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UAE, Pakistan ink key investment pacts on rail and marine projects at Davos summit

 

The UAE and Pakistan have signed significant investment agreements exceeding $3 billion at the Davos summit in Switzerland, focusing on collaboration in railways, economic zones, and infrastructure. The countries have also signed two Inter-Governmental Framework Agreements to strengthen their relations in the marine and logistics sectors, including the potential establishment of a Dedicated Freight Corridor and Economic Zone near Karachi.

Pakistan’s Shahid Ashraf Tarar, Federal Minister of Communication, Railways and Maritime Affairs, and Sultan Ahmed bin Sulayem, Chairman of Ports, Customs and Free Zone Corporation (PCFC), Government of Dubai, signed the pacts. DP World, a Dubai-based multinational logistics company, will act on behalf of the Dubai government, while state-run Pakistan Railways and Port Qasim Authority will act on behalf of the Pakistan government.

The pacts represent a significant step in deepening economic relations between the two countries, indicating a commitment to collaborative development in the region. The latest investment agreements follow the signing of Memorandums of Understanding (MoU) in November between the UAE and Pakistan, pertaining to investment cooperation that can unlock “multi-billion dollars” in funding from the Gulf state.

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