Pakistan, UAE conduct joint naval exercise in Arabia Sea

Pakistan and the United Arab Emirates (UAE) forces partake in joint naval exercise in the northern Arabian Sea on October 30, 2022. (@modgovae/Twitter)
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Updated 30 October 2022
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Pakistan, UAE conduct joint naval exercise in Arabia Sea

  • Exercise Nasl al-Bahr is expected to increase the interoperability of the two naval forces
  • The two countries institutionalized it in recent years to ensure maritime security in the region

ISLAMABAD: Pakistan and the United Arab Emirates (UAE) have held a joint naval exercise in the northern Arabian Sea to increase the interoperability of the two forces, said an official statement circulated in Islamabad on Sunday.

The joint exercise, Nasl al-Bahr, has been regularly conducted by the two countries to ensure maritime security in the area. The naval drill also focuses on search and rescue operations along with various dimensions of communication and warfare.

“The naval and air units of the two countries fired missiles in the northern Arabian Sea during the exercise,” said the statement released by the Pakistan Navy’s media directorate. “The two forces successfully hit their targets.”

The top naval officials of Pakistan and the UAE witnessed the exercise.

“Exercise Nasl al-Bahr will further enhance the capabilities of joint operations between the two brotherly nations to deal with various types of maritime threats,” added the statement.

The bilateral exercise was institutionalized in recent years to provide a common platform to the Pakistan and UAE Navy to improve tactical procedures and develop common understanding against asymmetric, air and surface threats in the maritime domain.


Pakistan’s first non-life Shariah-compliant takaful operator plans share sale in January

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Pakistan’s first non-life Shariah-compliant takaful operator plans share sale in January

  • Pak-Qatar General Takaful Limited plans to raise up to $1.5 million through initial public offering
  • Institutional investors will get 75% of shares, while the remaining 25% will go to retail investors

KARACHI: Pakistan’s first dedicated non-life Shariah-compliant takaful operator said on Monday it will launch an initial public offering this month, seeking to raise up to Rs 420 million ($1.5 million) as Islamic finance gains traction in the country’s capital markets.

The company, Pak-Qatar General Takaful Limited, said it would issue 30 million shares, with a floor price of Rs 10 and a ceiling price of Rs 14 per share. Institutional investors will receive 75% of the shares on offer, while the remaining 25% will be allocated to retail investors.

“Arif Habib Limited has been mandated by Pak-Qatar General Takaful Limited to act as the consultant and book runner for raising funds through the initial public offering,” it announced in a statement.

The book-building process for the offering will take place on Jan. 21-22, it added, with investor registration opening on Jan. 16, while public subscriptions are scheduled for Jan. 28-29.

The offering follows the recent listing of Pak-Qatar Family Takaful Limited, which raised Rs 901 million ($3.23 million) last month in Pakistan’s first Islamic insurance sector IPO, an issue that was oversubscribed several times.

Proceeds from the IPO will be used to strengthen the company’s capital base and support investments in technology, infrastructure and branch expansion, said the statement.

Pak-Qatar General Takaful Limited is part of Pakistan’s pioneer Islamic financial services group and is backed by Qatar-based financial institutions.