Pakistan-wide raids begin to move undocumented migrants to holding centers ahead of deportation

Afghan nationals, who according to police were undocumented, walk as they are detained and shifted to a holding centre, after Pakistan gave the last warning to undocumented migrants to leave, in Karachi, Pakistan November 1, 2023. (Reuters)
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Updated 01 November 2023
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Pakistan-wide raids begin to move undocumented migrants to holding centers ahead of deportation

  • 140,322 illegal foreigners have returned voluntarily to their respective countries since Nov. 1 deadline was announced
  • Officials say raids have already started across Pakistan to identify, arrest illegal migrants who did not leave willingly

ISLAMABAD/KARACHI: Raids to round up undocumented migrants and move them to holding centers started across Pakistan on Wednesday, officials said, as a Nov. 1 deadline to leave voluntarily expired.

Pakistan last month gave foreigners without documents or registration about four weeks to leave of their own accord or face deportation. According to the interior ministry, 140,322 illegal foreigners residing in Pakistan have returned to their respective countries voluntarily since the deadline was announced on Oct. 3.

The government has set up 49 deportation centers to temporarily house illegal migrants, including an estimated 1.7 million undocumented Afghans, and said anyone found staying in the country without authorization from today, Wednesday, would be taken to one of the facilities.

Although the government insists its expulsion order does not specifically target Afghans, they form the largest number of undocumented foreigners in the South Asian nation, many of them having lived in Pakistan their entire lives. Also, since the deadline announcement, Islamabad has blamed Afghans for multiple militant attacks, including 14 of this year’s 24 suicide bombings. The government also says hosting millions of refugees has drained its resources amid an economic crisis. 

On Wednesday afternoon, officials in Karachi, Pakistan’s commercial capital, where an estimated 100,000 undocumented Afghans live, said raids were ongoing to identify those who had not left of their own will.

“Operation has started and raids are being conducted in different parts of the city,” Irfan Bahadur, Senior Superintendent of Police (SSP) East Karachi, told Arab News.

“In a raid in Machhar colony a while ago, 25 people have been taken into custody who are being shifted to a holding center at MoHajjir Camp. After their screening at the camp, they will be deported.”

Later, a spokesperson of the Karachi commissioner told Arab News 100 undocumented foreigners have been brought to holding centers in the city.

Earlier in the day, police patrolled various neighborhoods where Afghans live and urged them to return voluntarily.

“All illegal immigrants should return back to their countries by 12am tonight [Thursday],” a policeman said on a loudspeaker in a video recorded by Arab News. “If they are facing any troubles or issues in this regard, or have any transport-related issues, then they should report to their nearest police stations.”

Jan Achakzai, the information minister of southwestern Balochistan, which borders Afghanistan, said at least 100 people had been arrested on Wednesday in an operation that would “continue until every last illegal immigrant is expelled from the province.”

There are an estimated 250,000 illegal migrants in Balochistan, he added.

“Law enforcement agencies have been authorized to begin detaining and transporting illegal immigrants from today to holding centers for biometric verification and subsequent deportation at the Chaman border,” Achakzai told Arab News, referring to a main border crossing in the province.

In a press conference later in the day, the minister said Pakistan had become a “haven for illegal foreign nationals” who were involved in militancy and other illicit activities.

“The time has arrived to take action against those illegal foreign nationals who haven’t heeded constant warnings,” Achakzai told reporters. “Those who are providing homes for illegal immigrants will also fall under the purview of the law.”

“HOLDING CENTRES”

Fazal-e-Rabbi, project director at the Commissionerate for Afghan Refugees in the Khyber Pakhtunkhwa (KP) province, which borders Afghanistan and is home to the largest number of Afghan refugees, said 49 holding centers had been set up across the country for the repatriation of illegal immigrants.

“The purpose of the holding points is to screen the passengers and allow them to cross the border respectfully,” he said in a phone interview.

