You are here

Pakistan vows full support for Saudi investment in country— minister

Pakistan vows full support for Saudi investment in country— minister
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 Islamabad on February 15, 2019. (AFP/File)
Short Url

https://arab.news/2murx

Updated 28 October 2024
Follow

Pakistan vows full support for Saudi investment in country— minister

Pakistan vows full support for Saudi investment in country— minister
  • Privatization Minister Abdul Aleem Khan holds follow-up meeting on bilateral agreements, MoUs with Saudi investment official
  • Pakistan and Saudi Arabia this month signed over $2 billion in agreements and MoUs between businesses of both countries
Updated 28 October 2024
Arab News Pakistan
Follow

ISLAMABAD: Pakistan will ensure all possible support for Saudi Arabia’s investment in various projects of the country, Privatization Minister Abdul Aleem Khan said on Monday, as he held a follow-up meeting with the kingdom’s Assistant Minister of Investment Ibrahim AlMubarak regarding the various agreements signed between the two countries this month. 

Pakistan and Saudi Arabia this month signed over $2 billion in agreements and memorandums of understanding (MoUs) between the businesses of both countries. The agreements were signed during the visit of Saudi Investment Minister Khalid bin Abdulaziz Al-Falih to Islamabad earlier this month, who arrived leading a high-level delegation of Saudi businesspersons. 

Khan held a follow-up meeting with AlMubarak via video link to discuss the agreements signed between the two countries, Khan’s ministry said. Both sides also discussed Pak-Saudi joint ventures and MoUs in various fields. 

“We will ensure all possible support for Saudi Arabia’s investment in Pakistan,” Khan was quoted as saying by his ministry. “This investment will reach its completion in the light of Saudi Investment Minister Khalid bin Abdulaziz Al-Falih’s visit.”

The privatization ministry said Saudi officials agreed to continue follow-up meetings on the agreements between the two countries and expressed the desire to yield “practical results” from them. The Saudi officials also invited Khan to attend Saudi Arabia’s expo scheduled to be held from Nov. 25-26, the ministry added. 

During his visit, Falih reiterated the kingdom’s commitment to increasing its investment portfolio in Pakistan, particularly in mining, agriculture, food security and infrastructure development.

Pakistan has increasingly sought in recent months to strengthen trade and investment ties with friendly nations, particularly the kingdom, whose leadership reaffirmed its commitment this year to expedite a $5 billion investment package for Islamabad. 

Topics: Pakistan Saudi Ties Ibrahim AlMubarak

Pakistani rights lawyer, husband arrested for violating England team’s security protocol

Pakistani rights lawyer, husband arrested for violating England team’s security protocol
Updated 13 sec ago
Follow

Pakistani rights lawyer, husband arrested for violating England team’s security protocol

Pakistani rights lawyer, husband arrested for violating England team’s security protocol
  • Police say Imaan Zainab Mazari-Hazir, husband hurled verbal abuses at traffic cops, removed barricades placed for the team’s safety
  • Seven people, including six policemen, were killed in 2009 when the Sri Lankan cricket team came under attack in Pakistan’s Lahore city
Updated 13 sec ago
SAIMA SHABBIR

ISLAMABAD: Pakistan’s capital city police have arrested human rights lawyer Imaan Zainab Mazari-Hazir and her husband on charges of interfering in government affairs by removing barricades placed on a road as part of the England cricket team’s security protocol in Islamabad, a police spokesman said on Monday.
The incident occurred on the morning of Oct. 25 at the Zero Point interchange when the England team was being transported to the Rawalpindi Cricket Stadium for the third and final Test that was won by Pakistan.
However, the couple was arrested today following a police complaint that stated Mazari-Hazir, daughter of former federal minister Shireen Mazari, and her husband, Abdul Hadi, scuffled with traffic police after attempting to remove the barricades.
“Mazari-Hazir and her husband were arrested today, Monday, by the Aabpara Police Station on the charges of interference in the government operations,” Islamabad police spokesperson Jawad Taqi told Arab News.
He said a case was registered against the couple for violating the standard operating procedures for state guests as well as for threatening and shoving police officials.
In 2009, seven people, including six policemen, were killed when militants attacked the Sri Lankan cricket team in Pakistan’s eastern Lahore city. The attack proved a heavy blow to the cricket-loving nation with international games suspended in the country and even the Pakistan Super League, the country’s first Twenty20 league, had to be shifted to the United Arab Emirates. Zimbabwe was the first country to visit Pakistan to play cricket six years after the attack.
“Both husband and wife escaped from the spot by removing the barriers and the video of the incident went viral on social media,” the police spokesman said, adding that Hadi “pushed traffic police officers, verbally abused them and threatened them with dire consequences.”
The video shows Mazari-Hazir and Hadi attempting to remove the barricades as traffic police officials try to stop them. Hadi is seen lashing out at a policeman in abusive language and pushing him away, saying: “How dare you touch my wife?” He later screams at police officials, saying that “no one can stop him from reaching the court.”
Mazari-Hazir could not be reached for a comment as her phone was switched off. The lawyer is a known critic of Pakistan’s powerful military and has been arrested multiple times in the past for her fiery speeches at various gatherings.

Topics: Imaan Zainab Mazari-Hazir

Pakistan PM to attend Future Investment Initiative in Riyadh on Oct. 29-30

Pakistan PM to attend Future Investment Initiative in Riyadh on Oct. 29-30
Updated 31 min 15 sec ago
Follow

Pakistan PM to attend Future Investment Initiative in Riyadh on Oct. 29-30

Pakistan PM to attend Future Investment Initiative in Riyadh on Oct. 29-30
  • The FII serves as an important platform for countries to showcase their economic strength and draw foreign investments
  • This year, the forum will focus on global investments in AI, robotics, education, energy, space, finance and health care
Updated 31 min 15 sec ago
SAIMA SHABBIR

ISLAMABAD: Prime Minister Shehbaz Sharif will attend the 8th edition of the Future Investment Initiative (FII) in the Saudi capital of Riyadh on Oct. 29-30, the Pakistani foreign office said on Monday, adding that the Pakistan premier is also expected to meet the Saudi Crown Prince during the visit.
The FII serves as an important platform for countries to showcase their economic strength, draw foreign investments, and engage in dialogue to shape a sustainable future.
This year’s FII, themed as ‘Infinite Horizons: Investing Today, Shaping Tomorrow,’ will focus on global investments in artificial intelligence (AI), robotics, education, energy, space, finance, health care and sustainability.
During the visit, PM Sharif is expected to hold important bilateral talks with Crown Prince Mohammed bin Salman and other senior Saudi officials, according to the Pakistani foreign office.
“The two sides will discuss economic and strategic partnership between Pakistan and the Kingdom of Saudi Arabia and explore bilateral cooperation in the economic, energy, and defense domains,” it said in a statement.
“The prime minister is also expected to engage with participating leaders and entrepreneurs at the FII 8th edition conference.”
In April this year, Sharif had met the Saudi Crown Prince on the sidelines of a special meeting of the World Economic Forum in Riyadh. The two figures had discussed bilateral ties and regional issues, including Israel’s war on Gaza, according to Sharif’s office.
Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as the top source of remittances to the cash-strapped South Asian country.
Both Pakistan and Saudi Arabia have also been closely working to increase bilateral trade and investment deals, and the Kingdom this year reaffirmed its commitment to expedite an investment package worth $5 billion.

Topics: Pakistan Saudi Arabia ties Future Investment Initiative (FII)

Pakistan receiving 45,000-50,000 applications for new passports daily— interior minister

Pakistan receiving 45,000-50,000 applications for new passports daily— interior minister
Updated 28 October 2024
Follow

Pakistan receiving 45,000-50,000 applications for new passports daily— interior minister

Pakistan receiving 45,000-50,000 applications for new passports daily— interior minister
  • Mohsin Naqvi says Pakistan’s production facility can only print 20,000-22,000 new passports daily, leading to backlog
  • Says government has made passport production facility operational 24 hours throughout the week to increase printing 
Updated 28 October 2024
Shahjahan Khurram

ISLAMABAD: Pakistan’s Interior Minister Mohsin Raza Naqvi recently disclosed that his ministry was receiving a “very high trend” of around 45,000-50,000 applications for new passports daily, saying that the country’s passport production equipment could not match the number due to which a backlog had accumulated. 

