Pakistan, Turkiye jointly launch fourth warship for Pakistan navy

Pakistan's Prime Minister Shehbaz Sharif (2nd right) and Türkiye's Vice President Cevdet Yilmaz (center) at the launch ceremony of fourth warship for Pakistan navy, "PNS Tariq", in Karachi, Pakistan on August 2, 2023. (Photo courtesy: PMO)
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Updated 02 August 2023
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Pakistan, Turkiye jointly launch fourth warship for Pakistan navy

  • Contract for four MILGEM class corvettes was signed with Turkiye in 2018
  • Pakistan navy says induction of ships to enhance maritime defense, deterrence

ISLAMABAD: Pakistan and Turkiye on Wednesday jointly launched a MILGEM class corvette warship at the Karachi port, part of a four-vessel deal between Islamabad and Ankara.

Turkiye announced in 2017 the two countries had signed a memorandum of understanding for the sale of four Turkish made corvette warships and 52 Pakistan-made training planes for Ankara’s armed forces. Ankara described it as Turkiye’s biggest single military export deal and “a very important day” for the defense industry. The contract was formally signed in 2018.

Under the deal, the Karachi Shipyard (KS&EW) would buy four corvettes made under Turkiye’s MILGEM warship program, aimed at designing and building locally a fleet of multipurpose corvettes and frigates that could replace older ships. As per the 2018 contract, two of the ships were to be manufactured in Istanbul and two in Karachi.

“This is the fourth ship of this class and the second one built in Pakistan jointly by Asfat Istanbul and the Karachi Shipyard and Engineering Works,” Pakistani Prime Minister Shehbaz Sharif said during the launch ceremony of the corvette in Karachi along with Vice President of Turkiye Cevdet Yilmaz.

“Today’s joint venture project is another example of our commitment to support each other, strengthen each other’s industries and trade, and enhance our economic cooperation.”

The first two corvettes, PNS Babur and PNS Badar, were launched in Istanbul and Karachi, in August 2021 and May 2022, respectively. A third one, PNS Khyber, was launched in Istanbul in November 2022.

“These corvettes will be fitted with state-of-art Surface, Sub-Surface and Anti-Air Weapons & Sensors, integrated through an advanced Network Centric Combat Management System,” the Pakistan navy said in a statement in 2021.

The navy said the induction of the corvettes would significantly enhance the force’s maritime defense and deterrence capabilities: “These corvettes will become a core element of PN’s kinetic response to traditional and non-traditional challenges and to maintain balance of power in the Indian Ocean Region.”

Under the MILGEM project, Turkiye has built several multipurpose corvettes, frigates, and destroyers that can be deployed in a range of marine missions.


Pakistan stocks rebound on easing regional tensions, gain over 1,500 points

Updated 13 January 2026
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Pakistan stocks rebound on easing regional tensions, gain over 1,500 points

  • The development came after Iran said it was keeping communication channels with Washington open amid cost-of-living protests
  • It followed a threat by President Donald Trump last week to intervene militarily if Tehran continued cracking down on protesters

ISLAMABAD/KARACHI: The Pakistan Stock Exchange (PSX) edged higher on Tuesday as the benchmark index gained more than 1,500 points, with analysts citing easing regional tensions following signals of potential talks between Iran and the United States (US).

The benchmark KSE-100 index gained 1,567.36 points, or 0.86 percent, to close at 183,951.50 points, compared to the previous close of 182,384.14 points when the market had shed more than 2,000 points, according to PSX data.

Iran has been witnessing public unrest over worsening economic conditions. Around 2,000 people, including security personnel, have been killed in violent protests, Reuters reported, citing an Iranian official.

Tehran said on Monday that it was keeping communication channels with Washington open as US President Donald Trump imposed 25 percent tariffs on countries trading with the Islamic republic.

“Stocks showed sharp recovery at PSX after Iran and US signal talks over unrest in Iran,” Ahsan Mehanti, chief executive officer at Arif Habib Commodities, told Arab News.

“Surging global crude oil prices and speculations ahead of corporate results in the earnings season played a catalyst role in bullish close.”

Najeeb Ahmed Khan Warsi, digital and retail business officer at Al-Habib Capital Market, said the index had seen a three-day bearish streak.

“Geopolitics and global volatility driving downturn, profit-taking and economic concerns weigh in,” he added.

Meanwhile, Pakistani market research firm Topline Securities said the benchmark index ended the session on a “positive note” on Tuesday.

“Trading interest remained subdued, as total market volumes reached 1,033 million shares, while the value of shares traded stood at Rs62.9 billion,” it said in a daily market review on X.

United Bank Limited (UBL), National Bank of Pakistan (NBP), Muslim Commercial Bank Limited (MCB), Lucky Cement Limited (LUCK) and Meezan Bank Limited (MEBL) jointly contributed 936 points to the index, according to the research firm.

Fauji Fertilizer Company Limited (FFC), Sazgar Engineering Works Limited (SAZEW) and Haleon Pakistan Limited (HALEON) collectively shaved 158 points off the index.

“Bank of Punjab (BOP) led the volume rankings, emerging as the most actively traded stock with 73 million shares,” Topline Securities added.