Saudi FM’s visit to lead to investment worth billions of dollars in Pakistan — PM Sharif

Special Saudi FM’s visit to lead to investment worth billions of dollars in Pakistan — PM Sharif
In this handout photo, taken and released by Pakistan’s Foreign Ministry, Pakistani Foreign Minister Ishaq Dar welcomes his Saudi counterpart Prince Faisal bin Farhan and his high level delegation from Saudi Arabia at the Ministry of Foreign Affairs in Islamabad on April 16, 2024. (Photo courtesy: MOFA)
Short Url
Updated 17 April 2024
Follow

Saudi FM’s visit to lead to investment worth billions of dollars in Pakistan — PM Sharif

Saudi FM’s visit to lead to investment worth billions of dollars in Pakistan — PM Sharif
  • Saudi foreign minister arrived in Pakistan on Monday for a two-day visit to discuss economic cooperation, investment deals
  • Pakistan’s information minister describes Saudi FM’s visit as “positive,” says discussions on investment be implemented 

ISLAMABAD: Prime Minister Shehbaz Sharif said on Wednesday that the recent visit of a high-powered Saudi delegation, led by the Kingdom’s foreign minister, will lead to investment worth billions of dollars to Pakistan, state-run media reported. 
Prince Faisal arrived in Pakistan on Monday on a two-day visit aimed at enhancing bilateral economic cooperation and pushing forward previously agreed investment deals. His trip came a little over a week after Crown Prince Mohammed bin Salman met Prime Minister Shehbaz Sharif in Makkah and reaffirmed the Kingdom’s commitment to expedite investments worth $5 billion.
Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and the top source of remittances to the cash-strapped South Asian country.
“Prime Minister Shehbaz Sharif has expressed the confidence that the visit of Saudi delegation will lead to investment worth billions of dollars in Pakistan,” Radio Pakistan said in a report. 
The comments were made by Sharif during a meeting of the federal cabinet he chaired. Sharif thanked Saudi Crown Prince Mohammed bin Salman for the delegation’s visit and praised members of the Pakistani federal cabinet and authorities for making the visit a success. 
Sharif stressed that the same dedication from officials was needed to ensure the arrival of the Saudi investment in Pakistan and the completion of the projects.
Separately, Information Minister Ataullah Tarar said the Saudi delegation had expressed “seriousness” about investing in Pakistan. 
“Several matters were discussed with them regarding investments in refineries, natural resources and tourism sector, which are being implemented,” Tarar told reporters during a news conference. 
“This was a very positive and successful visit.”
He said another high-level delegation from the Kingdom would visit Pakistan to sign important agreements and ensure these projects are implemented. 
Tarar said another delegation of Saudi investors from the private sector would “soon” visit Pakistan. He said both Islamabad and Riyadh would play their role to facilitate the Saudi investors’ delegation’s visit. 


Pakistan seeks Saudi investment in tech sector with over 100 local firms joining LEAP 2025 in Riyadh

Pakistan seeks Saudi investment in tech sector with over 100 local firms joining LEAP 2025 in Riyadh
Updated 4 sec ago
Follow

Pakistan seeks Saudi investment in tech sector with over 100 local firms joining LEAP 2025 in Riyadh

Pakistan seeks Saudi investment in tech sector with over 100 local firms joining LEAP 2025 in Riyadh
  • The fourth edition of the LEAP conference aims to expand business networking and investment opportunities in the global tech sector
  • IT minister says Pakistan, which recorded $348 million IT exports in Dec., offers ‘world-class’ digital services, investment opportunities

ISLAMABAD: State Minister for Information Technology (IT) Shaza Fatima Khawaja on Sunday invited Saudi businessmen to invest in Pakistan’s tech sector, highlighting the participation of over 100 Pakistani firms in the LEAP 2025 tech conference in Riyadh.

The minister expressed these views while addressing the Pakistan-Saudi Business Forum in Riyadh, a networking event jointly organized by the Pakistan Software Houses Association (P@SHA) and the Pakistan Software Export Board (PSEB), ahead of the four-day LEAP tech conference being held on Feb. 9-12.

This is the fourth edition of LEAP, recognized as Saudi Arabia’s award-winning global technology event for which entrepreneurs, investors and startups have converged in Riyadh to present their products to an anticipated audience of over 170,000 visitors. The latest edition follows last year’s record-breaking LEAP 2024, which saw $13.4 billion in investments and project commitments. Under the theme “Into New Worlds,” LEAP 2025 aims to expand business networking and investment opportunities in the tech sector.

