Search form

You are here

  • Home
  • Saudi Arabia’s SME authority to help Pakistani IT companies scale businesses in Kingdom— minister


Saudi Arabia’s SME authority to help Pakistani IT companies scale businesses in Kingdom— minister

Pakistan's minister of IT & Telecom, Umar Saif (center) received an honorary shield from Sami Ibrahim Alhussaini, Governor of Saudi Arabia’s Small and Medium Enterprises General Authority (Monsha’at) in Riyadh, Saudi Arabia on October 1, 2023. (Photo courtesy: @umarsaif/X)
Short Url

https://arab.news/5gvjt

Updated 01 October 2023
Follow

Saudi Arabia’s SME authority to help Pakistani IT companies scale businesses in Kingdom— minister

  • Pakistan’s IT minister is in Saudi Arabia with a delegation of tech companies to explore business opportunities
  • Pakistan to work with Digital Cooperation Organization on ‘digital passport’ for Pakistani companies, says Saif
Updated 01 October 2023
Shahjahan Khurram

ISLAMABAD: Saudi Arabia’s Small and Medium Enterprises General Authority (Monsha’at) will work with Pakistan to support its IT companies and startups to scale their businesses in the Kingdom, Caretaker IT Minister Umar Saif announced on Sunday. 

Established in 2016, Monsha’at aims to regulate, support, develop, and sponsor the SME sector in Saudi Arabia. According to its website, the authority is mandated to develop and support programs and projects that foster a culture of self-employment, entrepreneurship, and innovation.

Pakistan’s IT minister is in Saudi Arabia with a delegation of tech companies to explore business opportunities in the Kingdom. Saif wrote on the social media platform X that he visited Monsha’at’s office in Riyadh and met the authority’s Governor Sami Ibrahim Alhussaini.

“Monsha’at is mandated to support small and medium companies in Saudia, and they will be working with us to support Pakistani IT companies and startups to scale their businesses in Saudia,” Saif wrote. 

 

 

The minister also visited the office of the Digital Cooperation Organization— a multi-nation body that works toward the growth of the digital industry— in Saudi Arabia and met its secretary-general, Deemah AlYahya. 

He said Pakistan would host the Digital Direct Foreign Investment summit every year for all DCO member states.

“We will be working with DCO for a ‘digital passport’ for Pakistani companies which will enable them to quickly start a business in DCO member countries, starting with Saudia,” Saif wrote.

 

 

During an exclusive interview with Arab News earlier this week, Saif said the Gulf countries were a highly attractive market for Pakistani IT firms, many of whom were already engaged in projects in the region.

“We are working to market Pakistan as a place from where a lot of technical expertise can come for projects in the GCC region,” he said.

The minister added that during his visit to the Kingdom, the Pakistani delegation will also receive updates on the $100 million Saudi-Pakistan Tech House project announced earlier this year, which aims to strengthen strategic partnerships between IT firms in both countries.

Topics: #PakistanSaudiTies Pakistan IT sector Saudi Arabia’s SME authority

Pakistan’s stock market soars past 60,000 points, reaching new high on Gulf investment hopes

Updated 11 sec ago
Follow

Pakistan’s stock market soars past 60,000 points, reaching new high on Gulf investment hopes

  • Analysts say the rally at the market is one of the fastest in 20 years despite a lower price-to-earnings ratio
  • The bullish sentiment also owes to the expected inflows of $700 million under the IMF short-term loan
Updated 11 sec ago
KHURSHID AHMED   

