UAE rolls over $2 billion loan; agrees to provide additional $1 billion

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Shehbaz UAE President

In a major development, the United Arab Emirates (UAE) agreed to roll over an existing loan of $2 billion and give an additional loan of $1 billion.

The development was reached during Prime Minister Shehbaz Sharif’s meeting with the President of the United Arab Emirates, Sheikh Mohamed bin Zayed Al Nahyan on Thursday.

Prime Minister Shehbaz Sharif arrived today in the UAE on his third official visit to the Middle Eastern nation since assuming office last year with an aim to strengthen economic, trade, and investment ties with the country.

Information Minister Marriyum Aurangzeb said that the UAE President welcomed PM Sharif to Abu Dhabi and wished progress and prosperity for Pakistan.

She said that during the meeting, the two leaders discussed the fraternal relations between Pakistan and the UAE and explored ways to further strengthen these ties, especially in the fields of trade, investment, and energy.

PM Shehbaz also invited His Highness Sheikh Mohamed Bin Zayed for a state visit to Pakistan, to which he agreed. The minister said that the dates would be decided through diplomatic channels.

COAS General Asim Munir meets UAE President Sheikh Mohamed bin Zayed Al Nahyan

PM Shehbaz’s meeting with the UAE President came two days after Chief of Army Staff (COAS) General Asim Munir had met the President of the UAE at the Qasr Al Shati Palace.

According to The Gulf Observerthe two sides had reviewed cooperation relations and joint work between the UAE and Pakistan in defence and military affairs, as well as ways to strengthen them to serve the common interests of the two friendly countries.

COAS General Asim Munir meets UAE President Sheikh Mohamed bin Zayed Al Nahyan