Ex-PM Sharif’s party bags deputy speaker post in Punjab Assembly 

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Malik Muhammad Ahmed Khan (L) takes oath as the speaker of the Punjab Assembly in Lahore, Pakistan on February 24, 2024. (APP)
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Newly elected members take oath at the provincial legislature of Pakistan's Punjab Assembly in Lahore on February 23, 2024. (AFP)
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Updated 25 February 2024
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Ex-PM Sharif’s party bags deputy speaker post in Punjab Assembly 

  • Zaheer Iqbal Channar defeats Sunni Ittehad Council’s Moin Riaz to become deputy speaker Punjab Assembly
  • Sharif’s PML-N party on Saturday clinched the coveted post of speaker in the Punjab Assembly as well

ISLAMABAD: Former prime minister Nawaz Sharif’s Pakistan Muslim League-Nawaz (PML-N) party this week bagged the post of deputy speaker in the Punjab Assembly, with elections for the chief minister in Pakistan’s most populous Punjab province scheduled to be held on Monday. 

Malik Ahmed Khan, the Pakistan Muslim League-Nawaz’s (PML-N) candidate for speaker, was elected as the custodian of the house against the Sunni Ittehad Council’s (SIC) candidate, Malik Ahmad Khan Bhachar, on Saturday in the 371-member house. Khan polled 224 votes while Bhachar secured 96.

Meanwhile, the PML-N’s nominee Zaheer Iqbal Channar won the election for the deputy speaker’s post on Saturday, defeating his opponent from the SIC, Moin Riaz. The election of the speaker and deputy speaker was held through secret ballot in the house.

“Zaheer Iqbal Channar has taken oath as deputy speaker of the Punjab Assembly,” the PML-N wrote on social media platform X on Saturday. In a video uploaded with the post, Khan can be seen administering oath to Channar. 

Meanwhile, the nominations for the chief minister of Punjab’s election are supposed to be received by the Punjab Assembly today, Sunday, while elections for the coveted post are scheduled to be held on Monday. 

Members of former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party who won the polls had joined the SIC to claim their share of the reserved seats in the assembly since they contested as independents. But the issue is pending before the Election Commission of Pakistan (ECP) which is yet to make a decision on the matter.

As the SIC’s Mian Aslam Iqbal— who is wanted by the police in multiple legal cases— could not take oath in the Punjab Assembly as a legislator on Saturday, the PTI announced it has nominated Aftab Ahmad Khan to run for the office of chief minister of Punjab against the PML-N’s candidate, Maryam Nawaz Sharif.

“After consulting Mian Aslam Iqbal, the party leadership and Aslam Iqbal have decided to nominate Aftab Ahmad Khan for the chief minister’s election,” the PTI said on social media platform X. 

The Punjab Assembly is the largest elected house in the country comprising 297 general seats and 74 reserved seats.

Monday’s election will likely see Maryam Nawaz Sharif, the daughter of three-time former Prime Minister Nawaz Sharif, make history as the first woman chief minister of Punjab.

Maryam, 50, plays an influential role in her father’s PML-N and has been presented by him as his political heir apparent. She is senior vice president of the party.


79 foreign firms, including Middle Eastern investors, enter Pakistan in three years — SECP

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79 foreign firms, including Middle Eastern investors, enter Pakistan in three years — SECP

  • Foreign firms invested about $145 million across energy, logistics, IT and agriculture
  • Pakistani regulator says 19 companies exited market over the same three-year period

KARACHI: Middle Eastern energy and logistics companies including Saudi Aramco, Wafi Energy and DP World expanded their footprint in Pakistan, as 79 new foreign firms commenced operations in the country over the past three years, according to an official statement released on Tuesday.

The figures come as Pakistan seeks to rebuild investor confidence and attract foreign capital to shore up its economy after years of financial turbulence that saw foreign currency reserves shrink, the rupee weaken sharply and inflation surge. Islamabad has been pursuing structural reforms and courting overseas partners to stabilize growth and ease external financing pressures.

“79 new foreign companies commenced operations in Pakistan over the past three years, while foreign firms invested Rs 40.7 billion [$145 million] in key sectors during the same period,” the Securities and Exchange of Pakistan (SECP) said in a statement.

“A total of 61 foreign companies also carried out shareholding transactions involving local entities,” it added. “Of the 61 shareholding transactions, 29 involved transfers to other foreign companies, four to foreign individual investors, 20 to local individual investors, and eight to local corporate entities.”

According to the regulator, several transactions were linked to global corporate restructuring among multinational companies. Saudi Arabia’s Wafi Energy acquired Shell Pakistan’s operations, while Dubai-based PTA Global Holdings secured a majority stake in Lotte Chemical Pakistan.

Saudi Aramco purchased a 40 percent equity stake in Gas & Oil Pakistan Limited, and Switzerland’s Gunvor Group alongside Total Parco Limited acquired equal stakes in TotalEnergies Pakistan.

In logistics, UAE-based DP World entered into a joint venture with Pakistan’s National Logistics Corporation, while investments in the technology and telecommunications sectors included acquisitions and stake purchases involving regional and international firms.

The statement said 1,157 foreign companies are currently registered and operational in Pakistan, with 19 exits recorded over the past three years.