ISLAMABAD: Pakistan eagerly awaits the arrival of Saudi Crown Prince Mohammed bin Salman who is set to arrive in Islamabad today on a two-day official visit to Pakistan upon the invitation of Prime Minister Imran Khan.
The crown prince will be accompanied by a high-powered delegation, including members of the Saudi royal family, key ministers and leading businessmen.
This will be the first official visit of the dignitary to Pakistan since his elevation to the position of crown prince in April 2017. During his visit, he will meet President Dr. Arif Alvi, Prime Minister Imran Khan and Chief of Army Staff General Qamar Javed Bajwa. A delegation of Pakistan’s Senate will also call on the crown prince and discuss ways to enhance parliamentary cooperation between the two countries.
During his stay, Saudi Arabia and Pakistan will sign a number of agreements and MoUs in diverse sectors including investment, finance, power, renewable energy, internal security, media, culture and sports. The two countries will also discuss ways and means to develop a robust follow-up mechanism to ensure effective implementation and quick progress on tangible areas of cooperation.
The Saudi ministers accompanying the crown prince will meet their counterparts to discuss bilateral cooperation in their respective fields.
Meanwhile, elaborate arrangements have been made in the federal capital to accord a rousing and unprecedentedly warm welcome to crown prince Mohammed bin Salman and his entourage upon their arrival into Pakistan.
Minister of Information Fawad Chaudhry told reporters in Islamabad on Friday that the government has finalized arrangements to welcome the crown prince and that Prime Minister Imran Khan would personally receive him at Nur Khan Airbase.
“A fleet of Pakistan Air Force jets would escort his airplanes as they enter the country’s airspace. The crown prince would be given a 21 gun salute at the airport,” Pakistan’s state run news agency APP quoted Chaudhry.
Big portraits of the crown prince, Saudi King Salman bin Abdul Aziz, Prime Minister Imran Khan and President Arif Alvi have been erected on Constitution Avenue in Islamabad. Banners and posters inscribed with slogans of Pak-Saudi friendship and fraternity have also been put on display along the roads.
Pakistan’s top government and opposition party officials have also released warm welcome messages for the Saudi crown prince.
Opposition leader in the National Assembly and President of Pakistan Muslim League-Nawaz (PML-N), Shehbaz Sharif, who has longstanding ties with the Saudi royal family, welcomed the crown prince’s visit on twitter.
In a tweet released by his official party page, Sharif said that the economic relationship between Pakistan and Saudi Arabia was in the interests of both the countries and of the Muslim Ummah.
In a statement, former President Asif Ali Zardari of the Pakistan People’s Party [PPP] said the party and the Bhutto family welcomed the prince’s visit and expressed hope for further improvement in bilateral relations, calling Saudi Arabia, “a very creditable and respectable friend of our country and its people.”
“Saudi Arabia has always stood by Pakistan in moments of need and will hopefully continue to do so,” he said.
Saudi Crown Prince arrives in Islamabad today
Saudi Crown Prince arrives in Islamabad today
- He will be accompanied by a high-powered delegation, including members of the Saudi royal family
- Elaborate arrangements have been made in the federal capital to accord an unprecedentedly warm welcome
Pakistan stocks recover as oil supply fears ease after Islamabad seeks Red Sea route— analyst
- Pakistan has sought Saudi help to secure oil supplies via Red Sea port after Iran’s closure of Strait if Hormuz
- Analyst says higher crude oil prices, expectations of IMF releasing next loan tranche also triggered bullish activity
ISLAMABAD: Pakistani stocks marked a sharp recovery when trading closed on Thursday, as institutional activity increased following Islamabad’s move to seek crude oil supplies through the Red Sea port eased oil supply fears, a financial analyst said.
Pakistani stocks have recorded a sharp decline this week, with the benchmark KSE-100 index recording its largest-ever single-day decline on Monday when it plunged 16,089 points. Escalating conflict in the Middle East triggered panic selling at the Pakistani bourse, forcing a temporary trading halt on Monday.
The KSE-100 index, however, gained 3.49 percent or 5,433.46 points to close at 161,210.67 when trading ended on Thursday, up from the previous close of 155,777.21 points, according to Pakistan Stock Exchange’s (PSX) data.
Pakistan’s Petroleum Minister Ali Pervaiz Malik met Saudi Ambassador Nawaf bin Said Al-Malki on Wednesday to discuss Iran’s closure of the key Strait of Hormuz, which has threatened Pakistan’s energy supply. Roughly 20 percent of the global oil and gas supply passes through the route. Saudi Arabia indicated it could facilitate shipments through the Red Sea port of Yanbu, offering an alternative route if Gulf shipping lanes remain disrupted, the petroleum ministry said on Wednesday.
“Stocks staged a sharp recovery at PSX amid institutional activity on easing fuel supply fears after KSA [Kingdom of Saudi Arabia] commits oil supplies through the Red Sea port,” Ahsan Mehanti, chief executive officer at Arif Habib Commodities, told Arab News.
He said higher global crude oil prices and expectations of the International Monetary Fund releasing its next tranche of the $7 billion loan for Pakistan also helped bullish activity at the PSX.
An IMF mission was in Pakistan to hold talks on the third review of a $7 billion Extended Fund Facility multi-year program, and for the second review of the $1.4 billion Resilience and Sustainability Facility this week.
However, the delegation left for Türkiye amid tensions in the Gulf. Pakistani officials have said talks are likely to continue virtually in the coming days.
Pakistani brokerage Topline Securities said in its daily market review report that strong institutional buying “turned the tide” on Thursday after the market’s recent overreaction to regional issues.
The report added that Hub Power Company (HUBC), Oil & Gas Development Company (OGDC), Fauji Fertilizer Company (FFC), Engro Corporation (ENGROH), and Meezan Bank Limited (MEBL) collectively contributed 2,197 points to the KSE benchmark’s gain.
Topline Securities said 723 million shares were traded on Thursday, with K-Electric Limited (KEL) stealing the spotlight as more than 1.17 billion shares changed hands.
Pakistani investors are closely monitoring developments in the Gulf, particularly around energy routes and further retaliatory actions, as the conflict’s trajectory remains uncertain.