Three holding points had been established in KP at Peshawar, Landi Kotal, and Haripur, while eight crossing points would be used for Afghans to cross back into their home country from KP and Balochistan, which also borders Afghanistan.

He said identification and other process would be completed at holding centers, after which security personnel would escort the migrants in buses to border crossings, where they would travel into Afghanistan on the same vehicles. 

“Torkham, Kharlachi, Ghulam Khan, and Angoor Ada crossing points will be used for KP, Islamabad, Gilgit-Baltistan, and Punjab [province], and for Sindh and Balochistan [povinces], Chaman, Barab Chah, Noor Wahab, and Badini crossing points have been allocated,” Fazal-e-Rabbi said, adding that the interior ministry had set up a “control room” monitor and facilitate the process of repatriation.

“Khyber Pakhtunkhwa government has also issued a 1700 emergency number to deal with any situation,” the officer added.

Syed Mubasher, Director Public Relations for police in Punjab, said 36 holding centers had been set up in the province.

“From November 3, evacuation of illegal immigrants will be started in a phased manner across Punjab,” he told Arab News, explaining that they would be kept at holding points during the transfer process and their transport, logistics, food, and other arrangements would be the responsibility of the district administration.

“The law enforcement agencies in Punjab have chalked out a comprehensive strategy,” Inspector General of Punjab Police, Dr. Usman Anwar, said in a video statement on Wednesday. “All our raiding parties will be with cameras and will ensure through body cams and other recording mechanisms that they are not accused of human rights violations.”

In Sindh province, police official Haseebullah, who is dealing with repatriation, said two holding centers had been established in Kemari and Malir districts “to keep illegal immigrants before sending them for deportation.” 

Aslam Nasir, Public Relations Officer for Balochistan Police, said three holding centers had been established in Quetta, Chagai, and Pishin districts in the province.

“Arrangements have been finalized at four exit points for the repatriation of the illegal Afghans to their country through Balochistan province,” he said.

Achakzai, the Balochistan information minister, said two holding centers in Quetta, the provincial capital, had the capacity to accommodate 800 people.

“As of now, nearly 40,000 individuals have voluntarily returned from the Chaman border [since the announcement of the deadline] and three more points and these include also immigrants coming from Sindh province.”

Muhammad Taqi Jawad, a spokesperson for Islamabad police, told Arab News 64 illegal immigrants in police custody had already been transported to the border for repatriation.

“The process of evacuation of illegal residents has been started after the deadline and now legal action will also be taken against those who give shelter to illegal resident foreigners along with their employers,” he told Arab News.

“One holding point is established at Hajji Camp in Islamabad and a strategy is already in place to check such persons based on available information and transfer to border crossing points.”

In a video message released hours before the expiry of the deadline, Interior Minister Sarfaraz Bugti said migrants would be kept in holding centers for up to three days:

“We will try to provide them with food and health facilities and after that we will deport them through the border of our choice which will be in keeping with our security [requirements] and convenience.”

“NO PERPETUAL BAN”

On Tuesday, Caretaker Prime Minister Anwaar-ul-Haq Kakar announced there was no “perpetual ban” on the return of Afghan nationals to Pakistan.

“We have not placed a perpetual ban on them that they cannot come back to Pakistan after today,” Kakar told journalists.

“They should go to their countries, get their travel documents issued from their states, get visas from our mission there. Whether they want to come for educational purposes, for business, whatever their purpose may be, we will facilitate that.”

The government was only against “irregulated” travelers, Kakar added.

Western embassies and the United Nations have urged Pakistan to identify and protect Afghans at risk of persecution at home.

“Amnesty International strongly reiterates its call to the Government of Pakistan to immediately reverse its decision to forcibly deport unregistered Afghan refugees ahead of the deadline set for tomorrow,” the group said in a statement.

Qaisar Khan Afridi, a spokesperson for the United Nations High Commissioner for Refugees (UNHCR) Pakistan, said the global refugee agency had appealed to Pakistan to continue its protection of all vulnerable Afghans who sought safety in the country and could be at imminent risk if forced to return.

