ISLAMABAD, June 12: The United Arab Emirates (UAE) has signed a number of agreements and Memorandums of Understanding (MoUs) to double its investments in Pakistan, to $26 billion.

It also agreed to construct an oil refinery at the Khalifa Point, Balochistan, and renew a soft loan of $265 million for the construction of dams in the country.

The agreements came during a two-day meeting of Pakistan-UAE Joint Ministerial Commission which concluded here on Tuesday.

The oil refinery and infrastructure to be constructed at the Khalifa Point will cost over $6 billion.

The UAE and Pakistan signed five MoUs on establishment of a Joint Business Council, cooperation for curbing terrorism and organised crime, cooperation in the fields of culture, media and bilateral political consultations.

Foreign Minister Khurshid Mehmood Kasuri and his UAE counterpart Sheikh Abdullah Bin Zayed Al Nahyan witnessed the signing ceremony.

The Joint Business Council will help enhance trade between the two countries while the purpose of the MoUs on terrorism and organised crime is to curb the menace in both the countries through cooperation among the law-enforcing agencies.

During the deliberations of the Commission the two sides held intense discussions on various bilateral matters including cooperation in trade and investment, science and technology, agriculture, industry, culture, tourism and other areas.

Later talking to reporters, Foreign Minister Khurshid Mehmood Kasuri said in his talks with his UAE counterpart they reviewed the entire gamut of bilateral relations in the political and economic spheres. The two ministers exchanged views on regional and international issues of common interest, including the Middle East peace process, Palestinian issue, Iraq, Iran’s nuclear issue, Afghanistan and the global phenomena of terrorism and religious extremism.

He said he gave a comprehensive briefing on the current developments relating to Pakistan-India composite dialogue and reiterated its principled position on an early resolution of the core dispute of Jammu and Kashmir. He said Pakistan wants an independent Palestinian state with its capital in East Jerusalem.

UAE Foreign Minister Sheikh Abdullah Bin Zayed Al Nahyan said there are vast opportunities for UAE business to invest in Pakistan in various fields.