Pakistan and the United Arab Emirates have signed memorandums of understanding in different sectors worth multi-billion dollars, caretaker Prime Minister Anwaarul Haq Kakar said in a video message on Monday.

“Pakistan’s Army Chief General Asim Munir and the federal ministers were present on the occasion while on the other side, all the important ministers of UAE were also present,” he added.

This comes as the South Asian country seeks to bolster investment from friendly countries in the Gulf region. Pakistan has also formed the Special Investment Council – a hybrid civil-military forum – for the purpose of investment plans.

In September, caretaker PM Kakar told reporters that Saudi Arabia would invest up to $25 billion in Pakistan over the next two to five years in various sectors. Planning Commission head Dr Jehanzeb Khan earlier this month said that the $70 billion foreign direct investment anticipated through the SIFC.

Caretaker Information Minister Murtaza Solangi shared the video message on X, where the interim PM said that the two countries entered a new era of economic cooperation, regional stability, and strategic cooperation with the signing of the MoUs.

PM Kakar said that the tangible projects after the signing of MoUs will positively reflect on the country’s economy.

He went on to add that the foundation of friendship with Pakistan that was laid by Sheikh Zayed bin Sultan Al Nahyan in the 1970s, had been taken forward by his son Sheikh Mohammed bin Zayed Al Nahyan to a new era.

“These MoUs will unlock multi-billion dollars of investment from UAE into Pakistan and will help realize various initiatives envisioned under the SIFC,” said a statement.

During the meeting, regional and global developments were also discussed with particular reference to the deteriorating human rights and humanitarian situation in occupied Palestine.

The PM expressed Pakistan’s support for a just and durable solution to the Palestinian question anchored in international law and in line with relevant United Nations and OIC resolutions.

The spokesperson for the Ministry of Foreign Affairs said that PM Kakar will embark on a bilateral visit to Kuwait from November 28 to November 29 following his visit to the UAE.

“During the visit, the Prime Minster will meet His Highness Sheikh Meshal Al Jaber Al Sabah, Crown Prince of State of Kuwait and His Highness Sheikh Ahmed Nawaf Al Ahmed AL Sabah, Prime Minister of the State of Kuwait,” the spokesperson added.

The visit will include the signing of various MoUs in the fields of manpower, information technology, mineral exploration and food security, energy and defence, according to the ministry’s statement.

PM Kakar arrived in the UAE on November 26 where he was received by Minister for Justice of the UAE Abdullah Sultan bin Awad Al Nuaimi and Pakistani diplomatic staff at Abu Dhabi’s Al-Bateen Airport.

The development came days after the caretaker federal cabinet approved seven MoUs with Kuwait that would result in $10 billion worth of investment from the Gulf country in Pakistan.

The nod was given during a cabinet meeting presided over by caretaker Prime Minister Anwaarul Haq Kakar in Islamabad on November 24. The agreements would be signed during the prime minister’s visit to Kuwait.