'Pakistan-UAE trade surges past $10b as remittances near $7b'

ABU DHABI: Pakistan’s Ambassador to the UAE Faisal Tirmizi said that the bilateral trade between Pakistan and the UAE exceeded US$10.9 billion in the fiscal year 2023–24, including both in goods and services.

In statements to the Emirates News Agency (WAM), he also disclosed that remittances from the Pakistani community in the UAE reached $6.7 billion in 2024, which are expected to surpass $7 billion in 2025.

“These figures reflect not only the strength of our economic partnership, but also the vital role played by the Pakistani diaspora in supporting the national economy,” the ambassador stated.

According to Ambassador Tirmizi, goods trade in 2023–24 reached $8.41 billion, with Pakistan’s exports rising by 41.06 percent to $2.08 billion, while imports from the UAE declined by 14.45 percent to $6.33 billion, resulting in a 28.28 percent reduction in the trade deficit. In the services sector, total trade stood at $2.56 billion, marking a 20.54 percent year-on-year increase.

He noted that during the period July 2024 to January 2025, goods trade rose by 21.63 percent, with Pakistan’s exports growing by 7.53 percent, indicating sustained momentum in economic engagement.

“There are nearly 19 Emirati companies currently operating in Pakistan,” said Ambassador Tirmizi, “and the UAE has invested significantly in key sectors such as communications, services, tourism, information technology, oil and gas, housing, banking, and real estate.”

The ambassador highlighted the presence of several prominent UAE firms in Pakistan, including Etihad Airways, Emirates, Emaar, and Dubai Islamic Bank, all of which have established operations or branches in the country.

He noted that the Abu Dhabi Group acquired Bank Alfalah and UBL, while Dubai Islamic Bank and Emirates International Bank also opened local branches.

Ambassador Tirmizi further revealed that UAE’s telecommunications sector made a landmark investment by acquiring a significant stake in Pakistan Telecommunication Company Limited (PTCL) for over $2 billion.

In recent developments, he said, “Abu Dhabi Ports Company and DP World have signed agreements for port operations, including the development of Karachi Port Trust (KPT) and related railway infrastructure projects.”

“These investments demonstrate the UAE’s deep and long-term commitment to Pakistan’s growth and connectivity,” he added.

The ambassador praised the role of the Special Investment Facilitation Council (SIFC) in streamlining Pakistan’s investment climate through a one-window operation designed to enhance transparency and eliminate red tape. “SIFC is proving instrumental in making Pakistan more accessible and attractive to foreign investors, including those from the UAE,” he said.

Addressing the 1.5 million-strong Pakistani diaspora in the UAE, Ambassador Tirmizi applauded their contributions and encouraged full compliance with local laws, cultural norms, and digital regulations. He emphasised the importance of using legal remittance channels and introduced a 14-minute video guide to help expatriates better understand their rights and responsibilities.

“You are the bridge between our two nations,” he said. “Your positive presence strengthens the bond between Pakistan and the UAE every day.”