UAE to invest USD 10 bn in Pakistan’s trade and development PLUS: Trade and transport news from Oman, Qatar, and Egypt

The UAE has earmarked USD 10 bn for investments in Pakistan’s “promising economic sectors,” according to a statement released on Thursday. The two countries will explore potential investment and cooperation in economy, trade, and development, Wam reported after a meeting between President Mohamed bin Zayed Al Nahyan and Pakistan’s Prime Minister Muhammad Shehbaz Sharif.

Expanding an existing friendship: The UAE and Pakistan inked two investment frameworkagreements in January to cooperate on railways, economic zones, and improve infrastructure in Pakistan. The UAE’s DP World has signed an MoU with Pakistan’s VC firm JW Holdings to develop trade and infrastructure logistics in Pakistan. The two countries also signed an array of MoUs last November for investments in logistics and port operations.

Oman + Jordan are looking to establish a direct shipping line:Oman and Jordan inked an MoU for investment across several sectors on Thursday, ONA reports. The agreement looks to boost bilateral investments in the logistics, information and communications technology (ICT), food, energy, mining, and other sectors. Both countries are also weighing plans to establish a direct shipping line connecting Jordan’s Aqaba Port with ports in Oman, Oman Investment Authority (OIA) Chairman Abdulsalman Mohammed Al Murshidi said.

IN OTHER OMAN NEWS- Oman joins International Transport Forum: Oman joined the International TransportForum on the sidelines of the forum in Leipzig, Germany last week, ONA reported. The forum, founded in 2006, acts as a think tank for transport policy and has a mandate for all modes of transportation, with 66 participating member countries, according to the news outlet. Oman is looking to boost its transportation sector at the international and local levels.

Qatar + Trinidad and Tobago ink air services agreement:Qatar has signed an air services agreement with Trinidad and Tobago that allows airlines from both countries to operate unlimited cargo and passenger flights between them, a statement said on Thursday. The move is part of the Qatari national carrier’s plans to expand its destinations around the world.

AND IN TRADE NEWS-Qatar + Australia look to strengthen trade:The Qatar Chamber has inked an MoU with the Australian Chamber of Commerce and Industry (ACCI) to pursue prospects for trade and investment and to swap business and trade data, QNA reported. “Two-way goods and services trade reached approximately USD 2.4 billion in 2022-23 with trade in services growing more than 60 percent in the most recent financial year. This agreement will encourage more Australian and Qatari companies to explore opportunities and further strengthen our links,” Australia’s ambassador to Qatar Shane Flanagan said.

Spain to play a larger role in Egypt’s railway system: Egypt’s Transport Minister Kamel El Wazir met with his Spanish counterpart Oscar Puente last week and agreed to form a working group to explore Spain's state-owned railway company Renfe managing and operating trains in Egypt, according to a statement from the Transport Ministry. The two ministers also discussed plans to further localize the production of trains in Egypt by expanding the operations of Spanish firms in Egypt.