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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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Brazil President Signs Law Authorizing Offshore Wind Development

Brazilian President Luiz Inacio Lula da Silva attends an event marking two years since the alleged coup attempt when supporters of former President Jair Bolsonaro invaded government buildings and called for a military intervention, in Brasilia, Brazil, Wednesday, Jan. 8, 2025. (AP)
Brazilian President Luiz Inacio Lula da Silva attends an event marking two years since the alleged coup attempt when supporters of former President Jair Bolsonaro invaded government buildings and called for a military intervention, in Brasilia, Brazil, Wednesday, Jan. 8, 2025. (AP)
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Brazil President Signs Law Authorizing Offshore Wind Development

Brazilian President Luiz Inacio Lula da Silva attends an event marking two years since the alleged coup attempt when supporters of former President Jair Bolsonaro invaded government buildings and called for a military intervention, in Brasilia, Brazil, Wednesday, Jan. 8, 2025. (AP)
Brazilian President Luiz Inacio Lula da Silva attends an event marking two years since the alleged coup attempt when supporters of former President Jair Bolsonaro invaded government buildings and called for a military intervention, in Brasilia, Brazil, Wednesday, Jan. 8, 2025. (AP)

Brazilian President Luiz Inacio Lula da Silva has signed into law a bill authorizing the development of offshore wind farms, a statement said late on Friday, a bid to strengthen the country's energy security and spark a wave of investment.

The new law foresees incentives for the development of offshore energy projects in Brazilian territorial waters, the statement said.

Offshore wind speeds tend to be faster and steadier than on land, a potential advantage compared with wind farms built on a continent. But offshore wind farms can be expensive, difficult to build and potentially affect marine animals and birds, according to the American Geosciences Institute.

The Brazilian government said the law provides guidelines for projects and restoration of explored areas, in addition to requiring prior consultations with affected communities to ensure "respect for traditional maritime practices and local culture."

More than 80% of Brazil's electricity comes from renewable sources, mainly hydroelectric, according to government data.

The president vetoed provisions in the law, introduced during the congressional debate, which would maintain incentives for "more polluting, expensive and inefficient energy sources such as thermoelectric, coal and gas plants," the statement said.