Pakistani experts stress transforming Pak-Saudi ties into stronger economic partnership

Pakistani experts stress transforming Pak-Saudi ties into stronger economic partnership
In this handout photograph, released by Pakistan’s Press Information Department on December 3, 2024, Prime Minister Shehbaz Sharif (left) meets Saudi Arabia’s Crown Prince Mohammed bin Salman on the sidelines of the One Water Summit in Riyadh, Saudi Arabia. (PID)
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Updated 05 December 2024
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Pakistani experts stress transforming Pak-Saudi ties into stronger economic partnership

Pakistani experts stress transforming Pak-Saudi ties into stronger economic partnership
  • Pakistan PM met Saudi crown prince this week in Riyadh for fifth time in six months to discuss bilateral trade, investment
  • Pakistani mission in Riyadh says IT exports to Kingdom increased from $31.67 million in FY23 to $47.09 million in FY 2024

ISLAMABAD: Pakistani business leaders, experts and officials this week hailed Islamabad’s growing economic partnership with Saudi Arabia, saying it was high time the two countries transformed their close ties into a robust and mutually rewarding economic partnership. 

Prime Minister Shehbaz Sharif on Wednesday concluded a two-day visit to Saudi Arabia where he met Saudi Crown Prince Mohammed bin Salman on the sidelines of the One Water Summit in Riyadh. During the visit, Sharif met the crown prince for the fifth time in six months, during which both sides agreed to bring about a qualitative change in bilateral ties and expressed satisfaction over the pace of implementation of $2.8 billion agreements signed between the two countries. 

Pakistan has pushed in recent months to strengthen trade and investment ties with friendly nations, particularly the Kingdom, which has promised a $5 billion investment package that cash-strapped Islamabad desperately needs to shore up foreign reserves and fight a chronic balance of payment crisis.

The Prime Minister’s Office (PMO) said in a statement this week that seven out of 34 MoUs valued at $2.8 billion and signed earlier this year with Saudi Arabia have been converted into agreements worth $560 million.

“This is high time to transform the Pakistan-Saudi relationship into a stronger economic partnership, especially following the recent increase in high-level leadership contacts and exchanges of business delegations,” Fahad Barlas, chairman of the Pakistan Association of Exhibition Industry, told Arab News on Wednesday. 

Barlas organized the second Pakistan Investment Summit in Jeddah on Nov. 30 under the Pakistan Association of Exhibition Industry. The event featured 31 Pakistani companies from various sectors and was attended by prominent traders, investors, and community figures.

“We brought together 31 Pakistani companies, all of which received promising leads, with around 20 of them expected to convert into tangible collaborations and deals worth over $25 million,” he disclosed.

He said five MoUs were signed at the event, adding that the major companies that signed deals included real estate developers such as Exotica, ParkView City, and the Defense Housing Authority. 

Pakistan and Saudi Arabia’s growing closeness and business ties have translated into higher trade between the two countries. 
“In FY 2024, Pakistan’s trade volume with Saudi Arabia reached $5203.19 million marking an increase from $5010.47 million in FY 2023,” the Pakistani mission in Riyadh told Arab News.

It said that from July to October during the current financial year, Pakistan’s trade volume with Saudi Arabia has already reached $1,577.85 million. Meanwhile, Pakistan’s total exports to Saudi Arabia were recorded at $710.29 million for FY 2024, up from $503.85 million in FY 2023.

“Pakistan’s exports to Saudi Arabia for the period from July to October current FY 2025 amounted to $245.56 million, compared to $214.98 million during the same period in FY 2024, reflecting a notable increase,” the embassy added.

The mission said Pakistan’s IT exports registered a “significant growth” of over 48 percent in FY24, increasing from $31.67 million in FY 2023 to $47.09 million. Pakistan’s services exports to the Kingdom increased by 20 percent, rising from $346.88 million in FY 2023 to $417.94 million in FY 2024. 

“Pakistan’s services exports to Saudi Arabia for the period from July to October FY 2025 reached $151.21 million, compared to $132.54 million during the same period in FY 2024, reflecting a growth in exports,” it added. 

The mission said Pakistan’s main exports to Saudi Arabia included cereals, meat and beef, textiles, knitted garments, cotton fabrics, beverages, spices, fruits and vegetables, fish and fish products, light engineering goods, leather products, towels and organic chemicals.

KINGDOM ‘MAJOR INVESTOR’ IN PAKISTAN

Khaqan Najeeb, former adviser to the finance ministry, said Pakistan’s relationship with Saudi Arabia was now emerging in investment and trade, particularly focused on science, technology, IT, mining sector and agriculture areas. 

“It would be important to say that at the time when Pakistan needed the required gross external financing needs to be fulfilled, Saudi Arabia was a key player to ensure its deposits in Pakistan,” he told Arab News.

Najeeb said it was good to see agreements worth $560 million signed with Saudi Arabia were now being implemented, signaling a positive progress in bilateral business relations.

“The recent interaction will boost the confidence of the Saudi government and hope to see the crown prince visiting Pakistan to conclude some of the ongoing talks around the mines and mineral sector in Pakistan,” he said. 

Javed Hafeez, a former Pakistani diplomat, said the impact of the increased Pakistan-Saudi Arabia leadership-level contacts on investment and trade would be “positive.”

“The Kingdom of Saudi Arabia is a major investor in Special Investment Facilitation Center (SIFC) and its related projects, especially in agriculture and in mining,” he told Arab News.

Pakistan formed the Special Investment Facilitation Council (SIFC), a hybrid civil and military body, in 2023 to fast-track decisions related to foreign investment in its key economic sectors such as agriculture, mining, minerals, tourism and others.

He said that the five meetings between Sharif and the Saudi crown prince in six months highlighted both sides’ mutual desire for frequent consultations, especially as the region undergoes turbulence.

“In terms of peace and security, Saudi Arabia and Pakistan, as close allies, regularly consult each other at key junctures, given their shared responsibility for peace in the Middle East,” Hafeez said.


Pakistan eyes leadership in digital finance as it launches crypto council to regulate digital assets

Pakistan eyes leadership in digital finance as it launches crypto council to regulate digital assets
Updated 14 March 2025
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Pakistan eyes leadership in digital finance as it launches crypto council to regulate digital assets

Pakistan eyes leadership in digital finance as it launches crypto council to regulate digital assets
  • The council will help integrate blockchain innovations into Pakistan’s financial framework
  • Pakistan’s finance chief says government wants responsible crypto ecosystem for economic growth

KARACHI: Federal Minister for Finance and Revenue Muhammad Aurangzeb said on Friday his country wanted to be a leader in digital finance as the government officially launched the Pakistan Crypto Council to establish regulatory guidelines for crypto adoption.
The newly established council is a government-backed initiative that seeks to integrate blockchain and cryptocurrency innovations into Pakistan’s financial and economic framework. Led by key policymakers, regulatory heads and industry experts, it plans to establish a progressive digital asset ecosystem.
The government’s decision to launch the council marks a shift in Pakistan’s stance on cryptocurrencies, moving from previous resistance to a more open and regulatory-focused approach.
“The world is moving rapidly toward digital finance, and Pakistan wishes to be a leader in the space,” an official statement circulated after the launch quoted the finance minister as saying.
“The establishment of the Pakistan Crypto Council is a step toward embracing innovation while ensuring that we create a regulatory framework that protects investors and the financial system,” he continued. “We are committed to fostering a responsible and progressive crypto ecosystem that can contribute to Pakistan’s economic growth.”
Earlier this month, the government appointed Bilal Bin Saqib as lead adviser to the finance minister to develop policy measures ahead of adopting digital currencies.
Saqib will serve as the council’s CEO, bringing his expertise in blockchain technology, investment strategy and digital innovation to spearhead the initiative.
“Our goal is to ensure that Pakistan becomes a competitive player in the global digital economy while prioritizing security, transparency and innovation,” he said at the launch. “By bringing together key stakeholders, we aim to strike a balance between progressive policymaking and fostering an environment where entrepreneurs and businesses can confidently explore the potential of blockchain technology.”
As the council begins operations, it aims to prioritize engagement with international crypto and blockchain organizations to ensure best practices.
It will also collaborate with fintech startups, investors and blockchain developers to encourage responsible innovation and safeguard consumers through a strong legal and compliance framework.


