Pakistan urges climate change collaboration with UAE after record rains hit Gulf nation

Pakistan’s Prime Minister Shehbaz Sharif, left, meets with United Arab Emirates (UAE) President Sheikh Mohamed bin Zayed Al-Nahyan at Al Shati Palace in Abu Dhabi, United Arab Emirates, on January 12, 2023. (UAE’s Presidential Court/File)
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Updated 19 April 2024
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Pakistan urges climate change collaboration with UAE after record rains hit Gulf nation

  • The storm first hit Oman over the weekend, before pounding the UAE on Tuesday with its heaviest rains in 75 years
  • PM Shehbaz Sharif telephoned the UAE president, called for collective actions after rains kill over 70 people in Pakistan

ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif on Friday telephoned United Arab Emirates (UAE) President Sheikh Mohamed bin Zayed Al-Nahyan and urged collaboration between the two countries to tackle impacts of climate change, Pakistani state media reported, days record-breaking rains hit the Gulf nation.

The United Arab Emirates was still grappling on Friday with the aftermath of a record-breaking storm this week, with the main road connecting Dubai, the most populous emirate, with Abu Dhabi partially closed for traffic.

The storm first hit Oman over the weekend, killing at least 20 people, before pounding the UAE on Tuesday with its heaviest rains in 75 years of records. Scientists blame increasingly common extreme weather events, such as the rains in UAE and Oman, on human-led global warming.

During the telephonic conversation, Sharif lauded the UAE president for his “outstanding leadership qualities” and strong commitment to ensure the welfare of the Emirati people, the state-run APP news agency reported.

“The prime minister said that Pakistan had also witnessed heavy rains in recent days, resulting in loss of many precious lives,” the report read.

“He called for collective actions to combat the challenge of climate change and suggested that both countries strengthen their collaboration in the field.”

Pakistan has been prone to natural disasters and consistently ranks among one of the most adversely affected countries due to the effects of climate change. Torrential rains have killed more than 70 people in the South Asian country this month, according to authorities.

The UAE president appreciated the prime minister’s good wishes and reciprocated the warm sentiments for the people affected from rains and flooding in Pakistan, according to the APP report.

“Both leaders reaffirmed their commitment to enhance bilateral cooperation in multifaceted areas,” it added.


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

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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.