Pakistan and the United Arab Emirates on Monday signed memorandums of understanding (MoU) pertaining to investment cooperation that will unlock “multi-billion dollars” in funding from the Mideast state.

The development came in a meeting between caretaker Prime Minister Anwaarul Haq Kakar and UAE President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi during the former’s week-long trip to the Middle East.

The Prime Minister’s Office (PMO) said the MoUs in the sectors of energy, port operations, wastewater treatment, food security, logistics, minerals, and banking and financial services will unlock “multi-billion dollars of investment from the UAE into Pakistan and will help realise various initiatives envisioned under the Special Investment Facilitation Council (SIFC)”.

The prime minister termed the signing of MoUs as “a historic event that will usher in a new era of Pak-UAE economic partnership.”

During the meeting, PM Kakar expressed profound gratitude for the UAE’s firm support to Pakistan in the economic and financial domain.

“The UAE is home to 1.8 million Pakistanis, contributing to the progress, prosperity and economic development of the two brotherly countries,” the PMO said.

Regional and global developments were also discussed during the meeting with particular reference to the deteriorating human rights and humanitarian situation in occupied Palestine.

The prime minister expressed Pakistan’s support for a just and durable solution to the Palestinian question anchored in international law and in line with relevant United Nations and Organisation of Islamic Cooperation resolutions.

The prime minister reiterated Pakistan’s full support to the UAE’s presidency for the United Nations Climate Change Conference 2023 (COP 28), underlining its importance as an opportunity for meaningful progress towards effective and result-oriented global actions in key areas to mitigate climate impact, including the establishment of the Loss and Damage Fund.

The two leaders reaffirmed their resolve to further strengthen economic and strategic cooperation and underlined that Pakistan and the UAE had “historic and deep-rooted fraternal ties which had stood the test of time”.

Chief of Army Staff General Asim Munir was also present on the occasion.

PM Kakar will next pay a two-day bilateral visit to Kuwait on November 28-29 where he will meet the top Kuwaiti leadership. Some MoUs are also expected to be inked during the visit.

PM Kakar will also participate in COP 28 in Dubai on December 1-2. The summit will continue till Dec 12, but he will attend the main session, along with many heads of state. Later, technical sessions will start, which will be attended by officials and not world leaders.

PM Kakar will return to the country on Dec 3.