During a National Assembly session on Friday, the minister was asked whether recently passports were issued with “inordinate delay” against the normal time period and whether such a slow process was still in place. 

Naqvi responded that the Machine Readable Passport (MRP) facility had been established in 2004 to cater to only 30 regional passport offices within Pakistan and ten Pakistan missions abroad. He said over time, the passport offices increased to 223 while Pakistan’s missions abroad surged to 93. However, he said the passport production facility was never expanded nor equipped with the technology or equipment to make the printing process “faster and better.” 

“Presently, the department is facing a very high trend of daily passport applications around 45,000 to 50,000 thousand from field formations, whereas, the production facility can merely cater for 20,000 to 22,000 passports per day,” Naqvi said. “Resultantly, the routine backlog is being accumulated.” 

He said the government has made the passport production facility operational 24 hours during all seven days of the week in three shifts to cater to applicants on a war footing basis. 

When asked whether the government was charging people exorbitant fees to issue passports on an urgent basis, the minister responded by saying that it is up to the applicants to choose and apply for passports according to their urgency under the prescribed categories of “normal,” “urgent” and “fast track.”

The development takes place weeks after local media reports published stories of citizens facing trouble procuring passports, some of which had been delayed for up to two months.

Among those who suffered delays in receiving passports were patients needing urgent medical treatment abroad, students seeking admission to foreign universities and individuals pursuing work visas, Pakistani English-language daily Dawn reported in September. 

Topics: Pakistan Pakistani passport

Pakistan’s stock market crosses all-time high of 91,000 points during intra-day trading

Pakistan’s stock market crosses all-time high of 91,000 points during intra-day trading
Updated 28 October 2024
Follow

Pakistan’s stock market crosses all-time high of 91,000 points during intra-day trading

Pakistan’s stock market crosses all-time high of 91,000 points during intra-day trading
  • KSE-100 index climbs 952 points or 1.12 percent to stand at 91,001.73 points during inter-day trading 
  • Analysts say bullish trend fueled by “banks and fertilizer companies” backed by strong dividend yields
Updated 28 October 2024
Hasaan Ali Khan

ISLAMABAD: In yet another historic high, the Pakistan Stock Exchange (PSX) crossed the 91,000-points barrier during intra-day trading on Monday afternoon, with analysts saying the prevalent bullish market trend was driven mostly by banks and fertilizer companies “backed by their strong dividend yields.”

As per figures shared by the stock market’s official website, the benchmark KSE-100 index climbed 952 points or 1.12 percent to stand at 91,001.73 points during the day at 12:08 pm, up from the previous close of 89,993.96 points on Friday. 

“The rally has thus far been mostly driven by banks and fertilizers, backed by their strong dividend yields,” Raza Jafri, the chief executive officer of leading financial services corporation EFG Hermes Pakistan, told Arab News. 

“But, there are signs of a rotation into other sectors also, as such oil and gas exploration, pharmaceuticals, and cement as their profitability picks up.”

Jafri said foreign investors had sold $17 million of Pakistani equities in CY24TD (calendar year till date), adding that they were now buying Pakistan equities back.

“Liquidity dynamics are strong on both the foreign and domestic side, which is resulting in valuation rerating for the KSE100 (valuations are still at a 40% discount to the long-term mean),” he explained.

Meanwhile, leading stock market mobile app Investify Pakistan said the continuing upward trend during early trading on Monday was “fueled by optimism about an upcoming monetary policy rate cut.”

The development comes as the South Asian nation’s economic indicators continue to improve after it secured a $7 billion, 37-month bailout package from the International Monetary Fund (IMF) in September. Pakistan’s central bank also cut its key policy rate by 200 basis points to 17.5 percent in September, making it the third straight reduction since June.

Last year, Pakistan narrowly avoided a sovereign default when it clinched a $3 billion IMF loan program. The country has suffered a prolonged economic crisis that drained its foreign exchange reserves and saw its currency weaken amid double-digit inflation.