KARACHI: Pakistan’s equity market continued to scale record highs with the KSE100 index breaching 60,700 for the first time on Tuesday, making analysts attribute the rally to Caretaker Prime Minister Anwaar-ul-Haq Kakar’s visit to the United Arab Emirates which has kindled hopes for multibillion-dollar investment inflows into the country.
The KSE100 gained over 918 points to close at 60,730 at the end of the trading session, amid ongoing bullish sentiments accompanying the Pakistan PM’s visit to the Gulf region.
During Kakar’s visit, Pakistan and the UAE signed multibillion-dollar memoranda of understanding (MoUs) across diverse sectors, including energy, port operations, waste water treatment, food security, logistics, minerals, and banking and financial services.
“Today’s rally is fueled by the expectations of the multibillion investment flows from the UAE under the SIFC [Special Investment Facilitation Council] initiatives,” Ahsan Mehanti, CEO of Arif Habib Corporation, told Arab News.
The SIFC is a civil-military hybrid forum established in July to fast-track decision-making and promote investment from foreign nations.
Mehanti also pointed to expected inflows of $700 million from the International Monetary Fund (IMF) under a $3 billion short-term financing program, which would help unlock other bilateral financing sources for Pakistan.
He continued that there were expectations of monetary policy ease after the interest rates peaked in recent months.
Analysts have noted that the bullish sentiment at the bourse, which continued to hit record highs, was also fueled by improving macroeconomic indicators.
“Low valuation coupled with foreign buying is supporting this market rally,” Muhammad Sohail, CEO of Topline Securities, commented.
He added that investors were confident that with economic stability in Pakistan, the national currency would also stabilize and interest rates would fall.
“This five-month, 50 percent rally in KSE100 Index is one of the fastest in 20 years,” Sohail continued, noting that the share prices had risen, though the market’s price-to-earnings ratio was still below four times.

Topics: Pakistan Stock Exchange (PSX) Pakistan economy

Howzat! Pakistan cops arrested after shaking down star cricketer

Updated 30 min 17 sec ago
AFP
Follow

Howzat! Pakistan cops arrested after shaking down star cricketer

  • Sohaib Maqsood said he paid Rs8,000, or around $28, on his way to participate in a T20 match
  • Cricketers are usually treated as celebrities in Pakistan, but usually conceal their identities in public
Updated 30 min 17 sec ago
AFP

KARACHI: Four Pakistan police officers have been charged with corruption hours after one of the country’s top cricketers complained of having been shaken down for bribes during a recent road trip, officials said Tuesday.
Sohaib Maqsood, who played 29 one-day internationals and 26 Twenty20 matches for Pakistan until 2021, wrote on X that he had been stopped while driving from Karachi to Multan.
“Sindh police is so corrupt that they stop you after 50 km and ask for money or they threat you to go to the police station...,” he posted.
He said he paid 8,000 rupees (around $28) on his way to take part in a T20 match.
Later Tuesday, a statement from Sindh police said four police officers had been found to have been involved in the incident.
“Legal action has been initiated,” the statement said, adding that two police officials had been suspended for “negligence.”
Police officers in Pakistan have long been accused of corruption, and those in rural areas of the Sindh province have a particularly bad reputation.
International cricketers are usually treated as celebrities in Pakistan, but often conceal their identities in public.

Topics: Sohaib Maqsood Sindh police

Pakistan to highlight climate resilience initiatives, push for global action at COP28 in Dubai

Updated 57 min 18 sec ago
Follow

Pakistan to highlight climate resilience initiatives, push for global action at COP28 in Dubai

  • UAE will host the UN climate conference from Nov. 30 to Dec. 12 which will be attended by 70,000 people
  • Pakistan wants inclusion of developing nations, instead of just the least developed states, in loss and damage fund
Updated 57 min 18 sec ago
SAIMA SHABBIR

