UAE seeking investment avenues in multibillion China-Pakistan Economic Corridor

In this file photo, Chinese trucks stand on a pontoon during the opening of a trade project in Gwadar port, some 700 kms west of the Pakistani city of Karachi on Nov. 13, 2016. (AFP)

• Valued at well over $60 billion, CPEC is part of China’s ambitious Belt and Road Initiative
• UAE plans to introduce small and medium enterprises to CPEC Special Economic Zones

ISLAMABAD: The United Arab Emirates has expressed its interest in exploring investment opportunities in the second and third phase projects of the China-Pakistan Economic Corridor (CPEC), Emirati officials announced on Tuesday, following talks with Chinese officials in Islamabad.
CPEC, which is valued at well over $60 billion is a part of China’s ambitious Belt and Road Initiative (BRI), with the two phases under discussion related to key infrastructure and development plans.
The UAE Embassy in Islamabad posted on its official Twitter account that its Deputy Head of Mission, Abdul Aziz Al Neyadi, had met the General Manager of China Road and Bridge Corporation (CRBC), Li Zhihuai, to discuss the ways of joint cooperation in the China-Pakistan Economic Corridor.
The CRBC and Chinese embassy officials did not respond to Arab News’ requests for comment.
Al Neyadi told Arab News that the meeting agenda with the representatives of China’s state-owned CRBC was held to explore “how UAE could participate and invest in the second and third phases of the China Pakistan Economic Corridor especially in the (projects associated with the) port, railways, and free zones.”
The UAE, he said, wanted to “encourage small and medium Emirati businesses to participate in these free zones,” to open new vistas for UAE enterprises which would bring foreign investment into CPEC, the linchpin of China’s BRI.
“UAE and China have common interests,” Al Neyadi said. Both are “ready to jointly work in a third country, as UAE and Chinese governments enjoy strong relations with Pakistan.”
In May this year, UAE Ambassador to Pakistan, Hamad Obaid Ibrahim Salem Al-Zaabi, said many companies in his country were keen to invest in the deep-sea port city of Gwadar, which is widely considered the crown jewel of the project.
An official statement quoting Al-Zaabi said, “Pakistan and UAE need to work together to further upgrade their ties aiming at developing a strategic partnership.”
Pakistan had last year emphasized the improvement of its railways, special economic zones and third-country participation during the eighth Joint Cooperation Committee meeting held in Beijing following the completion of the first phase.
The UAE is not the only Gulf state to see potential in CPEC. Saudi Arabia and Pakistan signed three major investment deals for China-Pakistan Economic Corridor (CPEC) projects in September 2018. Riyadh will also be investing in an Aramco oil refinery project that will be constructed in the southwestern province of Balochistan and house a petrochemical complex project at Gwadar’s deep-sea port.
Speaking with Yao Jing, Chinese Ambassador to Pakistan at the PM office on Tuesday, Prime Minister Imran Khan reiterated his resolve to complete ongoing projects under the CPEC which had contributed substantially to Pakistan’s development and prosperity, reported state-owned news agency, APP.