Saudi Arabia remained largest source of remittances to Pakistan in November — central bank

Pakistani customers enter a foreign currency exchange shop in Karachi, Pakistan, on October 14, 2010. (AFP/File)
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Updated 14 December 2022
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Saudi Arabia remained largest source of remittances to Pakistan in November — central bank

  • Latest figures show remittances decreased by 4.8 percent month-on-month and by 14.3 percent on year-on-year basis
  • Saudi Arabia is a longtime ally of Pakistan, nearly 2.5 million Pakistani expats live and work in the kingdom

KARACHI: Saudi Arabia retained its position as the largest contributor of remittances to Pakistan in November, with expats working in the kingdom sending $498 million to the South Asian nation last month, the central bank said on Wednesday. 

In terms of growth, latest figures showed that remittances decreased by 4.8 percent month-on-month and by 14.3 percent on a year-on-year basis.

“Remittances inflows during Nov 2022 were mainly sourced from Saudi Arabia ($498 million), United Arab Emirates ($377.8 million), United Kingdom ($299.1 million) and United States of America ($229.4 million),” the central bank said. 

“With cumulative inflow of $ 12 billion during Jul-Nov FY23, the remittances decreased by 9.6 percent as compared to the same period last year.”

Saudi Arabia and the UAE are longtime allies of Pakistan. Nearly 2.5 million Pakistani expats live and work in the kingdom and more than 1.6 million in the UAE.


UAE, Pakistan launch new feeder service to strengthen maritime connectivity

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UAE, Pakistan launch new feeder service to strengthen maritime connectivity

  • The new service establishes a regular shipping link between Karachi and the UAE ports of Fujairah and Khor Fakkan
  • It will support supply chain continuity and help ensure Pakistan’s trade maintains dependable access to global markets

KARACHI: Pakistan and Emirati authorities have launched a new feeder service linking Karachi with the UAE ports of Fujairah and Khor Fakkan to strengthen maritime connectivity, the Karachi Port Trust (KPT) announced on Thursday.

The UAE is Pakistan’s third-largest trading partner, after China and the United States. Policymakers in Pakistan consider the UAE an optimal export destination due to its geographical proximity, which minimizes transportation and freight costs

The new service establishes a regular shipping link between Karachi and two of the region’s key transshipment hubs, enabling Pakistani importers and exporters to maintain reliable access to global container shipping networks.

The service will call at the Karachi Gateway Terminal Limited (KGTL), part of AD Ports Group’s international operating arm, Noatum Ports. The first vessel of the service arrived at KGTL on the evening of 11 March, officially marking the start of regular operations.

“The introduction of this feeder service further enhances Karachi Port’s connectivity with key regional hubs and supports Pakistan’s growing trade requirements,” KPT Chairman Rear Admiral (Retd.) Shahid Ahmed said in a statement.

“Strengthening maritime links with the UAE will help facilitate smoother cargo movement while providing greater flexibility for the country’s trading community as per the vision of honorable Minister for Maritime Affairs Mr.Junaid Anwar Choudhry.”

Pakistan’s economy relies heavily on maritime trade, and strengthened connectivity with regional transshipment hubs provides additional resilience for exporters, importers and supply chains. The new feeder link supports supply chain continuity through KGTL and helps ensure Pakistan’s trade maintains dependable access to international markets, according to KPT.

Cargo routed through Fujairah and Khor Fakkan will benefit from seamless connectivity to regional and international shipping networks, supported by the UAE’s advanced logistics infrastructure. Containers can be efficiently transferred via integrated road and rail corridors to major commercial hubs and logistics centers across the UAE.

“The commencement of this feeder service reflects KGTL’s continued commitment to strengthening Pakistan’s maritime connectivity and supporting the country’s trading community,” said KGTL Chief Executive Officer Khurram Aziz Khan.

“By linking Karachi directly with major UAE transshipment hubs, this service provides importers and exporters with reliable access to global shipping networks while reinforcing the role of Karachi Gateway Terminal as a key gateway for international trade.”