A new artistic epoch or the collapse of meaning?

RIYADH: Family and friends of Mohammed Al-Qasim, the 20-year-old Saudi student who was stabbed to death in Cambridge, UK on Friday, have been sharing their condolences and memories online.

His relatives have also set up a fundraiser to provide families in need in Saudi Arabia with clean water as a tribute. At the time of writing it had raised more than SR30,000 ($8,000).

Al-Qasim was on a 10-week placement at the EF International Language Campus in the city when he was killed. Two men from Cambridge have been arrested on suspicion of murder and assisting an offender.

Al-Qasim’s uncle, Majed Abalkhail, said on X that his nephew’s death “has been a huge shock for all of us — especially since Mohammed came to Cambridge as a student, carrying nothing but dreams and hopes for the future.”

“We truly hope … that this will be the last such tragedy, and that full justice will be served, with everyone responsible held fully accountable. May Allah have mercy on Mohammed and grant him the highest place in paradise.”

Abalkhail described his nephew as “a young man raised upon goodness, and our hearts still weep over his loss.”

Al-Qasim’s sister, Jana, wrote on X that he was “a man worth a thousand men, the true meaning of support, strength, and dignity.”

“I never knew the taste of fear for a single day, because I knew Mohammed was my backbone and my support after Allah,” she said.

“With the magnitude of his pride and love for me, I was proud of him and loved him many times more. Since our childhood, I would hear that brothers often annoy, quarrel, and fight with their siblings, but by Allah, he never raised his voice at me once, and I never saw from him anything but kindness and love.”

Another sister, Thekra, said: “O Allah, your servant Mohammed Al-Qasim was the best of brothers. Kind, gentle, and fearful of you among us. He never once raised his voice since the day my mother gave birth to him until you took him back to you.”

Abdallah Al-Matrafi, who described himself as a neighbor of the family, said on X that Al-Qasim’s “late father, his brothers and his sons are among the finest people we have known in manners, character, appreciation, respect, and good neighborliness.”

“To this day, we remember them fondly, and we will continue to do so for the rest of our lives.”

Professor Fahad Al-Olayan said: “May Allah have mercy on Mohammed. I was honored to have him as one of my students at the university last semester. He was a hardworking student, eager to learn.”

Nawaf Al-Darrab, a friend of Al-Qasim, said he knew the young man to be “close to Allah … always smiling, committed to his prayers, and forgiving toward everyone.”

“Until we meet again, my beloved and my brother, in the highest paradise with the prophets, the truthful, the martyrs, and the righteous — what an excellent company they are.”

In a public statement, his family described Al-Qasim as a “young man brimming with enthusiasm, with chivalry, and courage,” and said he was “the family’s charisma” and “his father’s support.”

“He was the most compassionate person to ever visit a mother’s heart,” they said.

The fundraiser set up in Al-Qasim’s name can be found at https://ehsan.sa/donationcampaign/details/1828254.

ISLAMABAD: The Pakistan Stock Exchange (PSX) soared to another all-time high as it surpassed the 143,000-point mark on Tuesday, with analysts linking the bullish trend to the country’s 9-year low fiscal deficit and optimism about macroeconomic stability.

The benchmark KSE-100 index jumped 984.52 points, or 0.69 percent, to close at 143,037.16 points, compared to the previous day's close of 142,052.64 points.

The development came as Pakistan recorded a 5.38 percent deficit — its lowest in nine years — in fiscal year 2024-25 that ended in June, beating the government and the International Monetary Fund (IMF) estimates.

The major contributors to the rally were Fauji Fertilizer Company (FFC), United Bank Limited (UBL), MCB Bank Limited (MCB), Hub Power Company (HUBC), and Engro Fertilizers Limited (EFERT), collectively adding 679 points.

"Sentiment further strengthened as Pakistan reported a 9-year low fiscal deficit of 5.38 percent in FY25, with 36 percent YoY (year-on-year) revenue growth outpacing an 18 percent rise in expenditures," the Karachi-based Topline Securities firm said in its market review.

"Investor confidence was fueled by local and foreign inflows and gains across many sectors of the market," it said. "The market’s upward trajectory reflects optimism over fiscal discipline, macroeconomic stability and a stronger earnings outlook, setting the stage for sustained momentum in the sessions ahead."

Overall, the PSX recorded a trading volume of 548 million shares, with a turnover of Rs37 billion.

Ahsan Mehanti, the CEO of Arif Habib Commodities, attributed the rally to the government's fiscal policies.

"Government approval to resume subsidies for fully funded remittances scheme to ensure rupee stability, surging global equities, speculations over government resolve to end power sector circular debt crisis played a catalyst role in the bullish close," he told Arab News.

The development comes amid a broader macroeconomic turnaround for Pakistan, which is currently in its first year of a $7 billion IMF loan program approved in September 2024 to stabilize the economy, increase revenues and curb inflation after a prolonged balance of payments crisis.

According to Topline Securities, non-tax revenues have surged 66% year-on-year, led by a robust dividend of Rs2.62 trillion from the central bank, the State Bank of Pakistan, up from Rs0.97 trillion in FY24. Meanwhile, tax revenues grew 26%, driven primarily by gains in collections by the Federal Board of Revenue (FBR).

“In the last 5 years, FBR revenues (including Petroleum Development Levy) have increased 3.02x from Rs4.3 trillion in FY20 to Rs12.9 trillion in FY25,” the report noted, adding that over the same period, GDP rose from Rs41 trillion to Rs114.6 trillion.

The FBR’s tax-to-GDP ratio rose to 11.3% in FY25, a seven-year high compared to 9.7% last year.

“This is higher than the average of 9.9% recorded between FY20 to FY24,” the brokerage said, noting that higher Petroleum Development Levy collections may have substituted for sales tax to avoid revenue-sharing obligations with provinces.

Pakistan also recorded a primary surplus of 2.4% of GDP in FY25 – the highest in more than two decades – as revenue growth outpaced expenditures. This exceeded both the government's revised projection of 2.2% and the IMF’s forecast of 2.1%.

“Higher primary surplus is achieved as revenue growth surpassed the expenditures growth,” Topline Securities said.

Interest expenses as a percentage of FBR taxes declined to 76% in FY25 from 88% in FY24, reflecting better debt management.

“The improvement in debt servicing is on the back of controlled growth — 9% in interest expenses — due to lower interest rates,” the report said.

Development spending also rose, with the Public Sector Development Program (PSDP) reaching 2.6% of GDP, its highest in five years, though still well below the 5% peak recorded in FY2017.

Looking ahead, Topline Securities said, it expected the government to continue on a path of fiscal consolidation.

“Pakistan is expected to post [a] third consecutive year of primary surplus in FY26 after two decades,” it said. “While overall fiscal deficit is expected to clock in at 4.0–4.1% of GDP in FY26, [the] lowest in two decades.”

The improved fiscal performance is likely to strengthen Islamabad’s case in ongoing negotiations with the IMF and other international creditors as it seeks long-term debt sustainability and economic recovery.