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Saudi Arabia, UAE invest $26.8 million in Pakistan in first quarter of current fiscal year

Saudi Arabia, UAE invest $26.8 million in Pakistan in first quarter of current fiscal year
A security guard stands outside a currency exchange shop in Rawalpindi on July 15, 2023. (AFP/File)
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Updated 05 November 2024
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Saudi Arabia, UAE invest $26.8 million in Pakistan in first quarter of current fiscal year

Saudi Arabia, UAE invest $26.8 million in Pakistan in first quarter of current fiscal year
  • Foreign investment surged by 48 percent in first quarter of current fiscal year
  • Pakistan, Saudi Arabia signed agreements worth $2.8 billion last month
Updated 05 November 2024
Hasaan Ali Khan
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ISLAMABAD: Pakistan’s foreign investment has surged by 48 percent during the first quarter of the current fiscal year, state-run media reported on Tuesday, with Saudi Arabia and the United Arab Emirates (UAE) contributing $26.8 million during the same period.

Pakistan formed the Special Investment Facilitation Council (SIFC), a hybrid civil and military body, in 2023 to fast-track decisions related to foreign investment in its key economic sectors such as agriculture, mining, minerals, tourism and others. The development took place as Pakistan grappled with a prolonged economic crisis that almost led the country to suffer a sovereign default before a critical $3 billion bailout by the International Monetary Fund (IMF) last year averted the crisis.

As per a breakdown shared by state broadcaster Radio Pakistan, China invested $404 million during the first quarter of the current fiscal year while Saudi Arabia’s investment was recorded at $ 1.8 million. The UAE, meanwhile, invested $25 million, Hong Kong $98 million, the United Kingdom $72 million and the United States $28 million in the same period, the state broadcaster said.

“A significant increase of forty eight percent has been seen in foreign investment in Pakistan in the first quarter of current fiscal year, reflecting the effective strategies of the Special Investment Facilitation Council,” Radio Pakistan said.

Pakistan’s Prime Minister Shehbaz Sharif visited Saudi Arabia and Qatar last week, where he held talks with the leadership of the two countries on enhancing cooperation in trade, investment and energy. Pakistani and Saudi businesses had signed 27 agreements and memorandums of understanding (MoUs) worth $2.2 billion in October. During Sharif’s visit to the kingdom last week, the two countries agreed to enhance that figure to $2.8 billion.

Meanwhile, the UAE is Pakistan’s third-largest trading partner after China and the United States. It is also an ideal export destination for the South Asian nation as the short distance between the two countries limits transportation costs and facilitates commercial exchanges.

Sharif has actively pursued economic diplomacy in the region in recent months, seeking more investments and enhancing trade and regional connectivity for Pakistan. The South Asian country has sought to leverage its position as a transit and trade hub connecting landlocked Central Asian countries with the rest of the world and also pushed for mutually beneficial economic partnerships with Gulf countries.

Topics: Pakistan Saudi Arabia ties Pakistan UAE ties Saudi investment in Pakistan Special Investment Facilitation Council (SIFC) SIFC

Weeks after family reunion, Pakistani elephant dies of sepsis caused by bacterial infections — charity

Weeks after family reunion, Pakistani elephant dies of sepsis caused by bacterial infections — charity
Updated 31 sec ago
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Weeks after family reunion, Pakistani elephant dies of sepsis caused by bacterial infections — charity

Weeks after family reunion, Pakistani elephant dies of sepsis caused by bacterial infections — charity
  • Sonia, 19, is second elephant to die in two years in the southern city of Karachi
  • Noor Jehan, 17, died in April 2023 after undergoing a critical medical procedure
Updated 31 sec ago
NAIMAT KHAN

ISLAMABAD: Global animal welfare group Four Paws said in a statement this week an autopsy of Pakistani elephant Sonia who died suddenly on Sunday had revealed she had several bacterial infections that ultimately led to sepsis.

