Two Pakistanis on tourist submersible that went missing on trip to Titanic wreckage

The Polar Prince ship is seen while moored in Vancouver, British Columbia, Oct. 23, 2017. (AFP/File)
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Updated 20 June 2023
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Two Pakistanis on tourist submersible that went missing on trip to Titanic wreckage

  • Engro Vice Chairman Shahzada Dawood and son Suleman were both onboard the sub
  • Submarine went missing more than a day earlier off the coast of southeastern Canada

ISLAMABAD: Engro Corporation said on Monday the Pakistani conglomerate’s vice chairman and his son were on a submarine that went missing more than a day earlier off the coast of southeastern Canada while taking tourists to explore the wreckage of the Titanic.

The US Coast Guard said there was one pilot and four passengers on board and that the vessel had the capacity to be submerged for 96 hours, but it was unclear whether it was still underwater or had surfaced and was unable to communicate.

Engro Vice Chairman Shahzada Dawood and his son Suleman were both onboard the sub, Engro said, asking people to avoid speculation.

“All that we know so far is that contact was lost with their submersible craft,” the company said in a statement. “A rescue effort is being jointly led by multiple government agencies and deep-sea companies to find and bring home Shahzada, Suleman and all onboard.”

US and Canadian ships and planes have swarmed the area about 900 miles (1,450 km) east of Cape Cod, some dropping sonar buoys that can monitor to a depth of 13,000 feet (3,962 meters), US Coast Guard Rear Admiral John Mauger told reporters on Monday.

“It is a remote area and it is a challenge to conduct a search in that remote area,” Mauger said.

“We are deploying all available assets to make sure that we can locate the craft and rescue the people on board,” he said. “Going into this evening we will continue to fly aircraft and move additional vessels.”




The graphic shows the location of wreck of the RMS Titanic and the location where the missing submersible departed from. (Courtesy: Reuters) 

Mauger said officials have also been reaching out to commercial vessels for help.

The private company that operates the submarine, OceanGate Expeditions, said in a statement on Monday that it was “mobilizing all options” to rescue those on board.

British billionaire Hamish Harding is among the passengers, according to a social media post from a relative.


Pakistan’s competition commission approves Aramco’s acquisition of 40 percent stake in local company

Updated 6 sec ago
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Pakistan’s competition commission approves Aramco’s acquisition of 40 percent stake in local company

  • Saudi oil giant Aramco inked agreement to buy 40 percent stake in Gas and Oil Pakistan Ltd. in December 2023 
  • Acquisition to bring much-needed foreign direct investment in Pakistan’s energy sector, says competition commission

KARACHI: The Competition Commission of Pakistan (CCP) this week approved Saudi oil giant Aramco’s decision to acquire a 40 percent stake in local company Gas & Oil Pakistan Ltd, officially marking the Saudi company’s entry into Pakistan’s fuels retail market. 

Aramco and Gas signed the agreement to acquire 40 percent stake in Gas and Oil Pakistan Ltd., a licensed oil marketing company, in December 2023. Gas and Oil Pakistan Ltd. is involved in the procurement, storage, sale, and marketing of petroleum products and lubricants. It is also one of Pakistan’s largest retail and storage companies.

Aramco is a global integrated energy and chemicals company that produces approximately one in every eight barrels of the world’s oil supply and develops cutting-edge energy technologies. Aramco Asia Singapore Pte. Ltd., a Singaporean company wholly owned by Saudi Aramco, filed the pre-merger application with the CCP. It specializes in sales, marketing, procurement, logistics, and related services, with a focus on prospecting, exploring, drilling, extracting, processing, manufacturing, refining, and marketing hydrocarbon substances.

“The Competition Commission of Pakistan (CCP) approved a 40 percent equity stake acquisition in Gas & Oil Pakistan Ltd. (GO) by Aramco, a global leader in integrated energy and chemicals,” the CCP said in a statement on Monday. “This transaction marks Aramco’s first entry into Pakistan’s fuels retail market, underscoring its confidence in the country’s economic potential and its commitment to its growth.”

The CCP said it had authorized the merger after determining that the acquisition would not result in the acquirers’ “dominance” in the relevant market post-transaction.

“Aramco’s acquisition indicates a significant milestone in Pakistan’s energy sector, bringing advanced expertise and technology to the fuels retail market,” it said. “This development is expected to boost competition, elevate service standards, and provide consumers with a broader range of high-quality products.”

The CCP said the acquisition would help bring much-needed foreign direct investment in Pakistan’s energy sector, contributing to economic growth and development of the country. 

In February 2019, Pakistan and Saudi Arabia inked investment deals totaling $21 billion during the visit of Saudi Crown Prince Mohammed Bin Salman to Islamabad. The agreements included about $10 billion for an Aramco oil refinery and $1 billion for a petrochemical complex at the strategic Gwadar Port in Balochistan.

Pakistan’s Prime Minister Shehbaz Sharif, who is in Saudi Arabia for a special meeting of the World Economic Forum, held meetings this week with Saudi Arabia’s ministers of energy, economy and planning, and environment, according to his office.

