Pakistani augmented reality ‘pioneer’ honored in Forbes 30 Under 30

This picture was taken in 2017 when Pakistani artist Asad J Malik demoed his first major AR project at a Kaleidoscope fund event in LA. (Photo Courtesy: Asad J Malik Instagram)
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Updated 09 December 2020
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Pakistani augmented reality ‘pioneer’ honored in Forbes 30 Under 30

  • Asad J Malik’s augmented reality app Jadu turns TikTok stars and musicians into holograms
  • The California-based techie plans to expand Jadu next year and set up a team in Pakistan 

RAWALPINDI: Forbes has chosen Pakistani Asad J Malik for its “30 Under 30” list of top achievers under 30 years old in their fields, calling him a “pioneer in using augmented reality for storytelling.”
Malik, 24, moved to the United States in 2016 for college. His breakout projects are “Terminal 3,” featuring young Muslim immigrants, and a collaboration with Magic Leap called “A Jester’s Tale.”
Last year Malik’s studio, 1RIC, inked a seven-figure investment deal, recruited veteran Executive Producer Ela Topcuoglu, and established offices in Los Angeles, CA. He is now also working with Verizon to build educational augmented reality (AR) experiences with 5G and his AR app Jadu, Urdu for magic, turns TikTok stars and musicians into holograms.
“It’s a nice sense of accomplishment but you also can get carried away with it too much,” Malik told Arab News in an interview, commenting on being recognized by Forbes. “I was very happy about it.”




Asad J Malik for Forbes 30 Under 30 (Forbes)

Speaking about Jadu, Malik said: “We captured different artists with 160 cameras and recreated them in 3D in a very realistic way, and you’re able to place them in your space, in your world, with your phone.”
“It’s become popular on Tik Tok, there are millions of views,” he added.
Malik, who currently resides in Los Angeles, California, was born in Abbottabad and grew up in Khewra, home to Pakistan’s salt mines. He began coding and creating websites for fun as a young kid, he said.




Asad J Malik on October 21, 2019 (Photo Courtesy Ryan Davis)

“I was programming when I was around 11,” Malik said. “It kind of became a bit of a hobby or really more of an obsession for me. I made a bunch of websites that a lot of people were using when I was a teenager including people that lived in other countries, getting kind of international exposure.”
Malik got a scholarship to finish high school in the Netherlands and another one to go to art school at Bennington College in Vermont.
In the future he said he wanted to do work that combines cutting edge technology with creativity, and hopes to expand Jadu next year and build a team in Pakistan.


IMF hails Pakistan privatization drive, calls PIA sale a ‘milestone’

Updated 10 January 2026
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IMF hails Pakistan privatization drive, calls PIA sale a ‘milestone’

  • Fund backs sale of national airline as key step in divesting loss-making state firms
  • IMF has long urged Islamabad to reduce fiscal burden posed by state-owned entities

KARACHI: The International Monetary Fund (IMF) on Saturday welcomed Pakistan’s privatization efforts, describing the sale of the country’s national airline to a private consortium last month as a milestone that could help advance the divestment of loss-making state-owned enterprises (SOEs).

The comments follow the government’s sale of a 75 percent stake in Pakistan International Airlines (PIA) to a consortium led by the Arif Habib Group for Rs 135 billion ($486 million) after several rounds of bidding in a competitive process, marking Islamabad’s second attempt to privatize the carrier after a failed effort a year earlier.

Between the two privatization attempts, PIA resumed flight operations to several international destinations after aviation authorities in the European Union and Britain lifted restrictions nearly five years after the airline was grounded following a deadly Airbus A320 crash in Karachi in 2020 that killed 97 people.

“We welcome the authorities’ privatization efforts and the completion of the PIA privatization process, which was a commitment under the EFF,” Mahir Binici, the IMF’s resident representative in Pakistan, said in response to an Arab News query, referring to the $7 billion Extended Fund Facility.

“This privatization represents a milestone within the authorities’ reform agenda, aimed at decreasing governmental involvement in commercial sectors and attracting investments to promote economic growth in Pakistan,” he added.

The IMF has long urged Islamabad to reduce the fiscal burden posed by loss-making state firms, which have weighed public finances for years and required repeated government bailouts. Beyond PIA, the government has signaled plans to restructure or sell stakes in additional SOEs as part of broader reforms under the IMF program.

Privatization also remains politically sensitive in Pakistan, with critics warning of job losses and concerns over national assets, while supporters argue private sector management could improve efficiency and service delivery in chronically underperforming entities.

Pakistan’s Cabinet Committee on State-Owned Enterprises said on Friday that SOEs recorded a net loss of Rs 122.9 billion ($442 million) in the 2024–25 fiscal year, compared with a net loss of Rs 30.6 billion ($110 million) in the previous year.