Sonia, who was almost 19, is the second elephant to die in two years in the southern city of Karachi, where she had lived since 2009 at the city’s Safari Park. She was reunited recently with her sister Madhubala, who was transferred from the Karachi Zoological Garden last month to be with her family members.

Madhubala was separated from sisters Sonia and Malika about 15 years ago.

“The microbiological results from Sonia’s autopsy revealed the presence of various bacteria,” Four Paws said in a statement on Tuesday. “The source of the bacteria was an advanced abscess on Sonia’s foot which was just recently discovered and treated during our stay [at the Safari Park] for Madhubala’s relocation. The severe bacterial infection ultimately led to fatal sepsis.”

Pakistan has a troubled history with elephants in captivity.

Noor Jehan, 17, was brought to Karachi with three other elephants more than a decade ago. She died in April 2023, days after undergoing a critical medical procedure by a team of international veterinarians.

In 2020, Kaavan, dubbed the “world’s loneliest elephant” after languishing alone for years in a Pakistani zoo, was sent to a Cambodian sanctuary for the much-needed company of other elephants. Efforts to transfer him from Pakistan were supported by singer and actor Cher, who campaigned for his rescue.

Four Paws said following Sonia’s death, local authorities had extended an invitation to the charity, requesting further support for Malika and Madhubala.

“In response to this request and the pathological findings, FOUR PAWS experts have sent KMC [Karachi Metropolitan Corporation] a prophylactic treatment plan for Malika and Madhubala, urgently recommending immediate antibiotic treatment, alongside blood tests for both elephants before and after the treatment,” Four Paws said.

“Following the prophylactic treatment, the FOUR PAWS team will return on-site to conduct further examinations of the elephants.”

The organization said Sonia’s and Noor Jehan’s deaths were “tragic consequences of prolonged species-inappropriate living conditions and malnutrition.”

“Since 2021, we have continuously advocated for proper medical care, adequate nutrition, and species-appropriate environments for all four African elephants in Karachi,” it added. 

“This heartbreaking outcome underscores once again the urgent need for proper elephant management. Foot care, in particular, is one of the most critical aspects of ensuring the health and well-being of captive elephants under human care.”

The charity has sent KMC a detailed diet plan that includes essential minerals, vitamins, rice balls, electrolytes, and a variety of fruits, vegetables, and green fodder, all of which needs to be implemented consistently to ensure the long-term health of the elephants, the charity added.

Despite the heartbreak over Sonia’s passing, Four Paws said it remained steadfast in its commitment to improving the welfare of the Karachi elephants. 

“Madhubala has stepped into the role of a big sister, providing strength and comfort to Malika. It is heartwarming to see them finding solace in each other,” the statement concluded.

Topics: Elephant Sonia FOUR PAWS Four Paws International

Pakistan offers ‘all possible cooperation’ to Riyadh for promotion of cricket, construction of stadiums

Pakistan offers ‘all possible cooperation’ to Riyadh for promotion of cricket, construction of stadiums
Updated 14 min 12 sec ago
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Pakistan offers ‘all possible cooperation’ to Riyadh for promotion of cricket, construction of stadiums

Pakistan offers ‘all possible cooperation’ to Riyadh for promotion of cricket, construction of stadiums
  • PCB chairman and interior minister Mohsin Naqvi is in Riyadh to discuss security cooperation, cricketing ties
  • Naqvi invites Saudi cricket federation chairman to Pakistan for ICC Champions Trophy being held in February next year
Updated 14 min 12 sec ago
SAIMA SHABBIR

ISLAMABAD: Mohsin Naqvi, the chairman of the Pakistan Cricket Board (PCB), has offered “all possible cooperation” to Saudi Arabia for the promotion of cricket and the construction of stadiums in the Middle Eastern nation, where the sport is growing in popularity, the PCB said in a statement on Wednesday. 

