UAE Ambassador visits PSX

KARACHI: Ambassador of United Arab Emirates (UAE), Hamad Obaid Al Zaabi visited Pakistan Stock Exchange (PSX) and discussed the matters of mutual interest, business prospects, strengthen friendship and peaceful cooperation between the two countries.

UAE Counselor General in Karachi, Bakheet Ateeq Al-Romaithi and Advisor to the Ambassador Ahmad Abdulla Albalooshi. The diplomats were received by PSX's Acting Managing Director Muhammad Rafique Umer, said PSX a press release on Friday.

PSX Acting MD apprised the UAE Ambassador of the current economic situation of Pakistan and steps taken by PSX for the development of Pakistan's capital market.

He also gave a presentation on PSX operations and future projects, its ownership structure and eco-system for stock investments. The foreign guests took keen interest.

The UAE Ambassador, showing his pleasure for visiting PSX, shared his thoughts about the bright prospective of Pakistan and the potential contribution of his country including UAE companies in the development of Pakistan.

The Acting MD-PSX informed the guests that Pakistan and UAE had very old bilateral relations-- both at country and institutions level - and in this regard PSX (formerly Karachi Stock Exchange) had executed MoU in the past with Abu Dhabi securities market and Dubai financial market.

He mentioned that Pakistan and the UAE enjoyed extremely close and relations, founded on deep-rooted cultural affinities, shared faith and traditions, geographic proximity and identity of interests.

These relations had evolved into wide-ranging co-operation in various fields. UAE had been one of the friendly countries which extended economic assistance to Pakistan in its difficult times.

On a question about future prospects of Pakistan and its economy, Rafique said that he was very optimistic about the future growth of the country and soon the economy would start showing positive signals.

He said UAE had been appreciative of Pakistan's contribution to the evolution of key institutions in the Emirates. Frequent exchanges of high level visits and regular bilateral consultations between the two countries wee reflective of the fact that Pakistan and UAE had laid strong foundations of mutually beneficial relations, friendship and peaceful cooperation over the years.

He continued that the UAE had emerged as one of Pakistan's major economic and trading partners and a large number of Pakistani expatriates were gainfully employed in UAE, who contribute to promotion of bilateral understanding and to the economy of Pakistan through their home remittances.

Hamad Obaid Al Zaabi emphasized the need of secured environment, stable investment policies and ease of business processes under a single umbrella for growth of business activities between the two countries.

The meeting was an opportunity to discuss increased cooperation in areas of common interest as well as to review the longstanding collaborations.

Muhammad Rafique Umer thanked the Hamad Obaid Al Zaabi and his associates for their kind visit. Economic cooperation between the UAE and Pakistan would lead to better prospects for the development and progress of Pakistan's economy.