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Saudi investment minister arrives in Pakistan to finalize $2 billion business proposals

Saudi investment minister arrives in Pakistan to finalize $2 billion business proposals
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Saudi Investment Minister Khalid bin Abdulaziz Al-Falih (C) arrives in Pakistan’s capital Islamabad on October 9, 2024. (Ministry of Commerce)
Saudi investment minister arrives in Pakistan to finalize $2 billion business proposals
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In this file photo, taken on February 15, 2019, Pakistani commuters drive their vehicles under a banner welcoming Saudi Arabian Crown Prince Mohammed bin Salman displayed on a bridge, ahead of his arrival in 2019, in Islamabad. (AFP/File)
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Updated 09 October 2024
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Saudi investment minister arrives in Pakistan to finalize $2 billion business proposals

Saudi investment minister arrives in Pakistan to finalize $2 billion business proposals
  • Trade and investment deals between Pakistan and Saudi Arabia expected to be signed, PM Office says
  • Saudi crown prince earlier this year pledged to expedite a $5 billion investment package for Pakistan
Updated 09 October 2024
SAIMA SHABBIR
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ISLAMABAD: A high-level Saudi delegation led by the Kingdom’s Investment Minister Khalid bin Abdulaziz Al-Falih arrived in the Pakistani capital of Islamabad today, Wednesday, for a three-day visit during which $2 billion in business-to-business investment proposals are expected to be finalized.

Al-Falih, whose visit comes ahead of the Shanghai Cooperation Organization (SCO) Summit next week, will be in Islamabad from Oct. 9 to 11. He was welcomed at the airport by Pakistan’s Petroleum Minister Musadik Malik, Commerce Minister Jam Kamal Khan, Privatization Minister Abdul Aleem Khan and other senior government officials. 

“The Saudi minister will have a busy schedule in Pakistan along with representatives of private companies and top government officials of KSA while in this visit, bilateral trade and investment between Pakistan and Saudi Arabia, mutual agreements and important Memorandums of Understanding will also be signed,” the PMO said in a statement after the Saudi delegation’s arrival. 

Pakistani Minister for investment and privatization, Abdul Aleem Khan, called the Saudi visit a “welcome step,” and “an important milestone” for the investment sectors of both nations.

“Private companies of Pakistan are fully ready for investment and bilateral business from Saudi Arabia,” the PMO said, quoting Khan. 

During his visit, Al-Falih will meet Pakistan’s president and prime minister and interact with the country’s business community.

Pakistan and Saudi Arabia have been working closely in recent months to increase bilateral trade and investment, with Crown Prince Mohamed bin Salman reaffirming the Kingdom’s commitment earlier this year to expedite a $5 billion investment package for the South Asian country.

Pakistan has been seeking closer cooperation in trade, defense, energy and other sectors with friendly countries and regional allies as it aims to recover from a prolonged economic crisis that has drained its foreign exchange reserves and weakened its currency.

Topics: Pakistan Saudi Ties

Pakistan’s Punjab sets up ‘smog war room’ to combat hazardous air

Pakistan’s Punjab sets up ‘smog war room’ to combat hazardous air
Updated 23 sec ago
Reuters
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Pakistan’s Punjab sets up ‘smog war room’ to combat hazardous air

Pakistan’s Punjab sets up ‘smog war room’ to combat hazardous air
  • The war room will issue daily adviseries, share analyzes and forecasts with stakeholders
  • Last week, Lahore’s air quality scored 1,900, which is 120 times more than recommended
Updated 23 sec ago
Reuters

LAHORE: Pakistan’s Punjab set up a “smog war room” to tackle severe pollution, officials said, as poor air quality in Lahore pushed the capital of the eastern province to the top of the rankings as the world’s most polluted city.
Live rankings by Swiss group IQAir gave the city a pollution index score of 1,165, followed by the Indian capital of New Delhi, with 299.
“The war room committee will review weather and air quality forecasts ... daily and monitor the performance and actions of field officers,” said Sajid Bashir, a spokesperson for the province’s environment department.
Officials told Reuters it brings together staff from eight departments, with a single person charged with overseeing tasks from controlling burning of farm waste to managing traffic.
Twice daily sessions will analyze data and forecasts to brief stakeholders on efforts to fight pollution, and issue daily adviseries, they added.
But Wednesday’s index score for Lahore fell short of last week’s unprecedented score of 1,900, which had exceeded recommended levels by more than 120 times, prompting closure of primary schools and orders to work from home.
At the time, Punjab’s senior minister, Marriyum Aurangzeb, blamed the toxic air on pollution drifting across the border with India just 25 km (16 miles) away. Northern areas of the neighboring nation are also battling severe pollution.
The Punjab government would ask Pakistan’s foreign office to take up the matter with India’s foreign ministry, she told the Indian Express newspaper in an interview published on Wednesday.
South Asia is shrouded in intense pollution every winter as cold air traps emissions, dust, and smoke from farm fires, while pollution could cut more than five years from people’s life expectancy in the region, a study found last year.
On Tuesday the environment minister of New Delhi, rated the world’s most polluted capital for four successive years by IQAir, said officials were looking to artificial rain to fight the problem this year.

