KARACHI: Hamad Obaid Ibrahim Al Zaabi, the ambassador of the United Arab Emirates (UAE), on Thursday visited the Pakistan Stock Exchange and met with senior officials of the bourse to review long-standing collaborations and discuss opportunities for future cooperation.
“The meeting was an opportunity to discuss increased cooperation in areas of common interest as well as to review longstanding collaborations,” the bourse said in a statement, adding that Al Zaabi was accompanied to PSX by Counselor General Bakheet Ateeq Al-Romaithi and Ahmad Abdulla Albalooshi, Adviser to the Ambassador.
Muhammad Rafique Umer, the Acting Managing Director of the Exchange, briefed the visiting delegation about the current economic situation of Pakistan and steps taken by PSX for the development of Pakistan’s capital market. He also made a presentation about PSX, its ownership structure and the eco-system for stock investments.
UAE ambassador reiterated that his country appreciated 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 are reflective of the fact that Pakistan and UAE have laid strong foundations of mutually beneficial relations, friendship and peaceful cooperation over the years,” Al Zaabi added.
UAE is one of Pakistan’s major economic and trading partners and a large number of Pakistani expatriates are gainfully employed in UAE and contributing to the promotion of bilateral understanding and the economy of Pakistan through remittances.
Al Zaabi said a secure environment, stable investment policies and ease of business processes under a single umbrella would help in the growth of business activities between the two countries.
The MD-PSX said Pakistan and the UAE enjoyed warm bilateral relations at the national and institutional levels and PSX (formerly known as the Karachi Stock Exchange) had executed a memorandum of exchange in the past with the Abu Dhabi Securities Market and Dubai Financial Market.
“Pakistan and the UAE enjoy extremely close and fraternal relations, founded on deep-rooted cultural affinities, shared faith and traditions, geographic proximity and identity of interests,” Rafique Umer said. “These relations have evolved into wide-ranging cooperation in various fields. UAE has been one of the friendly countries which extended economic assistance to Pakistan in its difficult times.”
