The government has made available its top 5 shareholdings in State Owned Entities (SOEs) to two top UAE firms.
Access to SOE shares in National Bank of Pakistan (NBP), Pakistan International Airlines (PIA), Pakistan National Shipping Corporation (PNSC), Pakistan Petroleum Limited (PPL), and Oil and Gas Development Company Limited (OGDCL) have been offered to two UAE companies in order to bolster UAE investment in the country, reported Business Recorder.
Both entities run a combined $300 billion investment fund portfolio and have expressed interest in investing in profitable public entities in Pakistan.
The investment proposal was discussed during Prime Minister Shehbaz Sharif’s recent visit to the UAE whose leadership was apprised of possible big-money undertakings in Pakistani products and publicly-owned companies.
Besides offerings in the top 5 government-owned entities, the PM also invited investment in National Parks Management Company Limited (NPPMCL), solar power projects, and airport management in Karachi, Lahore, and Islamabad during his meeting with the top UAE leadership, including Abu Dhabi Development Holding Company (ADO) and International Holding Company (IHC).
More discussions on investment in the context of the above were scheduled for discussion upon the visit of UAE President Sheikh Mohamed bin Zayed Al Nahyan on Monday, besides the implementation of a $1 billion financing facility, but his visit to Islamabad was canceled at the last minute.
The UAE recently hinted at expanding its investment footprint in Pakistan as the South Asian nation desperately needs foreign inflows to shore up its ailing economy.
It is noteworthy that relations between the two countries date back to 1971, with Pakistan being one of the first to recognize the UAE as a sovereign state. Their ties have since evolved into broad regional cooperation, and the Gulf country has become a major donor of economic relief and financial aid to Pakistan.