ANC invests Dh9bn in Pakistan
UAE-based Arab National Company plans to invest $2.5 billion (Dh9.175 billion) in Pakistan to set up two coal power plants.
A memorandum of understanding was signed between the ANC and the Private Power and Infrastructure Board (PPIB) to set up two 660 megawatt power plants in Gaddani, Baluchistan.
The new power plants will help Pakistan overcome the energy crisis. The Sharif-led government is struggling to meet power requirements in the country by resorting to tapping different sources of energy.
Pakistan has 7th largest country coal reserves in the world with 186 billion tons. Almost all of those reserves are found in the southern desert area of Thar.
Daily The News reported that the company would also construct a jetty along with the construction of the power projects which are expected to be completed in three years.
The MoU signing ceremony was attended by Pakistan Prime Minister Nawaz Sharif and ANC Chairman Tayeb Abdul Rahim Ahmed Al-Baker.
The UAE is one of the biggest investors in Pakistan with investments in telecom, petrochemical, real estate and energy sectors. Bilateral trade between the two countries is estimated at $9 billion (Dh33 billion).
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