Pakistan secures 10 multibillion-dollar deals with Kuwait during PM Kakar’s Gulf visit

Pakistan's Caretaker Prime Minister Anwaar-ul-Haq Kakar (left) shakes hands with Crown Prince Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah in Kuwait on November 29, 2023. (Government of Pakistan)
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Updated 29 November 2023
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Pakistan secures 10 multibillion-dollar deals with Kuwait during PM Kakar’s Gulf visit

  • The deals have been signed in agriculture, hydel power, mineral industry and environment sectors
  • Kakar will attend World Climate Action Summit in Dubai on December 1 as part of UN’s COP28

ISLAMABAD: Pakistan signed 10 bilateral cooperation and investment deals with Kuwait during Prime Minister Anwaar-ul-Haq Kakar’s visit to the Gulf country on Wednesday, where he met Crown Prince Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah and other leaders.

Kakar’s Kuwait stopover is part of a week-long tour to the Middle East, starting with the United Arab Emirates where he signed deals worth billions of dollars on Monday.

Pakistan Army Chief General Asim Munir, who is also accompanying the prime minister, held a separate meeting with Kuwait’s crown prince, earlier in the day.

“During the meeting [with the Crown Prince], the Prime Minister underscored the resolve to forge deeper economic engagement between Pakistan and Kuwait, including in trade, energy, IT, labor, mineral and investments,” the PM Office said in a statement.




Pakistan Army Chief General Asim Munir (left) meets Kuwait’s Crown Prince Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah on November 29, 2023. (Kuwait News Agency)

Kakar also met Kuwait’s First Deputy Prime Minister and Minister for Interior Sheikh Talal Al-Khaled Al-Ahmad Al Sabah.

“The two leaders witnessed the signing of seven agreements concluded to attract multi-billion dollars investment from the State of Kuwait in various sectors of Pakistan including food security/agriculture, hydel power, water supplies (safe drinking water and supporting mining activities), establishment of mining fund to support mineral industry, technology zones development and mangrove preservation,” said the official statement.

Additionally, three MoUs in the fields of culture, environment and sustainable development were also signed.

Kakar highlighted the importance his country attributed to its relationship with Kuwait and reiterated his government’s desire to further expand bilateral cooperation in diverse fields.

“He appreciated the measures undertaken by Kuwait for the recruitment of Pakistani manpower in the fields of health, security and infrastructure,” the statement added.

Prior to arriving in Kuwait on Tuesday night, Kakar spent much of the day in Abu Dhabi where he visited the famous Sheikh Zayed Grand Mosque, considered a masterpiece of modern Islamic architecture which can accommodate over 40,000 visitors. He also went to the mausoleum of the late Sheikh Zayed bin Sultan Al Nahyan.

The Pakistani prime minister oversaw the signing of multiple MoUs between the UAE on his country on Monday in energy, port operation projects, waste water treatment, food security, logistics, minerals, and banking and financial services sectors.

“These MoUs will unlock multi-billion dollars of investment from United Arab Emirates into Pakistan and will help realize various initiatives envisioned under [Pakistan’s] Special Investment Facilitation Council,” the Pakistani foreign office said in a statement, referring to a special body set up in July to seek investment from foreign countries, particularly in the Gulf region.

The prime minister will leave for Dubai after concluding his Kuwait visit to attend the World Climate Action Summit, scheduled to take place on Dec. 1-2 as part of the UN climate change conference, or COP28.


Pakistan passes Virtual Assets Act 2026, empowers regulator to combat money laundering

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Pakistan passes Virtual Assets Act 2026, empowers regulator to combat money laundering

  • Legislation introduces licensing for virtual asset service providers, market surveillance mechanisms
  • Pakistan is one of the world’s top cryptocurrency markets, with millions actively using virtual assets

KARACHI: Pakistan’s parliament on Friday passed the Virtual Assets Act 2026, granting the Pakistan Virtual Assets Regulatory Authority (PVARA) powers to combat money laundering, militant financing and other illicit activities, the regulator said.

The legislation introduces regulatory provisions including mandatory licensing for virtual asset service providers, market surveillance mechanisms, anti-money laundering and counter-terrorism financing compliance, and coordination with Pakistani financial regulators including the State Bank of Pakistan and the Securities and Exchange Commission of Pakistan.

Pakistan has in recent months stepped up efforts to draft rules for regulating the fast-expanding market for digital coins and tokens, requiring virtual asset service providers to secure government approval. Islamabad’s move to embrace digital currency marks a significant policy shift as it had banned cryptocurrency in 2018, citing financial risks.

“A year ago, Pakistan’s digital asset landscape was defined by uncertainty and grey areas. Today, we have the country’s first Act of Parliament establishing a regulatory body for virtual assets, building on the Presidential Ordinance introduced in 2025,” PVARA Chairman Bilal bin Saqib said in a post on X.

“With NOCs [no objection certificates] already issued and banking rails being developed in coordination with the State Bank of Pakistan, we are now moving toward a comprehensive licensing framework aligned with global AML [anti-money laundering] and financial integrity standards.”

Meanwhile, PVARA said the framework aims to boost transparency, protect investors, and ensure a stable, trustworthy virtual asset market while supporting responsible fintech innovation.

“The legislation also equips the Authority with powers to address money laundering, terrorist financing, and other illicit activities associated with virtual assets, bringing Pakistan’s regulatory approach in line with international standards,” it added.

Pakistan ranks among the world’s largest cryptocurrency markets by adoption, with millions of citizens actively engaged in virtual assets.

In February, Dr. Afnanullah Khan, a Pakistani senator from the ruling party, had said major crypto coins such as Bitcoin, Ethereum and XRP will soon be traded in Pakistan through crypto exchanges.

Pakistan earlier launched a “regulatory sandbox” for firms to trial crypto services under PVARA’s supervision before full approval.

In January, Pakistan signed a memorandum of understanding with a World Liberty Financial-linked firm, tied to US President Donald Trump’s family, to explore a dollar-backed stablecoin for cross-border payments.