Pakistan recorded the highest-ever monthly IT exports of $348 million in Dec. 2024, up by 15 percent year-on-year and 12 percent month-on-month, according to official data. The LEAP event offers Pakistani firms a platform to collaborate with stakeholders, explore business opportunities and showcase Pakistan’s diverse IT exports, including software development, artificial intelligence (AI), blockchain, fintech, gaming and robotics.

“Pakistan seeks strong partnerships in advanced technology under Saudi Vision 2030 and we invite Saudi investors to invest in Pakistan’s fintech, cybersecurity, and cloud computing sectors,” Khawaja said.

“Pakistan is making its largest participation in LEAP 2025, with over 100 tech companies and more than 1,000 participants.”

LEAP 2025 will debut Tech Arena, a platform for emerging innovations, featuring a ‘Live TV’ stage hosted by BBC Click’s Lara Lewington and Spencer Kelly. It is one of two new segments at LEAP 2025, alongside the SportsTech stage, supporting Saudi Arabia’s Vision 2030 for innovation and technological growth.

Visitors will explore AI, mixed reality, fashion tech, and brain-computer interfaces. Key highlights include Anouk Wipprecht’s Tech Couture exhibit, Adobe’s ‘Project Primrose’ digital dress technology, and Aramco-backed Terra Drone’s long-range medical delivery system. Saudi oil giant Aramco will also showcase SARA, an AI-driven assistant for decision-making. Engine VR will present its Golden Gloves VR boxing platform with live demos by UFC fighter Andrew Sanchez, while Alwaleed Philanthropies will showcase its Atlai AI program to support global deforestation monitoring. XPANCEO will introduce smart contact lenses with integrated computing.

Pakistan is providing world-class digital services and offering excellent opportunities for investors, according to Khawaja.

“We are not just participating [in LEAP 2025] but signing memorandums of understandings and making agreements for real economic growth through cooperation,” she said, adding that the Digital Cooperation Organization (DCO) was a key partner in the South Asian country’s digital growth.

The 16-member DCO, the world’s first standalone international intergovernmental organization, focuses on the acceleration of growth of an inclusive and sustainable digital economy. Pakistan is a key member of the organization.

Khawaja said the Digital Nation Act 2025 marked a new era in the Pakistani digital realm and provided a golden opportunity for digital investment and technological collaboration between Pakistan and Saudi Arabia. The act aims to align Pakistan’s economy, governance and services with global digital standards.

“The Digital Foreign Direct Investment (DFDI) Forum will soon be held in Islamabad, bringing together global investors, including from Saudi Arabia,” she added.


Pakistan’s commercial capital bars entry of dumper trucks in daytime amid rising accidents

Pakistan’s commercial capital bars entry of dumper trucks in daytime amid rising accidents
Updated 09 February 2025
Follow

Pakistan’s commercial capital bars entry of dumper trucks in daytime amid rising accidents

Pakistan’s commercial capital bars entry of dumper trucks in daytime amid rising accidents
  • The announcement came hours after a dumper truck crushed three people to death in Ibrahim Hyderi area of Karachi
  • Accidents are common in Pakistan where traffic rules are rarely followed, roads and vehicles are in poor condition

KARACHI: Authorities in Pakistan’s southern Sindh province have barred entry of dumper trucks in the commercial hub of Karachi from 6am till 11pm, a senior official said late Saturday, amid a rise in fatal road accidents that involved heavy vehicles.
The announcement came hours after a dumper truck crushed three people to death in the city’s Ibrahim Hyderi area. It followed a similar incident in Gulistan-e-Jauhar, which claimed three lives a day ago.
Fatal road accidents are common in Pakistan where traffic rules are rarely followed and roads as well as a majority of vehicles are in poor condition. Road crashes have killed at least 96 people, including 71 men, 12 women and 13 children, and injured nearly 1,300 others in Karachi in the last two months, local media reports, citing police.
On Saturday, Sindh Chief Secretary Asif Haider Shah presided over a meeting of senior provincial officials and decided to introduce a Vehicle Inspection and Certification System (VICS) in the province among other measures to contain the rising number of road accidents.
“All vehicles in the city should have a certificate with a QR code from the Transport Department,” said a statement issued from the chief secretary’s office after the meeting, adding that authorities will conduct physical verification of all heavy vehicles and their drivers in the city.
The chief secretary directed inspection of all water tankers of the Karachi Water and Sewerage Board within a month, while the Sindh Solid Waste Management Board, which collects garbage with the help of dumper trucks, was ordered to shift operations to nighttime within 3 months.
“The main reason for accidents is the lack of implementation of the heavy traffic laws,” the chief secretary was quoted as saying.
“FIRs [police complaints] should be registered against those who drive recklessly along with a challan.”
The official urged motorcyclists to wear helmets and instructed traffic police to increase enforcement of traffic laws in the city.