ISLAMABAD: Pakistan plans to set up a pavilion at the UN climate change conference in the United Arab Emirates (UAE), a senior government official in Islamabad announced on Tuesday, to focus on critical issues to help countries worldwide build climate resilience together.
The 28th session of the UN Conference of the Parties (COP 28) is scheduled to be held in Dubai between November 30 and December 12, with around 70,000 attendees expected, including global leaders, academics and youth representatives.
“Our priorities at COP28 include loss and damage fund architecture and operationalization,” Ministry of Climate Change Secretary Syed Asif Hyder Shah told reporters during a media briefing in Islamabad.
He added that Pakistan was looking forward to the “first global stocktake” to assess the world’s progress on climate action and advance the mitigation work program, which required countries to reduce greenhouse gas emissions.
The country also planned to emphasize climate finance, urging other nations to hold developed countries accountable for their commitment to mobilizing $100 billion annually to aid developing states in climate change response.
Shah recalled that last year, following unprecedented monsoon rains and floods that caused massive infrastructure and agricultural losses in Pakistan, his country’s theme at COP27 in Egypt was, “What happened in Pakistan will not stay in Pakistan.”
This year, the slogan is “building resilience together.”
“Pakistan will set up a pavilion at COP28, hosting panel discussions on critical issues,” Shah continued, noting that projects on building climate resilience would be showcased to visitors, with the pavilion’s agenda evolving daily.
He highlighted that COP27 saw an agreement on the loss and damage fund, where Pakistan played a key role.
In Egypt, Pakistan joined other developing nations in advocating for a global fund to address climate-induced disasters.
“Pakistan’s greenhouse gas emissions account for only one percent globally, in contrast to the 64 percent emitted by the five major polluters with greater wealth and global GDP,” Shah said, emphasizing the need for an interim fund that becomes standalone after three years, focusing on developing countries.
He also mentioned that Pakistan intended to argue for the inclusion of developing countries in the loss and damage fund, diverging from developed nations’ focus on the least developed states.
He stressed the importance of adapting measures to respond to and manage climate change impacts, crucial for countries like Pakistan for disaster preparedness and capacity building.
“Climate finance should not only concentrate on mitigation but also emphasize adaptation,” he concluded.

Topics: COP28 Pakistan in COP28 UN climate conference

Senior World Bank official proposes key reforms for Pakistan’s development ahead of elections

Updated 28 November 2023
Follow

Senior World Bank official proposes key reforms for Pakistan’s development ahead of elections

  • Martin Raiser says Pakistan needs to decide if it wants to pursue past policies or take difficult and crucial steps ahead
  • The World Bank official points out Pakistan’s low-growth economy is increasing poverty along with climate vulnerability
Updated 28 November 2023
KHURSHID AHMED   

KARACHI: World Bank’s Regional Vice President for South Asia Martin Raiser on Tuesday unveiled a series of policy recommendations to outline key areas requiring the attention of Pakistani authorities to improve the quality of life for its people.
Raiser, who is currently visiting the South Asian state and plans to meet officials on federal and provincial levels, primarily focused on issues like child stunting, education, fiscal sustainability, private sector growth, energy, agriculture, poverty and climate change.
The policy recommendations presented by him intend to help inform the public policy dialogue in the country ahead the general elections scheduled in February.
“Pakistan’s economy is stuck in a low-growth trap with poor human development outcomes and increasing poverty,” the senior World Bank official said in Islamabad. “Economic conditions leave Pakistan highly vulnerable to climate shocks, with insufficient public resources to finance development and climate adaptation.”
“It is now time for Pakistan to decide whether to maintain the patterns of the past or take difficult but crucial steps toward a brighter future,” he added.
The policy recommendations include the necessity of addressing the “acute human capital crisis” in the country, according to a World Bank statement, including the high prevalence of stunting and learning poverty by adopting a coordinated and coherent cross-sectoral approach.
The also suggest improving the quality of public spending and taking serious measures to expand the revenue base, ensuring that the better off pay their share.
Additionally, the recommendations called for Pursuing business regulatory and trade reforms and reducing the presence of the state in the economy to increase productivity, competitiveness, and exports.
“Almost 40 percent of children in Pakistan suffer from stunted growth, more than 78 percent of Pakistan’s children cannot read and understand a simple text by the age of 10,” Raiser said. “These are stark indicators of a silent human capital crisis that needs priority attention.”
“With additional spending on water and sanitation of around 1 percent of GDP per year and better coordination at the local level, stunting could be halved over a decade with significant positive impacts on growth and incomes,” he noted. “This is just one example of the huge economic benefits a coherent and decisive reform strategy could have.”
The World Bank official plans to interact with representatives from the private sector and academia during his stay in the country.
He will also visit various hydropower projects in Pakistan along with project sites in Sindh and Punjab.

