ISLAMABAD (Web Desk) – Caretaker Prime Minister Anwaarul Haq Kakar will visit the United Arab Emirates (UAE) this week to bring much-needed foreign investment to Pakistan, as the cash-starved nation has been grappling with an economic crisis that pushed millions of people into poverty.
A message posted on social media platform X, formerly known as Twitter, the Prime Minister Office’s official account said Kakar would meet UAE President Sheikh Mohamed bin Zayed Al Nahyan – also known as MBZ – during his stay from November 26 to 28.
The interaction between the two sides, the PMO says, will provide an opportunity to further improve the political, economic, trade, investment, cultural and defence ties as well as people-to-people contacts.
According to the PMO, the visit will produce signing of memorandums of understanding (MoUs) on different subjects including the investment in energy, port operations, waste water treatment, food security, logistics, mining, aviation, and banking and financial services.
Pakistan and the UAE enjoy strong brotherly relations which have strengthened with the passage of time, said the PMO on Sunday.
The stock market is currently on a series of setting new records as the local investors buoyant by the belief that the rate hikes have come to an end amid improved macroeconomic indicators and the inflation already on a slide after peaking earlier this year.
But it is the possibility of foreign investment by the Gulf States – especially Saudi Arabia and the UAE – which has made confident of the stocks regaining their actual value after remaining undervalued for the last several years.
With the Gulf States focusing on energy and related subjects for their investment around the globe, the stocks of oil and gas exploration and marketing companies as well as cement and fertilizers have been the best performers at the Pakistan Stock Exchange for the last several months.
This bullish movement also means that the more and more people will now be attracted for investment in stocks after a decline being witnessed by real estate [property market], which is a part of the worldwide trend.
Another factor is the stronger rupee which means that US dollar – the safe haven currency – isn’t generating the returns high enough to match the stock market.