Topics: smog

Pakistan forms seven-member constitutional bench following reforms in superior judiciary

Pakistan forms seven-member constitutional bench following reforms in superior judiciary
Updated 06 November 2024
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Pakistan forms seven-member constitutional bench following reforms in superior judiciary

Pakistan forms seven-member constitutional bench following reforms in superior judiciary
  • Justice Amin-ud-Din Khan is chairman of the bench which has representation from all four provinces
  • The bench has been formed after parliament adopted the 26th constitutional amendment last month
Updated 06 November 2024
Aamir Saeed

ISLAMABAD: The Judicial Commission of Pakistan (JCP), established under the 26th amendment passed by parliament last month, nominated a seven-member bench on Tuesday to take up constitutional cases amid recent Supreme Court verdicts widely viewed as opposing the interests of Prime Minister Shehbaz Sharif’s administration.

The government initially planned to establish a separate constitutional court to address high-profile cases with potential impacts on national politics through the 26th amendment, which introduced judicial reforms, though it ultimately opted for a constitutional bench within the apex court.

Senior Pakistani minister Khawaja Muhammad Asif defended the government’s decision to introduce the amendment, which required a two-thirds majority, citing the need to reinforce parliamentary supremacy and “eliminate the encroachment on our turf.”

However, the opposition Pakistan Tehreek-e-Insaf (PTI) party of former prime minister Imran Khan argued that the government aimed to influence the judiciary’s functioning to secure favorable verdicts in constitutional and political matters.

“The Judicial Commission of Pakistan (JCP), reconstituted under the 26th Constitutional Amendment, convened its first meeting today at the Supreme Court of Pakistan, Islamabad,” said a notification circulated after the meeting chaired by Chief Justice of Pakistan Yahya Afridi.

“Following a vote, the majority (7 out of 12) approved a seven-member Constitutional Bench with representation from all the four provinces for a term of two months,” it added.
The commission designated Justice Amin-ud-Din Khan as the chairman of the bench comprising Justices Jamal Khan Mandokhail, Muhammad Ali Mazhar, Ayesha Malik, Syed Hasan Azhar Rizvi, Musarrat Hilali and Naeem Akhtar Afghan.

At the outset of the meeting, Leader of the Opposition in the National Assembly Umar Ayub Khan, who is also a JCP member, objected to its quorum, highlighting the absence of one member.

However, this objection was later put to a vote and by majority, the meeting affirmed that the proceedings were in keeping with the constitution and could continue in the absence of a member.

Earlier this year, before the adoption of the 26th constitutional amendment, the Supreme Court ruled in favor of the opposition PTI party in an important case involving the reserved parliamentary seats for minorities and women, asking the Election Commission of Pakistan to revisit their allocation.

The implementation of the ruling could have deprive the ruling coalition of some of the seats and benefited the PTI.

Such high-profile cases with political implications will now be brought before the separate constitutional bench that will adjudicate such matters.

Topics: JCP Pakistan

In a first, Pakistani firms showcase products at Gulfood Manufacturing expo in Dubai

In a first, Pakistani firms showcase products at Gulfood Manufacturing expo in Dubai
Updated 06 November 2024
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In a first, Pakistani firms showcase products at Gulfood Manufacturing expo in Dubai

In a first, Pakistani firms showcase products at Gulfood Manufacturing expo in Dubai
  • Gulfood Manufacturing is a global exhibition advancing the global food processing sector through innovation
  • Over two dozen Pakistani firms are exhibiting food ingredients and supply chain solutions at the mega event
Updated 06 November 2024
SAIMA SHABBIR

ISLAMABAD: Pakistan on Tuesday made a debut at the Gulfood Manufacturing 2024 exhibition at the Dubai World Trade Center, the Pakistani consulate in Dubai said, with more than two dozen Pakistani companies showcasing their products at the premier food manufacturing and processing event.
Since 2014, Gulfood Manufacturing has been advancing the global food processing sector through innovation. This year, more than 1,200 suppliers from over 60 countries are participating in the mega event.
On Tuesday, Trade Development Authority of Pakistan (TDAP) chief Zubair Motiwala inaugurated the Pakistan Pavilion at the 10th edition of Gulfood Manufacturing expo to market Pakistan’s food manufacturing and export potential.
“It’s a wonderful experience and I am immensely pleased that Pakistani exhibitors are here to avail this opportunity for showcasing their packaging and food processing capabilities,” Motiwala was quoted as saying in a statement shared by the Pakistani consulate.
Under the umbrella of TDAP, 21 Pakistani companies are showcasing food ingredients, processing and packaging, printing, labelling and supply chain solutions for the food and beverage industry at the exhibition, while eight other Pakistani companies are independently participating in the event, according to Pakistan’s Ambassador to the United Arab Emirates (UAE), Faisal Niaz Tirmizi.
The TDAP chief and the Pakistani ambassador visited all the stalls at the Pakistan Pavilion and had detailed interactions with the exhibitors, according to the statement. The commercial section of the Pakistani consulate in Dubai provided all assistance to the exhibitors for pre-event arrangements.
The development comes amid Pakistan’s efforts to increase trade and foreign investment after it narrowly escaped a default last year by securing a last-gasp $3 billion financial assistance from the International Monetary Fund (IMF).
The South Asian country has since sought to increase its exports and promote closer economic ties with regional and international allies to bolster its fragile economy, which has been suffering from a prolonged macroeconomic crisis.
 

