Saudi foreign minister arrives in Pakistan on two-day official visit

Saudi foreign minister arrives in Pakistan on two-day official visit
Pakistan's foreign minister Ishaq Dar (center right) receives his Saudi counterpart, Prince Faisal bin Farhan (center left), at Nur Khan air base in Rawalpindi, Pakistan on April 15, 2024. (Government of Pakistan)
Short Url
Updated 15 April 2024
Follow

Saudi foreign minister arrives in Pakistan on two-day official visit

Saudi foreign minister arrives in Pakistan on two-day official visit
  • Prince Faisal accorded red-carpet welcome at Nur Khan air base, received by Foreign Minister Ishaq Dar
  • Former diplomats, analysts say visit shows further deepening of relations between two brotherly countries

ISLAMABAD: Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan arrived in Pakistan today, Monday, on a two-day visit aimed at enhancing bilateral economic cooperation, with local media widely showing footage of the Saudi official being received by Pakistani Foreign Minister Ishaq Dar.

The Saudi foreign minister’s visit comes a little over a week after Crown Prince Mohammed bin Salman met Pakistani Prime Minister Shehbaz Sharif in Makkah and reaffirmed the Kingdom’s commitment to expedite an investment package worth $5 billion that was previously discussed.

Upon his arrival at the Noor Khan air base in the garrison town of Rawalpindi, the Saudi foreign minister, who is leading a high-level delegation comprising several top ministers, was accorded a red-carpet welcome by Pakistani officials.

“A week after Prime Minister Shahbaz Sharif’s visit to Saudi Arabia (April 6-8), a high-level delegation of Saudi Arabia is coming to Pakistan,” the Pakistani information ministry said in a statement shared with journalists.

“The Saudi delegation will consult on the next stages of investment and implementation issues,” the statement added, saying Saudi Arabia’s planned investment in the Reko Diq gold and copper mining project would also be discussed during the visit.




Pakistan's foreign minister Ishaq Dar (right) receives his Saudi counterpart, Prince Faisal bin Farhan (left), at Nur Khan air base in Rawalpindi, Pakistan on April 15, 2024. (Government of Pakistan)

On Sunday, Pakistani state media reported Saudi Arabia was likely to invest $1 billion in the mine project in Pakistan’s southwestern Balochistan province, one of the world’s largest underdeveloped copper-gold areas.

Riyadh was also interested in investing in agriculture, trade, energy, minerals, IT, transport and other sectors in Pakistan, the statement said.

“As a result of this visit, Pakistan’s export capacity will increase, joint ventures will be launched and new opportunities will be paved.”

The Pakistani foreign office said last week the Saudi delegation would comprise the foreign minister, minister of water and agriculture, minister of industry and mineral resources and deputy minister of investment as well as senior officials from the Saudi energy ministry and the Saudi Fund for General Investments.

The Saudi delegation is expected to hold meetings with the Pakistani president, the prime minister, the foreign minister and other ministers, as well as the army chief and members of the apex committee of Pakistan’s Special Investment Facilitation Council, set up last year to oversee all foreign funding.

The Saudi government has not yet commented on the agenda of the visit.

Former diplomats and analysts said the visit showed further deepening of relations between the two brotherly countries.

“This is a high-powered Saudi delegation led by the foreign minister and it is purely focused on investments in Pakistan,” Javed Hafeez, a former Pakistani diplomat, told Arab News, pointing to a recent indication by Saudi Arabia to expedite $5 billion investment in Pakistan.

“This delegation will also be exploring different fields and options during the visit to materialize the investment pledges as quickly as possible.”

Aizaz Ahmad Chaudhry, Pakistan’s former foreign secretary, termed the visit “very significant,” saying the potential Saudi investment in Pakistan was a “welcoming step” in the Saudi-Pakistan friendship.

“The Saudi’s investments under the banner of the SIFC will be safe and secure, and this will help further deepen the ties between the two countries,” Chaudhry told Arab News.

Cash-strapped Pakistan desperately needs to shore up its foreign reserves and signal to the International Monetary Fund (IMF) that it can continue to meet requirements for foreign financing that has been a key demand in previous bailout packages. Pakistan’s finance minister, Muhammad Aurangzeb, is currently in Washington to participate in spring meetings of the International Monetary Fund and World Bank and discuss a new bailout program. The last loan deal expired this month.

Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and the top source of remittances to the cash-strapped South Asian country.

Saudi Arabia has often come to cash-strapped Pakistan’s aid in the past, regularly providing it oil on deferred payments and offering direct financial support to help stabilize its economy and shore up its forex reserves.

Last year, Saudi Arabia’s finance minister said the Kingdom was changing the way it provides assistance to allies, shifting from previously giving direct grants and deposits unconditionally.

“We used to give direct grants and deposits without strings attached and we are changing that. We are working with multilateral institutions to actually say we need to see reforms,” Finance Minister Mohammed Al-Jadaan said at the World Economic Forum in Davos last January.

“We are taxing our people, we are expecting also others to do the same, to do their efforts. We want to help but we want you also to do your part.”

Saudi Arabia and other Gulf Arab states like the United Arab Emirates and Qatar have increasingly moved toward investing rather than extending direct financial aid.


Pakistan flag carrier PIA attracts $36 million bid from real estate company

Pakistan flag carrier PIA attracts $36 million bid from real estate company
Updated 12 min 9 sec ago
Follow

Pakistan flag carrier PIA attracts $36 million bid from real estate company

Pakistan flag carrier PIA attracts $36 million bid from real estate company
  • Pakistan is looking to offload 51-100 percent stake in debt-ridden airline to raise funds to reform state-owned assets
  • Pakistan pre-qualified six groups but only Blue World City company met deadline to submit documents for auction

KARACHI: Pakistan’s state-owned airline PIA has received a 10 billion rupee ($35.99 million) bid from real-estate development company Blue World City, the Privatization Ministry said on Thursday without disclosing the size of the stake.
The cash-strapped country is looking to offload a 51-100 percent stake in debt-ridden Pakistan International Airlines (PIA) to raise funds and reform bleeding state-owned enterprises as envisaged under a $7 billion International Monetary Fund (IMF) program.
The government had pre-qualified six groups in June, but only one — real estate development company Blue World City — met a Tuesday deadline to submit final documents to participate in the process.
Officials from three groups that chose not to bid told Reuters on condition of anonymity that there were concerns about the government’s ability to stand by agreements made for the flag carrier in the long term.
One executive voiced concern about policy continuity once a new government came in. The government of Prime Minister Shehbaz Sharif has relied on a coalition of disparate political parties.
The disposal of PIA is a step former governments have steered away from as it has been highly unpopular given the number of layoffs that would likely result from it.
Underpinning these concerns over policy continuity and honoring contracts was the government’s termination of power purchase contracts with five private companies earlier this month, as well as the process of re-negotiating other sovereign guaranteed pacts.
Changes in Pakistan’s decade-old agreements with private Independent Power Producer (IPP) projects, largely financed by foreign lenders, to address chronic power shortages, “raises the risk of investing as well as doing business in Pakistan, even in the presence of sovereign contracts as well as guarantees,” said Sakib Sherani, an economist who heads private firm Macro Economic Insights.
Other concerns raised by potential bidders included inconsistent government communication, unattractive terms and taxes on the sector, in addition to PIA’s legacy issues and reputation.
 ($1 = 277.8500 Pakistani rupees)


Pakistan’s Noman Ali, Saud Shakeel move into top 10 Test rankings after England heroics

Pakistan’s Noman Ali, Saud Shakeel move into top 10 Test rankings after England heroics
Updated 31 October 2024
Follow

Pakistan’s Noman Ali, Saud Shakeel move into top 10 Test rankings after England heroics

Pakistan’s Noman Ali, Saud Shakeel move into top 10 Test rankings after England heroics
  • Saud Shakeel moves to seventh spot in Test batters ranking while Noman Ali secures ninth spot in bowlers ranking
  • Shakeel scored match-winning 134 against England in Rawalpindi Test in which Ali took nine wickets to script Pakistan win

