KARACHI: With the Arabian Sea breeze sweeping across the field and the clip-clop of hooves pounding on turf, Naziha Hassan leans low off her saddle, eyes fixed on the white ball, her hammer slicing through the air. In one motion, she sends the ball flying between the goalposts of Karachi’s Clifton Polo Ground, a makeshift arena bordered by high-rises on one side and the beach on the other.
In a city known more for its craze for traditional sports like cricket and football, this unlikely seaside field is home to a rare sight: women competing alongside men in polo.
Once a royal pastime in South and Central Asia, polo was seen as a proving ground for valor and strategy. Traditionally considered a men’s sport, it served not only as recreation but also as a means of training cavalry, developing horsemanship and preparing warriors and noblemen for combat.
“I haven’t felt that they’re going easy on me,” Hassan said of being treated differently by male players.
“I don’t think I was ever treated like a girl in the game... if they have to hit me, ride off, to make me fall, they will make me fall and that is perfectly fine,” she told Arab News.
A doctor by profession, Hassan became passionate about polo when she would go to school in Islamabad and stop by the polo club on her way back home, looking at horses.
After relocating to Karachi, she joined the Gallop Club five years ago to take riding lessons before making her way into polo, a high-speed sport where riders clash mid-play, horses collide and players often fall.
For Hassan and her fellow female players, polo’s appeal goes beyond gender. It’s about the skills, the connection with horses and the strategy. Skill and mental sharpness, they say, often outweigh brute strength.
“I don’t think gender makes a difference in the sport, to be fair,” she said. “Yes, there are some things [like] the physical strength and stuff that sometimes is important, but at the same time, like, polo is a bit different because in polo it depends on the horse a lot also. It also depends on your strategy as well.”
That view is shared by a long-time male player at the club who identified himself as Siavash.
“We absolutely don’t care for them [as female players] here,” he said.
“When you’re playing the game, you only see the other person as a player. And if you start thinking that she’s a female, then basically, they won’t let you play,” he said with a smile.
On the field, players engage fiercely and focus purely on the game. Any suggestion of treating female players differently is brushed aside.
“In polo, we say 70 percent of the game is the horse,” Siavash added. “If a girl plays well and rides a good horse, then she’s a proper player. Some girls even play better than men. It’s about your riding, your swing and your strategy, not just strength.”
Alishba Ahsan, another regular on the field, admits it’s a tough space for women, but she embraces the challenge.
“There are barely three or four girls playing here, including me,” she said. “It’s tough, but it’s also a very good experience. You don’t get any leverage for being a girl. You ride and play just like the boys.”
Ahsan, a law student, said she had fallen five or six times, but instead of backing out, she became more determined.
Off the field, the sport is also inspiring a new generation.
Ayesha Naveed, a stay-at-home mother of a first-grade student, said her journey onto the polo field began with her daughter’s interest in horse riding. She initially accompanied her to practice, but later decided to join in herself.
“I want her to become a good polo player someday,” she said of her daughter. “It makes me really happy to see that this is a sport where everyone plays together … There is no segregation like ‘this is the women’s team’ or ‘this is the men’s team.’ And the women are actually doing even better than the men.”
Her daughter, Alaya Naveed, takes riding lessons twice a week after school. She has already mastered the basics — walk, trot and even how to fall properly.
“I only come here on Tuesdays and Thursdays,” Alaya said, her eyes gleaming. “I would like to play polo because I see the other girls and it looks fun.”
“I think it’ll take me ten more months to be a polo player,” she said after a brief pause, with childlike innocence.
Chasing goals: Women in Karachi take the reins alongside men in polo
https://arab.news/4wh5d
Chasing goals: Women in Karachi take the reins alongside men in polo
- Traditionally considered a men’s sport, polo was seen as a proving ground for valor and strategy
- Female players say skill and mental sharpness often outweigh brute strength while playing polo
Pakistan to issue four RFPs for Panda, dollar bond sale
- Government may seek to raise up to $1.25 billion from global markets
- Authorities also eye FX-linked instruments to tap local dollar liquidity
KARACHI: Pakistan’s government plans to issue four Requests for Proposal (RFPs) to major international investment banks as it moves toward launching Panda and dollar bonds, seeking to raise up to $1.25 billion from global markets, a senior finance ministry official told Arab News this week.
RFPs are formal invitations sent to banks asking them to submit bids to underwrite bond issuances, a step that signals the government is entering the execution phase of its borrowing plans. Panda bonds are yuan-denominated bonds issued in China, while dollar bonds are sold in international markets to global investors.
Pakistan has recently boosted the State Bank of Pakistan’s foreign exchange reserves to around $16 billion, supported by a $7 billion International Monetary Fund (IMF) program but continues to seek diversified sources of foreign funding. The country has also relied on financial support from friendly nations such as China, Saudi Arabia and the United Arab Emirates to manage balance-of-payments pressures.
The plans for the RFPs were discussed at a meeting of the finance ministry’s Debt Management Office (DMO) with financial market participants held on Jan. 12 at the Pakistan Stock Exchange, the finance ministry official said, requesting anonymity.
“The Debt Management Office of ministry of finance held a meeting... to communicate their strategy and debt management plan through various new initiatives under pipeline,” the official said.
Providing details of the DMO meeting, Shankar Talreja, head of research at Topline Securities Ltd., who attended the session, said the government was now moving decisively toward global bond issuance.
“The government is expected to issue four RFPs to engage big international investment banks like JP Morgans etc., who will submit their proposals on underwriting the bonds Pakistan is seeking to float,” Talreja told Arab News.
“They are rolling out both the Chinese and US bonds simultaneously,” he said, adding that the government may target raising about $1.25 billion.
Talreja said the IMF, in its latest country report, had asked Pakistan to raise $250 million through Panda bonds this year and another $1 billion through dollar bonds next year.
“That $1 billion can be a mix of both or only dollar bonds,” he said.
Alongside external borrowing, the government is also considering issuing foreign exchange-linked notes or bonds aimed at attracting dollar liquidity already held within Pakistan.
Talreja said the DMO was working on exchange rate-linked instruments for local investors, particularly individuals holding dollars in bank accounts or seeking returns linked to the US dollar.
According to State Bank of Pakistan data, commercial banks held $5.14 billion in foreign currency deposits as of January 2.
“The government borrows huge amount of dollars at as much as 8-7 or 10 percent markup rates from its foreign lenders. Why not to borrow from local investors at a reasonable rate of return,” Talreja said.
“The $5.1 billion Pakistan’s commercial banks are currently holding in deposits can be easily targeted,” he added.
Pakistan also faces near-term external repayment obligations, including a $1.3 billion Eurobond maturing on April 8.
The country repaid $500 million of Eurobond debt in September 2025 without market disruption, which Talreja described as a “nonevent” due to sufficient financial resources, citing DMO officials.
Separately, Talreja said in a note to clients that yields on 10-year Chinese government bonds were currently below 2 percent, while US bonds of similar maturity were yielding between 4 and 4.5 percent.
“The government expects rate on new issuance well within existing secondary market yields of Pakistan bonds, while Panda bonds are likely to be further competitive,” he said.
To attract global investors, Pakistani authorities have conducted roadshows and finalized a list of more than 100 international investors as part of their outreach efforts, he added.










