Prime Minister Shehbaz Sharif on Tuesday welcomed the recent announcement by the United Arab Emirates to invest $1 billion in various economic and investment sectors in Pakistan.

He expressed these views as he held a telephonic conversation with UAE President Sheikh Mohamed bin Zayed Al Nahyan.

Last week, the UAE's state news agency WAM had reported that the kingdom intended to invest $1bn in Pakistani companies across various sectors.

The move will likely help revive investor sentiment in the country, which has been beset by dwindling foreign exchange reserves as well as a depreciating rupee.

Earlier on Sunday, the prime minister in a tweet had thanked the UAE president for the investment his country was going to make in Pakistan's various sectors.

During the conversation with the UAE president today, PM Shehbaz highlighted the generous support extended by the Gulf country to Pakistan over the years and thanked him.

The two leaders exchanged views on matters of common interest, the PM Office said in a statement.

Reaffirming the close fraternal ties between the two countries, they agreed to work closely to further enhance bilateral cooperation in different fields.

The prime minister offered his condolences on the damage caused by the recent floods in the Emirates, resulting in the loss of precious lives including those of Pakistani nationals.

He also expressed his deepest sympathies with the Emirati brethren.

The UAE president also extended his heartfelt commiserations on the loss of precious lives in floods in Pakistan as well as on the martyrdom of army personnel in the recent helicopter crash.

Recalling the decisions taken during the premier's visit to the UAE in April 2022, the two leaders reviewed the progress and resolved to further strengthen trade and economic ties, with particular focus on accelerating cooperation and building partnerships in areas comprising investments, energy, and infrastructure.