Pakistani PM, Saudi Crown Prince agree on ‘qualitative change’ in economic, investment relationship

In this handout photograph, released by Pakistan’s Press Information Department on December 3, 2024, Prime Minister Shehbaz Sharif (left) meets Saudi Arabia’s Crown Prince Mohammed bin Salman on the sidelines of the One Water Summit in Riyadh, Saudi Arabia. (PID)
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Updated 04 December 2024
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Pakistani PM, Saudi Crown Prince agree on ‘qualitative change’ in economic, investment relationship

  • The development comes weeks after Pakistan and Saudi Arabia signed business agreements worth $2.8 billion
  • Both leaders express satisfaction over the implementation of the agreements regarding investment in Pakistan

ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday met with Saudi Arabia’s Crown Prince Mohammed bin Salman on the sidelines of the One Water Summit in Riyadh, Sharif’s office said, adding the two leaders agreed to further boost bilateral trade and investment ties between the two countries.
This was Sharif’s fifth meeting with the Saudi Crown Prince over the past six months, according to the Pakistan PM’s office. Crown Prince Mohammed said this was the evidence of the “genuine love and affection that connect the peoples of the two countries.”
Sharif last met the Saudi Crown Prince on the sidelines of the Future Investment Initiative in Riyadh in late October, when the two leaders discussed recent agreements, including investments in agriculture, semiconductor manufacturing, and energy, worth $2.8 billion.
“Both leaders agreed that it was now necessary for the two countries to bring about a qualitative change in their economic, trade and investment relationship,” Sharif’s office said in a statement.
“The Crown Prince stressed that it was important to ensure that Pakistan and Saudi Arabia enhance meaningful cooperation that will bring about economic growth and prosperity in Pakistan.”
Pakistani and Saudi businesses signed 27 memorandums of understanding (MoUs) worth $2.2 billion on Oct. 10 during the Saudi investment minister’s visit to Islamabad. On Oct. 30, while Sharif was visiting Riyadh, Saudi Arabia announced it had enhanced the number of business agreements from 27 to 34 and increased their value to $2.8 billion.

Sharif’s office said on Monday that seven out of 34 MoUs signed with Saudi Arabia had been actualized into agreements worth $560 million. In April, the Kingdom also pledged to expedite a $5 billion investment portfolio for Islamabad.
During Tuesday’s meeting in Riyadh, both leaders expressed satisfaction at the pace of progress of the implementation of the agreements regarding investment in Pakistan, according to Sharif’s office. The prime minister reiterated his invitation to Crown Prince Mohammed to visit Pakistan at his earliest convenience.
“The Crown Prince responded that he was looking forward to his visit to Pakistan,” Sharif’s office said.
Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to more than two million Pakistani expatriates and serves as the top source of remittances to the cash-strapped South Asian nation.
ONE WATER SUMMIT
Earlier on Tuesday, Sharif called for transfer of technology, financing and international cooperation to ensure sustainable management of water for all as he addressed the One Water Summit in Riyadh.
The summit, a joint initiative of Saudi Arabia, France, Kazakhstan and the World Bank, aimed for high-level political commitments to promote global cooperation and a coherent international approach toward water resource management.
Addressing the summit, Sharif said water was lifeblood of the planet, which transcended political boundaries, connected nations and fostered shared ecosystem, which was why his country attached great importance to transboundary cooperation.
“At the global level, I would submit for your kind consideration a number of steps to overcome water-related challenges. First, we need international cooperation and collaboration to ensure availability, sustainable management of water and sanitation for all,” he told attendees at the summit.
“Second, exchange of knowledge and expertise as well as transfer of technologies on innovative water management must be prioritized. Third, adequate funding for climate-resilient infrastructure and overcoming financing gap remains critical for climate-vulnerable countries.”
He appreciated the Kingdom of Saudi Arabia, France, Kazakhstan and the World Bank for the initiative, saying the world required “strong political will and global leadership to overcome the water crisis.”
“We must also focus on framework for transparency, data-sharing and regional cooperation to avoid conflicts and promote water-sharing,” the Pakistan premier said.
“We must invest in skills development, research and institutional strengthening to tackle water challenges at national and global levels.”
Sharif detailed steps taken by his government to ensure water security and climate-resilience, saying Pakistan was proud of joining this initiative and looked forward to providing all possible support in achieving its goals.
“As leaders, policymakers and custodians of the future, it is our duty to ensure that these rivers, lakes and aquifers that have nourished civilizations for centuries must not be reduced to tales of the past,” he added.


