Sheikh Mohamed bin Zayed visits Islamabad as Pakistan seeks a helping hand

Abu Dhabi Crown Prince Arrives in Pakistan, $3 Billion Deal Expected - Reports

Pakistan rolls out red carpet welcome for UAE crown prince

Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al Nahyan visited Pakistan on Sunday for an official one-day trip.

During the meeting, Prime Minister Khan and Crown Prince Sheikh Mohammed noted that the Pakistan-UAE Joint Ministerial Commission, to be co-chaired by the two countries' foreign ministers in Abu Dhabi next month, could "play a pivotal role in chalking out a comprehensive roadmap, and in fast-tracking the approval of pending agreements and memorandum of understandings (MoUs)".

The two sides discussed bilateral relations and matters of mutual, regional and global interests.

The daily said that with support from Qatar, Pakistan was expecting about $9 billion cushion in total oil and gas import bill.

The UAE announced in December it would deposit US$3 billion in the central bank of Pakistan to help "enhance liquidity" as the country struggles with a widening balance of payments crisis.

Pakistan is now facing a balance of payments crisis after the exchange rate of its national currency against the United States dollar fell 5 percent in November.

Prime Minister Imran Khan received the crown prince at the Nur Khan Air Base as he disembarked from the plane and then drove him personally to PM's House. The capital's streets were hung with portraits of the Crown Prince.

Elixir Securities Director Research Hamad Aslam said that the exuberance was led by positive developments on financing the External Account Deficit after conclusion of a successful visit by the Crown Prince of UAE. He last visited Pakistan in January 2007.

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Sheikh Muhammad bin Zayed Al Nahyan is visiting Pakistan on the invitation of Prime Minister Imran Khan.

The statement said that the two "held wide-ranging talks focusing on all areas of bilateral relations", adding that both the leaders expressed their determination to further strengthen the "historic and mutually beneficial relationship" between the two countries.

This included about $3.2 billion each of oil supplies on deferred payments from the UAE and Saudi Arabia and about $1.5 billion trade finance from the International Islamic Trade Finance Corporation (ITFC).

The UAE is the country's largest trading partner in the Middle East.

The two leaders chose to form a task force to take all necessary measures to deal with matters relating to trade enhancement.

"The two leaders agreed to work closely for the lasting peace and stability of Afghanistan" and expressed their resolve "to strive for progress, prosperity, and stability of both the UAE and Pakistan".

"With this, Pakistan would get a total saving of about Dollars 7.9 bn on oil and gas imports from the two friendly countries - accounting for more than 60 per cent of annual oil import bill of about USD 12-13 bn, the cabinet member said".

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