“Afghanistan is going through a severe humanitarian crisis with several human rights challenges — particularly for women and girls, and a series of natural disasters,” he told Arab News.

Pakistan has hosted at least four million Afghans since the 1979-1989 Soviet invasion of Afghanistan, numbers that swelled after the Taliban seized power in Kabul in August 2021.

The government says those with Proof of Registration (PoR) and Afghan Citizenship Cards (ACC) would not be expelled by Nov. 1 but many Afghans have complained of harassment and arrests despite having valid documents. Authorities deny this.

“When we go to work, policemen stop us and inquire where we are from, what our purpose is, and where we are going,” said Luftullah, an Afghan who was boarding a bus from Karachi to the border on Tuesday.

“I then show them my card, the Afghan Citizen Card. After seeing it, they say it has expired. I also show them a letter from the government of Pakistan, which states that those who have Afghan [Citizen] Cards can stay in the country, but they refuse to accept it, call it a lie and then say all kinds of things.”

“TIME TO PREPARE”

As pressure mounts at border posts swarmed by thousands of returnees fleeing the threat of deportation, Afghanistan’s Taliban government urged Pakistan to give undocumented Afghans in the country more time to leave

In a statement late Tuesday, they also “asked them [Pakistan] to not forcibly deport Afghans with little notice but to give them time to prepare.”

“In countries where Afghans live, they have not threatened the security of those countries, nor have they been the cause of instability.”

Border officials on the Afghan side at the Torkham crossing in eastern Afghanistan said they were facing an “emergency situation” as they tried to keep up with waves of arrivals in their thousands.

AFP reported an ad hoc settlement had sprung up near the border post, where people were becoming increasingly desperate, sleeping outdoors with limited access to food, water and medicines as they waited for registration.

The Afghan government has established a High Commission to address the issue and said two temporary camps would be set up in the area near Torkham.


‘Solid agreements worth billions’ to be signed soon with Saudi Arabia — Pakistani PM 

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‘Solid agreements worth billions’ to be signed soon with Saudi Arabia — Pakistani PM 

  • Sharif was hosting dinner for 50-member Saudi delegation visiting Pakistan to discuss private sector investments 
  • Representatives of 30 Saudi firms from IT, telecom, energy, aviation, construction, mining, agriculture are visiting 

ISLAMABAD: Pakistan and Saudi Arabia will sign “solid agreements worth billions of dollars” soon, Prime Minister Shehbaz Sharif said on Monday during a dinner held in honor of a high-level Saudi business delegation visiting the Pakistani capital of Islamabad.

A 50-member delegation, led by the Kingdom’s Assistant Minister of Investment Ibrahim Al-Mubarak, arrived in Pakistan on Sunday, with representatives of some 30 Saudi firms from the fields of IT, telecom, energy, aviation, construction, mining exploration, agriculture and human resource development.

Speaking at the dinner, Sharif expressed satisfaction over what he called “tangible progress” at a Pakistani-Saudi Arabia investment conference held in Islamabad earlier in the day.

“Today, B2B (business-to-business) interactions have been most productive,” he said. “That time is coming very fast, when we will, God willing, witness agreements, solid agreements worth billions of dollars. That will set the ball rolling.”

Sharif said his government was determined to remove hurdles in the way of the speedy achievement of targets.

“And I want to assure you that in that, we are fully resolved and committed,” the PM said, adding that the Saudi side had expressed confidence in the working of Pakistan’s Special Investment Facilitation Council (SIFC), set up last year to oversee all foreign investments in the country.

Speaking at the dinner, the Saudi assistant investment minister said Pakistan was a “strategic” partner and friend.

“The private sectors have interacted very quickly. We have spoken to them, only a few days after we have spoken to them, everybody showed interest,” he added. “The relationship with Pakistan has always been strong, but we look for it to be even stronger, and we can do great things together. I am sure we can achieve both countries’ aspirations and visions.”

