UAE-based biotechnology firm expresses ‘keen interest’ in Pakistan’s pharmaceutical sector

Chairman of Abu Dhabi-based biotechnology firm Hayat Bio-Tech Sheikh Ahmed Dalmook Bin Juma al Maktoum along with a delegation meets Pakistan Prime Minister Shehbaz Sharif in Islamabad on March 31, 2023. (PID)

• Chairman of Abu Dhabi-based Hayat Bio-Tech calls on Prime Minister Shehbaz Sharif in the federal capital
• Sharif reiterates his country’s desire to expand its relations with the United Arab Emirates in diverse fields

ISLAMABAD: A delegation from the United Arab Emirates, led by the chairman of an Abu Dhabi-based biotechnology firm, called on Prime Minister Shehbaz Sharif in his office and expressed “keen interest” to invest in Pakistan’s pharmaceutical sector, said an official statement on Friday.
The UAE and Pakistan have close fraternal relations and enjoy bilateral cooperation in a range of fields.
The Gulf country is Pakistan’s third-largest trade partner after China and the United States and is also home to more than 1.6 million Pakistani nationals.
“His Highness Sheikh Ahmed Dalmook al Maktoum, the chairman of Hayat Bio-Tech and a member of the ruling family of the UAE, along with a delegation, called on Prime Minister Muhammad Shehbaz Sharif in Islamabad today,” said the statement.
Sharif welcomed the delegation and said that Pakistan attributed great significance to its relations with the UAE in diverse fields, including trade and investment.
“The prime minister welcomed the keen interest of Hayat Bio-Tech to invest in Pakistan’s pharmaceutical sector, especially in vaccine manufacturing,” said the statement, adding that the PM also invited the visiting delegation to invest in renewable energy while assuring them that foreign investors would get all possible facilitation.
Sheikh al Maktoum said his country was aware of Pakistan’s huge investment potential and was looking forward to further expanding its footprint in the energy and health sectors.
The visiting dignitary added the UAE wanted to further increase its investment portfolio in Pakistan while briefing the prime minister about his country’s ongoing 1,200-megawatt solar and wind energy project which it is undertaking in collaboration with the provincial administration of Sindh.
Aside from investing in Pakistan, the UAE has also assisted the country financially by depositing money in the State Bank.
Earlier this week, the top UAE diplomat in Pakistan, Hamad Obaid Ibrahim Salim Al-Zaabi, also held a meeting with the country’s finance minister, Muhammad Ishaq Dar, as the International Monetary Fund (IMF) pushed the South Asian nation to get external financing commitments from friendly nations before releasing its bailout funds.