Pakistan establishes permanent mission to the OIC

Ambassador Rizwan Saeed Sheikh, Pakistan's newly-appointed Permanent Representative to the Organization of Islamic Cooperation (OIC), is seen here in a meeting with the OIC's Secretary General Dr. Yousaf bin Ahmed Al-Othaimeen, in Jeddah on Monday. (Pic courtesy – Pakistan Consulate in Jeddah).
Updated 03 December 2019
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Pakistan establishes permanent mission to the OIC

  • Earlier, the country's ambassadors to Riyadh represented Islamabad at the OIC
  • The OIC encouraged member states to set up permanent missions in Jeddah for a more efficient dealing

ISLAMABAD: Pakistan’s newly-appointed Permanent Representative to the Organization of Islamic Cooperation (OIC), Ambassador Rizwan Saeed Sheikh, met with the OIC’s Secretary General, Dr. Yousaf bin Ahmed Al-Othaimeen, at the group’s headquarters in Jeddah, Saudi Arabia on Monday.
A statement released by Pakistan’s consulate in Jeddah said that Sheikh then presented his credentials to the OIC’s Secretary General.
“Presentation of credentials by Ambassador Sheikh marked the establishment of Pakistan’s dedicated Permanent Mission to the OIC and other international organizations. Earlier, ambassadors of Pakistan in Riyadh used to represent the country at the OIC,” it added.




Ambassador Rizwan Saeed Sheikh, Pakistan's newly-appointed Permanent Representative to the Organization of Islamic Cooperation (OIC), is seen here in a meeting with the OIC's Secretary General Dr. Yousaf bin Ahmed Al-Othaimeen, in Jeddah on Monday. (Pic courtesy – Pakistan Consulate in Jeddah).

Pakistan’s decision to establish its permanent mission is an acknowledgement of the OIC’s various resolutions which encourages member states to set up their respective missions in Jeddah and handle their affairs in a more efficient manner.
The establishment of the new mission – which coincides with the golden jubilee celebrations of the OIC – is based on a system-wide approach, reflecting Pakistan’s intent “to strengthen its engagement with the Islamic body and other specialized and subsidiary institutions that are a part of the broader OIC system.”
“As a founding member, Pakistan attaches great importance to the OIC, which apart from lending an institutional expression to the pan-Islamic sentiments is the second largest intergovernmental organization after the UN,” the statement read.
The OIC, for its part, has always extended its consistent support to the Kashmir cause.
Additionally, Islamabad remains one of the largest beneficiaries of the financial assistance provided by the Islamic Development Bank group – a specialized branch of the OIC system.
The statement added that setting up of the permanent mission is also aimed at “enhancing Pakistan’s footprint in the organization and forging a mutually-beneficial, multifaceted relationship with the larger OIC system.”
It follows a two-day visit to Saudi Arabia by Firdous Ashiq Awan, Special Assistant to Prime Minister Imran Khan on Information and Broadcasting on November 25, where she attended the OIC’s golden jubilee celebrations in Jeddah.


Pakistan stocks recover as oil supply fears ease after Islamabad seeks Red Sea route— analyst

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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.