Search form

You are here

  • Home
  • Pakistan ‘high priority’ economic opportunity for us, Saudi top minister says in Islamabad 


Pakistan ‘high priority’ economic opportunity for us, Saudi top minister says in Islamabad 

Saudi Assistant Minister of Investment Ibrahim Al-Mubarak is addressing Pakistan-Saudi investment conference in Islamabad, Pakistan on May 6, 2024. (Government of Pakistan)
Short Url

https://arab.news/88szg

Updated 06 May 2024
Follow

Pakistan ‘high priority’ economic opportunity for us, Saudi top minister says in Islamabad 

  • 50-member Saudi delegation with representatives of 30 Saudi companies in Pakistan for investment conference 
  • 125 Pakistani companies negotiating with Saudi companies who were visiting Pakistan, petroleum minister says
Updated 06 May 2024
SAIMA SHABBIR

ISLAMABAD: Pakistan is a “high-priority economic investment and business opportunity” for Saudi Arabia, the Kingdom’s Assistant Minister of Investment Ibrahim Al-Mubarak said on Monday, as a two-day Pak-Saudi investment conference kicked off in Islamabad with a focus on business-to-business engagements. 

A 50-member delegation led by Al-Mubarak arrived in Pakistan on Sunday, comprising some 30 Saudi companies from the fields of IT, telecoms, energy, aviation, construction, mining exploration, agriculture and human resource development.

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

“We believe in the great potential of Pakistan’s economy, demographics and talent as well as location and natural resources.”

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.

“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 Pakistan.

“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 Pakistani and Saudi companies were discussing joint ventures and collaboration in diverse sectors. 

“This delegation includes high officials of more than 32 Saudi companies … Saudi businessmen will invest in Pakistan in different stages,” Khan said at the press conference. 

“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.”

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

INVESTMENT PUSH

Pakistan and Saudi Arabia have been closely working 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.

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. During the first half of the current financial year, bilateral trade between Pakistan and Saudi Arabia was recorded at $2.482 billion, with Pakistan’s exports of $262.58 million and Saudi exports of $2.219 billion.

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 forex reserves.

As things stand, Pakistan desperately needs to shore up its foreign reserves and is in talks with the International Monetary Fund (IMF) for a new bailout deal, for which it needs to signal that it can continue to meet requirements for foreign financing which has been a key demand in previous loan packages. 

Last year Pakistan set up the Special Investment Facilitation Council, a body consisting of Pakistani civilian and military leaders and specially tasked to promote investment in Pakistan. The council is so far focusing on investments in the energy, agriculture, mining, information technology and aviation sectors and specifically targeting Gulf nations.

Topics: Pakistan Saudi Ties Saudi Arabia Pakistan

UN-linked body grants ‘A status’ to Pakistan’s National Commission for Human Rights

Updated 19 May 2024
Follow

UN-linked body grants ‘A status’ to Pakistan’s National Commission for Human Rights

  • Accreditation allows National Commission for Human Rights to sit at Human Rights Council, other UN bodies’ meetings
  • NCHR was formed in 2012 for promotion and protection of human rights in Pakistan as per country’s constitution
Updated 19 May 2024
Arab News Pakistan

