ISLAMABAD, June 27: Pakistan is an attractive place for United Arab Emirates investors as more and more companies are investing in various sectors. Director of the Middle East and Central Asia unit for the IMF, Mohsin Khan said on Tuesday that the UAE companies were feeling more comfortable with the Pakistani economy, and cultural similarities with the Gulf, all contributed to the deals.

The Gulf News online edition on Tuesday reported while quoting him saying that many Pakistanis also hold senior positions in Dubai firms and provide local expertise in the Pakistan business climate.

He said that he was surprised by the huge investment made by Dubai companies such as Emaar and Limitless which announced real estate projects valued at $40 billion (Dh147 billion) for Pakistan in early June.

He said, “A few years ago Pakistan was not a popular investment choice for the UAE companies. But after making impressive strides reforming its banking sector and standardising business practices, Pakistan is showing a big green light which Dubai companies are finding hard to ignore.”

An IMF success story, in 2004, Pakistan passed through the latest of several structural adjustment programmes.

The same year, it raised $500 million through a Eurobond. In another progressive step, just months ago it adopted international arbitration standards in business disputes, he added.

—APP