Pakistan and Saudi Arabia have been working closely in recent weeks to increase bilateral trade and investment deals, with Crown Prince Mohammed bin Salman last month reaffirming the Kingdom’s commitment to expedite an investment package of $5 billion.

The Saudi business delegation’s visit comes on the heels of one by Sharif to Riyadh from Apr. 27-30 to attend a special two-day meeting of the World Economic Forum.

On the sidelines of the WEF conference, the Pakistani PM met and discussed bilateral investment and economic partnerships with the crown prince and the Saudi ministers of finance, industries, investment, energy, climate, and economy and planning, the adviser of the Saudi-Pakistan Supreme Coordination Council and the presidents of the Saudi central bank and Islamic Development Bank.

This was Sharif’s second meeting with the crown prince in a month. Before that, he also met him when he traveled to the Kingdom on April 6-8. The Saudi foreign minister was also in Pakistan last month, a trip during which Pakistan pitched projects worth at least $20 billion to Riyadh, according to the Pakistani foreign ministry. 

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 a top source of remittances to the cash-strapped South Asian country.

INVESTMENT CONFERENCE

Speaking at the investment conference on Monday morning, Al-Mubarak said this was his second visit to Pakistan in two weeks and many influential leaders from globally renowned Saudi companies were part of his delegation.

“To the Saudi government and Saudi companies, Pakistan is considered a high-priority economic investment and business opportunity,” Al-Mubarak said.

“Today, we want to connect you [Pakistan] all to Saudi companies who desire to continue building their international presence, for Saudi Arabia’s ambitions do not stop at our borders and we would like to see Pakistan as one of our leading international partners,” the Saudi official added. 

“So, this gathering provides a wonderful opportunity for them [Saudi companies] to develop a deeper understanding of the great opportunities available for investment in Pakistan and to learn about related regulations, requirements, and incentives.”

Addressing a press conference in Islamabad, Petroleum Minister Dr. Musadik Malik said 125 Pakistani companies were negotiating with the Saudi companies who were visiting Islamabad. 

“First, there were government-to-government agreements during the visit of the Saudi foreign minister [last month] and now there will be business-to-business agreements,” he said.

“To facilitate the visiting Saudi companies, the Pakistani commerce ministry has affiliated one focal person with each Saudi company.”

Minister for Commerce Jam Kamal Khan said high officials of more than 32 Saudi companies were in Pakistan. 

“Pakistani companies are present here, in the energy sector, in the food sector, in the construction sector, in the renewable section, in the ports and shipping section, and the IT services and general services,” Khan told reporters. 

He said the visit by the Saudi delegation was “just the beginning” and now a Pakistani delegation would visit the Kingdom nect “to move forward toward the implementation phase.”


Major Pakistan coalition partner opposes privatization of national airline ahead of IMF talks

Updated 06 May 2024
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Major Pakistan coalition partner opposes privatization of national airline ahead of IMF talks

  • The government of Prime Minister Shehbaz Sharif has stressed the need for a fresh, longer-term IMF program to support the economy
  • The IMF has recommended privatization of state entities, increasing tax revenue and reducing duplicated expenditures for a new program

KARACHI: The Pakistan Peoples Party (PPP), one of the coalition partners in the Pakistani government, on Monday said it would resist privatization of the country’s national airline and other state entities regardless of its potential impact on the government’s talks with the International Monetary Fund (IMF) this month for a new bailout program.

Pakistan last month completed a short-term, $3 billion IMF program, which helped stave off a sovereign default, but the government of Prime Minister Shehbaz Sharif has stressed the need for a fresh, longer-term program.

An IMF mission is expected to visit Pakistan in the mid of May to discuss the upcoming budget, policies and reforms under a potential new program. Pakistan’s financial year runs from July to June and its budget for fiscal year 2025, the first by Sharif’s new government, has to be presented before June 30.

Pakistan’s Finance Minister Muhammad Aurangzeb on Monday said he was hopeful that the Pakistan International Airlines (PIA) and other privatization deals would get through the “finishing line” by early July.