Topics: World Bank Pakistan economy

Pakistan court rules ex-PM Khan’s trial to continue in jail, allows media access

Updated 28 November 2023
Follow

Pakistan court rules ex-PM Khan’s trial to continue in jail, allows media access

  • Khan and his close aide Shah Mahmood Qureshi are charged with leaking state secrets
  • Trial previously held behind closed doors in jail, now media, public, family to get access
Updated 28 November 2023
Aamir Saeed

ISLAMABAD: A Pakistani judge ruled on Tuesday the trial of prime minister Imran Khan in a case in which he is accused of leaking state secrets would be held in jail but members of the public and media would have access.

Khan, who is the chairman of the Pakistan Tehreek-e-Insaf (PTI) party, is being held at Rawalpindi’s Adiala jail, serving a three-year sentence in a separate case in which he was convicted in August of failing to disclose assets earned from the sale of state gifts while he was PM from 2018-2022. Khan is also accused in a number of other cases, including what has come to be called the cipher case, in which he has been indicted for leaking official secrets and using them for political gains.

The government had announced in August that the trial in the cipher case would be held in jail for “security reasons,” and a special court had since been conducting the trial on the prison premises, with no members of the public or media allowed. Last week, however, the Islamabad High Court declared the confidential proceedings illegal, following appeals by Khan’s lawyers that their client would not be given a fair trial behind closed doors. 

Public hearings in the matter began last Thursday at the Judicial Complex in Islamabad, but Khan did not appear and the case was adjourned until Nov. 28, with the court directing the ex-premier, and former foreign minister Shah Mahmood Qureshi, who has also been indicted in the case, to appear in person on that date.

Khan and Qureshi, who have both pleaded not guilty, were not brought to the court on Tuesday when the judge ruled that the trial would continue in jail but media and the public would be allowed access to the court proceedings. Five family members of each suspect would also be allowed to attend the hearing.

The next hearing has been set for Dec. 1 at Adiala Jail.

“The jail officials are saying that he [Khan] cannot be presented,” the judge remarked after reviewing a report submitted by Adiala jail authorities. 

Lawyers representing Khan and Qureshi objected to the report and urged the court to implement its previous order that the duo be presented in court.

“It was their [jail authorities] responsibility to present the suspect [Khan] in the court,” Salman Safdar, who is representing Khan, said.

Safdar also rubbished reports by intelligence agencies that there was a threat to Khan’s life, saying it was the state’s responsibility to provide him security.

“If there are security threats, then please adjourn this hearing for an indefinite period,” Safdar urged the court. “The accused should be granted bail if the jail authorities could not present him here for the trial.”

Qureshi’s lawyer also argued that it was “court’s responsibility to get its [production] orders implemented”:

“If the court orders are not implemented, you [the judge] have the authority to send the government officials to jail.”

Khan had been appearing in courts prior to his August arrest protected by his personal security guards. But he has also sought exemptions from personal appearances, often citing threats to his safety.

Khan, arguably the most popular politician in the country, has not been seen since he was arrested in August. Before that, he would regularly address his millions of followers via social media and hold massive public rallies and protest marches.

The cipher case relates to an alleged diplomatic correspondence between Washington and Islamabad that Khan says was proof that his ouster as PM in a parliamentary vote of no-confidence in April 2022 was part of a US conspiracy to remove him. Washington has repeatedly denied Khan’s accusations.

A special court was formed on Aug. 21 under the Official Secrets Act, 1923, to adjudicate the case through in-camera proceedings. Khan and Qureshi were indicted in the case last month.

Last week, the Pakistan government also approved Khan’s jail trial in a separate case of a £190 million settlement with a property tycoon.

Khan is currently being held at Rawalpindi’s Adiala jail where he is serving a three-year jail sentence.

Topics: Pakistan Ex-PM Imran Khan

Latest updates

Ukraine says wife of spymaster Budanov was poisoned
Pakistan’s stock market soars past 60,000 points, reaching new high on Gulf investment hopes
Ukraine says Russian shells hit private homes, four killed
Howzat! Pakistan cops arrested after shaking down star cricketer
Ten Hag urges Man Utd to keep calm in Galatasaray cauldron

Search form

Print Edition
Read pdf version Subscribe now
© 2023 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement.