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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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Turkish Central Bank Governor: Decisive Tight Policy Contains Re-dollarization Risks

Türkiye's Central Bank headquarters is seen in Ankara, Türkiye in this January 24, 2014 file photo. REUTERS/Umit Bektas//File Photo
Türkiye's Central Bank headquarters is seen in Ankara, Türkiye in this January 24, 2014 file photo. REUTERS/Umit Bektas//File Photo
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Turkish Central Bank Governor: Decisive Tight Policy Contains Re-dollarization Risks

Türkiye's Central Bank headquarters is seen in Ankara, Türkiye in this January 24, 2014 file photo. REUTERS/Umit Bektas//File Photo
Türkiye's Central Bank headquarters is seen in Ankara, Türkiye in this January 24, 2014 file photo. REUTERS/Umit Bektas//File Photo

Turkish central bank governor Fatih Karahan said that monetary policy has been proactive and that re-dollarization risks are contained by a decisive tight policy stance, with retail FX demand more limited compared to March 2024.

In the text of a presentation which he made in Washington on Wednesday, Karahan said monetary policy transmission has improved considerably over the last year and that disinflation is continuing, "but risks are alive".

The bank hiked its main policy rate to 46% from 42.5% and lifted the overnight lending rate to 49% last Thursday. The move reversed an easing cycle in response to market turmoil triggered by the arrest of Istanbul's mayor last month, Reuters reported.

The tight monetary stance will be maintained until price stability is achieved via a sustained decline in inflation, Karahan said in the presentation on Wednesday.

The decisiveness regarding tight monetary stance is strengthening the disinflation process, he said.

Karahan said the pass-through effect on inflation of a weaker currency is modest, reflecting improvement in pricing behaviour, while falling oil prices support disinflation, but the global economic outlook is uncertain.

He also said demand has exceeded expectations, driven by goods consumption.

He said currency pass-through is expected to be around 35-40%, considerably lower than that during the summer of 2023, declining amid lower forex-protected KKM account balances, improved inflation expectations and moderating demand.