Saudi tech company partners with Pakistan’s ABHI to launch financial services in Kingdom

Saudi tech company partners with Pakistan’s ABHI to launch financial services in Kingdom
In this handout photograph, taken and released by Pakistani startup Abhi on May 9, 2024, Abhi and Alraedah Digital Solutions, a leading Saudi technology company, officials shake hands during the sigining of a partnership agreement. (Photo courtesy: Abhi)
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Updated 10 May 2024
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Saudi tech company partners with Pakistan’s ABHI to launch financial services in Kingdom

Saudi tech company partners with Pakistan’s ABHI to launch financial services in Kingdom
  • ABHI, which also serves customers in UAE, was selected as one of Gulf country’s Future 100 companies last year 
  • Saudi tech company says partnership to empower Kingdom’s citizens, embolden private sector and foster economic growth

KARACHI: Alraedah Digital Solutions, a leading Saudi technology company, announced on Thursday it was entering into a strategic partnership with Pakistani fintech ABHI to launch “innovative” financial services in the Kingdom. 
Alraedah Digital Solutions, the digital arm of Alraedah Digital Group, focuses on innovation and digital transformation to empower businesses and individuals through cutting-edge solutions in finance and technology. 
ABHI is a Pakistani fintech company that provides innovative finance solutions to businesses and their employees. Last year, it was selected as one of the Future 100 companies of the United Arab Emirates. 
Founded in 2021, ABHI has been serving customers in Pakistan, UAE, and Bangladesh through its credit-bridging products. These include Earned Wage Access, Invoice Factoring, SME Working Capital & Revenue Based Financing, and Payroll Solutions. 
“Under the terms of the agreement, Alraedah will leverage ABHI’s robust capabilities to launch a set of innovative financial services in KSA,” the Saudi company said in a press release. 
The statement said as per the terms of the agreement, ABHI will gain access to Alraedah’s knowledge and understanding of the local Saudi market. This would enable it to collaboratively launch innovative financing products in Saudi Arabia.
“Alraedah will enable access to $200 million over the course of three years to develop products that apply ABHI’s proprietary technology, localized for the Saudi market,” the press release said. 
The Pakistani fintech says it has a client base of over 1,000 esteemed companies and actively promotes financial empowerment and provides stability to over 750,000 employees across the region.
“With our innovative financial solutions and Alraedah’s deep local expertise, we are poised to empower Saudi citizens, embolden the private sector, and foster a more vibrant, thriving economy,” Omair Ansari, co-founder and CEO of ABHI, was quoted as saying. 
Paul Melotto, CEO of Alraedah Digital Solutions, said both companies aim to redefine access to financial services and empower individuals and businesses across the region.
“Together, we aim to redefine access to financial services and empower individuals and businesses across the region,” he said.


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

Pakistan, UK discuss investment opportunities in energy, minerals and infrastructure
Updated 09 February 2025
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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 to discuss Palestine issue, Trump’s Gaza displacement proposal

Pakistan calls for OIC summit to discuss Palestine issue, Trump’s Gaza displacement proposal
Updated 09 February 2025
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Pakistan calls for OIC summit to discuss Palestine issue, Trump’s Gaza displacement proposal

Pakistan calls for OIC summit to discuss Palestine issue, Trump’s Gaza displacement proposal
  • Foreign Minister Ishaq Dar speaks to Iranian counterpart Seyed Abbas Araghchi over the phone, says foreign office
  • Earlier this month Trump 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
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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.


Imran Khan’s party vows to continue protests against alleged Pakistan election rigging 

Imran Khan’s party vows to continue protests against alleged Pakistan election rigging 
Updated 09 February 2025
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Imran Khan’s party vows to continue protests against alleged Pakistan election rigging 

Imran Khan’s party vows to continue protests against alleged Pakistan election rigging 
  • Thousands of Khan supporters mark “Black Day” to protest Pakistan’s 2024 controversial election
  • Government spokesperson Irfan Siddiqui accuses Khan’s party of heading toward “violent protests”

KARACHI: Jailed former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party on Saturday vowed to continue protests against alleged vote manipulation in the 2024 general elections, as the party held protests to mark a “Black Day” on the first anniversary of the polls.

Hundreds of Khan supporters took part in a rally in Pakistan’s northwestern Swabi city on Saturday evening, responding to the PTI’s call to mark Feb. 8 as a Black Day with anti-government protests and rallies. 

National polls held last year on Feb. 8 were marred by a countrywide shutdown of cell phone networks and delayed results, leading to widespread allegations of election manipulation by opposition parties like the PTI and opposition faction Jamaat-e-Islami.

The caretaker government, which oversaw the electoral exercise, and the Election Commission of Pakistan (ECP), deny the charges. However, the US House of Representatives and several European countries have called on Islamabad to open a probe into the allegations — a move Pakistan’s current government has thus far rejected.

