More Pakistani firms set up shop in UAE

Dubai: Despite the global economic recession, the biggest-ever Pakistan Business Directory was launched in Dubai Thursday with at least 600 new entries.

"We were sceptical about compiling our eighth edition of the Pakistan Business Directory for fear of low response and negative comments from people, but we were amazed by the tremendous response of 600 new entries from Pakistani companies and businesses opened in the UAE recently," publisher Atif Malik said.

The director contains more than 6,000 entries of Pakistani companies from all over the UAE including their telephone numbers, business categories, e-mails and addresses.

He said that his team shunned all the negative propaganda about a business slowdown and found out during data collection that more Pakistani companies are starting up in the UAE and there has been an increase in business activities.

Dr Saeed Mahmond, Consul General, who launched the directory, said that the UAE has emerged as the single largest foreign investor in Pakistan as well as the second biggest trade partner after the United States.

"Bilateral trade between the two countries stands at $7 billion (Dh26 billion) in financial year 2008-2009," he noted.

He said the UAE has also become the second biggest source of foreign remittances through banking channels.

In 2008-09, Pakistani expatriates remitted $1.2 billion from the UAE compared to $850 million in 2007-08.

Source: Gulf News