In a meeting with Saudi Energy Minister Prince Abdulaziz bin Salman on Monday evening, Sharif highlighted initiatives undertaken by Pakistan to facilitate investment in the energy sector. The Saudi side showed keen interest in Pakistan’s energy projects highlighted by Sharif, the Prime Minister’s Office (PMO) said. 

The proposed projects included building new and improving existing energy infrastructure, increasing focus on renewable energy, and bringing efficiency across entire energy ecosystem in Pakistan, according to the statement. 

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 countries have been closely working to increase bilateral trade and investment deals, and the Kingdom recently reaffirmed its commitment to expedite an investment package worth $5 billion.


Abu Dhabi International Book Fair kicks off with Pakistani writers participating for first time

Updated 13 min 20 sec ago
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Abu Dhabi International Book Fair kicks off with Pakistani writers participating for first time

  • Two panels on Pakistani literature and drama will speak at the international fair 
  • This year’s fair welcomes 145 new exhibitors and publishers from around the world

ISLAMABAD: The Abu Dhabi International Book Fair, considered one of the world’s most important cultural platforms, kicked off this week in the UAE capital with participation from Pakistani writers for the first time ever. 

The book fair is an annual event that brings different writers together with the goal of promoting reading, diverse cultures and knowledge locally, regionally, and globally. Organizers of the fair say their aim is also to promote cultural exchange and dialogue between several nations.

It also brings together leaders from the publishing and creative industries every year, providing promising opportunities for those involved in this sector to form new partnerships, learn about the latest trends and developments and discuss its fundamental priorities.

“Pakistan is being represented at the Abu Dhabi Internationally Book Fair at @Adnec from April 29 to May 5,” the Pakistan Consulate General Dubai wrote on social media platform X on Monday. 

Two sessions at the fair will feature participation from Pakistani writers. On May 1, a session titled: “The Pakistani Drama: Capturing Diverse Realities, Dreaming Many Dreams” will be moderated by journalist Mehwish Ajaz. It will feature panelists Amna Mufti, a renowned Urdu playwright and novelist, and Shazia Ali Khan, a UAE-based Urdu film screenplay writer. 

The second session is scheduled to be held on May 3 and is titled: “Pakistani Fiction’s Connection with Past, Present & Future.” This session will be moderated by Mufti and will feature participation from Urdu novelist Tahira Iqbal and Osama Siddique, an English and Urdu novelist. 

This year’s fair welcomes 145 new exhibitors and publishers this year along with 12 countries joining for the first time, namely Greece, Sri Lanka, Malaysia, Pakistan, Cyprus, Bulgaria, Mozambique, Uzbekistan, Tajikistan, Turkmenistan, Kyrgyzstan, and Indonesia. 


 


PM Sharif thanks Saudi crown prince for ‘comprehensive’ Pakistan investment program

Updated 35 min 54 sec ago
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PM Sharif thanks Saudi crown prince for ‘comprehensive’ Pakistan investment program

  • Pakistani PM meets Saudi Crown Prince Mohammed bin Salman during visit to Riyadh for World Economic Forum meeting 
  • Kingdom’s foreign minister visited Pakistan this month to push forward previously agreed investment deals, strengthen cooperation

ISLAMABAD: Prime Minister Shehbaz Sharif met Saudi Crown Prince Mohammed bin Salman on Monday to discuss matters of mutual interest and regional developments, thanking him for a “comprehensive” program presented by Saudi ministers regarding investment in Pakistan, Sharif’s office said on Monday. 

Sharif has held meetings with Saudi officials and ministers since he arrived in Riyadh on Saturday to attend a two-day World Economic Forum (WEF) special meeting on energy, collaboration, and health. His visit to the Kingdom follows Saudi Foreign Minister Prince Faisal bin Farhan’s trip to Pakistan in mid-April with a high-level delegation. The Saudi foreign minister’s visit was aimed at strengthening bilateral economic cooperation and pushing forward previously agreed investment deals. Pakistan has said it pitched investment projects worth $30 billion to Riyadh during Prince Faisal’s visit.

In videos and pictures shared by Sharif’s office, the two leaders can be seen interacting with each other in the presence of their teams. Sharif thanked the Saudi crown prince for sending the high-level delegation to Pakistan and issuing directions for more Saudi delegations to visit the country “to promote investment,” the Prime Minister’s Office (PMO) said. 

“The Prime Minister expressed gratitude to the Crown Prince for the hospitality during his visit to Saudi Arabia and for a comprehensive program presented by Saudi Ministers regarding investment in Pakistan,” the PMO said. 

Pakistan Prime Minister Shehbaz Sharif (center left) meets Saudi Crown Prince Mohammed bin Salman (center right) in Riyadh, Saudi Arabia on April 29, 2024. (Saudi Press Agency)

The statement added that both leaders agreed to further promote cooperation in different sectors as they discussed areas of mutual interest and expressed satisfaction over their meeting in Makkah earlier this month. 

“The situation in Gaza was also discussed in the meeting,” the PMO said. “The Prime Minister reiterated the invitation to the Saudi Crown Prince to visit Pakistan.”

