UAE to invest $1 billion in Kashmir
The agreement for this mall was signed during the investors meeting in Dubai in January 2022. The UAE is going to invest about $1 billion in Kashmir under an agreement with the Jammu and Kashmir government. It includes an Industrial Park, a Medical College, a Hospital, Logistics Centre, IT Tower and Multipurpose Tower. On one hand, while UAE has opened treasury for Kashmir, on the other hand, it has now refrained from giving loan to Pakistan. Earlier, Shahbaz Sharif had requested UAE for loan during his visit.
Both UAE and Saudi Arabia are refraining from giving loan to Pakistan again. During Shahbaz Sharif’s visit, the UAE pointed towards its strengthening relationship with India. Kashmir was not mentioned in the joint declaration issued between Pakistan and UAE. Shahbaz wanted to include Kashmir in this statement. After this stand of UAE, Shahbaz started begging for talks with PM Modi.
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Earlier, UAE is said to have negotiated behind the scenes to improve relations with India during Bajwa’s time and after that there was a ceasefire again between the two. UAE has given a lot of loan to Pakistan. Not only this, thousands of Pakistanis work in UAE who send foreign exchange. Because of this, Pakistan is not able to openly oppose the move of UAE.