ISLAMABAD: The Global Alliance for National Human Rights Institutions (GANHRI), one of the largest rights networks worldwide, has granted Pakistan’s National Commission for Human Rights (NCHR) an A-list status, making it a “historic first” for the South Asian country, state media reported this week, 
Representing over 110 National Human Rights Institutions (NHRIs), their members and staff across all regions, GANHRI is one of the largest human rights networks worldwide. It is also a trusted partner of the United Nations. 
The NCHR was formed in 2012 for the promotion and protection of human rights in Pakistan as per the country’s constitution and international rights instruments. 
“Despite it being extremely rare for commissions to attain A status in the first round, Pakistan’s NCHR has been accredited with this highest grade in its first try,” the state-run Associated Press of Pakistan (APP) reported on Saturday. 
“It is also the only country to have attained new A status in this year’s session.”
The status grants NCHR a seat at the Human Rights Council and other UN bodies, APP said, adding that it was “a historic first” for Pakistan. 
“In the past, Pakistan’s commission could only act as an observer but now will get a voice at the table,” it said. 
“NCHR Pakistan joins the ranks of the United Kingdom, Sweden, Denmark, France and others as an A status NHRI.”
The NCHR’s application process involved submitting a lengthy 125-page report about its establishment, independence, composition, organizational infrastructure, working methods, mandate, and quasi-judicial functions.
The NCHR team was interviewed by a committee comprising over 25 persons and select chairpersons of accredited commissions throughout the world before it attained the prestigious status.
“This milestone positions Pakistan’s NCHR in a global alliance of quality, world-class commissions,” the state media said.
“It allows NCHR to speak at the UN Human Rights Council and other global forums to present Pakistan’s case for human rights. Its voice is strategic for financial concessions to Pakistan such as GSP+, FATE, and IME.”

Topics: Pakistan Humanitarian Forum

Special flight carrying first batch of Pakistani students from Bishkek arrives in Lahore

Updated 42 min 49 sec ago
Follow

Special flight carrying first batch of Pakistani students from Bishkek arrives in Lahore

  • Interior Minister Mohsin Naqvi receives first batch of 140 Pakistani students stranded in Bishkek following violent clashes
  • Pakistan’s deputy PM to travel to Bishkek today as part of a delegation to review arrangements for students’ safe return
Updated 42 min 49 sec ago
SAIMA SHABBIR

ISLAMABAD: A special flight carrying 140 Pakistani students from the Kyrgyz capital of Bishkek landed at the Lahore airport late Saturday night, following violent attacks against foreign nationals in the city this week after a dispute between locals and migrants that led to evacuation requests.
This was the first batch of Pakistani students to arrive in the country after violence erupted in Bishkek on Friday night. Videos of a brawl between Kyrgyz and Egyptian students went viral online, prompting furious mobs to target hostels of medical universities and private lodgings of international students, including Pakistanis, in the city.
According to official statistics, around 10,000 Pakistani students are enrolled in various educational institutions in Kyrgyzstan, with nearly 6,000 residing and studying in Bishkek.
Speaking to Arab News on Saturday, many students reported the Pakistan embassy had advised them to stay indoors, though they had run out of food and water. Some even expressed fears that rioting might resume at night and requested evacuation by the authorities.
Interior Minister Mohsin Naqvi welcomed the first batch of Pakistani students as they arrived at the Allama Iqbal International Airport in Lahore and inquired about their well-being, the interior ministry said in a statement.
“Interior Minister Mohsin Naqvi asked students about the tragic incident in Bishkek and inquired about their problems,” the ministry said. 
Naqvi said Pakistani students in Kyrgyzstan are “children of the nation,” vowing that those from cities other than Lahore would be provided free transport.
A statement released by the PM’s Office on Saturday evening said Prime Minister Shehbaz Sharif had directed Deputy Prime Minister Ishaq Dar and another cabinet member, Amir Maqam, to travel to Bishkek on Sunday and address the situation there.
The two Pakistani officials will meet with senior government officials in the Kyrgyz capital to ensure medical treatment for injured students and review arrangements for their return.
“Our first concern is the safe return of Pakistani students,” Naqvi said. “God willing, more students would be brought back via additional flights tomorrow [Sunday].”
The country’s ambassador to Kyrgyzstan Hasan Zaigham said on Saturday that five Pakistani medical students had been injured in the mob attack. One student was admitted to a local hospital with a jaw injury, while the other four were released after receiving first aid.
“No Pakistani was killed or raped in the violence,” he told Arab News over the phone, dispelling rumors circulating on social media. “The situation is under control now as Bishkek authorities have dispersed all the miscreants.”
Separately, Pakistan’s foreign ministry said on Saturday it had summoned and handed a note of protest to Kyrgyzstan’s top diplomat in the country in response to violence against Pakistani students in Bishkek.
“It was impressed on the Kyrgyz charge d’affaires that the Kyrgyz government should take all possible measures to ensure the safety and security of Pakistani students and citizens,” Pakistan’s foreign ministry said in a statement.
The statement said the Kyrgyz health ministry had confirmed four Pakistanis were given first aid and discharged while one was still under treatment for injury.