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 been closely working to increase bilateral trade and investment deals, and the Kingdom recently reaffirmed its commitment to expedite an investment package worth $5 billion.

Pakistan set up the Special Investment Facilitation Council (SIFC), a hybrid civil-military body, in June 2023 to attract international investments mainly from Gulf countries. The SIFC has identified mining, agriculture, energy and information technology as some of the key sectors where it hopes to attract foreign funding. 

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. 

Saudi Arabia has often come to 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.


PM welcomes Saudi Arabia’s interest in developing energy projects in Pakistan

Updated 30 April 2024
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PM welcomes Saudi Arabia’s interest in developing energy projects in Pakistan

  • PM Shehbaz Sharif met Saudi Energy Minister Prince Abdulaziz bin Salman on WEF sidelines in Riyadh
  • The PM highlighted various initiatives undertaken by Pakistan to facilitate investment in energy sector

ISLAMABAD: Prime Minister Shehbaz Sharif has welcomed Saudi Arabia’s interest in developing energy projects in Pakistan, Sharif’s office said on Monday, following his meetings with Saudi officials on the sidelines of a World Economic Forum (WEF) meeting in Riyadh.

The Pakistan prime minister was in Riyadh to attend the WEF special meeting on Global Collaboration, Growth and Energy for Development on April 28-29.

During his visit, PM Sharif held meetings with Saudi Arabia’s ministers of energy, economy and planning, and environment, water, and agriculture, according to his office.

In a meeting with Saudi Energy Minister Prince Abdulaziz bin Salman, the PM highlighted initiatives undertaken by Pakistan to facilitate investment in the energy sector.

“The Saudi side showed keen interest in developing energy projects identified by the Prime Minister,” Sharif’s office said in a statement. “The Prime Minister welcomed the interest by the Kingdom to enhance economic partnership with Pakistan.”

The proposed projects included building new and improving existing energy infrastructure, increasing focus on renewable energy, and bringing efficiency across the entire energy ecosystem in Pakistan, according to the statement. 

The Saudi energy minister was accompanied by the president of Aramco, a Saudi state-owned petroleum and natural gas company, and other officials.

PM Sharif said both sides were pursuing the economic cooperation agenda with “renewed vigour and commitment,” following his meeting with Crown Prince Mohammed bin Salman on Sunday.

He expressed hope that technical teams of the two countries would complete their work and many mutually beneficial projects would be launched soon.

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 countries have been closely working to increase bilateral trade and investment deals, and the Kingdom recently reaffirmed its commitment to expedite an investment package worth $5 billion.

Later, PM Sharif held a meeting with Saudi Minister of Economy and Planning Faisal Al-Ibrahim, wherein he highlighted the potential of the Pakistani agriculture sector.

“Pakistan can become a bread basket for the Kingdom and could play a critical role in ensuring food security not only for the two countries but for the entire region,” Sharif’s office quoted him as saying.

Saudi Minister for Environment, Water and Agriculture Abdulrahman Al-Fadhli briefed the prime minister on the fruitful discussions that he and his delegation held in Islamabad this month, according to Sharif’s office. He said Saudi agriculture companies were looking at Pakistan with “great interest” and hoped that both countries would benefit from joint ventures for improving the value chain of the agriculture economy.

PM Sharif also congratulated the Saudi minister of economy for successfully hosting the WEF summit in Riyadh and lauded the Kingdom’s role as a thought leader in taking forward the global economic and development agenda.


IMF approves $1.1 billion funding for Pakistan

Updated 29 April 2024
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IMF approves $1.1 billion funding for Pakistan

  • The funding is the final tranche of a $3 billion standby arrangement Islamabad secured last year
  • Islamabad is now seeking a new, larger long-term Extended Fund Facility agreement with the IMF

ISLAMABAD: The executive board of the International Monetary Fund approved $1.1 billion in funding for Pakistan on Monday, the agency said in a statement, amid discussions for a new loan.

The funding is the second and last tranche of a $3 billion standby arrangement with the IMF, which Islamabad secured last summer to help avert a sovereign default.

The approval came a day after Pakistan Prime Minister Shehbaz Sharif discussed a new loan program with IMF Managing Director Kristalina Georgieva on the sidelines of the World Economic Forum in Riyadh.

Islamabad is seeking a new, larger long-term Extended Fund Facility (EFF) agreement with the fund after the current standby arrangement expires this month. Pakistan’s Finance Minister, Muhammad Aurangzeb, has said Islamabad could secure a staff-level agreement on the new program by early July.

Islamabad says it is seeking a loan over at least three years to help achieve macroeconomic stability and execute long-overdue and painful structural reforms.

Aurangzeb has declined to give details on the amount the country is seeking.

Islamabad is yet to make a formal request, but the Fund and the government are already in discussions.

If secured, it would be Pakistan’s 24th IMF bailout.

The $350 billion economy faces a chronic balance of payments crisis, with nearly $24 billion to repay in debt and interest over the next fiscal year — three-time more than its central bank’s foreign currency reserves.