Naqvi, who is also the interior minister, has been on a visit to Riyadh since Sunday to discuss security cooperation and cricketing ties.

“Naqvi offered all possible cooperation in promotion of cricket and construction of stadiums,” the PCB said in a statement, as the PCB chairman met the head of the Saudi Arabia Cricket Federation, Prince Saud bin Mishal Al Saud, in Riyadh and discussed trainings for Saudi players in Pakistan.

“Naqvi said that a players exchange program can be started for cricket development. Saudi Arabia can send its emerging players to Pakistan and will provide full support in terms of cricket development and construction of stadiums.”

According to the statement, there are about 18,000 cricket players in Saudi Arabia, which has also won the Asian Cricket Council Challenge Cup. Naqvi also extended an invitation to Prince Saud to visit Pakistan for the ICC Champions Trophy which will be held in February and March next year. 

Last January, in a move to strengthen cricket ties between the two countries, then chairman of the Pakistan Cricket Board, Najam Sethi, said his country was prepared to share its expertise in the sport with Saudi Arabia.

Topics: Pakistan Cricket Board (PCB) Pakistan Saudi Arabia ties

Imran Khan’s party temporarily calls off civil disobedience movement in Pakistan

Imran Khan’s party temporarily calls off civil disobedience movement in Pakistan
Updated 18 December 2024
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Imran Khan’s party temporarily calls off civil disobedience movement in Pakistan

Imran Khan’s party temporarily calls off civil disobedience movement in Pakistan
  • Demands government release political prisoners, set up judicial commissions to investigate two protests
  • Khan has been in jail since August 2023 on charges he says are motivated to keep him away from politics
Updated 18 December 2024
Arab News Pakistan

ISLAMABAD: Jailed former Prime Minister Imran Khan has instructed his party to temporarily postpone a planned civil disobedience movement in Pakistan, his sister said on Tuesday, calling on the government to release all political prisoners and set up judicial commissions to investigate what his party says were arrests and killings of supporters during two protests.

On Dec. 5, Khan, jailed since August 2023 on charges he says are politically motivated to keep him away from power, said in a message to supporters that he was setting up a five-member negotiations committee to hold talks with the federal government for the release of political prisoners. He also demanded judicial commissions to investigate protests on May 9 last year and Nov. 24 this year in which the government says supporters of Khan’s Pakistan Tehreek-e-Insaf (PTI) party partook in violence and caused vandalism. If the two demands were not met, Khan said, the party would launch a civil disobedience movement from Dec. 14.

However, speaking to reporters on Tuesday after meeting Khan in prison, his sister Aleema Khan said the jailed leader had been advised by aides that a civil disobedience movement, including a call to overseas Pakistanis who largely support Khan to stop sending remittances, would damage the economy. 

“Party leaders have said this will really affect the economy so Imran Khan has said, “I will wait for a few days, the government should meet these two demands’,” Aleema told the media outside Adiala jail. “Otherwise, if these demands are not met, he will announce a call to stop remittances.”

Pressure on Khan’s PTI party, already at loggerheads with the government and military, has increased since last month when thousands of its supporters stormed Islamabad, demanding Khan’s release. 

The government says protesters killed four security officers in clashes while the PTI says at least 12 of its supporters died and “hundreds” were injured and arrested as security agencies used live ammunition rounds to disperse protesters, which authorities deny. The Prime Minister Shehbaz Sharif coalition government says it will take legal action against the rioters and bring to justice suspects behind what it has described as a “malicious campaign” to spread fake online news, images and video content against the state and security forces.

Previously, the government and military have accused Khan supporters of attacking and damaging government and military buildings after his brief arrest on May 9, 2023.

Hundreds of PTI supporters and dozens of leaders were subsequently arrested while police registered cases against the party’s top leaders, including Khan. The army is also holding military trials of over a 100 people arrested in connection with the May riots.

