UAE investing $4b to build refinery near Hub power plant: Razak

DUBAI: Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood has said that around $4 billion is being invested by the United Arab Emirates to build coastal refinery near Hub power plant.

He revealed that the UAE investment company Mubadala has started its work with Pakistan’s energy company Pak-Arab Refinery Limited (Parco). He was addressing the business community of Pakistan at a gathering organised by Pakistan Business Council Dubai.

Abdul Razak Dawood said that the government does not have sufficient resources to build ‘Pakistan Pavilion’ in Dubai Expo 2020 and asked the Pakistani business community to contribute for the building of the pavilion.

Interestingly, the Pakistani business community arranged the event to highlight their problems and challenges faced by the community, but the PM’s adviser requested the community to help construct Pakistan’s Pavilion in the world’s biggest exhibition Expo 2020 that is to be held in Dubai from Oct 2020 till April 2021.

Abdul Razak Dawood said the pavilion would be turned into Pakistan cultural centre after the conclusion of Expo 2020. It is estimated by Pakistan diplomatic officials that at least $1 billion is required to construct Pakistan Pavilion.

Speaking to The News, Abdul Razak Dawood confirmed that the Finance Ministry has been in contact with UAE authorities for resolving a decade-old dispute over $800 million outstanding payments that Etisalat owed to Pakistan on account of privatisation dues of the Pakistan Telecommunication Company Limited (PTCL).