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  • Pakistan’s biggest tech expo kicks off with leading Saudi startups, investors 


Pakistan’s biggest tech expo kicks off with leading Saudi startups, investors 

Panelists participate in the "Saudi ecosystem and expansion opportunities" session of Pakistan's largest tech conference and expo, Future Fest, in Lahore, Pakistan, on Jan. 6, 2023. (AN Photo)
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Updated 06 January 2023
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Pakistan’s biggest tech expo kicks off with leading Saudi startups, investors 

  • Second edition of the Future Fest brings together 500 startups from over 30 countries to Lahore 
  • Expo hosts leading Saudi companies supported by Digital Cooperation Organization and Saudi Invest 
Updated 06 January 2023
Shahjahan Khurram

LAHORE: Pakistan’s largest tech conference and expo, Future Fest, kicked off on Friday, with Saudi startups who joined the event to explore opportunities for collaboration and expansion of their ecosystem.

Themed #SaveTheFuture, Future Fest 2023 is a three-day event bringing together 50,000 participants, representatives of 500 startups, and 200 exhibitors from over 30 countries. After premiering in Islamabad last year, the expo’s second edition is held in Lahore in partnership with the administration of Punjab province and Punjab Information Technology Board. 

The Saudi delegation participating in the event includes senior representatives from the Riyadh-based Digital Cooperation Organization and Invest Saudi, the investment attraction and promotion brand under the Kingdom’s Ministry of Investment. 

“I’m hoping we come out of this event with some MoUs and deals signed, (and) potentially new hires being done in Pakistan as part of this event,” DCO director Abdul Karim Samakie told the audience during Friday’s panel session titled “Saudi ecosystem and expansion opportunities.” 




DCO director Abdul Karim Samakie (center) is addressing the audience during "Saudi ecosystem and expansion opportunities" session of Pakistan's largest tech conference and expo, Future Fest, in Lahore, Pakistan, on Jan. 6, 2023. (Photo courtesy: Future Fest)

Rizwan Saeed Sheikh, Pakistan’s additional foreign secretary for the Middle East, who was part of the panel, said there were vast opportunities for collaboration, especially as Pakistan had human capital and a vast network of IT professionals and who could join the Kingdom’s digital job market and ecosystem. 

“With proximity to the Middle East, with a history and tradition of fraternal relations between Saudi Arabia and Pakistan, Pakistan certainly offers technical power and prowess,” he said. 




Participants attend a session titled “Saudi ecosystem and expansion opportunities,” at Future Fest, Lahore, Pakistan on January 6, 2023. (AN Photo)

Another cooperation enabler is the fact that both Pakistani and Saudi societies are dominated by young people. 

“Pakistan and Saudi Arabia both have young populations,” said journalist Raza Rumi, also a panel member. 

“Young people in both countries want to join the civil services, the government.” 

“I can tell you Pakistan has a role to play in human capital and supply chain,” added Faisal Sultan, vice president and managing director for the Middle East of electric vehicle manufacturer Lucid Motors. 

“We see a lot of that at Lucid.”

Last week, ahead of the tech conference, Future Fest chief executive Arzish Azam said the event aims to provide a “platform for greater collaboration and growth and indeed a new dimension to what is an already historic relationship between Pakistan and the Kingdom of Saudi Arabia.” 

“The Saudi tech ecosystem is growing very fast. In Pakistan we have the talent and startups that can support this growth,” he said. 

Among the business representatives from the Kingdom attending Future Fest 2023 are educational and learning platforms AlGooru, Classera, financial and insurance services Hala, Derayah Financial, Moyasar, and Takadao, transport monitoring service Tracking, e-commerce companies Salla, Diggipacks, Salasa, and Nana, software developers Squadio, Qoyod, digital solutions firm Elm, and AI technology developer Mozn. 

They are accompanied by funds supporting startup development in Saudi Arabia, including Merak Capital, Nama Ventures, Khwarizmi Ventures, and Misk Foundation. 

Topics: Future Fest 2023 Future Fest

PM welcomes Saudi Arabia’s interest in developing energy projects in Pakistan

Updated 7 sec ago
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PM welcomes Saudi Arabia’s interest in developing energy projects in Pakistan

  • PM Shehbaz Sharif met Saudi Energy Minister Prince Abdulaziz bin Salman on WEF sidelines in Riyadh
  • The PM highlighted various initiatives undertaken by Pakistan to facilitate investment in energy sector
Updated 7 sec ago
Arab News Pakistan

ISLAMABAD: Prime Minister Shehbaz Sharif has welcomed Saudi Arabia’s interest in developing energy projects in Pakistan, Sharif’s office said on Monday, following his meetings with Saudi officials on the sidelines of a World Economic Forum (WEF) meeting in Riyadh.

The Pakistan prime minister was in Riyadh to attend the WEF special meeting on Global Collaboration, Growth and Energy for Development on April 28-29.

