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UAE, Saudi Arabia ready to take benefit from Pakistan-China’s CPEC

Moazzam Ahmad Khan, Pakistan’s ambassador to UAE has stated that Pakistan would be willing to happily share the benefits of CPEC with the UAE.

He told Gulf News “Even as Saudi Arabia has agreed to become a third party, we really feel that this new initiative can turn Pakistan into a hub for more increased economic connectivity, trade and industrialization.”

Khan further elaborated that he expects even more investments to flow into Pakistan after Prime Minister Imran Khan’s recent visit to the Gulf country.

Prime Minister Khan, on September 19, visited the UAE and held talks with the Crown Prince of Abu Dhabi, Shaikh Mohammad Bin Zayed Al Nahyan and the Deputy Supreme Commander of the UAE Armed Forces to enhance their ties and help Pakistan deal with the brewing fiscal crisis.

“The two sides have decided to take the relationship to the next level and expand it even further in all other areas, including investment, defence, trade and security cooperation,” he stated.

The ambassador also added that the bilateral trade reached a high of $8.6 billion for the financial year of 2017-18 as compared to the $6.2 billion in the previous financial year of 2016-17.

According to the ambassador, “UAE companies have also been investing heavily in Pakistan, more noticeably in refinery, telecom, and ports and the total investment from the UAE is almost $3 to $4 billion.”

[SOURCE]