Topics: Bishkek Pakistani students

Nawaz Sharif touts past economic success, signaling political comeback amid party leadership change

Updated 19 May 2024
Follow

Nawaz Sharif touts past economic success, signaling political comeback amid party leadership change

  • Sharif is poised to be re-elected as party president on May 28 after his younger brother and current PM stepped down
  • He was widely viewed as the favorite for Pakistan’s top political office before the Feb. 8 polls failed to produce clear results
Updated 19 May 2024
Arab News Pakistan

ISLAMABAD: Pakistan’s three-time former prime minister Nawaz Sharif appeared on national television screens on Saturday after maintaining a relatively low profile since the February 8 general elections, highlighting the achievements of his previous tenures and contrasting them with the prolonged economic turmoil for which he held his rivals accountable.
Sharif, who went into self-exile in November 2019 after being convicted in a corruption case, returned to Pakistan in October last year and was widely viewed as the favorite candidate for the prime minister’s post with the support of the country’s powerful army.
However, he decided against taking the PM’s office after the national polls failed to produce a clear winner, leading to speculation that his role in the country’s politics had all but ended.
However, Sharif’s appearance at the Central Working Committee meeting of the ruling Pakistan Muslim League-Nawaz (PML-N) party in Lahore showed he was once again ready to assert his control over his political faction and, by extension, national politics.
“The price of every item was at a nominal level when I was prime minister, whether it was electricity, gas, vegetables, petrol or other essential items of life,” he said while reflecting on his political career, during which his administrations could not complete the constitutionally stipulated five-year tenure.
He maintained that inflation was low, the country was progressing and the interest rate hovered just above five percent during his rule.
“Today, it stands at 22 percent,” he continued.
Sharif emphasized that people should consider which political party had safeguarded their economic interests and which one had made their lives difficult before deciding who should run the country.
“Do you think before voting about what Nawaz Sharif’s performance was and how his rivals fared in contrast?” he asked. “Do you consider the prices during Nawaz Sharif’s tenure to where they are today?”
The PML-N founding leader raised these issues at a time when his party is forced to take stringent financial measures to secure a fresh International Monetary Fund (IMF) loan, leading to high inflation and a depressed economy.
He is also poised to be re-elected to the post of party president on May 28 after his younger brother and the incumbent Prime Minister Shehbaz Sharif stepped down from the position earlier this month.
The younger Sharif took over the PML-N presidency after his elder brother was removed following a Supreme Court verdict that disqualified him from holding public office or serving as head of any political faction.
The three-time prime minister also sought the accountability of the judges who removed him from power amid preparations to reclaim his party.

Topics: Nawaz Sharif PML-N

Nida Dar becomes top wicket-taker in women’s T20Is despite Pakistan’s loss to England

Updated 19 May 2024
Follow

Nida Dar becomes top wicket-taker in women’s T20Is despite Pakistan’s loss to England

  • Despite Dar’s milestone, Pakistan fell to England by 65 runs, allowing the hosts to secure a 2-0 series lead
  • Pakistan are now gearing up for the third and final T20I against England, set to take place on May 19 in Leeds
Updated 19 May 2024
Arab News Pakistan

ISLAMABAD: Nida Dar, captain of the Pakistan women’s cricket team, made history by becoming the top wicket-taker in Women’s T20 International cricket with her 137th wicket during the second match against England in Northampton on Friday.

Despite her milestone, Pakistan fell to England by 65 runs, allowing the hosts to secure a 2-0 series lead.

England, batting first, were restricted to 144-6, thanks in part to Dar’s two wickets. However, Pakistan struggled in reply, collapsing to 79 all out within 15.5 overs as English spinners Sophie Ecclestone, Alice Capsey and Sarah Glenn collectively snagged seven wickets.

The International Cricket Council recognized Dar’s historic performance on its website after the match.

