the JMC, the two sides also signed five agreements or memoranda of understanding (MoUs). Shaikh Abdullah and Kasuri are strongly of the hope, these steps, besides the planned increase in investment and trade, will “go a long way in further consolidating bilateral ties.” The UAE has agreed to provide a $265 million soft loan for building mega dams in Pakistan. The new agreements and MoUs cover bilateral political consultations between UAE and Pakistani foreign ministries, establishment of a joint UAE-Pakistan Business Council, protocol on cooperation in media, cooperation in terrorism and organised crime, and cooperation in the field of culture. UAE’s sustained official and private sector interest and growing FDI inflows, make it the biggest investor in Pakistan in several sectors, including telecom, airlines, banking, financial services, construction and real state. These investment total $ 13.1 billion. UAE had provided 24.12 per cent of the overall FDI inflows into Pakistan last year— becoming the biggest foreign investor. More than 20.0 per cent of that investment went into the telecom sector alone.

    Shaikh Mohammad’s visit

    Investment and trade are rapidly increasing since UAE Vice President, Prime Minister and Ruler of Dubai His Highness Shaikh Mohammad bin Rashid Al-Maktoum’s visit to Pakistan a year ago. Three MOUs were signed during Shaiklh Mohammad’s visit, to boost official and private investment in Pakistan, including financing mega projects. These mega projects are estimated to cost $ 36 billion— part of the financing for which Pakistan expects to come from UAE.
    The two-way trade between UAE and Pakistan has, by now, shot across $ 5.0 billion a year, up from $ 2.78 billion in 2005. UAE is now one of Pakistan’s biggest trading partners in the world.

    Shaikh Abdullah also informed President Musharraf and Prime Minister Aziz that the UAE intends to double its present investment of $ 13.1 billion to $ 26.0 billion. UAE will build a $ 6 billion oil refinery at Karachi, and also invest in natural gas, construction, and tourism. Shaikh Abdullah said, “the UAE views Pakistan as its strategic economic partner and appreciates its rapid economic growth.” He said, Pakistanis living and working in UAE have been “contributing in a wide variety of ways to the growth of my country.”

    Pakistan : Khaleej Times Special Report

    ----------------

    14/12/2006

    UAE Investment in Pakistan to Reach $50 Billion



    ISLAMABAD, Asharq Al-Awsat- UAE Ambassador to Islamabad Ali Mohammad Al-Shamsi says his country's total investment in Pakistan is expected to reach $50 billion from $12 billion as part of a major business strategy, making the UAE largest foreign investor in Pakistan.

    Pakistan is indeed one of the most favorite destinations of UAE's foreign investment. It is a matter of pride that UAE's public and private entities are actively engaged in making investment in Pakistan, the ambassador told English newspaper, The News, in an interview.

    He said the recent privatization deal, the largest in Pakistan's history, was fetched by the Emirates Telecommunication Corporation ETISALAT, which acquired 26 per cent stakes in the Pakistan Telecommunication Company Limited (PTCL) and its management control.

    Al-Shamsi said that in the past 12 months, the UAE has succeeded in making substantial progress in the economic and social development of Pakistan and has continued to play a vital role in regional and international affairs.

    The diplomat said the UAE-based investment group Emaar and Pakistan's Port Qasim Authority are in the process of undertaking a mega joint-venture project to develop an area of 12,000 acres of land into a modern city near Karachi.

    At present, a state-managed fund in the UAE is considering investing $5 billion in building an oil refinery in Pakistan with an estimated capacity of 200,000 to 300,000 barrels per day, Al-Shamsi said.

    He said Sheikh Zayed Centre, a 55-storey complex, is to be built in Lahore under a joint venture between Abu Dhabi Group and the Punjab government.

    The UAE is one of Pakistan's major trading partners; he said adding that approximately eight per cent of Pakistan's exports come to the UAE, making it the second-largest destination for Pakistani exports. In view of the increased potential of trade between the two countries, Pakistan has already started negotiations with the Arab Gulf Cooperation Council (GCC) on a Free Trade Agreement.

    The envoy said he is confidant that the volume of business between the two countries will further increase after both countries acceded to the New York Convention."

    http://www.asharq-e.com/news.asp?section=1&id=7335
     
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  7. darkinsky

    darkinsky BANNED

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    why not Pee Pee Pee use the public funds for that???, beggary every where Pee Pee Pee??
     
  8. BATMAN

    BATMAN ELITE MEMBER

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    Principally, Pakistan should not allow any foreign state to develop influence and local contacts in and around Baluchistan.

    UAE is most welcome to build any road in Punjab or Sindh. While Pakistan state shall handle all works in NWFP & Baluchistan.
     
  9. nalandapride

    nalandapride FULL MEMBER

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    Most of the Pakistanis are expressing negative views about UAE in this forum, can anyone please explain what are Pakistan's issues with UAE.
     
  10. Al Bhatti

    Al Bhatti SENIOR MEMBER

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    The ones who are ruling the pakistani state, are they capable?
     
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  11. BATMAN

    BATMAN ELITE MEMBER

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    It does not mean we shall allow others make our job from difficult to impossible.