Finance Minister Miftah Ismail meets UAE Ambassador
Islamabad, 3 August 2022 (GNP): The Federal Minister for Finance & Revenue, Miftah Ismail, received a visit from the Ambassador of the United Arab Emirates, Hamad Obaid Ibrahim Salim Al-Zaabi.
Federal Minister Miftah Ismail said during the meeting that Pakistan and the UAE have had long-standing bilateral relationships in a number of fields, including trade, energy, refinery, and petroleum.
Moreover, Miftah Ismail emphasized that the current administration is focusing on a number of other areas of shared interest to take existing bilateral relations to a new level.
Furthermore, He informed the UAE Ambassador of the possible investment opportunities available to the UAE in Pakistan. He assured the Ambassador of increased support and facilitation to the UAE businessmen.
The Ambassador, on his part, demonstrated a strong desire to improve and strengthen the bilateral ties between the two nations, especially on the economic front.
H.E. Mr. Hamad Obaid Ibrahim Salim Al-Zaabi, Ambassador of the United Arab Emirates called on the Federal Minister for Finance and Revenue Mr. Miftah Ismail and shared views on enhancing avenues of mutual cooperation between both the countries. pic.twitter.com/9q4anhr2He
— Ministry of Finance (@FinMinistryPak) August 2, 2022
The UAE and Pakistan have extensive economic relations. The State Bank of Pakistan received a $3 billion deposit from the UAE in December 2019 to increase the bank’s liquidity and foreign exchange reserves.
Hundreds of thousands of Pakistanis work and live in the UAE, sending millions in much-needed remittances. Pakistanis make up the second largest diaspora community in the Gulf country.
Moreover, UAE is also a significant source of foreign aid to Pakistan. The UAE Pakistan Assistance Program (UAE-PAP) was established on January 12, 2011, with the goal of assisting Pakistan. The program aims to assist Pakistan in various sectors. It supports initiatives to combat poverty, promote healthcare, improve education, and provide employment. The UAE contributed $200 million to the UAE-PAP in May 2018.
Meetings between high-level officials of the two countries are frequent. In addition, military ties and cooperation are an essential part of bilateral ties.