“The IMF is not in our ten points, IMF is not part of our manifesto,” said Senator Taj Haider, a senior PPP figure, when asked if his party had assessed repercussions of its opposition to the government’s privatization move.

“Those who are the slaves of the IMF should be worried. We must stand on our own feet and not look toward the outsiders.”

The PPP, whose co-chairman Asif Ali Zardari is currently serving as the president of Pakistan, has formed a three-member committee to engage with the government on privatization issues. 

Haider said his party had already offered the government to hand over the Pakistan Steel Mills to the Sindh government which had the capacity to run it, while the PIA should be run through public-private partnership (PPP).

“Government entities, including the PIA and the Steel Mills, should not be privatized because they will sell their valuable properties and won’t make them sustainable like we have witnessed in the past,” he said. 

“No privatization has been successful, and no public-private partnership (PPP) has been unsuccessful.”

In the past, Haider said, privatization drives remained unsuccessful because the process had only been aimed at selling state properties.

“The PIA’s problem is an outcome of mismanagement,” he said. “If other airlines are making profit, then why PIA cannot do it.”

Speaking at a conference in Islamabad on Monday, Finance Minister Aurangzeb outlined reforms under a new IMF deal, saying the government had to broaden its tax base and increase the tax-to-GDP ratio.

“And the third one is the SOE [state-owned enterprises] reform,” Aurangzeb said. “Our prime minister has been very clear that the government has no business being in business … We need to and we will accelerate the privatization agenda.”

Hidayatullah Khan, president of a union of PIA employees, lamented that private airlines had been given several domestic routes of the PIA, while the aircraft of the national airline were left standing.

“If PIA is not making profit, it’s an issue of the management, whose policies have destroyed the airline,” Khan said, adding the airline employees would stage protests in Karachi and Islamabad to stop the privatization of the airline.

Ali Khizar, an Islamabad-based financial and development consultant, said the privatization of the PIA was not the “primary concern” of the IMF. 

“IMF has advocated for the privatization, including that of PIA, for quite some time, but its primary concerns are increasing taxation and reducing duplicated expenditures,” Khizar told Arab News.

“While privatization won’t greatly affect talks with the IMF, I believe PIA should indeed be privatized.”

Last week, Pakistan pushed back the deadline for companies to express interest in buying PIA to May 18, a day before the expressions had originally been due. The privatization commission says 10 companies have already expressed an interest.

Pakistan’s government has previously said it was putting on the block a stake of between 51 percent and 100 percent in the loss-making airline.

The disposal of the flag carrier is a step that past elected governments have steered away from as it is likely to be highly unpopular, but progress on privatization is key to helping cash-strapped Pakistan pursue further funding talks with the IMF.


US envoy meets parliamentary leader of Pakistan’s opposition, a key Imran Khan aide

Updated 06 May 2024
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US envoy meets parliamentary leader of Pakistan’s opposition, a key Imran Khan aide

  • Khan, who leads the PTI party, has accused Washington of siding with generals and political rivals to orchestrate his 2022 ouster
  • The PTI says it used the meeting with the envoy as an opportunity to remind the US that it had to respect Pakistan’s constitution

ISLAMABAD: United States (US) Ambassador to Pakistan Donald Blome on Monday held his first meeting with Omar Ayub Khan, the parliamentary leader of the opposition in the National Assembly and a key aide to former prime minister Imran Khan, the US embassy said.

Khan is the founder of Pakistan’s main opposition party, the Pakistan Tehreek-e-Insaf (PTI), which has accused Washington of siding with the powerful military and Khan’s political rivals to orchestrate his ouster from the PM’s office in April 2022. All three have denied the accusation.

The PTI has since sought support from US lawmakers in investigating alleged rights abuses and crackdown on its supporters in the wake of Khan’s unprecedented campaign of defiance against the country’s powerful military.