Topics: Pakistan Pakistan Stock Exchange PSX Pakistan economy

Gillespie to coach Pakistan during Australia white-ball series as Kirsten resigns

Gillespie to coach Pakistan during Australia white-ball series as Kirsten resigns
Updated 28 October 2024
Follow

Gillespie to coach Pakistan during Australia white-ball series as Kirsten resigns

Gillespie to coach Pakistan during Australia white-ball series as Kirsten resigns
  • Kirsten’s decision comes after PCB appointed new selection committee without coaches and captain in it
  • Pakistan’s cricket team is scheduled to play against Australia in away white-ball series starting next month 
Updated 28 October 2024
Arab News Pakistan

ISLAMABAD: The Pakistan Cricket Board (PCB) announced on Monday that white-ball Head Coach Gary Kirsten has resigned from his post, with test coach Jason Gillespie set to take over his place for the upcoming Australia tour. 

Kirsten was reportedly at odds with the PCB after it announced a new selection committee following Pakistan’s humiliating innings defeat to England in the first test match at Multan this month. 

The new selection committee, the third in three months, now comprises former Pakistan fast bowler Aaqib Javed, Aleem Dar, Azhar Ali, Asad Shafiq and Hassan Cheema. Kirsten, Gillespie and the captain of the national squad, who were previously part of the selection committee, were removed from the panel. The new selection committee, Javed in particular, has risen in influence after their initiative to produce spin-friendly tracks in Multan and Rawalpindi helped Pakistan win the three-match test series against England 2-1.

“Jason Gillespie will coach the Pakistan men’s cricket team on next month’s white-ball tour of Australia after Gary Kirsten submitted his resignation which was accepted,” the PCB said in a statement. 

The development takes place a day after the PCB announced central contracts for 25 cricketers and appointed wicket-keeper batter Mohammad Rizwan as the new Pakistan white-ball skipper. 

When the announcement was made at a press conference on Sunday, PCB Chairman Mohsin Naqvi was flanked by Javed, Ali, Rizwan and newly appointed vice-captain Salman Ali Agha. Kirsten was notably missing. 

His resignation comes days before Pakistan take on Australia for a limited-overs away series next month. The green shirts will play three ODIs against Australia on Nov. 8, 8 and 10 while it will play five T20Is against the Aussies on Nov. 14, 16 and 18. 

Kirsten, 56, is a former South African top-order batter who played 101 Test matches and 185 ODIs from 1993-2004 in which he scored a total of 14,087 runs and 34 centuries.

The former South Africa top-order batter played 101 Tests and 185 ODIs from 1993-2004 in which he accumulated a total of 14,087 runs with 34 centuries.

Kirsten coached India from 2008-2011 and helped them win the ICC Men’s Cricket World Cup 2011 title and attain the number one position on the ICC Test Team Rankings.

He also coached South Africa men’s cricket team from 2011-2013 and inspired them to the number one position on the ICC Test Team Rankings.

Kirsten has coached Indian Premier League (IPL) teams Delhi Capitals, Royal Challengers Bengaluru and Gujarat Titans, who won the 2022 IPL tournament. 

Topics: Gary Kirsten Pakistan cricket Aaqib Javed Arab News Pakistan Jason Gillespie

Related

Australia rest Test stars for Pakistan T20 series
Sport
Australia rest Test stars for Pakistan T20 series
Pakistan appoint Rizwan white-ball captain, recall Babar Azam for Australia tour
Pakistan
Pakistan appoint Rizwan white-ball captain, recall Babar Azam for Australia tour

Latest updates

NATO chief says he can confirm North Korean troops are in Russia’s Kursk
NATO chief says he can confirm North Korean troops are in Russia’s Kursk
Veteran editor Othman Al Omeir honored at UK Parliament
Veteran editor Othman Al Omeir honored at UK Parliament
Modi, Spanish PM launch India’s first private military aircraft plant in Gujarat
Modi, Spanish PM launch India’s first private military aircraft plant in Gujarat
Displaced Gazans sew winter clothes from blankets
Displaced Gazans sew winter clothes from blankets
Israeli campaign leaves Lebanese border towns in ruins, satellite images show
Israeli campaign leaves Lebanese border towns in ruins, satellite images show

Search form

Print Edition
Read pdf version Subscribe now
© 2024 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement.