Make Pakistan cradle of peace, progress

President of the Islamic Republic of Pakistan ,Mamnoon Hussain
Updated 23 March 2017

Make Pakistan cradle of peace, progress

On the auspicious occasion of Pakistan Day, I wish to greet the entire nation. Each year, the day serves to remind us to nurture and uphold those ideals, principles and lofty goals that inspired Muslims of the subcontinent to forge unity in their ranks and become one to realize their dream.
On this day, 79 years ago, Muslims of the subcontinent through their collective will expressed unshakeable resolve to carve out a separate homeland for themselves wherein they could fashion their lives in accordance with their own traditions, mores, values and culture. Through their indefatigable struggle, unparalleled commitment and with the blessings of Almighty Allah they achieved their objective within a short span of seven years.
Let us pay tributes to Quaid-e-Azam Mohammad Ali Jinnah and other founding fathers, who through their unwavering resolve, iron will and unprecedented commitment to their cause brought the Muslims of the subcontinent on one platform and created a separate homeland for them.
The Quaid-e-Azam and our forefathers had envisaged a democratic and pluralistic state where constitutionalism and rule of law would reign supreme and where minorities would enjoy equal rights and opportunities. Let us remind ourselves on this day that Pakistan was created as a result of a democratic struggle and its survival and wellbeing also depends on democracy. I am confident that the Parliament, the people and all institutions will work in harmony to this end.
While commemorating this day with traditional zeal and zest, let us also pause and reflect on our achievements and challenges. The menace of extremism and terrorism had threatened to shake the very fabric of our society but it is very heartening to note that, under a decision of the government of Pakistan, the law-enforcement agencies with the complete backing of the brave people of the country have greatly overcome this scourge and are committed to completely uproot it. Let us resolve to nurture values of tolerance, harmony and respect for dissent in our society for lasting peace in our country.
Pakistan’s economy is on the rise and is poised to become a regional economic power. the China-Pakistan Economic Corridor (CPEC) project, a manifestation of deepening bilateral relations between Pakistan and China, has the potential to change the fate of the region in terms of socioeconomic development. The mega project, once completed, will usher in prosperity and progress not only in Pakistan but also in the whole region.
It is indeed a matter of satisfaction that the nation is striving to address various challenges under a democratic dispensation. I am confident that our collective efforts marked by patriotism, sincerity, commitment and honesty would help us in steering this country toward greater prosperity and glory.
Let us express our firm resolve to continue nourishing the legacy and heritage bequeathed to us by our founding fathers and by following in their footsteps make our country a cradle of peace, progress and stability.

Saudi Aramco IPO subscriptions reach SR73bn in first 5 days

Updated 22 November 2019

Saudi Aramco IPO subscriptions reach SR73bn in first 5 days

  • Institutional subscriptions in the first five days reached SR58.39 billion
  • Retail subscriptions during this period totalled SR14.59 billion

RIYADH: Institutional tranche and retail subscriptions to Saudi Aramco’s initial public offering have reached almost SR73 billion in less than a week, Samba Capital Vice-Chairman Rania Nashar said on Thursday.

“Retail and Institutional subscription levels for the first five days of the offering have reached an unprecedented scale, demonstrating the confidence of investors in Saudi Aramco, and we anticipate further increases in subscription levels during the remainder of the offering period,” she said.

Institutional subscriptions amounted to SR58.4 billion and 1.8 billion total subscribed shares. Retail subscriptions were worth SR14.6 billion, representing 1.8 million subscribers and 465 million total subscribed shares.

Samba Capital Vice-Chairman Rania Nashar

Earlier, it was announced that the Kingdom will sell 3 billion shares in Aramco during its stock market launch — representing about 1.5 percent of the total — at a valuation between SR30 ($8) and SR32 a share. This gives the business a total valuation of between $1.6 and $1.7 trillion, making it the most valuable company in history.

Investment professionals welcomed the valuation, which was below than the highest estimates of Aramco’s worth, as a “compromise” between the Kingdom and the financial world.

Setting a price range and the number of shares to be sold starts a “book-building” process during which Aramco and its advisers will consult potential investors and await bids from institutions and private investors to help decide at what price the shares will be sold. The final pricing decision will be announced on Dec. 5, with trading expected to start on the Tadawul shortly after.