Home Business UAE Ambassador Hamad Obaid Al Zaabi visits PSX

UAE Ambassador Hamad Obaid Al Zaabi visits PSX

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KARACHI: The Ambassador of United Arab Emirates (UAE), Hamad Obaid Al Zaabi along with Counselor General Bakheet Ateeq Al-Romaithi and Ahmad Abdulla Albalooshi, Advisor to Ambassador paid a courtesy visit to Pakistan Stock Exchange (PSX). They were received and welcomed at PSX by Muhammad Rafique Umer, Managing Director (Acting) of the Exchange.

During the meeting they discussed on matters of mutual concerns, business prospects, friendship and peaceful cooperation between both the countries.  Mr. Rafique apprised the UAE Ambassador 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 eco-system for stock investments, which the foreign guests received with keen interest.

The Hon’able Ambassador, while showing his pleasure in visiting the only Stock Exchange of Pakistan, shared his thoughts about the bright prospective of Pakistan and the potential contribution of his country and UAE firms in the development of Pakistan.

The MD-PSX informed the honorable guests that Pakistan and UAE have very old bilateral relations, both at country and institutions level and in this regard PSX (formerly Karachi Stock Exchange) has executed MOU in the past with Abu Dhabi Securities Market and Dubai Financial Market. He further mentioned that 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. These relations have evolved into wide-ranging co-operation in various fields. UAE has been one of the friendly countries which extended economic assistance to Pakistan in its difficult times. On a question about future prospects of Pakistan and its economy, Mr. Rafique said that he is very optimistic about the future growth of the country and soon the economy will start showing positive signals.

The Hon’able Ambassador agreed and added that UAE has been appreciative of 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, he added. He continued that the UAE has emerged as one of Pakistan’s major economic and trading partners and a large number of Pakistani expatriates are gainfully employed in UAE, who contribute to promotion of bilateral understanding and to the economy of Pakistan through their home remittances. H.E. Hamad Obaid Al Zaabi emphasized the need of secured environment, stable investment policies and ease of business processes under a single umbrella for growth of business activities between the two countries. The meeting was an opportunity to discuss increased cooperation in areas of common interest as well as to review the longstanding collaborations.

Mr Rafique thanked the Hamad Obaid Al Zaabi and his associates for their kind visit. He stated that further economic cooperation between the UAE and Pakistan will lead to better prospects for the development and progress of Pakistan’s economy.