During his visit, PM Sharif held meetings with Saudi Arabia’s ministers of energy, economy and planning, and environment, water, and agriculture, according to his office.

In a meeting with Saudi Energy Minister Prince Abdulaziz bin Salman, the PM highlighted initiatives undertaken by Pakistan to facilitate investment in the energy sector.

“The Saudi side showed keen interest in developing energy projects identified by the Prime Minister,” Sharif’s office said in a statement. “The Prime Minister welcomed the interest by the Kingdom to enhance economic partnership with Pakistan.”

The proposed projects included building new and improving existing energy infrastructure, increasing focus on renewable energy, and bringing efficiency across the entire energy ecosystem in Pakistan, according to the statement. 

The Saudi energy minister was accompanied by the president of Aramco, a Saudi state-owned petroleum and natural gas company, and other officials.

PM Sharif said both sides were pursuing the economic cooperation agenda with “renewed vigour and commitment,” following his meeting with Crown Prince Mohammed bin Salman on Sunday.

He expressed hope that technical teams of the two countries would complete their work and many mutually beneficial projects would be launched soon.

Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as the top source of remittances to the cash-strapped South Asian country.

Both countries have been closely working to increase bilateral trade and investment deals, and the Kingdom recently reaffirmed its commitment to expedite an investment package worth $5 billion.

Later, PM Sharif held a meeting with Saudi Minister of Economy and Planning Faisal Al-Ibrahim, wherein he highlighted the potential of the Pakistani agriculture sector.

“Pakistan can become a bread basket for the Kingdom and could play a critical role in ensuring food security not only for the two countries but for the entire region,” Sharif’s office quoted him as saying.

Saudi Minister for Environment, Water and Agriculture Abdulrahman Al-Fadhli briefed the prime minister on the fruitful discussions that he and his delegation held in Islamabad this month, according to Sharif’s office. He said Saudi agriculture companies were looking at Pakistan with “great interest” and hoped that both countries would benefit from joint ventures for improving the value chain of the agriculture economy.

PM Sharif also congratulated the Saudi minister of economy for successfully hosting the WEF summit in Riyadh and lauded the Kingdom’s role as a thought leader in taking forward the global economic and development agenda.

Topics: Pakistan Saudi Ties Pakistan Saudi Arabia Saudi-WEF

IMF approves $1.1 billion funding for Pakistan

Updated 29 April 2024
Reuters
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IMF approves $1.1 billion funding for Pakistan

  • The funding is the final tranche of a $3 billion standby arrangement Islamabad secured last year
  • Islamabad is now seeking a new, larger long-term Extended Fund Facility agreement with the IMF
Updated 29 April 2024
Reuters

ISLAMABAD: The executive board of the International Monetary Fund approved $1.1 billion in funding for Pakistan on Monday, the agency said in a statement, amid discussions for a new loan.

The funding is the second and last tranche of a $3 billion standby arrangement with the IMF, which Islamabad secured last summer to help avert a sovereign default.

The approval came a day after Pakistan Prime Minister Shehbaz Sharif discussed a new loan program with IMF Managing Director Kristalina Georgieva on the sidelines of the World Economic Forum in Riyadh.

Islamabad is seeking a new, larger long-term Extended Fund Facility (EFF) agreement with the fund after the current standby arrangement expires this month. Pakistan’s Finance Minister, Muhammad Aurangzeb, has said Islamabad could secure a staff-level agreement on the new program by early July.

Islamabad says it is seeking a loan over at least three years to help achieve macroeconomic stability and execute long-overdue and painful structural reforms.

Aurangzeb has declined to give details on the amount the country is seeking.

Islamabad is yet to make a formal request, but the Fund and the government are already in discussions.

If secured, it would be Pakistan’s 24th IMF bailout.

The $350 billion economy faces a chronic balance of payments crisis, with nearly $24 billion to repay in debt and interest over the next fiscal year — three-time more than its central bank’s foreign currency reserves.

Topics: International Monetary Fund

Four militants killed in northwest Pakistan operation — military

Updated 29 April 2024
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Four militants killed in northwest Pakistan operation — military

  • The development comes amid a surge in violence in Khyber Pakhtunkhwa province, mostly blamed on Pakistani Taliban
  • Last week, Taliban militants also abducted a district and sessions judge in the same province, who was freed two days later
Updated 29 April 2024
Arab News Pakistan

ISLAMABAD: Four militants were killed during an intelligence-based operation in northwest Pakistan on Monday, the Pakistani military said, amid a spate of militant violence in the region.

The operation was conducted in the Khyber tribal district of Pakistan’s Khyber Pakhtunkhwa province, according to the Inter-Services Public Relations (ISPR), the military’s media wing.

An intense exchange of fire during the operation killed four militants.

“Terrorists’ hideout was also busted during the operation and a large cache of weapons, ammunition and explosives was recovered,” the ISPR said in a statement.

