You are here: Home » Reuters » News
Business Standard

Pakistan eyes investment pacts with Saudi Arabia, UAE

Reuters  |  ISLAMABAD 

(Reuters) - expects to sign investment agreements with and the in the coming weeks, the said, as builds on its ties with states that have recently lent it billions of dollars.

A memorandum of understanding was expected with this month, with an investment framework accord set to be signed with the UAE in February, Imran Khan's office said in a statement following a meeting on Wednesday.

The MoUs follow a similar agreement signed last month with China, it said.

The statement gave no details but the daily Dawn newspaper quoted Haroon Sharif, as saying the investments were likely to be in the oil refining, petrochemicals, and sectors.

"We are expecting $10-billion-plus Saudi investments and the MoUs to be signed in this regard will not be common or vague but concrete agreements," Dawn quoted him as saying, adding that would invest in an and also set up its own refinery in

Sharif said the UAE was interested in agriculture and housing investments and four Malaysian firms were interested in investments in the areas of halal meat, gemstones, and hi-tech education.

The investments would be in addition to a $6-billion package provided to by and a similar-sized package, made up of loans and an oil payment credit facility, offered by the UAE.

The agreements come as Pakistan has sought to strengthen its public finances and reduce its current account deficit, which a report from the in November estimated to stand at 5.9 percent of in 2018.

(Reporting by James Mackenzie; Editing by Clarence Fernandez)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, January 10 2019. 12:56 IST