ISLAMABAD: Pakistani cricketers Saud Shakeel and Noman Ali moved into the top 10 Test batter and bowlers’ rankings for the first time in their careers, the International Cricket Council (ICC) reported this week, based on their heroic performances against England this month. 
Pakistani spinner Noman Ali and Sajid Khan spun Pakistan to a series victory against England this month, taking 39 wickets in two Test matches against the visiting side. 
In Rawalpindi, Ali took nine wickets to spin Pakistan to victory over England in the series decider while Shakeel bagged the Player of the Match award for his stellar knock of 134 that helped Pakistan pile on an impressive lead. 
“Left-handers Saud Shakeel of Pakistan and Rachin Ravindra of New Zealand have moved into the top 10 for the first time in their careers,” the ICC wrote on its website on Wednesday. 
“Shakeel has advanced 20 slots to reach seventh position after his knock of 134 won him the Player of the Match award.”
Ali also made “huge progress” in the ICC bowlers’ rankings, as per the ICC. 
“Noman is in the top 10 for the first time, moving up eight slots to ninth position after finishing with nine wickets in Rawalpindi as Pakistan won by nine wickets to clinch the WTC series 2-1,” the ICC said. 
Pakistan’s series victory over England came after the South Asian side suffered a humiliating 2-0 loss to Bangladesh at home. This marked the first time Pakistan won a Test series at home after defeating South Africa in 2021 nearly four years ago.


Pakistan Navy rescues 23 stranded Iranian fishermen from Gulf of Aden

Pakistan Navy rescues 23 stranded Iranian fishermen from Gulf of Aden
Updated 31 October 2024
Follow

Pakistan Navy rescues 23 stranded Iranian fishermen from Gulf of Aden

Pakistan Navy rescues 23 stranded Iranian fishermen from Gulf of Aden
  • Iranian vessel issued distress call after its engine broke down, crew member was injured, says Pakistan Navy
  • Pakistan Navy says administered first aid to the injured crew member and repaired Iranian vessel’s engine

ISLAMABAD: The Pakistan Navy rescued 23 Iranian fishermen on Thursday from a sailing vessel that reported problems in its engine and injury to a crew member in the Gulf of Aden, the navy said in a press release. 
Pakistan Navy Ship PNS Zulfiquar deployed on the Regional Maritime Security Patrol responded to a distress call made by Iranian fishing dhow, Al Muhammadi, which was stranded over 1,200 nautical miles from its home port, the navy said. 
“PNS Zulfiquar promptly responded to a distress call of Fishing Dhow Al Muhammadi,” the Pakistan Navy said. “Upon communication with the Pakistan Navy ship, fishing dhow reported a seriously injured crew member as well defective engine and requested for necessary assistance.” 

This combination of handout photograph, taken and released by Pakistan Navy on October 31, 2024, shows Iranian fishing Dhow “Al Muhammadi” with 23 fishermen onboard which was rescued by Pakistan Navy Ship Zulfiqar during Regional Maritime Security Patrol in Gulf of Aden, according to the navy. (Photo courtesy: Pakistan Navy)

The Pakistani ship dispatched medical and technical teams to provide first aid to the fisherman who had injured his hand while repairing the boat’s engine. Two more sick crew members were provided medical assistance, the navy said. 
The Iranian vessel’s engine was also repaired by the Pakistani team. 
“In line with the national objective of ensuring peace and stability in the region, Pakistan Navy regularly deploys its assets on Regional Maritime Security Patrol,” it added. “During deployment, Pakistan Navy ships also provide assistance to ships operating at sea.”
The timely and successful rescue operation was an expression of the Pakistan Navy’s determination to ensure the safety of human life at sea, the Pakistan Navy said. 
Pakistan has requested Iranian vessels and their crew members in the past. In March, the Pakistan Navy rescued eight Iranian fishermen after their boat caught fire in the open sea.


Two Afghans killed in targeted attacks inside Iranian territory bordering Pakistan — Kabul

Two Afghans killed in targeted attacks inside Iranian territory bordering Pakistan — Kabul
Updated 31 October 2024
Follow

Two Afghans killed in targeted attacks inside Iranian territory bordering Pakistan — Kabul

Two Afghans killed in targeted attacks inside Iranian territory bordering Pakistan — Kabul
  • Kabul formed a committee to probe reported attacks targeting Afghan nationals this month in Iran’s Sistan-Baluchestan province
  • Pakistan and Iran have hosted millions of Afghan refugees since the ‘80s who fled their country to seek refuge from conflicts

