Pakistan explores collaboration opportunities with UAE-based banks for economic growth 

Finance Minister Muhammad Aurangzeb holds meetings with UAE-based banks on May 19, 2025. (Photo courtesy: Ministry of finance)
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Updated 19 May 2025
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Pakistan explores collaboration opportunities with UAE-based banks for economic growth 

  • Pakistan finmin meets representatives of Sharjah Islamic Bank, Abu Dhabi Islamic Bank, and Ajman Bank
  • Pakistan finance ministry says Islamabad open to commercial partnerships that contribute to economic growth

KARACHI: Finance Minister Muhammad Aurangzeb on Monday held meetings with three UAE-based banks which concluded with both sides expressing their desire to explore potential avenues for collaboration for economic growth, Pakistan’s finance ministry said. 

The ministry held a series of virtual meetings with three UAE-based banks, Sharjah Islamic Bank, Abu Dhabi Islamic Bank, and Ajman Bank. The meeting, chaired by Aurangzeb, focused on the banks’ support for Pakistan’s development and fiscal objectives, the finance ministry said.

“The meeting concluded with mutual interest in continuing the dialogue and exploring potential avenues for collaboration,” the finance ministry said. 

“The finance minister reaffirmed Pakistan’s openness to quality commercial partnerships that contribute to economic growth, development financing, and investor confidence.”

Aurangzeb said Pakistan is on the path to macroeconomic stability. He noted that this year, Pakistan’s forex reserves are approaching the $14 billion mark, which would provide the nation with three months of import cover.

Pakistan has undertaken structural, financial reforms in recent months mandated by the International Monetary Fund (IMF) in exchange for bailout programs from the international lender. 

These include increasing its tax base, introducing reforms in the energy sector and privatizing loss-making public assets. Aurangzeb underscored that the government is “firmly committed” to long-term reforms. 

“We have broken away from the old boom and bust cycle,” the minister said. “The current stability is backed by difficult but necessary reforms— and we are staying the course.”

He shared that Pakistan is set to reach a tax-to-GDP ratio of 10.6 percent by June 2025, with a target of 11 percent in the next fiscal year, the ministry said. 

“During the interactive sessions, senior executives of the three banks acknowledged the progress and shared their comments and views on Pakistan’s economic plans,” the statement said. 

The UAE is Pakistan’s third-largest trading partner after China and the US, and a major source of foreign investment, with over $10 billion invested in the last two decades.

The Gulf country is also home to over a million expatriates from Pakistan, the second-largest overseas Pakistani community globally, and a major source of remittances.


Pakistani student launches ‘Urdu ChatGPT’ AI model

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Pakistani student launches ‘Urdu ChatGPT’ AI model

  • Developer says “Qalb” is largest large language model built exclusively for Urdu
  • Project highlights push to localize artificial intelligence for non-English users

ISLAMABAD: A Pakistani student studying in the United States has launched an artificial intelligence model designed exclusively for the Urdu language, a development its creator says could help bridge longstanding gaps in access to advanced digital tools for millions of speakers worldwide.

The project, called Qalb, is positioned as an Urdu-first large language model at a time when most generative AI systems are primarily trained on English and other widely used global languages. Supporters of language-specific models argue they can improve accuracy, cultural relevance and accessibility for users in education, business and public services.

Urdu is spoken by more than 230 million people globally, including in Pakistan, India and diaspora communities, but remains under-represented in advanced AI systems. Efforts to localize artificial intelligence have increasingly been seen as critical for widening participation in digital economies, particularly in developing countries.

“Qalb is now recognized as the world’s largest Large Language Model created exclusively for the Urdu language,” Taimoor Hassan, the project’s developer, was quoted this month in a report in state-run news agency APP. 

“Trained on a massive dataset of 1.97 billion tokens and benchmarked across seven-plus international evaluation frameworks, Qalb outperforms existing Urdu-focused AI models on key real-world performance indicators, setting a new standard for natural language processing in Pakistan,” Hassan said.

“This is a development model and in the next phase we would soon launch App for mobile and web so that people could use and benefit from Qalb ChatGPT.”

Hassan completed his undergraduate degree in computer science at FAAST University’s Peshawar campus and is currently studying for a master’s degree in computer science and software engineering at Auburn University in the United States. According to APP, he is a serial entrepreneur who has previously launched and exited multiple startups and has represented Pakistan at international technology forums.

“I had the opportunity to contribute in a small way to a much bigger mission for the country,” Hassan said.

“Together with my undergraduate roommates and teammates, Jawad Ahmed and Muhammad Awais, we are committed to continuously fine-tuning localized models for niche industries, which we believe can become a major breakthrough for Pakistan.”

Both collaborators are also graduates of FAAST University Peshawar Campus and are currently studying in Germany, APP reported.

The team behind Qalb said the model is intended to support local businesses, startups, educational platforms and voice-based digital services, arguing that meaningful innovation is no longer limited to large technology firms.

“Technology is no longer locked behind big budgets or big teams. With the right mindset, even a small group can build products that educate, automate, and serve millions,” Hassan told APP.