The PTI initially planned to hold a rally in Lahore but, after being denied permission by the local administration, relocated it to Swabi in Khyber Pakhtunkhwa (KP), where the party is in power.

“When we proceed and raise the slogan of revolution and hold the colors of our flag, you will not tolerate it,” KP Chief Minister Ali Amin Gandapur said at the Swabi rally. 

Talks between Khan’s party and the government, which began in December, broke down last month after the PTI said it would not negotiate unless the government formed commissions to probe violent anti-government protests of May 2023 and November 2024. 

“If you’re not ready for talks, we also know how to respond,” Gandapur said. “If you use people and arms bought with our tax money, we will also have arms.”

Junaid Akbar the president of PTI’s KP chapter, warned the party will continue protests further.

“When Khan gives the order this time, we will take care of both your approach and your defense,” he warned the federal government. 

In Karachi, the PTI had planned to hold a rally at the Karachi Press Club but police attempted to halt the protest, forcing hundreds of Khan supporters to reach Empress Market to stage a rally.

Separately, Senator Irfan Siddiqui, a member of the government’s negotiating committee, wrote on social media platform X that it now stands non-functional and ineffective, alleging that the PTI wants to proceed with violence. 

“PTI has also rejected the prime minister’s offer after unilaterally walking out of the negotiation process,” he said. 

“Now it wants to go to the home ground of violent protests.”

In Karachi, the JI protested outside the election commission’s office, demanding the electoral body fix the results of the polls.

“Whoever has won elections should be declared the winner. The people who have reached assemblies are certainly not the winner,” Muslim Pervez, the vice president of JI’s Karachi chapter, told Arab News.

PTI candidates contested the elections as independents after the party was barred from contesting polls under its symbol. While they won the most seats, they fell short of a majority, allowing a coalition of rival parties, led by Prime Minister Shehbaz Sharif, to form the government.

Pakistan’s government reiterates it won the general elections on the basis of popular support and has repeatedly rejected the PTI’s allegations of rigging. 


Pakistan’s finance minister attends funeral of Aga Khan IV in Portugal

Pakistan’s finance minister attends funeral of Aga Khan IV in Portugal
Updated 09 February 2025
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Pakistan’s finance minister attends funeral of Aga Khan IV in Portugal

Pakistan’s finance minister attends funeral of Aga Khan IV in Portugal
  • The ceremony was attended by over 300 guests, including the Canadian PM and Qatar’s emir
  • The ceremony was attended by over 300 guests, including the Canadian PM and Qatar’s emir

ISLAMABAD: Pakistan’s Finance Minister Muhammad Aurangzeb attended the funeral ceremony of the late Prince Karim Al-Hussaini Aga Khan IV on Saturday in Lisbon, Portugal, according to an official statement.
The ceremony at the Ismaili Center in Lisbon was attended by over 300 guests, including Canadian Prime Minister Justin Trudeau, Portuguese President Marcelo Rebelo de Sousa, Qatar’s Emir Tamim bin Hamad Al-Thani and former Spanish King Juan Carlos I.
The late Aga Khan, who led the global Ismaili community for nearly seven decades, passed away earlier this week at the age of 88. His death was announced by the Aga Khan Development Network (AKDN) and the Ismaili religious community.
Following his passing, his eldest son, Prince Rahim Al-Hussaini, 53, was named the Aga Khan V, the 50th hereditary Imam of the community, in accordance with his father’s will.
“Federal Minister for Finance & Revenue, Muhammad Aurangzeb, attended the funeral of the late Prince Karim Al-Hussaini Aga Khan IV, the 49th hereditary Imam of the Shia Ismaili Muslims, in Lisbon, Portugal,” said the statement from Pakistan’s foreign office.
“During the meeting with Prince Rahim Al-Hussaini Aga Khan V, the 50th Imam of the Shia Ismaili Muslims, the Minister conveyed condolences on behalf of the Government and people of Pakistan,” it added.
Aurangzeb lauded the late Aga Khan’s contributions to philanthropy and development, describing his passing as a monumental loss not only for his family and followers but also for underprivileged people worldwide. He also recalled Prince Karim Aga Khan’s special attachment to Pakistan and its people.
The AKDN, founded by the late Ismaili leader, has been instrumental in various development projects in Pakistan, particularly in Gilgit-Baltistan and Chitral regions.
Initiatives such as the Aga Khan Rural Support Program have focused on poverty alleviation, health care, education and cultural preservation, significantly contributing to the socio-economic development of these areas.
The Ismaili community in Pakistan, numbering in the hundreds of thousands, has benefited from these initiatives, which have also had a positive impact on the national economy through improved infrastructure and human development.
Prince Karim Aga Khan IV will be laid to rest during a private burial ceremony in Aswan, Egypt, on Sunday.