PM Sharif invites Saudi investors to Pakistan, offers business facilitation during visit to Kingdom

Pakistan's Prime Minister Shehbaz Sharif (center) and his delegation in a meeting with Saudi Investment Minister Khalid Al-Falih and Mohammad Al-Tuwaijri, head of the Joint Task Force for Economic Engagement, in Jeddah, Saudi Arabia, on March 20, 2025. (PID)
Short Url
Updated 21 March 2025
Follow

PM Sharif invites Saudi investors to Pakistan, offers business facilitation during visit to Kingdom

  • Pakistan has tried to strengthened business-to-business relations with Kingdom of Saudi Arabia in recent years
  • Both sides announced in Oct. they had signed 34 memorandums of understanding and agreements worth $2.8 billion

ISLAMABAD: Prime Minister Shehbaz Sharif has invited Saudi businessperson to invest in Pakistan and offered to facilitate them in setting up businesses in the South Asian country, Sharif’s office said on Thursday.
The statement came after Sharif’s meeting with Saudi Investment Minister Khalid Al-Falih and Mohammad Al-Tuwaijri, head of the Joint Task Force for Economic Engagement, during the Pakistan premier’s visit to the Kingdom.
Pakistan has tried to strengthened business-to-business (B2B) relations with Saudi Arabia, with both sides announcing in last Oct. they had signed 34 memorandums of understanding and agreements worth $2.8 billion.
Discussions in Thursday’s meeting focused on strengthening economic cooperation, attracting Saudi investments, and expediting joint initiatives in key sectors, according to Pakistan PM’s office.
“The PM reaffirmed Pakistan’s commitment to facilitating Saudi investors, highlighting the country’s strategic position and investment-friendly policies,” Sharif’s office said in a statement.
“He emphasized Pakistan’s vast potential in energy, infrastructure, agriculture and technology, inviting Saudi businesses to explore opportunities under the Special Investment Facilitation Council (SIFC).”
The Saudi investment minister expressed the Kingdom’s “strong interest” in deepening economic ties with Pakistan, according to the statement.
“They discussed enhancing institutional collaboration to accelerate investment projects and ensure their smooth implementation,” it said.
“Both sides agreed to further strengthen the Pakistan-Saudi economic partnership through structured engagements and swift execution of joint projects.”
Later, Sharif also visited the Prophet’s Mosque in Madinah along with his delegation.




Pakistan’s Prime Minister Shehbaz Sharif (centre) offers prayer at Prophet’s Mosque in Madinah, Saudi Arabia, on March 20, 2025. (PID)


Sharif is on a four-day visit to the Kingdom to strengthen trade and investment ties. The two countries enjoy close defense, diplomatic, political and cultural relations, though they have further consolidated their relations in recent years as Pakistan grappled with a prolonged economic crisis and sought the kingdom’s help.
The Kingdom is also home to more than two million Pakistani expatriates and serves as the top source of remittances.


Police lodge case over Karachi mall blaze under mischief, negligence and murder clauses

Updated 57 min 37 sec ago
Follow

Police lodge case over Karachi mall blaze under mischief, negligence and murder clauses

  • The fire broke out at the densely packed Gul Plaza in the heart of Karachi on Jan. 17 and has so far claimed 71 lives
  • Traders have estimated losses at $53.6 million, while the government has announced $35,720 for family of each victim

ISLAMABAD: Police in Pakistan’s southern port city of Karachi have registered a case over a deadly blaze at Gul Plaza, which has so far claimed 71 lives, under mischief, negligence and murder clauses, a senior police official said on Saturday.

The fire broke out at the densely packed commercial complex in the heart of Karachi on Jan. 17, trapping workers and shoppers inside. It burnt for over 24 hours before being brought under control, leaving the building structurally unsafe.

Authorities have not yet confirmed the cause of the fire. Police said preliminary indications pointed to a possible electrical short circuit, though officials stress conclusions will only be drawn after investigations are completed.

A week after the incident, police have registered the first information report (FIR) of the incident under sections 427, 436, 337-H (i) and 322 of the Pakistan Penal Code, according to Deputy Inspector General (DIG) Karachi South Asad Raza.

“The FIR of the Gul Plaza tragedy has been registered under the government’s prosecution, with case number 08/2026 at Nabi Bux police station,” Raza told Arab News.

Section 427 relates to mischief causing damage, 436 concerns mischief by fire or explosive substance, 337-H (i) details punishment for rash or negligent act, and 322 details punishment for homicide.

Deadly fires are a recurring problem in Karachi, a city of more than 20 million people, where overcrowded markets, aging infrastructure, illegal construction and weak enforcement of safety regulations frequently contribute to disasters. Officials say a blaze of this scale is rare.

Identification has been significantly slowed by the condition of the remains recovered from the site, Syed said, noting that many bodies were found in fragments, complicating DNA analysis and prolonging the process for families waiting for confirmation.

Traders have estimated total losses from the fire at up to Rs15 billion ($53.6 million). The Sindh provincial government this week announced compensation of Rs10 million ($35,720) for the family of each person killed in the blaze and said affected shopkeepers would also receive financial assistance.

Separately on Saturday, the Muttahida Qaumi Movement-Pakistan (MQM-P) party urged Prime Minister Shehbaz Sharif to constitute an inquiry commission to hold those accountable whose negligence led to the Gul Plaza inferno.

“Incapability, mistake, apathy, shamelessness, impudence — these should be exposed,” MQM-P’s Farooq Sattar said, calling for an “independent judicial inquiry” into the Gul Plaza tragedy to ensure the truth comes to light.

LAHORE HOTEL FIRE

Meanwhile, a fire erupted at a hotel in the eastern city of Lahore in Pakistan’s most populous Punjab province, according to Rescue 1122 service.

Six people were injured due to the blaze at the hotel in the city’s Gulberg area who were shifted to hospital.

“All necessary steps be taken to quickly control the fire, instructions,” Deputy Commissioner Muhammad Ali Aijaz directed authorities. “Immediate evacuation of all people from the building be ensured.”