New Zealand’s O’Rourke’s four wickets limit Pakistan to 242 in tri-series final

Updated 14 sec ago
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New Zealand’s O’Rourke’s four wickets limit Pakistan to 242 in tri-series final

  • Final is a dress rehearsal for opening Champions Trophy match between the two sides on Wednesday
  • Pakistan’s batting ace Baber Azam scored confident 29, reaching 6,000 runs in one-day internationals

KARACHI: New Zealand pace bowler Will O’Rourke took four wickets to restrict Pakistan to a modest 242 runs in the tri-series final in Karachi on Friday.
O’Rourke finished with 4-43 and was ably supported by spinners Mitchell Santner (2-20) and Michael Bracewell (2-38) as Pakistan were dismissed in 49.3 overs after they won the toss and batted.
Skipper Mohammad Rizwan top-scored with a 76-ball 46, while Salman Agha hit 45 off 65 balls, with slow and variable bounce on the National Stadium pitch proving tough for batting.
The final is a dress rehearsal for the opening match of the Champions Trophy between the same teams at the same venue on Wednesday.
Pakistan lost opener Fakhar Zaman to O’Rourke in the fourth over for 10 and then Saud Shakeel for eight.
Babar Azam looked good for his 29 runs, hitting four boundaries and a six, and reached 6,000 runs scored in one-day internationals when he was on 10.
He was playing his 123rd innings, the joint fastest to reach the 6,000-runs milestone with South African Hashim Amla.
Azam fell to a miscued shot off Nathan Smith, leaving Pakistan struggling at 54-3.
Rizwan and Agha, who shared a match-winning 260-run partnership against South Africa on Wednesday, then revived the innings with an 88-run stand.
Rizwan hit four boundaries and a six but he and Agha fell within 19 runs of each other to end any hope of a big total.
Tayyab Tahir hit a 33-ball 38, also with four boundaries and a six, while Faheem Ashraf (22) and Naseem Shah (19) added 39 invaluable runs to get Pakistan past 240.


Pakistani actors Kubra Khan and Gohar Rasheed share photos from Grand Mosque after nikkah in Makkah

Updated 21 min 23 sec ago
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Pakistani actors Kubra Khan and Gohar Rasheed share photos from Grand Mosque after nikkah in Makkah

  • Khan and Rasheed remain among the most recognized faces in Pakistan’s entertainment industry
  • One of the images on social media shows them in the attire worn by pilgrims performing Umrah

KARACHI: Pakistani actors Kubra Khan and Gohar Rasheed announced their wedding on Friday, sharing photos on Instagram taken at the Grand Mosque in Makkah with the Kaaba, the black cubic structure at the center of Islam’s most sacred mosque, in the background.
Khan and Rasheed remain among the most recognized faces in Pakistan’s entertainment industry. With their marriage now public, fans and colleagues have flooded social media with congratulatory messages, celebrating their union.
Arab News attempted to contact both actors for further comments but did not receive a response. Most of their friends also refrained from speaking on the matter, though some confirmed that the nikkah, the Islamic marriage contract requiring mutual consent, took place in the Grand Mosque earlier this week on February 12.
“Under the Kursi [throne] of Allah… 70 thousand angels as witnesses and Rehmat [mercy] pouring down on us like rain… Qubool hai,” the two actors said in a joint Instagram post, referencing the belief in divine presence and blessings during their marriage and mentioning their acceptance of the bond in the last two words.
The images with the post showed the couple in the white attire worn by pilgrims performing Umrah, including a close-up of their hands placed on the Kaaba with wedding rings and another of them smiling at each other against the sacred black cube.