Pakistan, UK discuss investment opportunities in energy, minerals and infrastructure

Pakistan, UK discuss investment opportunities in energy, minerals and infrastructure
Updated 09 February 2025
Follow

Pakistan, UK discuss investment opportunities in energy, minerals and infrastructure

Pakistan, UK discuss investment opportunities in energy, minerals and infrastructure
  • Pakistan’s finance minister meets UK under-secretary for Afghanistan, Middle East and Pakistan in Portugal 
  • Cash-strapped Pakistan is eyeing investments in minerals, agriculture and energy to escape economic crisis

ISLAMABAD: Pakistan’s Finance Minister Muhammad Aurangzeb this week met British envoy Hamish Faulkner in Portugal where the two sides discussed bilateral investment opportunities in energy, minerals and infrastructure, the finance ministry said. 

The meeting between Aurangzeb and Faulkner, the British Under-Secretary for Middle East, Afghanistan and Pakistan, took place as cash-strapped Pakistan seeks investments from regional and other foreign allies to shore up its $350 billion economy.

The Pakistani government launched a hybrid civil-military government body, the Special Investment Facilitation Council (SIFC) in June 2023 to attract foreign investment from allies and other nations. The SIFC seeks to target investment in key economic sectors such as energy, mines and minerals, infrastructure, agriculture and livestock, among others. 

Aurangzeb is in Portugal where he attended the funeral ceremony of the late Prince Karim Aga Khan IV, the spiritual leader of the Ismaili community, on Saturday. 

“During the meeting, matters of mutual interest were discussed especially investment opportunities in the energy, minerals and infrastructure sectors in Pakistan,” the Ministry of Finance said. 

The Finance Minister expressed his desire to make relations between the two countries more sustainable, saying that warm ties between Pakistan and the UK were based on mutual trust and partnership. 

Earlier this month, a delegation of American investors led by Gentry Beach, a Texas hedge fund manager and businessman close to US President Donald Trump, arrived in Pakistan. 

Beach met Pakistani officials and spoke to media during his two-day visit to the country. He expressed his desire to invest in the country’s energy, minerals, real estate and infrastructure sectors. 

Pakistan and the UK have a long and multifaceted relationship, with the latter hosting a large Pakistani diaspora community. 

Pakistan is also a member of the Commonwealth, a voluntary association of 56 countries out of which the vast majority are former British territories.


Pakistan calls for OIC summit as Trump pushes Gaza displacement plan

Pakistan calls for OIC summit as Trump pushes Gaza displacement plan
Updated 43 min 48 sec ago
Follow

Pakistan calls for OIC summit as Trump pushes Gaza displacement plan

Pakistan calls for OIC summit as Trump pushes Gaza displacement plan
  • Pakistan’s Foreign Office earlier said Trump’s proposal to displace the people of Gaza was ‘deeply troubling, unjust’
  • US President Donald Trump last month suggested resettling Palestinians residing in Gaza to Egypt, Jordan or other countries

ISLAMABAD: Pakistan’s Foreign Minister Ishaq Dar this week called for an extraordinary summit of the foreign ministers of the Organization of Islamic Cooperation (OIC) to discuss the ongoing plight of the people of Palestine, and US President Donald Trump’s proposal to resettle Palestinians in Gaza to other countries. 

Earlier this month Trump suggested that Palestinians residing in Gaza should be resettled in Egypt, Jordan or other countries while addressing the media alongside visiting Israeli Prime Minister Benjamin Netanyahu.

The proposal was rejected by both Egypt and Jordan and countries including Pakistan, prompting condemnation from various international rights groups as well.

Dar spoke to his Iranian counterpart Seyed Abbas Araghchi over the telephone during which both diplomats discussed Trump’s proposal. Dar described it as “deeply troubling and unjust,” the foreign office said on Saturday. 

“He also conveyed Pakistan’s support for convening of an Extraordinary OIC meeting of Foreign Ministers to deliberate upon this issue,” the foreign office said in its statement. 

“The two Ministers agreed to maintain close contact on these developments in the days ahead.”

Dar said the Palestinian land belongs to the people of Palestine, adding that a two-state solution in accordance with the UN Security Council resolutions is the only viable option to resolve the Middle East crisis.  

“Pakistan shall continue to support the establishment of a sovereign, independent, and contiguous Palestinian state based on pre-1967 borders, with Al-Quds Al-Sharif as its capital, the statement quoted Dar as saying. 

Trump’s controversial statement came weeks after Hamas and Israel agreed to a six-week initial ceasefire phase, which ended 15 months of war. 

The truce included the gradual withdrawal of Israeli forces from central Gaza and the return of displaced Palestinians to northern Gaza.


