ISLAMABAD, May 30: Pakistan and the United Arab Emirates (UAE) on Tuesday pledged to strengthen bilateral ties, particularly in sectors of economy, defence, security and investment in mega projects. The agreement was reached at one-to-one talks held between UAE Vice-President and Prime Minister Sheikh Mohammad bin Rashid Al-Maktoum and Prime Minister Shaukat Aziz and in delegation-level negotiations between the two sides.
Three Memorandums of Understanding (MoUs) were signed pertaining to banking, joint ventures and investment in mega infrastructure projects.
Permission will be granted to Dubai Islamic Bank to set up and operate 50 branches in Pakistan.
Under the MoU signed by federal Ports and Shipping Minister Babar Khan Ghauri and Emmar Properties chairman, UAE will participate in joint ventures for development of mega residential commercial, leisure and real estate projects, industrial parks, free zones and port terminals.
The UAE will be making investment in infrastructure projects in accordance with the MoU signed between Minister of State for Privatisation Umar Ghuman and Sultan Ahmed bin Sualym of the Dubai World.
At the one-to-one talks, Prime Minister Aziz and his UAE counterpart Al-Maktoum discussed all aspects of the bilateral ties, situation in the region and challenges faced by the Ummah.
They observed that relations between the two countries were rooted in shared faith, culture and history and expressed resolve to strengthen the bilateral cooperation.
About Iran’s nuclear issue, Mr Aziz said Pakistan desired a negotiated settlement of the issue, but added: “Despite the fact that we are opposed to any country acquiring nuclear weapons we recognise Iran’s right to use nuclear technology for generating power under IAEA’s safeguards and guidelines.”
Referring to Afghanistan, he reiterated Pakistan’s commitment to contributing towards its stability and security. He said Pakistan was keen to enhance its trade volume with Afghanistan and Central Asian countries.
He said that due to its growing energy needs Pakistan was contemplating an agreement with Iran to build a pipeline that would transmit Iranian gas to India through Pakistan.
The two leaders agreed to expand the scope of the Organisation of Islamic Conference to project true image of Islam and its message of interfaith and inter-cultural harmony.
Mr Aziz apprised Mr Al-Maktoum about the situation in the region in the context of Pakistan’s ties with India, Afghanistan and Iran.
He invited investors and businessmen from the UAE to benefit from the real estate potential in Pakistan and join infrastructure projects.
