ISLAMABAD, 30 May 2006 — Pakistan and the United Arab Emirates will sign two memorandums of understanding during the visit of Sheikh Muhammad Rashid Al-Maktoum, vice president and prime minister of the United Arab Emirates and ruler of Dubai, that begins today.
Minister of State for Investment and Special Initiatives Omar Ghuman told Arab News the first MOU will cover real estate development that will entail establishment of hotels and housing schemes.
The second MOU will pertain to infrastructure and industrial development.
The minister said the second MOU will facilitate the flow of UAE investment in oil and gas sector. “We can learn a lot from UAE in oil and gas technology, which is one of the biggest oil producing countries in the world,” Ghuman said adding that oil and gas companies in the private sector will be entering into joint ventures with Pakistan’s state-run Oil and Gas Development Corporation.
Referring to Gwadar Port, Ghuman said Dubai Ports World has already expressed interest in getting operating rights of the Chinese-built port located in the country’s southwestern province of Balochistan but President Musharraf will deal with the matter.
He said Dubai Islamic Bank would invest $100 million and set up 70 branches across Pakistan within the next 18 months.
