Pakistani diplomat lauds Saudi Arabia for ‘immense help’ for flood victims

High-profile diplomats, leading Pakistani and Saudi entrepreneurs, a cross-section of Pakistani and Saudi community members clap during an event in Jeddah. (Photo courtesy: Pakistan Consulate General Jeddah)
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Updated 17 September 2022
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Pakistani diplomat lauds Saudi Arabia for ‘immense help’ for flood victims

  • Earlier this week, Saudi Arabia launched relief campaign for Pakistan’s flood victims
  • Catastrophic floods have killed over 1,500, displaced thousands in Pakistan since June 14

ISLAMABAD: Pakistan’s Consul General in Jeddah Khalid Majid on Saturday thanked Saudi Arabia for its “immense help and support” as the South Asian country bears the brunt of catastrophic floods that have killed over 1,500 and displaced hundreds of thousands since mid-June.  

Saudi Arabia, which enjoys brotherly relations with Pakistan, has provided relief items for Pakistan’s flood victims. Riyadh’s King Salman Humanitarian Aid and Relief Center (KSrelief) on Friday launched a campaign to provide assistance to Pakistan by establishing an air bridge for relief operations in the flood-hit country. 

Two aircraft, carrying humanitarian aid from the kingdom, landed in Karachi earlier this week as Pakistan struggles to provide relief to people impacted most by flash floods triggered by unusually heavy monsoon rains.  

According to data from the National Disaster Management Authority (NDMA), floods have damaged 1.8 million homes, damaged roads and destroyed nearly 400 bridges in Pakistan since June 14. According to the United Nations Children’s Fund (UNICEF), floods have killed at least 528 children and impacted 16 million others.  

“He [Majid] commended the government of Saudi Arabia for its immense help and support to Pakistani flood victims and urged participants to contribute generously to the KSA relief fund,” Pakistan’s diplomatic mission in Jeddah said in a statement.  




Pakistani performers enthrall the audience at the Saudi Arabian Society of Art and Culture in Jeddah. (Photo courtesy: Pakistan Consulate General Jeddah)

The Pakistani diplomat was addressing a cultural event at the Saudi Arabian Society of Art and Culture. The event was organized to strengthen Pakistan and Saudi Arabia’s relationship and to showcase the rich culture and heritage of both countries. 

“High-profile diplomats, leading Pakistani and Saudi entrepreneurs, a cross-section of Pakistani and Saudi community members, and representatives from Saudi and ethnic media were present on the occasion,” the statement said. 

Mohammed Al-Subaih, Director General of the Saudi Arabian Society of Art and Culture, who was also the chief guest, praised the strong bond between Pakistan and Saudi Arabia and also “expressed his deep concern over the recent floods in Pakistan and the resulting casualties from them.” 

“He [Al-Subaih] said that as a representative of the Saudi Arabian Government; I assure Saudi Arabia will continue to stand shoulder to shoulder with Pakistan and extend all kinds of support to come out of this crisis,” the statement read.  

Earlier this week, Saudi Arabia’s Ambassador to Pakistan, Nawaf bin Saeed Al-Malki said the kingdom would assess flood damages through KSrelief and would send hundreds of trucks next week loaded with humanitarian assistance, to flood-hit areas through the NDMA.


Pakistan regulator amends law to facilitate capital raising by listed companies

Updated 19 January 2026
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Pakistan regulator amends law to facilitate capital raising by listed companies

  • The amendments address challenges faced by listed companies when raising further capital from existing shareholders through a rights issue
  • Previously, listed companies were prohibited from announcing a rights issue if the company, officials or shareholders had any overdue amounts

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has notified amendments to the Companies (Further Issue of Shares) Regulations 2020 to facilitate capital raising by listed companies while maintaining adequate disclosure requirements for investors, it announced on Monday,

The amendments address challenges faced by listed companies when raising further capital from existing shareholders through a rights issue. Previously, listed companies were prohibited from announcing a rights issue if the company, its sponsors, promoters, substantial shareholders, or directors had any overdue amounts or defaults appearing in their Credit Information Bureau (CIB) report.

This restriction constrained financially stressed yet viable companies from raising capital, even in circumstances where existing shareholders were willing to support revival, restructuring, or continuation of operations, according to the SECP.

“Under the amended framework, the requirement for a clean CIB report will not apply if the relevant persons provide a No Objection Certificate (NOC) regarding the proposed rights issue from the concerned financial institution(s),” the regulator said.

The notification of the amendments follows a consultative process in which the SECP sought feedback from market stakeholders, including listed companies, issue consultants, professional bodies, industry associations, law firms, and capital market institutions.

The amendments are expected to enhance market confidence, improve access to capital for listed companies, and strengthen transparency within the rights issue framework, according to the SECP.

“To ensure transparency and protect investors’ interests, companies in such cases must make comprehensive disclosures in the rights offer document,” the regulator said.

“These disclosures must include details of any defaults or overdue amounts, ongoing recovery proceedings, and the status of any debt restructuring.”

The revised regulations strike an “appropriate balance” between facilitating corporate rehabilitation and enabling investors to make informed investment decisions, the SECP added.