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UAE to Invest $1 Bln in Pakistani Companies

A general view shows Abu Dhabi's skyline in the Emirati capital, Jan. 24, 2022. (AFP)
A general view shows Abu Dhabi's skyline in the Emirati capital, Jan. 24, 2022. (AFP)
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UAE to Invest $1 Bln in Pakistani Companies

A general view shows Abu Dhabi's skyline in the Emirati capital, Jan. 24, 2022. (AFP)
A general view shows Abu Dhabi's skyline in the Emirati capital, Jan. 24, 2022. (AFP)

The United Arab Emirates intends to invest $1 billion in Pakistani companies across various sectors, the state news agency (WAM) reported citing an official source in Abu Dhabi.

The move aims to explore investment opportunities in the south Asian country, as well as expand the UAE-Pakistan bilateral relations.

It also emphasizes the keenness of Abu Dhabi and Islamabad to continue cooperation in various fields, which include gas, energy infrastructure, renewable energy, health care, biotechnology, agricultural technology, logistics, digital communications, e-commerce, and financial services.

The UAE's top 25 trading and strategic partners include Pakistan, and the UAE is Pakistan's second largest importer after India, with non-oil bilateral trade worth $4.4 billion in 2020.

UAE accounts for over 8% of Pakistan's foreign trade and is the third most important global trading partner.

Also, the UAE is one of Pakistan's top five export destinations and the first in the Arab world, with 10 percent of Pakistan's total imports coming from the Gulf country.

Direct Pakistani investments in the UAE amounted to more than 2.3 billion dollars at the end of 2019.

By the end of 2018, the UAE had invested 4.4 billion dollars in Pakistan. Currently, it ranks fourth among countries that invest in Pakistani markets.

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Biden Admin Delays Enforcement of Order Blocking Nippon Steel, US Steel Deal

FILE PHOTO: The logos of Nippon Steel Corp. are displayed at the company headquarters in Tokyo, Japan March 18, 2019. REUTERS/Yuka Obayashi/File Photo
FILE PHOTO: The logos of Nippon Steel Corp. are displayed at the company headquarters in Tokyo, Japan March 18, 2019. REUTERS/Yuka Obayashi/File Photo
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Biden Admin Delays Enforcement of Order Blocking Nippon Steel, US Steel Deal

FILE PHOTO: The logos of Nippon Steel Corp. are displayed at the company headquarters in Tokyo, Japan March 18, 2019. REUTERS/Yuka Obayashi/File Photo
FILE PHOTO: The logos of Nippon Steel Corp. are displayed at the company headquarters in Tokyo, Japan March 18, 2019. REUTERS/Yuka Obayashi/File Photo

The Biden administration will hold off enforcing a requirement laid out in an executive order this month that Nippon Steel abandon its $14.9 billion bid for US Steel, the companies said on Saturday.

US President Joe Biden blocked Nippon Steel's planned acquisition of US Steel on national security grounds on Jan. 3, and his Treasury Secretary Janet Yellen said this week that the proposed deal had received a "thorough analysis" by interagency review body, the Committee on Foreign Investment in the United States.

The delay will give the courts time to review a legal challenge brought by the parties earlier this month against Biden's order. The parties previously had 30 days to unwind their transaction, Reuters reported.
"We are pleased that CFIUS has granted an extension to June 18, 2025 of the requirement in President Biden's Executive Order that the parties permanently abandon the transaction," the companies said in a joint statement.
"We look forward to completing the transaction, which secures the best future for the American steel industry and all our stakeholders," they said.
US Steel and Nippon Steel alleged in a lawsuit on Monday that the CFIUS review was prejudiced by Biden's longstanding opposition to the deal, denying them of a right to a fair review. They asked a federal appeals court to overturn Biden's decision to allow them a fresh review to secure another shot at closing the merger.
The US Treasury secretary chairs the CFIUS panel, which screens foreign acquisitions of US companies and other investment deals for national security concerns. CFIUS normally decides directly on cases or submits recommendations to the president, but in the US Steel-Nippon Steel case, the panel failed to reach consensus on whether Biden should to approve or reject it, leaving the decision to him.
Both Biden and his successor, Republican Donald Trump, had voiced opposition to the Japanese company acquiring the American steelmaker as the candidates courted union votes in the November election won by Trump.
CFIUS has rarely rejected deals involving the Group of Seven closely allied countries, which include Japan.