The United Arab Emirates' total investment in Pakistan is expected to reach $50 billion from $12 billion, making the Gulf nation the largest foreign investor in Pakistan.
According to private TV news channel, the UAE Ambassador to Pakistan said "it is a matter of pride that UAE public and private entities are actively engaged in making investments in Pakistan."
"In the past 16 years up to September 2006, the total investment was estimated at $12 billion. Today UAE ranks as the second largest foreign investor in Pakistan. Plans are underway to make further investment of an estimated $50 billion," he added.
Asserting that Pakistan was one of the most favourite destinations of UAE's foreign investment. He said this was reflected in UAE telecom company Etisalat acquiring 26 percent stakes of the Pakistan Telecommunication Company Limited, PTCL and the management control.
The UAE-based investment group Emaar and Port Qasim authority are in the process of undertaking a mega joint venture project to develop an area of 12,000 acres of land into a modern city near Karachi. At present, a state-managed fund in the UAE is considering investing $5 billion in building an oil refinery in Pakistan with an estimated capacity of two hundred thousand to three hundred thousand barrels per day.