ISLAMABAD: Two Afghan nationals were killed while some others were injured this month in targeted attacks inside Iranian territory bordering Pakistan, Afghanistan’s Deputy Spokesperson Mullah Hamdullah Fitrat said on Thursday.
Afghanistan this month formed a committee headed by Deputy Minister of Interior for Security, Mullah Mohammad Ibrahim Sadr, to probe reports of the killing of Afghan nationals in Iran. The committee also featured representatives from Afghanistan’s Ministries of Defense, Foreign Affairs, Borders and Tribal Affairs, and the General Directorate of Intelligence.
The probe was announced after an Iranian rights group, known as Halvash, initially reported the alleged Afghan casualties in attacks this month, saying they occurred in Iran’s Sistan-Baluchistan border province with Pakistan.
“Thus far, based on the collected evidence, explosions and gunfire have targeted Afghan nationals within the Kalgan Valley, situated in Iranian territory,” Fitrat said in a press release that he posted on social media platform X.
“Presently, the bodies of two martyrs, along with 34 eyewitnesses, some of whom sustained injuries during the incident, have been repatriated by the committee.”
His statement did not specifically blame Iranian authorities for the killings.
The Afghan government spokesperson said certain Afghan individuals remain both in Iran and Pakistan, adding that the committee is “actively engaged” in locating and repatriating them. 
“The investigation remains ongoing, and the committee persists in its efforts,” he wrote. “Detailed findings will be disseminated upon the conclusion of the investigation.”
Iran and Pakistan have so far not responded to the Afghan spokesperson’s statement.
Pakistan and Iran both host 90 percent of Afghan refugees, a report released by the United Nations in October 2023 said.
The two countries launched deportation drives to expel hundreds of thousands of Afghan nationals last year, which they said were staying in their countries illegally.


Saudi Arabia’s Wafi Energy becomes majority shareholder in Shell Pakistan

Saudi Arabia’s Wafi Energy becomes majority shareholder in Shell Pakistan
Updated 31 October 2024
Follow

Saudi Arabia’s Wafi Energy becomes majority shareholder in Shell Pakistan

Saudi Arabia’s Wafi Energy becomes majority shareholder in Shell Pakistan
  • Wafi Energy, an affiliate of Asyad Group, holds approximately 87.78% of the total issued share capital of SPL
  • SPL has a network of 600+ sites, countrywide storage facilities and broad portfolio of global lubricant brands

ISLAMABAD: Wafi Energy Holding Limited has become the majority shareholder of Shell Pakistan Limited (SPL) after Shell Petroleum Company Limited, a subsidiary of global Shell plc (Shell), completed the sale of its 77.42 percent interest in SPL, a statement from the group said on Thursday.
Wafi Energy, an established Saudi company and an affiliate of the Asyad Group, now holds approximately 87.78 percent of the total issued share capital of SPL. The Shell brand will remain in Pakistan through retail and brand licensing agreements, with SPL as the exclusive brand licensee.
“Wafi Energy is excited to announce its entry into Pakistan by acquiring majority ownership of Shell Pakistan Limited. This marks a significant milestone in the Asyad Group’s commitment to expanding its presence in Pakistan and the region,” Ghassan Amoudi, CEO of Asyad Holding Group and incoming Chairperson of SPL, said.
“As the exclusive Shell Licensee, we are delighted that the Shell brand remains in Pakistan. This continuation builds on a strong legacy, supported by a team of highly skilled professionals who ensure customers have access to Shell’s premium fuel and lubricant offerings, all delivered with the highest safety and security standards.”
Waqar Siddiqui, the Chief Executive and Managing Director of Shell Pakistan Limited,said the company would continue to build a “sustainable energy future for Pakistan, combining Wafi Energy’s commitment to growth and investment and Shell’s strong legacy of innovation and trust in the country.
“This new chapter offers Shell Pakistan Limited the opportunity to build upon this strong foundation, ensuring the continued delivery of quality products to their valued customers.”
SPL is one of the oldest multinationals in Pakistan with a network of 600+ sites, countrywide storage facilities and a broad portfolio of global lubricant brands. 
Shell has endeavored to support Pakistan’s developmental priorities, from developing and distributing energy by land, air and sea, to providing petroleum products for the construction of mega projects like the Mangla Dam and Kotri Barrage, expanding the country’s growing road infrastructure, to powering the first flights of Pakistan International Airlines, and supporting the next generation of innovative entrepreneurs in Pakistan.