Bangladesh should leave no stone unturned in exploring new economic engagement with the United Arab Emirates, a growing and an important economic hub in the Gulf region, said diplomats and business leaders.

As countries like India, Pakistan and Sri Lanka have strong economic, social and cultural engagement with UAE,  Bangladesh should work serious homework  to increase engagement with  the import Gulf country, said a Bangladesh diplomat on condition of anonymity while talking to the Dazzling Dawn.   

Bangladesh’s export to the United Arab Emirates  (UAE) recorded at 499 million US dollars (499099157.5 US dollars) during July-May period of the 2023-24 fiscal year. Bangladesh’s export to United Arab Emirates  (UAE) recorded at 543 million US dollars ( 543714927.7  US dollars)  in the 2022-23 fiscal year. Bangladesh’s export to the United Arab Emirates  (UAE) recorded at 864 million  US dollars(864236919.7 US dollars ) during 2021-22 fiscal year.  Bangladesh’s export to United Arab Emirates  (UAE) recorded at 495 million  US dollars  (495851425.8) in the 2020-21 fiscal year.

Bangladesh’s export of readymade garments to the Middle Eastern countries and the good thing is local garments are steadily gaining popularity in the Middle eastern countries.

The United Arab Emirates (UAE) is the biggest export destination of Bangladeshi apparels in the Middle East.

Bangladesh’s export of readymade garments to the United Arab Emirates stood at 167.95 million US dollars  in 2020,  245.62 million US dollars in 2021 and 310.07 million in 2022.

A member of the Bangladesh Garment  Manufacturers  and  Exporters Association (BGMEA) said that Bangladesh is working on penetrating new markets in the middle-east market.

According to the Bangladesh Bank data, cumulative UAE investment in Bangladesh recorded at roughly 1100 million US dollars during 1996-2023. 

Meanwhile, UAE has emerged as the top source of remittance to Bangladesh  in 2023 calendar year, said a Bureau, Manpower, Employment and Training (BMET).  Expat Bangladeshis and businessmen living in UAE sent home 3675.08 million US dollar in 2023 (17 per cent of total remittance).

Meanwhile, expat Bangladeshis and businessmen living in UAE sent home 1675.07 million US dollar in 2024 during the January-April period of 2024. (20 per cent of total remittance) . USA stood second position with 1150.20 million US dollars (14 per cent), the UK third position with 975.26 million dollars (12 per cent (, KSA fourth position and Malaysia 541 million US dollars  (7.00 per cent)  

Meanwhile, the United Arab Emirates is interested in investing in Bangladesh's logistics, ports, aviation and renewable energy sector, the Gulf nation's ambassador in Dhaka said last month.

Ambassador Abdulla Ali Abdulla AlHmoudi expressed his country's desire when he called on Chief Adviser Muhammad Yunus at his official residence Jamuna.

During the meeting, Yunus thanked UAE President Mohamed bin Zayed Al Nahiyan for the release of 57 Bangladeshi people after they were convicted and sentenced by a UAE court recently.

"It was a wonderful gesture. The whole nation was very happy," said the chief adviser.

He also thanked the UAE government for hosting some 10 lakh Bangladeshi migrants.

Ambassador AlHmoudi expressed his government's support for Bangladesh at a "critical time for the country" and said the UAE would stand by the interim government and its pro-business policies and reform agenda.

He said DP World, one of the world's largest port operators, and Abu Dhabi Ports are interested in investing in Chattogram Port to help boost the country's export competitiveness to the world.

Ambassador AlHmoudi said Masdar, another top firm in the UAE, is also interested in investing in renewable energy including floating solar projects – the kind of which it has built in Indonesia.

Professor Yunus said his government has already rolled out business-friendly policies and would be happy to see more investment from the UAE and the visit of more Emirati business people to Bangladesh.

Meanwhile, United Arab Emirates (UAE) is keen to invest in Chattogram port for financial benefit of the both countries.

UAE ambassador in Bangladesh Abdullah Ali Al Hamoudi today expressed the interest in a meeting with Adviser of the Interim Government on Shipping, Textiles, and Jute Brigadier General (Retd) M Sakhawat Hossain at his secretariat office recently.

The envoy said, “As a friendly country UAE beliefs that both the countries would be benefitted from the investment of UAE in Bangladesh particularly in the Chattogram port.”

The UAE envoy told the Adviser that Dubai-based ‘DP World’, an Emirati multinational logistic company, is now engaged in sea port management in more than 60 countries.

“We have experience in construction of the London Gateway Port… We also have better experience in the sub-continental countries like India, Pakistan and Sri Lanka on sea port management”, he said.

Welcoming the investment proposal of the UAE, the Adviser said, Bangladesh always welcome the foreign investment and the country has multidimensional relations with UAE in various sectors including trade and commerce.

“I think that the friendly relations between the two countries would reach to a new height through this investment,” Sakhawat said.

The adviser requested the UAE envoy for making transit visa for Bangladeshi sailors easier. The UAE ambassador in reply said, they would consider the matter sincerely.

Sakhawat Hossain also urged the UAE envoy to invest in the jute and textiles sectors of Bangladesh saying the demand of the environment friendly jute products of Bangladesh are on rise across the world.