“US Ambassador Donald Blome met today with Leader of the Opposition in the National Assembly Omar Ayub Khan and other senior members of the opposition to discuss a broad range of issues important to the bilateral relationship, including US support for continued economic reforms, human rights, and regional security,” the US embassy said in a statement.

The PTI said it had used the meeting as an opportunity to remind the US that it had to respect Pakistan’s constitution.

“Our leader Imran khan has always told us one thing that you must hold dialogue on a level of equality. What we wanted to make clear was that the international community, which includes America too, should respect the constitution of Pakistan,” Omar Ayub said in televised comments.

“We have clarified this that we do not demand anything from anyone we only demand that the constitution of Pakistan is respected and accepted by the whole world.”

During the meeting, the US embassy said, Ambassador Blome highlighted the importance of long-term reforms for sustainable economic growth of Pakistan.

“Ambassador Blome underscored the United States’ support for Pakistan to engage constructively with the IMF on its reform program,” it said.

Pakistan last month completed a short-term, $3 billion program, which helped stave off a sovereign default, but the government of Prime Minister Shehbaz Sharif has stressed the need for a fresh, longer-term program.

The PTI, in a letter written to the IMF earlier this year, had asked the global lender to factor in the country’s political stability in any further bailout talks with Pakistan, according to party members familiar with the matter.

Khan’s opponents previously accused him of scuttling an IMF deal under a $6 billion Extended Fund Facility days before leaving his office, a charge he denies.

Pakistan narrowly averted default last summer, and its $350 billion economy has stabilized after the completion of the last IMF program, with inflation coming down to around 17 percent in April from a record high 38 percent last May.

It is still dealing with a high fiscal shortfall and while it has controlled its external account deficit through import control mechanisms, it has come at the expense of stagnating growth, which is expected to be around 2 percent this year compared to negative growth last year.

Pakistan and the IMF are expected to begin formal talks for a fresh program after the arrival of an IMF team in Islamabad in the mid of May. Islamabad has said it expects a staff-level agreement by July.


Babar hoping paceman Rauf will regain full fitness and make an impact for Pakistan at T20 World Cup

Updated 06 May 2024
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Babar hoping paceman Rauf will regain full fitness and make an impact for Pakistan at T20 World Cup

  • Fast bowler Rauf has been included in an 18-man squad for the upcoming tours of Ireland and England
  • Pakistan has done well in last two T20 World Cups, reaching semifinals in 2021, final at 2022 tournament 

ISLAMABAD: Pakistan captain Babar Azam is hoping Haris Rauf will regain full fitness after a shoulder injury and make an impact at next month’s T20 World Cup.

Fast bowler Rauf has been included in an 18-man squad for the upcoming tours of Ireland and England, with Pakistan delaying its 15-strong party for the World Cup in the United States and West Indies until May 22.

The fitness of Rauf, Mohammad Rizwan, Irfan Khan and Azam Khan will be assessed during the seven T20s against Ireland and England.

“I wasn’t expecting that he (Rauf) would recover so early and start bowling again,” Babar told reporters in Lahore on Monday as the team prepared to fly out to Ireland, where the first T20 will be played in Dublin on Friday.

“There’s pressure on him to make a comeback. There’s lot of talk going around on his injury and how he will respond to it. But I think he will make a good response because when you give yourself proper rest mentally and physically, you can make a different impact.”

Rauf has been out since dislocating his shoulder in late February during the Pakistan Super League. Since then he has gone through rehabilitation at the National Cricket Academy in Lahore.

The seven-member selection committee, which also includes Babar, have named fast bowler Hasan Ali, who last played a T20 international in 2022, as backup for Rauf.

Babar backed the inclusion of Hasan after pace bowlers Zaman Khan, Mohammad Wasim and the PSL’s top wicket-taker Mohammad Ali were omitted.

“There’s no injustice with anyone. We debated a lot on the World Cup combination and Hasan is there as backup for Rauf because of his experience,” Babar said. “Zaman and Ali are new-ball bowlers but we already have enough new-ball bowling options.”

