Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar has said that the United Arab Emirates (UAE) is set to acquire shares in the Fauji Foundation as part of growing economic cooperation with Pakistan.

Speaking at a press conference on the annual performance of the Ministry of Foreign Affairs (MOFA), Dar said Pakistan’s firm and principled stance on global issues has gained respect at international forums.

Referring to the recent visit of the UAE president, he explained that the share acquisition is expected to help settle a $1 billion liability. He also said an additional $2 billion loan from the UAE may be rolled over, providing further financial relief.

Also Read: Fauji Fertilizer company joins consortium for PIA privatisation

Dar thanked Saudi Arabia, the UAE, and China for supporting Pakistan through loans and financial assistance, saying their help has strengthened the country’s financial stability.

He also highlighted improving relations with Bangladesh, calling it a “major thaw” during the year. Dar said his visit to Bangladesh was productive, with meetings held with senior leadership, political parties, and student groups.

He added that an atmosphere of goodwill has been created and Pakistan plans to further engage with Bangladesh after the February elections.