Topics: Pakistan Dubai Ties Gulfood Manufacturing expo

Saudi Arabia’s KSrelief completes distribution of 50,000 shelters, winter kits in Pakistan

Saudi Arabia’s KSrelief completes distribution of 50,000 shelters, winter kits in Pakistan
Updated 06 November 2024
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Saudi Arabia’s KSrelief completes distribution of 50,000 shelters, winter kits in Pakistan

Saudi Arabia’s KSrelief completes distribution of 50,000 shelters, winter kits in Pakistan
  • The initiative targeted areas severely affected by flash floods, heavy rain and snowfall in the South Asian country
  • It provided essential support to over 350,000 individuals, enabling communities to recover and regain stability
Updated 06 November 2024
SAIMA SHABBIR

ISLAMABAD: The King Salman Humanitarian Aid and Relief Center (KSrelief) has completed the distribution of 50,000 shelters and winter kits among Pakistan’s most vulnerable communities, the Saudi charity said on Tuesday.
The aid distribution was part of KSrelief’s Shelter, Non-Food Items (NFIs) and Winter Kit Project for 2023-24, according to a statement issued by the charity organization.
By focusing on the disaster-stricken regions, the project provided essential support to over 350,000 individuals across Pakistan, enabling communities to recover and regain stability.
“Spanning four phases from September 2023 to October 2024, the initiative targeted areas severely affected by flash floods, heavy rainfall, and snowfall across 44 high-need districts in Pakistan,” KSrelief said in a statement.
“Through this effort, KSrelief distributed a total of 25,000 Shelter NFIs and 25,000 Winter Kits, aimed at helping communities withstand harsh winter conditions and rebuild their lives in the aftermath of these disasters.”
KSrelief coordinated with Pakistan’s national and provincial disaster management authorities and United Nations (UN) agencies for the effort, according to the statement.
“This approach ensured a cohesive, well-targeted response to meet the immediate needs of those impacted,” it read.
The Saudi charity organization has one of the largest humanitarian budgets available to any aid agency across the world, which has allowed its officials to undertake a wide variety of projects in more than 80 countries.
Pakistan is the fifth largest beneficiary of its aid and humanitarian activities and has greatly benefited from its assistance since 2022 monsoon floods.

Topics: Pakistan Saudi Ties

Pakistani bank signs LC Confirmation deal with International Islamic Trade Finance Corporation

Pakistani bank signs LC Confirmation deal with International Islamic Trade Finance Corporation
Updated 05 November 2024
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Pakistani bank signs LC Confirmation deal with International Islamic Trade Finance Corporation

Pakistani bank signs LC Confirmation deal with International Islamic Trade Finance Corporation
  • This product facilitates trade flow by allowing exporters and issuing banks to gain assurance from the ITFC
  • It will support private sector clients by working with banks in Organization of Islamic Cooperation states
Updated 05 November 2024
Arab News Pakistan

ISLAMABAD: Meezan Bank, a leading Islamic bank in Pakistan, has signed a new strategic partnership with the International Islamic Trade Finance Corporation (ITFC) under its Letter of Credit (LC) Confirmation product to support the private sector, the Pakistani bank said on Tuesday.
This product facilitates trade flow by allowing exporters and issuing banks to gain assurance from the ITFC, a member of the Islamic Development Bank (IsDB) Group, to secure payment and thus eliminate credit risks, according to a statement issued by Meezan Bank.
It will support private sector clients, including small-medium enterprises (SMEs), by working with local banks in the Organization of Islamic Cooperation (OIC) member countries to facilitate various import transactions.
The agreement was signed by Nazeem Noordali, Chief Operating Officer of ITFC, and Syed Amir Ali, Deputy Chief Executive Officer of Meezan Bank, in the presence of executives from both sides.
“Today marks a significant milestone in our business relationship with ITFC as we solidify our partnership. This arrangement reinforces our Bank’s commitment to reliability, stability, and financial excellence,” said Syed Amir Ali, Deputy Chief Executive Officer of Meezan Bank.
“The Letter of Credit Confirmation Agreement strengthens our position in the market, enabling us to capitalize on new opportunities and facilitate international Islamic trade.”
Meezan Bank is the first bank in Pakistan to partner with ITFC for the LC Confirmation facility. It will enable the Pakistani bank to extend geographical coverage by leveraging the ITFC network, both in member and non-member countries. It will also enable the Bank to handle LC Confirmation transactions of up to 12 months.
“We are proud to strengthen our partnership with Meezan Bank through this Letter of Credit Confirmation Agreement, which reflects our commitment and support to private sector clients in our member countries,” M. Nazeem Noordali, Chief Operating Officer of ITFC, was quoted as saying by Meezan Bank.
 

Topics: Meezan Bank Pakistan

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