Pak rolls out red carpet for Abu Dhabi’s crown prince
ISLAMABAD: Abu Dhabi Crown Prince Sheikh Muhammed bin Zayed Al Nahyan came calling on Sunday for a one-day visit to Pakistan after a gap of 12 years.
The United Arab Emirates is expected to announce a $3 billion aid injection and investment package to help Pakistan overcome its balance of payment crisis. A proposal to provide oil facility on deferred payment will also be discussed.
Khan, who received the prince, proceeded to personally drive him to the prime minister’s house.
At the PM house, the crown prince was presented a guard of honour and given 21- gun salute and later greeted by the federal cabinet.
This is the third interaction between the leadership of Pakistan and UAE in less than three months. Much like Saudi Ara- bia, UAE announced that it will provide Pakistan with an aid package which will include $9 billion in oil payments and a $3 billion deposit in the country’s central bank .
UAE is Pakistan’s largest trading partner in the Middle East and a major source of investment. More than 1.6 million Pakistanis currently reside in UAE and contribute around $4.5 billion a year to the country.
Pakistan and Abu Dhabi are also set to sign a deal for investment of $1 billion by the Emirates in setting up oil storage facilities at Gwadar Port and laying a white oil pipeline.
Abu Dhabi has already invested in the Pak Arab Refinery in a joint venture.