Pakistan in talks with Saudi Arabia to introduce shorter stay Hajj visits

Muslims pray and read the Qur'an in a luxury hotel room with a panoramic view overlooking the Grand Mosque in Makkah, Saudi Arabia ahead of the annual Hajj pilgrimage on August 8, 2019. (AFP/File)
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Updated 26 September 2023
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Pakistan in talks with Saudi Arabia to introduce shorter stay Hajj visits

  • Pakistani pilgrims traveling for Hajj under government’s program have to stay for 40 days in Kingdom
  • Saudi Arabia has recently proposed reducing number of Hajj operators from Pakistan from 905 to 46

ISLAMABAD: Pakistan is working with Saudi Arabia to introduce short Hajj packages for next year’s annual pilgrimage, according to the minutes of a meeting on Monday of the Senate Standing Committee on Religious Affairs and Inter-Faith Harmony.

More than 81,000 Pakistani pilgrims performed the pilgrimage under the government scheme this year while the rest from a total quota of 179,210 used private tour operators. Pakistani pilgrims traveling for Hajj under the government’s program have to stay for 40 days in the Kingdom.

“The ministry with the collaboration with Saudi Government is planning to introduce a short time period for the Hajj,” the minutes of the Senate panel meeting said, quoting Caretaker Federal Minister for Religious Affairs, Aneeq Ahmed.

Briefing the committee on arrangements for Hajj 2024, Ahmed said the ministry would introduce suitcases with QR codes and specially design scarves for women so that pilgrims from Pakistan could be easily identified.

The panel also discussed a recent letter written by Saudi Arabia, proposing to reduce the number of Hajj operators from Pakistan from 905 to 46.

“Saudi Arabia intends to provide better facilities to pilgrims, and in this regard, the letter has been sent to all Muslim countries,” Ahmed said.
 “The Committee recommended that exception should be provided to Hajj operators for the year 2024 and the proposed number of operators by the Saudi government should be increased to 100.”

The committee also discussed the Makkah Route initiative, introduced by Saudi Arabia in 2019 to streamline Hajj pilgrims’ visas, customs, and health requirements at departure airports, thus saving them time both before departure and upon arrival in the Kingdom.

“Ministry is in negotiation with Saudi government to extend Road to Makkah Project currently available at Islamabad International airport, and with due course of time the same service will also be available at Karachi and Lahore,” Ahmed added. 


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.