This photo, jointly posted by the couple on their respective official Instagram accounts on February 14, 2025, shows a close-up of their hands placed on the Kaaba with wedding rings, announcing their marriage on February 12, at the Grand Mosque in Makkah. (Photo courtesy: Instagram/@thekubism/@mirzagoharrasheed)

The Grand Mosque is considered the most sacred site in Islam, where millions of Muslims gather to perform Hajj and Umrah each year.
Kubra Khan, born Rabia Iqbal Khan, is a British-Pakistani actor known for her roles in popular television dramas such as “Sang-e-Mar Mar,” “Alif” and “Hum Kahan Ke Sachay Thay,” as well as films like “Na Maloom Afraad” and “Jawani Phir Nahi Ani 2.”
Gohar Rasheed has built a reputation with performances in “Mann Mayal,” “Ishqiya” and “The Legend of Maula Jatt.” The two actors have been close friends for years and co-starred in the drama “Jannat Se Aagay,” fueling long-standing speculation about their relationship.


PM Sharif calls climate financing ‘crucial’ in talks with top UN official in Pakistan

Updated 32 min 17 sec ago
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PM Sharif calls climate financing ‘crucial’ in talks with top UN official in Pakistan

  • Pakistan is one of the world’s most climate-vulnerable nations, frequently battered by extreme weather events
  • The country has pushed for operationalization of Loss and Damages Fund for nations facing climate catastrophes

KARACHI: Prime Minister Shehbaz Sharif on Friday described climate financing as a “crucial component” of addressing the effects of climate change, urging developed nations to honor their commitments during a meeting with the United Nations’ top official in the country.
Despite contributing less than one percent to global carbon emissions, Pakistan remains one of the world’s most climate-vulnerable nations, frequently battered by extreme weather events.
The catastrophic floods of 2022 submerged a third of the country, affecting over 33 million people, killing more than 1,700 and inflicting about $30 billion in damages and economic losses.
In response, Pakistan has led efforts on climate financing, securing pledges at international platforms such as the COP27 climate conference in Egypt to assist in rebuilding climate-resilient infrastructure.
“[The Prime Minister] reaffirmed Pakistan’s strong political commitment to advancing the objective of combating climate change in close collaboration and partnership with the international community and the UN,” the PM Office said in a statement after Sharif’s meeting with UN Resident Coordinator Mohamed Yahya.
“The Prime Minister underscored that climate financing remained a crucial component of addressing the impacts of climate change, and expressed the hope that the developed nations would fulfill their commitments in that regard,” it added.
Pakistan has played a key role in pushing for the operationalization of the Loss and Damage Fund, an initiative to support nations suffering climate-induced destruction, in recent years.
Sharif also emphasized the need for reforms in the global financial system to increase the voice and representation of developing countries in international financial institutions in his meeting with the top UN official, according to the statement.
Last week, the UN Resident Coordinator called for “stronger international solidarity” in rebuilding homes in Pakistan’s flood-affected regions while speaking to Arab News.
He also described it as “unjust” for Pakistan to be asked to take loans for reconstruction, arguing that the crisis was caused by other countries, including 20 nations responsible for 80 percent of global emissions.


Habib Bank, S&P Global launch Pakistan’s first index to track manufacturing sector

Updated 14 February 2025
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Habib Bank, S&P Global launch Pakistan’s first index to track manufacturing sector

  • The index will be a standardized economic indicator based on a survey of a diverse panel of industries
  • It will help track economic developments in Pakistan, support decision making by financial institutions

