ISLAMABAD: Saudi Arabia, Kuwait, Oman, the United Arab Emirates, Egypt, Kenya and Qatar on Monday pledged to support the development of Pakistan’s southwestern port city of Gwadar, state news agency APP has reported.
Gwadar forms the southern Pakistan hub of a $62-billion China-Pakistan Economic Corridor (CPEC) of infrastructure and energy projects Beijing announced in 2014.
On Monday, ambassadors from friendly nations visited Gwadar, accompanying Prime Minister Imran Khan on a daylong visit to inaugurate various projects, including the North Gwadar Free Zone, Gwadar Expo Center and Henan Agricultural Industrial Park. The PM also inaugurated three factories and witnessed the signing of agreements for solarization and desalination plants to resolve Gwadar’s water and electricity shortage problems.
“Seven regional countries including Saudi Arabia, Kuwait, Oman, United Arab Emirates, Egypt, Kenya and Qatar on Monday expressed their commitment for cooperation on the development of Gwadar,” APP reported. “With their respective ambassadors present at a ceremony attended by Prime Minister Imran Khan, the regional countries showed their support for the development of Pakistan’s port city.”
During a 2019 visit to Pakistan by Saudi Crown Prince Mohammed bin Salman, Saudi Arabia and Pakistan signed seven investment deals worth $21 billion, including for a $10 billion Aramco oil refinery project in Gwadar.
Seven nations including Saudi Arabia, UAE pledge support for development of Pakistani port city
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Seven nations including Saudi Arabia, UAE pledge support for development of Pakistani port city
- Gwadar forms southern Pakistan hub of $62-billion China-Pakistan Economic Corridor of infrastructure and energy projects
- During 2019 visit to Pakistan, Saudi crown prince announced a $10 billion Aramco oil refinery project for Gwadar
Pakistan terms climate change, demographic pressures as ‘pressing existential risks’
- Pakistan has suffered frequent climate change-induced disasters, including floods this year that killed over 1,000
- Pakistan finmin highlights stabilization measures at Doha Forum, discusses economic cooperation with Qatar
ISLAMABAD: Pakistan’s Finance Minister Muhammad Aurangzeb on Saturday described climate change and demographic pressures as “pressing existential risks” facing the country, calling for urgent climate financing.
The finance minister was speaking as a member of a high-level panel at the 23rd edition of the Doha Forum, which is being held from Dec. 6–7 in the Qatari capital. Aurangzeb was invited as a speaker on the discussion titled: ‘Global Trade Tensions: Economic Impact and Policy Responses in MENA.’
“He reaffirmed that while Pakistan remained vigilant in the face of geopolitical uncertainty, the more pressing existential risks were climate change and demographic pressures,” the Finance Division said.
Pakistan has suffered repeated climate disasters in recent years, most notably the 2022 super-floods that submerged one-third of the country, displaced millions and caused an estimated $30 billion in losses.
This year’s floods killed over 1,000 people and caused at least $2.9 billion in damages to agriculture and infrastructure. Scientists say Pakistan remains among the world’s most climate-vulnerable nations despite contributing less than 1 percent of global greenhouse-gas emissions.
Aurangzeb has previously said climate change and Pakistan’s fast-rising population are the only two factors that can hinder the South Asian country’s efforts to become a $3 trillion economy in the future.
The finance minister noted that this year’s floods in Pakistan had shaved at least 0.5 percent off GDP growth, calling for urgent climate financing and investment in resilient infrastructure.
When asked about Pakistan’s fiscal resilience and capability to absorb external shocks, Aurangzeb said Islamabad had rebuilt fiscal buffers. He pointed out that both the primary fiscal balance and current account had returned to surplus, supported significantly by strong remittance inflows of $18–20 billion annually from the Middle East and North Africa (MENA) and Gulf Cooperation Council (GCC) regions.
Separately, Aurangzeb met his Qatari counterpart Ali Bin Ahmed Al Kuwari to discuss bilateral cooperation.
“Both sides reaffirmed their commitment to strengthening economic ties, particularly by maximizing opportunities created through the newly concluded GCC–Pakistan Free Trade Agreement, expanding trade flows, and deepening energy cooperation, including long-term LNG collaboration,” the finance ministry said.
The two also discussed collaboration on digital infrastructure, skills development and regulatory reform. They agreed to establish structured mechanisms to continue joint work in trade diversification, technology, climate resilience, and investment facilitation, the finance ministry said.
