The United Arab Emirates would invest more than $20 billion in Pakistan, said a statement, as the South Asian country seeks investment from friendly countries to boost its economy.

The development came during a visit of Pakistan’s delegation led by caretaker Prime Minister Anwaarul Haq Kakar to the Gulf country. Chief of Army Staff General Asim Munir was also present. They met with UAE President Sheikh Mohamed bin Zayed Al Nahyan.

The two sides signed the MoUs pertaining to investment cooperation in the sectors of energy, port operations projects, wastewater treatment, food security, logistics, minerals, and banking and financial services.

This investment would pave the way for economic stability in Pakistan, it said, and added that the investment would also help fulfill various initiatives under the Special Investment Facilitation Council.

Hours earlier, caretaker PM Kakar announced that Pakistan and the UAE have signed memorandums of understanding in different sectors worth multi-billion dollars.

“These MoUs will unlock multi-billion dollars of investment from UAE into Pakistan and will help realize various initiatives envisioned under the SIFC,” a statement shared by PTV News on X, erstwhile Twitter, said.

Caretaker PM Kakar held a bilateral meeting with UAE President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi.

The leaders underlined that Pakistan and the UAE have “historic and deep-rooted fraternal ties” that have stood the test of time. They reaffirmed the resolve to further strengthen bilateral strategic cooperation and dialogue between Pakistan and the UAE.

PM Kakar expressed profound gratitude for the UAE’s firm support in the economic and financial domain. “The UAE is home to 1.8 million Pakistanis, contributing to the progress, prosperity, and economic development of the two brotherly countries.”

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

Kakar 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.

He reiterated Pakistan’s “full support” to the UAE’s Presidency for COP 28, underlining its importance as an opportunity for meaningful progress towards effective and result-oriented global actions in key areas to mitigate climate impact including the establishment of the Loss and Damage Fund.

Earlier this month, Planning Commission head Dr Jehanzeb Khan said that the $70 billion foreign direct investment was anticipated through the SIFC. “This [$70 billion investment] was not an abstract number,” he had said while highlighting that the inflows would depend on the emerging Gaza crisis.