A sanitization operation was being carried out to eliminate any other threats in the vicinity, the ISPR added.

The development came amid a surge in violence in Pakistan’s northwest, mostly blamed on the Tehreek-e-Taliban Pakistan (TTP), since the group ended a ceasefire with the central government in November 2022.

Last week, TTP militants abducted a district and sessions judge, Shakirullah Marwat, in the same province. The judge was recovered after a joint operation by police and security forces, police said on Monday. 

Earlier this month, six people, including five customs department officials, were killed in an attack in Dera Ismail Khan. Two customs officers were also killed in the area in a separate attack earlier.

Militants have also targeted security officials in the province in recent weeks, killing a number of police and counterterrorism department officials.

Both Pakistan and Afghanistan have traded blame in recent months over who is responsible for the recent spate of militant attacks in Pakistan.

Islamabad says the attacks are launched mostly by TTP members who operate from safe havens in Afghanistan. Kabul denies this and blames Islamabad for not being able to handle its own security challenges.

Topics: Pakistan Military

Pakistan confers military award on Turkish land forces commander

Updated 29 April 2024
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Pakistan confers military award on Turkish land forces commander

  • President Asif Ali Zardari conferred the award at a special investiture ceremony held in Islamabad
  • General Selcuk Bayraktaroglu, who is currently visiting Pakistan, also met Army Chief Gen Asim Munir
Updated 29 April 2024
Arab News Pakistan

ISLAMABAD: Pakistan on Sunday conferred a military award, Nishan-i-Imtiaz, on Commander of the Turkish Land Forces, General Selcuk Bayraktaroglu, during his visit to Islamabad, Pakistani state media reported.

Pakistan President Asif Ali Zardari bestowed the Turkish general with the award at a special investiture ceremony held at the Presidency in Islamabad, the state-run Radio Pakistan broadcaster reported.

“The award was conferred upon him in recognition of his illustrious services and contribution toward strengthening Pakistan-Turkiye defense relations,” the report read.

The investiture ceremony was attended by foreign diplomats and high-ranking military officials.

Separately, General Bayraktaroglu called on Pakistan’s army chief, General Asim Munir, and General Sahir Shamshad Mirza, chairman of the Joint Chiefs of Staff Committee, the Pakistani military said.

During his meeting with Gen Munir, matters of mutual interest and measures to further enhance bilateral defense cooperation were discussed, according to the Inter-Services Public Relations (ISPR), the Pakistani military’s media wing. 

“Both sides expressed satisfaction over deep-rooted relations between the two countries, based on historic, cultural and religious affinity,” the ISPR said.

“COAS emphasized the need to further strengthen existing military to military cooperation between the two Armed Forces.”

During the meeting, the ISPR added, the visiting dignitary appreciated the role of Pakistan Army in ensuring peace and stability in the region.

Topics: Pakistan Turkey Ties

Pakistan court hands life sentences to four in 2018 murder of lawmaker

Updated 29 April 2024
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Pakistan court hands life sentences to four in 2018 murder of lawmaker

  • The accused were convicted of aiding, abetting, reconnaissance, and facilitating murder of Syed Ali Raza Abidi
  • Court suspends proceedings against prime accused, citing Supreme Court ruling that prohibits judgments in absentia
Updated 29 April 2024
NAIMAT KHAN

KARACHI: A Pakistani court on Monday handed life sentences to four accused who were convicted of aiding, abetting, reconnaissance and facilitating the murder of a Pakistani lawmaker in the southern city of Karachi in 2018.

Ali Raza Abidi, a businessman and politician, who belonged to the Muttahida Qaumi Movement-Pakistan (MQM-P) party, was shot dead outside his residence in the Defense Housing Authority (DHA) area of Karachi.

Police had registered a case against the suspects in the Gizri police station under the Anti-Terrorism Act.

“The evidence shows that all the accused persons in furtherance of their common intention are involved in the commission of murder of Syed Ali Raza Abidi and they are equally responsible for the act,” Zeeshan Akhter Khan, the Anti-Terrorism Court judge, stated in his detailed judgment.

The convicts, Muhammad Farooq, Muhammad Ghazali, Abu Bakar and Abdul Haseeb, were also fined under various sections of the Pakistan Penal Code. They can appeal the verdict within 15 days.

The court, citing a Supreme Court judgment, said since a case against absconding accused, Bilal, Hasnain, Ghulam Mustafa and Faizan, could not be proceeded in absentia, it was placed on dormant status until their arrest or appearance before the court.

Abidi was elected as a Member of the National Assembly (MNA) on the ticket of the MQM-P in the 2013 general election. He, however, quit the MQM-P following the party’s formation of an alliance with the rival Pak Sarzameen Party (PSP).

Despite briefly rejoining the MQM-P in December 2017, Abidi ultimately parted ways with the party in September 2018. He was killed months later on December 25, 2018.

Topics: Ali Raza Abidi

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