“Dar overtook Australia’s Megan Schutt (136 wickets) to lay her claim at the top of the leading wicket-takers chart in women’s T20I on Friday, 17 May,” the ICC proclaimed. “She is the only Pakistan woman in the top 10 list.”

The Pakistan skipper, who started the game with 135 career wickets, was on the verge of setting the new record during Pakistan’s recent home series against the West Indies.

In the match against England, she edged closer to the milestone by getting Capsey stumped in almost the middle of the game and later, in the final over, clinched her landmark 137th wicket by dismissing Amy Jones.

Pakistan are now gearing up for the third and final T20I against England, set to take place on May 19 in Leeds.

Topics: Nida Dar

Pakistan to send two-member delegation to Kyrgyzstan, offers free evacuation to stranded students

Updated 18 May 2024
Follow

Pakistan to send two-member delegation to Kyrgyzstan, offers free evacuation to stranded students

  • The decision comes after five Pakistani students were injured in mob violence against foreign nationals in Bishkek
  • Deputy PM Ishaq Dar will lead the delegation on Sunday morning to review arrangements for the return of students
Updated 18 May 2024
Aamir Saeed

ISLAMABAD: Prime Minister Shehbaz Sharif decided to send a two-member delegation to the Kyrgyz capital of Bishkek and offered free travel facilities to all Pakistani students stranded there on Saturday, following mob violence against foreign nationals enrolled in various universities that led to evacuation requests.
The violence erupted on Friday night after videos of a brawl between Kyrgyz and Egyptian students went viral online, prompting furious mobs to target hostels of medical universities and private lodgings of international students, including Pakistanis, in the city.
According to official statistics, around 10,000 Pakistani students are enrolled in various educational institutions in Kyrgyzstan, with nearly 6,000 residing and studying in Bishkek.
Speaking to Arab News on Saturday, many students reported the Pakistan embassy had advised them to stay indoors, though they had run out of food and water. Some even expressed fears that rioting might resume at night and requested evacuation by the authorities.
A statement released by the PM’s Office in the evening indicated that Sharif had directed Deputy Prime Minister Ishaq Dar and another cabinet member, Amir Maqam, to address the situation in Bishkek.
“Both officials will depart for Bishkek early tomorrow morning [on Sunday] via a special plane,” the statement continued. “Throughout the day, the Prime Minister had been monitoring the situation and staying in contact with the Pakistani ambassador in Bishkek.”
“Despite the satisfactory situation,” it added, “the decision to send this delegation was made to ensure necessary support and facilities for Pakistani students.”
The two Pakistani officials will meet with senior government officials in the Kyrgyz capital to ensure medical treatment for injured students and review arrangements for their return.
In an earlier statement, the prime minister noted that those who wanted to return to Pakistan would be “facilitated at the government’s expense.”
Sharif also declared that his administration would not leave the students alone during such a difficult time and would remain in contact with them and their parents through the embassy.
Meanwhile, the foreign office activated its Crisis Management Unit to facilitate and assist Pakistani nationals in the Kyrgyz Republic and their families. The unit can be contacted on the following numbers: +92519203108 and +92519203094, or via email at [email protected].
The country’s ambassador to Kyrgyzstan Hasan Zaigham said earlier in the day that five Pakistani medical students had been injured in the mob attack. One student was admitted to a local hospital with a jaw injury, while the other four were released after receiving first aid.
“No Pakistani was killed or raped in the violence,” he told Arab News over the phone, dispelling rumors circulating on social media. “The situation is under control now as Bishkek authorities have dispersed all the miscreants.”

Topics: Kyrgyzstan

Latest updates

Usyk beats Fury in Riyadh showdown to become undisputed heavyweight champion
UN-linked body grants ‘A status’ to Pakistan’s National Commission for Human Rights
Houthi missile strikes China-bound oil tanker in Red Sea
Special flight carrying first batch of Pakistani students from Bishkek arrives in Lahore
Nawaz Sharif touts past economic success, signaling political comeback amid party leadership change

Search form

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