Foreign investment is increasing steadily in the jute and textiles sectors of Bangladesh, the Adviser said urging the UAE ambassador for considering these lucrative sectors for investment.

UAE Ambassador led a five-member delegation of his country in the meeting while Jute and Textiles Secretary M Abdur Rauf, Additional Secretary of the Ministry of Shipping Sanjoy Kumar Banik and senior officials were present.

Ambassador of United Arab Emirates (UAE) Abdulla Ali AlHmoudi has assured Dhaka of early disposal of the visa issues for the Bangladeshi nationals.

He made the assurance while paid a courtesy call on foreign secretary Md. Jashim Uddin, at the foreign ministry recently, said an official press release here.

The pledge came as the foreign secretary urged the envoy to address the restrictions on issuance of visas including pending employment visa applications, ensuring smoother mobility for the workforce.

During the meeting, Jashim highlighted the significant reforms being undertaken by the interim government, aimed at fostering political and economic stability and growth across various sectors.

The foreign secretary, while expressing appreciation for the contributions of Bangladeshi expatriates in the oil-rich nation, thanked the UAE government and the Ambassador for the general pardon extended to convicted nationals who had expressed solidarity with the student-led mass movement in Bangladesh.

The discussion also focused on strengthening bilateral relations, enhancing economic cooperation, and addressing key issues including easing visa procedure, augmenting trade and investment, and social welfare projects between the two nations.

The ambassador acknowledged the presence of the large Bangladeshi diaspora working in the hospitality, finance, banking, and health sectors of the UAE.

The discussion touched upon opportunities for investment and business development, and  the Ambassador expressing the keen interest of prominent UAE entities such as logistics leader DP World, renewable energy company MASDAR, air service provider Dnata, and cooperation between Bangladesh and the Al-Nahiyan Trust's welfare initiatives.

The Foreign Secretary appreciated the significant remittances received from the UAE, acknowledging their vital contributions to Bangladesh’s economic growth.

Both the sides discussed the prospect of high-level political exchanges with a view to advancing bilateral cooperation

Meanwhile, the United Arab Emirates (UAE) recently committed $10 billion to invest in promising economic sectors in Pakistan, Islamabad said.

Pakistan has been pushing for foreign investment in a bid to shore up its $350 billion economy, which has struggled with high inflation and low growth as it navigates a tough reforms mandated by the International Monetary Fund (IMF).

The investment pledge, also announced by the Emirati state news agency (WAM), came after a meeting between Pakistani Prime Minister Shehbaz Sharif, on a two day visit to the UAE, met President Sheikh Mohamed bin Zayed Al Nahyan.

"President of the UAE Sheikh Mohamed bin Zayed Al Nahyan assured (Pakistan of) the UAE's support in all circumstances and made the commitment of investing US $10 billion in multiple sectors," a statement from Pakistan's Prime Minister's Office said.

It did not specify which areas the investment would be in.

The statement said Sharif emphasised strengthening strategic partnerships, including in the field of information technology, renewable energy and tourism.

Pakistan needs foreign investment to boost its economy and shore up its currency reserves to meet rising external repayment obligations. It is in talks with the IMF to secure a long term bailout deal, expected to go as high as $8 billion.

An IMF team is in Pakistan to discuss the country's budget and economic recovery policies after the country successfully completed a short term $3 billion IMF bailout programme recently.

United Arab Emirates President Sheikh Mohamed Bin Zayed Al-Nahyan committed to investing $10 billion in multiple sectors of the Pakistani economy.

A statement released by state-run Pakistan Television on social media platform X said the development came in an Abu Dhabi meeting of the UAE president with Prime Minister Shehbaz Sharif who is on a day-long visit to the Mideast nation.

This was PM Shehbaz’s first visit to the UAE since assuming his office after the February 8 general elections.

According to Radio Pakistan, PM Shehbaz had earlier today departed for the UAE along with key cabinet members, including Deputy PM and Foreign Minister Ishaq Dar, Defence Minister Khawaja Asif, Interior Minister Mohsin Naqvi, Information Minister Attaullah Tarar, Commerce Minister Jam Kamal Khan and Special Assistant to PM Tariq Fatemi.

According to the Foreign Office (FO), PM Shehbaz was also likely to hold meetings with other Emirati dignitaries, businesspersons and heads of financial institutions.

The FO, noting that both countries had “long-standing fraternal relations deep-rooted in religio-cultural affinity”, had said that such high-level exchanges formed a “distinguishing feature” of brotherly ties between Pakistan and the UAE.

The visit marks an important step towards further deepening multifaceted bilateral collaboration between Pakistan and the UAE, the FO had highlighted.

The premier’s visit follows high-level exchanges between Pakistan and Saudi Arabia in the past two months, including two trips made to the kingdom in April.

Shehbaz last visited the UAE in July 2023 — during his previous term as the prime minister — to console the death of the UAE president’s brother, Sheikh Saeed bin Zayed Al-Nahyan.

Prior to that, he made a two-day trip to the Gulf nation in January 2023 to strengthen economic, trade and investment ties with the country.