Latest news with #FaisalTirmizi
Arab News
13-04-2025
- Business
- Arab News
Pakistani envoy says bilateral trade with UAE crossed $10.9 billion in FY24
ISLAMABAD: Pakistan's bilateral trade with the United Arab Emirates (UAE) surpassed $10.9 billion during the fiscal year 2023-24, the country's envoy to the Gulf country said this week, noting that the figure represented the strong economic partnership both nations enjoyed. Pakistan and UAE have both moved closer in recent months to establish a stronger economic partnership. In January 2024, Pakistan and the UAE signed multiple agreements worth more than $3 billion for cooperation in railways, economic zones and infrastructure. The UAE is Pakistan's third-largest trading partner after China and the United States and a major source of foreign investment valued at over $10 billion in the last 20 years, according to the UAE's foreign ministry. 'Pakistan's Ambassador to the UAE Faisal Tirmizi revealed that bilateral trade between Pakistan and the UAE exceeded $10.9 billion in the fiscal year 2023–24, including both goods and services,' UAE's state-run news agency WAM reported on Friday. Tirmizi also disclosed that remittances from the Pakistani community in the UAE reached $6.7 billion in 2024, adding that they are expected to surpass $7 billion in 2025. Tirmizi revealed that goods trade between the two countries during the fiscal year 2023–24 reached $8.41 billion, with Pakistan's exports rising by 41.06% to $2.08 billion while imports from the UAE declined by 14.45% to $6.33 billion, resulting in a 28.28% reduction in the trade deficit. In the services sector, he said total trade stood at $2.56 billion, marking a 20.54% year-on-year increase. Tirmizi noted that during the period July 2024 to January 2025, goods trade rose by 21.63%, with Pakistan's exports growing by 7.53%, indicating sustained momentum in economic engagement. '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,' Tirmizi said. The Pakistani envoy said there are nearly 19 Emirati companies currently operating in Pakistan, adding that the UAE has invested significantly in Pakistan's key sectors such as communications, services, tourism, information technology, oil and gas, housing, banking, and real estate. He pointed out that leading UAE companies Abu Dhabi Ports Company and DP World's had signed agreements related to 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.
Gulf Today
11-04-2025
- Business
- Gulf Today
Pakistan-UAE trade crosses $10.9b mark in the fiscal year of 2023–24
Pakistan's Ambassador to the UAE Faisal Tirmizi revealed that bilateral trade between Pakistan and the UAE exceeded $10.9 billion in the fiscal year 2023–24, including both 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, and 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 per cent to $2.08 billion, while imports from the UAE declined by 14.45 per cent to $6.33 billion, resulting in a 28.28 per cent reduction in the trade deficit. In the services sector, total trade stood at $2.56 billion, marking a 20.54 per cent year-on-year increase. He further noted that during the period July 2024 to January 2025, goods trade rose by 21.63 per cent, with Pakistan's exports growing by 7.53 per cent, 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. WAM
Gulf Today
11-04-2025
- Business
- Gulf Today
Your positive presence strengthens UAE-Pakistan bonds, Faisal Tirmizi tells Pak diaspora
Pakistan's Ambassador to the UAE Faisal Tirmizi revealed that bilateral trade between Pakistan and the UAE exceeded $10.9 billion in the fiscal year 2023-24, including both 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, and 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. 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.' According to Ambassador Tirmizi, goods trade in 2023-24 reached $8.41 billion, with Pakistan's exports rising by 41.06 per cent to $2.08 billion, while imports from the UAE declined by 14.45 per cent to $6.33 billion, resulting in a 28.28 per cent reduction in the trade deficit. In the services sector, total trade stood at $2.56 billion, marking a 20.54 per cent year-on-year increase. He further 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 per cent, 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. WAM
Al Etihad
11-04-2025
- Business
- Al Etihad
Pakistan-UAE trade surges past $10 billion as remittances near $7 billion: Ambassador Faisal Tirmizi
11 Apr 2025 14:05 ABU DHABI (WAM)Pakistan's Ambassador to the UAE Faisal Tirmizi revealed that bilateral trade between Pakistan and the UAE exceeded $10.9 billion in the fiscal year 2023–24, including both goods and 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, and 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 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 further 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, and the UAE has invested significantly in key sectors such as communications, services, tourism, information technology, oil and gas, housing, banking, and real estate," Ambassador Tirmizi 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 noted that the Abu Dhabi Group acquired Bank Alfalah and UBL, while Dubai Islamic Bank and Emirates International Bank also opened local 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 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 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 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. Your positive presence strengthens the bond between Pakistan and the UAE every day," he said.
