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Pakistan PM condoles death of Saudi Prince Abdullah bin Khalid bin Turki

Pakistan PM condoles death of Saudi Prince Abdullah bin Khalid bin Turki
Pakistan Prime Minister Shehbaz Sharif addresses the nation in Islamabad, Pakistan on May 30, 2024. (PID/File)
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Updated 29 July 2024
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Pakistan PM condoles death of Saudi Prince Abdullah bin Khalid bin Turki

Pakistan PM condoles death of Saudi Prince Abdullah bin Khalid bin Turki
  • Saudi Arabia's Royal Court announced Prince Abdullah bin Khalid's death on Sunday 
  • Sharif offers condolences to Saudi king, crown prince in social media post 
Updated 29 July 2024
Arab News Pakistan
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ISLAMABAD: Pakistan's Prime Minister Shehbaz Sharif on Monday offered his condolences to Saudi Arabia's leadership for the passing of Prince Abdullah bin Khalid bin Turki bin Abdulaziz bin Turki Al-Saud. 

Saudi Arabia's Royal Court announced Prince Abdullah bin Khalid's passing in a statement on Sunday. Funeral prayers for the Saudi prince were offered at the Grand Mosque in Makkah on Sunday after the Isha prayer. 

In a message on social media platform X, Sharif offered his condolences to Saudi Arabia's King Salman bin Abdulaziz Al-Saud and Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud. 

"My heart goes out to the Royal Family and the people of Saudi Arabia in this moment of grief," he wrote. "May the departed soul rest in eternal peace. Ameen!"

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

Islamabad and Riyadh have recently sought to bolster trade and economic ties with one another, with Pakistan seeing a flurry of high-level visits from Saudi Arabia's senior officials and businesspersons in recent months. The kingdom this year reaffirmed its commitment to expedite an investment package worth $5 billion for Pakistan.

Topics: Pakistan Saudi Ties Pakistan Saudi Arabia Saudi Prince Abdullah bin Khalid bin Turki

Pakistan’s national airline attracts $36 million bid from real estate company

Pakistan’s national airline attracts $36 million bid from real estate company
Updated 31 October 2024
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Pakistan’s national airline attracts $36 million bid from real estate company

Pakistan’s national airline attracts $36 million bid from real estate company
  • Sole bidder Blue World City refuses to match government’s minimum price for Pakistan International Airlines
  • Pakistan plans to sell over 51 percent of its stake in loss-making PIA as envisaged under an IMF deal this year
Updated 31 October 2024
Aamir Saeed

ISLAMABAD: Pakistan’s national flag carrier received a Rs10 billion [$36 million] bid from real estate development company Blue World City on Thursday for sixty percent of its stakes during a televised auction, much below the minimum price for the airline set by the government.
Pakistan plans to sell more than 51 percent of its stake in the loss-making Pakistan International Airlines (PIA) as part of economic reforms Islamabad agreed to with the International Monetary Fund (IMF) for a critical 37-month $7 billion bailout deal approved in September.
Pakistan’s government had pre-qualified six groups in June, but only real estate development company Blue World City met a Tuesday deadline to submit final documents to participate in the auction.
The state-owned Pakistan Television (PTV) broadcast the bidding process live, with Blue World City as the sole bidder. The bid for $36 million was read out in front of government officials and financial advisers. The government had set a minimum price of Rs85 billion [$305 million] for the airline.
“We have considered your match price option,” Blue World City Chairman Saad Nazir said during the event. “We have decided to stand with the price we have already submitted.”
 Nazir refused to match the government’s offer of Rs85 billion, saying that as per the company’s assessment, “this was the best decision.”
“If the government doesn’t privatize [PIA], we wish the government all the best,” he said.
 Pakistan’s privatization commission has allowed some time for potential bidders to see if any would outmatch Blue World City’s bid.
“The government couldn’t get the fair price of the PIA through the auction due to the single bidder,” Haroon Sharif, a former member of the cabinet committee on privatization, told Arab News.
“There was no competition to purchase stakes of the national carrier.”
The government’s initial plan was to finalize the deal to sell PIA on the country’s Independence Day, Aug. 14, but the plan was delayed following requests from bidders waiting for the airline’s latest audited accounts, aircraft lease agreements and clarity on flights to Europe, which are currently banned.
This auction was delayed to September and October but those also did not materialize.
Sharif said the government should have extended the auction’s deadline to involve more bidders in the process.
“Now it looks like the government is privatizing the PIA in desperation,” he noted.
Official data available with Arab News shows there are 88 commercially operated state-owned enterprises in Pakistan, with collective losses of up to Rs730.258 billion ($2.61 billion) in the fiscal year 2022 (FY22).
In its five-year privatization plan ending in 2029, the government has approved 24 state-owned enterprises for sale, including the PIA.
With a fleet of 34 aircraft comprising 17 Airbus A320s, 12 Boeing B777s and 5 ATRs, the PIA loses traffic to Middle Eastern carriers who have a market share of 60 percent, because of an absence of direct flights to destinations.
The carrier has air service pacts with 87 countries, and landing slots at key destinations such as London Heathrow.
The reorganization plan of the business will separate the aviation-related aspects from non-core components, so freeing the operating subsidiary of a large portion of legacy debt.

Topics: Pakistan International Airlines (PIA)

Pakistan says IMF cut its inflation forecast for the country for this year to 9.5%

Pakistan says IMF cut its inflation forecast for the country for this year to 9.5%
Updated 31 October 2024
Reuters
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Pakistan says IMF cut its inflation forecast for the country for this year to 9.5%

Pakistan says IMF cut its inflation forecast for the country for this year to 9.5%
  • No need for government to introduce mini-year budget, says finance minister
  • Aurangzeb says IMF revised down import projections for Pakistan for current fiscal year
Updated 31 October 2024
Reuters

ISLAMABAD: The International Monetary Fund has lowered its inflation forecast for Pakistan for the current year by 3.2% points to 9.5%, the country’s finance minister said on Thursday.

The IMF’s revised projection bring it closer to Pakistan’s own projections, Finance Minister Muhammad Aurangzeb said.

He said there was no need to introduce a mid-year budget, responding to local media reports saying the government needed to revise its budget to stay on track with an ongoing $7 billion, 37-month program with the IMF.

Aurangzeb said the IMF also revised down its import projections for Pakistan in the current fiscal year, which ends in June 2025.

Pakistan has been struggling with boom-and-bust economic cycles for decades, leading to 22 IMF bailouts since 1958. Currently the country is the IMF’s fifth-largest debtor, owing the Fund $6.28 billion as of July 11, according to the lender’s data.

The latest economic crisis has been the most prolonged and has seen Pakistan facing its highest-ever inflation rate, pushing the country to the brink of a sovereign default last year before an IMF bailout. Inflation has since eased.

Topics: Pakistan IMF Talks

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 31 October 2024
Reuters
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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
Updated 31 October 2024
Reuters

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)

Topics: PIA privatization

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
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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
Updated 31 October 2024
Muhammad Ibrahim

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.

Topics: noman ali Saud Shakeel

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
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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
Updated 31 October 2024
Arab News Pakistan

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.

Topics: Pakistan Navy Pakistan Iran Iranian fishermen

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