Topics: PTI protest PTI protests Pakistan Tehreek-e-Insaf (PTI) Ex-PM Imran Khan arrested

‘Heritage within heritage’ at Pakistan’s only specialized money museum in Karachi 

‘Heritage within heritage’ at Pakistan’s only specialized money museum in Karachi 
Updated 18 December 2024
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‘Heritage within heritage’ at Pakistan’s only specialized money museum in Karachi 

‘Heritage within heritage’ at Pakistan’s only specialized money museum in Karachi 
  • State Bank museum has large collection including first cheque issued by Pakistani founder Muhammad Ali Jinnah at Habib Bank 
  • Museum is housed in a hundred-year-old building of the former Imperial Bank of India on Karachi’s famed I.I. Chundrigar Road
Updated 18 December 2024
NAIMAT KHAN

KARACHI: Nestled in the heart of Pakistan’s commercial capital of Karachi, the State Bank (SBP) Museum and Art Gallery stands as a testament to the region’s monetary history, with an extensive collection of artefacts like ancient coins, currency notes and rare documents, including cheques signed by the nation’s founding father.

The museum — housed in the hundred-year-old building of the former Imperial Bank of India on Karachi’s I.I. Chundrigar Road — takes visitors through a journey of the evolution of finance, from ancient barter systems to sophisticated financial instruments available today.

Notable exhibits displayed at the museum include the first cheque issued at Habib Bank from the personal account of Pakistan’s founder, Muhammad Ali Jinnah, and his original account-opening form.

“This State Bank Museum is the first and only specialized money museum of Pakistan which covers the theme of the evolution of money, starting from barter trade till e-banking,” museum official Jibran Ali told Arab News.

“One of the specialties of this museum is the coins ... Starting from the 6th century BC up to the coins of Pakistan today, we have all of the different dynasties’ coins available in this museum.”

One gallery displays a collection of coins from emperors that once ruled the region, including the British, the Mughals and the Arab rulers of Sindh. The first currency notes printed by the Reserve Bank of India after India and Pakistan’s independence from British rule in 1947 are also on display. 

One of the highlights is Hajj notes, specially designed for pilgrims from 1949 to the 1980s, which could be used in Saudi Arabia.

“On the same note, we can see that the Government of Pakistan [logo] is also mentioned alongside the Reserve Bank of India,” Ali said.

A range of cowrie shells, Indus seals and Ratti seeds as well as coins from various ancient cultures such as the Indo-Greek and Kushan eras are also on display. 

“Cowrie shells were initially used as money and also as ornaments in jewelry until the 19th century in different parts of the world,” Ali explained. “We have a vast collection of more than 7,000 rare coins available today.”

Old minting machines are another interesting part of the collection.

“These machines used to produce coins and paper money and give visitors a rare glimpse into the craftsmanship behind currency production before modern technology took over,” the museum in-charge added. 

The original office furniture of the central bank’s first governor, Zahid Hussain, and the bank’s inaugural account ledger are also showcased. Visitors can also view antique coin-minting machines, a currency printing press, and the first automated teller machine (ATM) in Pakistan, introduced by Habib Bank in 1988.

“We have the first ATM as well,” Ali said. “And we have original vaults of the 1920s.”

“PAST ECONOMIES”

The building itself is a historical marvel, featuring a Greco-Roman design with a stunning glass ceiling and intricately preserved Burma teak doors. Built in the 1920s for the Imperial Bank of India, the structure is crafted from Jodhpuri Red Sandstone and a grand example of colonial-era architecture.

Professor Altaf Aseem, a heritage and archaeology expert, said the museum was important both for its building and the collection inside. 

“From cowrie shells to modern-day currency, the museum has a wide array of items on display. However, the building that houses these coins and currencies is equally significant, as it is itself a heritage site. In a way, we can say that heritage is housed within heritage,” Aseem told Arab News.

The currency notes and metal coins on display showed an impressive array of art and calligraphy from different periods also, the historian said. 

