Islamabad: The Qatar Investment Authority (QIA), a state-owned enterprise of Qatar, will invest USD 3 billion in Pakistan, news sources reported on August 25. The oil-rich country will also buy majority stakes in the PIA-owned Roosevelt Hotel in New York City.
This was announced in a statement released by the Emiri Diwan, Qatar’s administrative body. According to the statement, the suggested sum would be invested in various sectors of the economy.
Furthermore, the statement declared that the two countries would strengthen cooperation in the energy and aviation industries with long-term agreements involving Liquified Natural Gas (LNG). It was highlighted that these investments will be part of the two Muslim countries’ bilateral trade agreements.
It is worth noting that Prime Minister (PM) Shehbaz Sharif is now on an official visit to the oil-rich emirate. The visit is anticipated to deliver much-needed cash from the Gulf countries and a commitment to invest more in the country’s formal economy. Qatar has also recently announced its desire to take over the operations and upkeep of the international airports in Karachi and Islamabad.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