Fast bowler Mohammad Amir, who played in two T20s against New Zealand after ending his retirement, Shaheen Shah Afridi, Naseem Shah and Abbas Afridi are Pakistan’s pace options.

Under Babar, Pakistan has done well in the last two T20 World Cups, reaching the semifinals in 2021 at the United Arab Emirates and losing to England in the final at the 2022 tournament in Australia.

The chairman of the Pakistan Cricket Board, Mohsin Naqvi, has promised a cash award of $100,000 to every player if the team wins the tournament.

“What happened in the past is in the past, unfortunately we couldn’t finish the way we wanted,” Babar said. “We’re doubly confident and believe we can bring the trophy home.”

Pakistan starts its campaign against host United States in Dallas on June 6 before taking on arch-rival India in New York three days later.

White-ball head coach Gary Kirsten will likely join the team in England after completing his Indian Premier League assignment with Gujarat Titans.


Pakistan stocks continue to rally on Saudi investment optimism, decline in inflation

Updated 06 May 2024
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Pakistan stocks continue to rally on Saudi investment optimism, decline in inflation

  • A 50-member delegation led by Saudi Arabia’s Assistant Minister of Investment Ibrahim Al-Mubarak arrived in Pakistan on Sunday
  • Pakistan and Saudi Arabia have seen a flurry of bilateral visits in recent weeks that have fueled hopes of investment in South Asian country

KARACHI: Pakistan’s benchmark share index closed at another all-time high by registering a 1.2 percent gain as bulls celebrated the arrival of a high-level investment delegation from Saudi Arabia, analysts said on Monday.

The KSE-100 index witnessed a bullish trend, gaining an intraday high of 1,158.65 points that marked a 1.61 percent increase. It closed at 72,764.24 points, up by 1.20 percent.

Stock analysts said the major contributing factor behind the bullish close was the arrival of a 50-member Saudi business delegation in Pakistan for potential investments and a drop in inflation.

“Today’s all the bullish activity was because of the Saudi delegation visiting Pakistan to explore investment opportunities,” Sheheryar Butt, portfolio manager at Darson Securities, told Arab News. 

The delegation, led by Saudi Arabia’s Assistant Minister of Investment Ibrahim Al-Mubarak, arrived in Pakistan on Sunday. It comprises representatives of some 30 Saudi companies from the fields of IT, telecom, energy, aviation, construction, mining exploration, agriculture and human resource development.

Butt said the encouraging remarks by the visiting Saudi investment minister on Monday also played a key role in keeping the market in the green zone.

Addressing an investment summit in Islamabad, the Saudi minister said Pakistan was a “high priority” economic opportunity and the Kingdom believed in the potential of Pakistan’s economy, demographics and talent as well as location and natural resources.

Speaking at the summit, Pakistan Finance Minister Muhammad Aurangzeb said foreign investment was vital to macroeconomic stability in Pakistan and the visit of Saudi investors was a link in this chain.

Auzrangzeb said Prime Minister Shehbaz Sharif’s successful visit to Saudi Arabia opened the way for economic cooperation between the two countries.

“The visit of a delegation of Saudi investors to Pakistan is also a part of paving the way for this economic cooperation,” the minister said. “The government is now moving toward privatization and PIA [Pakistan International Airlines] will also be privatized.”

He said export-led growth, foreign direct investment (FDI) and excess to capital were top priorities of the government, and it was working on short, medium and long-term strategies as well as structural economic reforms.

Ali Nawaz, CEO of Chase Securities, attributed the bullish trend at the stock market to the arrival of the Saudi investment delegation.

“This news likely injected optimism into the market as it suggests potential for increased foreign investment, bolstering investor confidence,” Nawaz said.

Other factors, he said, included a decline in inflation that fueled a positive sentiment.

“Lower inflation rates typically indicate a healthier economic environment, fostering expectations of potential interest rate cuts in the future,” he added.