ISLAMABAD: Pakistan’s largest bank, Habib Bank Limited (HBL), and global financial information and analytics firm S&P Global have launched a new index to track the country’s manufacturing sector, the companies said on Friday.
Rising taxes and power tariffs have led to social unrest and hammered industries in Pakistan’s $350 billion economy, as it navigates a tricky path to recovery under a $7 billion International Monetary Fund (IMF) program approved in September.
The HBL S&P Global Purchasing Managers’ Index will be a standardized economic indicator based on a survey of a diverse panel of industries.
It will be Pakistan’s first comprehensive manufacturing index and a welcome source of information for investors in a country where economic data is scarce.
The industries will be asked about their perceptions of current business conditions and future expectations and the index will be released on the first working day of each month, the companies said in a statement.
“The launch of Pakistan’s first ever PMI is a significant event contributing to the accessibility of timely and high-frequency data to track economic developments in Pakistan and support decision making by financial institutions, investors and businesses,” said Luke Thompson, Managing Director of S&P Global Market Intelligence, in a statement.
Muhammad Nassir Salim, President & CEO of HBL said the series will enhance investor confidence and transparency in Pakistan’s economy.


High-level IFC delegation in Pakistan after nearly 10 years as World Bank pledges $20 billion

Updated 14 February 2025
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High-level IFC delegation in Pakistan after nearly 10 years as World Bank pledges $20 billion

  • The IFC, a member of the World Bank group, is the largest global development institution focused on the private sector in emerging markets
  • Finance Minister Muhammad Aurangzeb underscores efforts for the private sector to lead economic growth, particularly in export-led expansion

KARACHI: A high-level International Finance Corporation (IFC) delegation has met Pakistan’s Finance Minister Muhammad Aurangzeb, the finance ministry said on Friday, weeks after the World Bank pledged $20 billion support to the South Asian country.
The World Bank last month announced supplying Pakistan with $20 billion of loans over the next decade, which are expected to be invested in nutrition, education and renewable energies in the hope of stimulating private-sector growth.
The IFC, a member of the World Bank group, is the largest global development institution focused on the private sector in emerging markets, and its managing-director, Makhtar Diop, is currently leading a delegation to Pakistan.
In his meeting with IFC delegates, Aurangzeb briefed the about Pakistan’s macroeconomic stability on both the debt and equity sides as well as key structural reforms undertaken by his government, according to the Pakistani finance ministry.
“The finance minister highlighted the government’s recent declaration of warehousing as an industry and reaffirmed its commitment to public-private partnerships (PPPs) in infrastructure, IT (information technology), data centers, and AgTech (agricultural technology),” the ministry said in a statement.
“He emphasized that agricultural income tax remains a key area of discussion, alongside the broader goal of capital mobilization, where the private sector must play a leading role. He also noted that several international partners have publicly acknowledged Pakistan’s growing investment potential.”
During the meeting, Diop acknowledged the government’s reform efforts and noted that Pakistani private sector stakeholders had expressed confidence in the current policies, according to the finance ministry.
He commended Pakistan’s Country Partnership Framework (CPF) with the World Bank, recognizing it as one of the best practices globally, and reiterated IFC’s commitment to working closely with Islamabad and providing support in key areas such as green energy, data centers, agricultural supply chain improvements, telecom sector, and digitization.
The World Bank’s lending for Pakistan will start in 2026 and focus on six outcomes: improving education quality, tackling child stunting, boosting climate resilience, enhancing energy efficiency, fostering inclusive development and increasing private investment.
Pakistan nearly defaulted in 2023 on the payment of foreign debts and the International Monetary Fund (IMF) rescued it by agreeing to a $3 billion bailout. Last year, Islamabad secured a new $7 billion loan deal from the IMF. Since then, the country’s economy has started improving with weekly inflation coming down from 27 percent in 2023 to 1.8 percent in January. Pakistan Prime Minister Shehbaz Sharif has vowed to reduce dependence on foreign loans in the coming years.
During the meeting, Finance Minister Aurangzeb also outlined key structural reforms, including the recent introduction of agricultural income tax along with pension reforms and rightsizing initiatives across 43 ministries and 400 attached departments.
“He reaffirmed his government’s commitment to fostering an environment where the private sector leads economic growth, particularly in driving export-led expansion,” the finance ministry added.