Phillips powers New Zealand’s 78-run win over Pakistan ahead of Champions Trophy

Phillips powers New Zealand’s 78-run win over Pakistan ahead of Champions Trophy
Updated 09 February 2025
Follow

Phillips powers New Zealand’s 78-run win over Pakistan ahead of Champions Trophy

Phillips powers New Zealand’s 78-run win over Pakistan ahead of Champions Trophy
  • Glenn Phillips smashes unbeaten 106 off 74 balls in maiden ODI century 
  • Fakhar Zaman scores 84 off 69 balls as Kiwis dismiss Pakistan for 252 runs

LAHORE: Glenn Phillips warmed up for the Champions Trophy with his first one-day international century as New Zealand beat Pakistan by 78 runs in the opening game of the tri-nation cricket series on Saturday.
Phillips smashed an unbeaten 106 off 74 balls, including six boundaries and seven sixes, at a newly renovated Gaddafi Stadium. The No. 6 batter propelled New Zealand to 330-6 in its 50 overs on a flat wicket with Daryl Mitchell (81) and Kane Williamson (58) also getting the feel of the wickets for the upcoming Champions Trophy with half centuries.
In reply, Fakhar Zaman, playing his first international in more than seven months because of illness, made a belligerent 84 off 69 but the rest of the top-order batters struggled against spin.
Pakistan was bowled out for 252 in 47.5 overs.
Phillips capped a perfect day by trapping Zaman leg before wicket with his off-spin and also took a brilliant diving catch to dismiss Babar Azam early in Pakistan’s run chase.

New Zealand’s Glenn Phillips, right, plays a shot as Pakistan’s Mohammad Rizwan watches during the tri-series ODI cricket match between Pakistan and New Zealand at Gaddafi Stadium in Lahore on February 8, 2025. (AP)

Babar struggled in his new role as opener in ODIs for the first time since 2015 and scored a painstaking 10 runs off 23 balls.
New Zealand captain Mitchell Santner (3-41) clipped the top-order with his left-arm spin while Bracewell took 2-41.
New Zealand, which is already sweating on the fitness of fast bowler Lockie Ferguson, had another injury scare when the ball hit Rachin Ravindra in the face as he misjudged a catch of Khushdil Shah in the outfield and had to leave the field.
Fast bowler Matt Henry chipped in with 3-55.

Pakistan’s Mohammad Rizwan walks off the field as New Zealand’s players celebrate after his dismissal during the tri-series ODI cricket match between Pakistan and New Zealand at Gaddafi Stadium in Lahore on February 8, 2025. (AP)

No. 10 batter Abrar Ahmed hit an unbeaten 25 that included three successive boundaries off Henry.
Phillips unleashed his power-hitting against Pakistan’s two premier fast bowlers – Shaheen Shah Afridi and Naseem Shah — in the last five overs that cost the home team 84 runs.
Pakistan, which lost the toss, had kept New Zealand in check at 246-5 before Phillips cut loose against the two pacers.
Williamson, playing his first ODI since November 2023, took his time to settle down. He reached the slowest ODI half century of his career in 82 balls before he edged Afridi after sharing a 95-run stand with Mitchell.
Mitchell survived a close run-out at the non-striker’s end before he had scored when Babar couldn’t hit the stumps from close range, but settled in well to score nearly a run-a-ball before chipping a catch to mid-wicket against a low full toss from Ahmed (2-41).

Pakistan’s Babar Azam (R) and Fakhar Zaman run between the wickets during the tri-series ODI cricket match between Pakistan and New Zealand at Gaddafi Stadium in Lahore on February 8, 2025. (AP)

Pakistan suffered a major blow in the latter half of the innings when Haris Rauf (1-23) had to leave the field due to side strain after he fell in his follow-through during his seventh over. He took no further part in the match.
Phillips switched gears when he smashed three sixes against Agha, who filled in for Rauf, and then hit an audacious reverse scoop against Afridi which went for a flat six over third man.
Phillips reached his hundred in an expensive 25-run last over of Afridi, who ended up with 3-88 in 10 overs. Michael Bracewell hit 31 in 23 balls.

New Zealand’s Glenn Phillips (R) is congratulated by Mitchel Santner after scoring a century during the tri-series ODI cricket match between Pakistan and New Zealand at Gaddafi Stadium in Lahore on February 8, 2025. (AP)

Gaddafi Stadium is one of the three venues to be upgraded for the Champions Trophy.
Karachi and Rawalpindi will also host Champions Trophy matches in Pakistan.
Lahore hosts the second game of the tri-nation series between South Africa and New Zealand on Monday. Karachi then hosts the remaining two games, including the final on Feb. 14.