“For example, some display Khat-e-Kufi, others use Nasta’liq, and some feature the Naskh script,” Aseem added, referring to different calligraphy styles. 

“This variety is a key highlight of the collection. Even though details are often missing such as who made these designers, the collection remains remarkable.”

Babar Ali, a visitor, said the museum offered a “deep dive into the history of money.”

“One of the most impressive sections is the collection of rare coins, including those from the era of Alexander the Great, the Arab rulers, and other significant historical empires,” the retired government official said. 

“The display also includes precious metal coins like gold and silver, which highlight their importance in past economies.”

Topics: state bank museum State Bank of Pakistan (SBP) money museum

Egypt, Pakistan call for ceasefire in Gaza as foreign ministers meet on D-8 summit sidelines

Egypt, Pakistan call for ceasefire in Gaza as foreign ministers meet on D-8 summit sidelines
Updated 18 December 2024
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Egypt, Pakistan call for ceasefire in Gaza as foreign ministers meet on D-8 summit sidelines

Egypt, Pakistan call for ceasefire in Gaza as foreign ministers meet on D-8 summit sidelines
  • D-8 summit in Cairo will see gathering of leaders from eight countries to promote economic cooperation
  • PM to attend special session on Gaza where Israeli offensive has killed over 46,000 people since last year
Updated 18 December 2024
SAIMA SHABBIR

ISLAMABAD: The foreign ministers of Pakistan and Egypt have called for a ceasefire in Gaza and expressed “unequivocal support” for the establishment of an independent Palestinian state as they met on the sidelines of a summit of the D-8 developing group of nations to be held today, Wednesday, in Cairo.

Pakistani deputy prime minister Ishaq Dar, who is also the country’s foreign minister, on Tuesday held a meeting with the Egyptian foreign minister, Badr Abdelatty, on the sidelines of the 21st Session of the D-8 Council of Ministers.

Prime Minister Shehbaz Sharif will also leave for Egypt today, Wednesday, to participate in the Eleventh Summit of D-8 countries, during which Israel’s military offensive on Gaza and the humanitarian crisis and reconstruction efforts in the besieged enclave as well as in neighboring Lebanon are expected to be at the center of discussions.

“The two Foreign Ministers discussed regional developments including the ongoing Israeli genocide in Gaza and atrocities in the West Bank, highly criticizing the ongoing Israeli genocide in Gaza,” the Pakistani foreign office said in a statement. “They called for an immediate ceasefire in Gaza to prevent further loss of innocent Palestinian lives.”

Dar appreciated the role played by Egypt to facilitate humanitarian assistance for the people of Gaza and its diplomatic efforts for a ceasefire in Palestine.

“The two Foreign Ministers also expressed unequivocal support for establishment of a viable, contiguous and independent Palestinian state based on pre-June 1967 borders with Al-Quds Al-Sharif as its capital,” the foreign office said.

Health officials in the Gaza Strip said on Monday the death toll from the 14-month war between Israel and Hamas had topped 45,000 people. 

The Gaza Health Ministry does not distinguish between civilians and combatants in its count, but it has said that more than half of the fatalities are women and children. The Israeli military says it has killed more than 17,000 militants, without providing evidence.

The theme of this year’s D-8 Summit is “Investing in Youth and Supporting SMEs: Shaping Tomorrow’s Economy.”

“At the Summit, the Prime Minister will underline the importance of investing in youth and SMEs for building a strong and inclusive economy; creating jobs; advancing innovation; and promoting local entrepreneurship,” the foreign office said.

“He will express Pakistan’s strong commitment to the ideals of D-8; underscore the importance of fostering partnerships for mutual benefit and prosperity; and promoting cooperation in agriculture, food security and tourism. He will also underline Pakistan’s incentives for youth empowerment and financial development.”

Sharif will also attend a special session on the war in Gaza and Lebanon.

Topics: Pakistan Egypt ties D8 summit

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