ISLAMABAD: Egypt’s Defense Minister Gen. Mohamed Ahmed Zaki acknowledged the contributions of the Pakistan army in the fight against terrorism during a meeting with Pakistani Chairman Joint Chiefs of Staff Committee General Nadeem Raza in Rawalpindi, the military’s media wing said on Tuesday.
“General Mohamed Ahmed Zaki, Commander-in-Chief of Egypt Armed Forces, who is on an official visit to Pakistan, called on General Nadeem Raza, Chairman Joint Chiefs of Staff Committee at the Joint Staff Headquarters, Rawalpindi,” the military said in a statement, adding that the visiting general praised the professionalism of the Pakistani armed forces and “acknowledged their sacrifices in the fight against terrorism.”
The statement said both sides discussed areas of interest and bilateral cooperation, including security.
Upon his arrival at the Joint Staff Headquarters, a tri-services contingent presented the guard of honor to the visiting Egyptian military official.
“Egyptian Minister for Defense General Mohamed Ahmed Zaki arrived yesterday,” Pakistani foreign office spokesperson Aisha Farooqui told Arab News on Tuesday. “He will have meetings with both Pakistan’s civil and military leaders.”
General Zaki is on a four-day official visit to Pakistan.
Egyptian defense minister in Pakistan to discuss bilateral cooperation
https://arab.news/zwfhh
Egyptian defense minister in Pakistan to discuss bilateral cooperation
- General Zaki meets Pakistani Chairman Joint Chiefs of Staff Committee in Rawalpindi
- Lauds the 'sacrifices' of the Pakistan Army in the fight against terrorism
Pakistan’s Engro executes $475 million Islamic financing deal to expand telecom infrastructure
- Islamic banking accounts for over a fifth of Pakistan’s banking assets amid a shift toward Shariah-compliant finance
- The deal brings more than 10,000 telecom towers under Engro’s control, enabling their shared use by multiple operators
KARACHI: Pakistan’s largest conglomerate Engro Corp. has completed a Rs133 billion ($475 million) Islamic financing deal to acquire telecom tower company Deodar, expanding its telecom infrastructure business as the country seeks to strengthen digital connectivity, the company said on Friday.
The transaction, structured entirely through Shariah-compliant financing, brings more than 10,000 telecom towers under Engro’s control and marks one of the largest Islamic financing deals in Pakistan’s infrastructure sector.
Engro, which has major interests in energy, fertilizers, food and petrochemicals, said the acquisition would allow it to scale shared telecom infrastructure, under which a single tower can host multiple mobile network operators, lowering costs and reducing duplication as Pakistan prepares for next-generation digital services.
“My congratulations to the Dawood family and Engro, the Islamic bankers and conventional banks through their Islamic windows on being able to put together a deal of this size,” State Bank of Pakistan Governor Jameel Ahmed said at a ceremony marking the transaction, referring to the company and its chairman. “This is a great achievement which has been supported by the banks.”
The deal was supported by a group of local banks, including United Bank Limited and Meezan Bank, Engro said, highlighting the increasing role of Islamic financing in funding long-term investment in Pakistan.
Islamic banking, which operates without interest and is based on profit-and-loss sharing structures, accounts for more than a fifth of Pakistan’s banking assets, and authorities have said they aim to transition the financial system toward Shariah compliance over the coming years.
The acquisition of Deodar, which was originally carved out of mobile operator Jazz, also aligns with government efforts to digitize the economy by expanding broadband access and supporting digital payments, e-commerce and online public services, though progress has remained uneven due to infrastructure and regulatory challenges.