Pakistan International Airlines flight lands safely in Lahore with ‘missing wheel’

Pakistan International Airlines flight lands safely in Lahore with ‘missing wheel’
Updated 14 March 2025
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Pakistan International Airlines flight lands safely in Lahore with ‘missing wheel’

Pakistan International Airlines flight lands safely in Lahore with ‘missing wheel’
  • PIA flight safety teams will submit a report after completing their investigation into the matter
  • The missing wheel of the plan was later found near a remote parking bay at Karachi airport

KARACHI: A Pakistan International Airlines (PIA) flight from Karachi to Lahore landed with a missing wheel at its destination, authorities said on Friday, adding that an investigation into the matter was underway.
PIA has faced a history of challenges, particularly regarding the safety and reliability of its flights. In May 2020, one of its planes crashed into a residential area near Karachi’s Jinnah International Airport, killing 97 of the 99 people on board.
The crash led to deep scrutiny of PIA’s safety protocols, with the European Union Aviation Safety Agency (EASA) suspending its authorization to operate in Europe, citing serious safety deficiencies. The ban severely impacted PIA’s international operations, tarnished the airline’s reputation and led to massive financial losses.
According to a PIA statement, PK-306 departed from Karachi to Lahore on Thursday and made a “smooth, uneventful” landing despite a wheel missing from the main landing gear.
“On the walk-around inspection by the captain, it was revealed that one out of the six-wheel assemblies on the main landing gear at the back side was missing,” the airline’s spokesperson, Abdullah Khan, said in the statement.
He added that PIA flight safety teams would submit a report in this regard once the investigation was complete.
“It is worth mentioning that the aircraft is designed to handle these contingencies and that at no point was there any risk posed to the equipment or to the passengers,” Khan said.
Later, the missing wheel of the plane was found near a remote parking bay at Karachi airport. The Pakistan Airports Authority confirmed that there was no evidence of casualties or property damage resulting from the wheel’s detachment.
The incident comes after EASA lifted the four-year ban on PIA on November 29, 2024, citing significant improvements in safety and regulatory compliance by Pakistan’s Civil Aviation Authority.
PIA welcomed the decision and promptly scheduled flights to European destinations. The first direct flight from Islamabad to Paris took off on January 10, 2025, marking the official resumption of PIA’s European operations.


Pakistan military calls India main sponsor of ‘terrorism’ in Balochistan as train attack toll hits 26

Pakistan military calls India main sponsor of ‘terrorism’ in Balochistan as train attack toll hits 26
Updated 14 March 2025
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Pakistan military calls India main sponsor of ‘terrorism’ in Balochistan as train attack toll hits 26

Pakistan military calls India main sponsor of ‘terrorism’ in Balochistan as train attack toll hits 26
  • BLA separatists targeted a passenger train in Pakistan’s southwest earlier this week, 26 passengers and five troops killed
  • Lt. Gen. Ahmad Sharif Chaudhry accuses India of launching information warfare by using AI images of the attack

ISLAMABAD: Pakistan’s military spokesperson, Lt. Gen. Ahmad Sharif Chaudhry, on Friday accused India of being the main sponsor of “terrorism” in Balochistan, as the death toll from a separatist group’s attack on a passenger train, which triggered a hostage crisis earlier this week, rose to 26.
The separatist Balochistan Liberation Army (BLA) bombed part of a railway track and stormed the train on Tuesday afternoon in Mushkaaf, a rugged area in the mountainous Bolan range of Balochistan. The hostage crisis was resolved a day later when the armed forces conducted a successful operation to rescue the hostages, killing 33 militants in the process.
“We must understand that in this terrorist incident in Balochistan, and others before, the main sponsor is your eastern neighbor [India],” the military spokesperson said during a joint news conference with Chief Minister Balochistan Sardar Sarfraz Bugti in Islamabad, though New Delhi has previously denied such allegations.
He criticized the Indian media for “glorifying” the Jaffer Express attack, accusing it of launching an information warfare campaign while militants held hostages and forces assessed the situation.
“The Indian media was using videos shared by the internationally recognized terrorist group,” he said, referring to the visuals shared by the BLA. “They used images generated by artificial intelligence and old videos as well to glorify and promote the attack internationally.”
In response to a question, the military spokesperson said 33 terrorists had been killed during the rescue operation, while the number of passengers who had lost their lives after being shot by the militants had risen to 26 from the previous count of 21.
“Of the 26 killed, 18 were from the army and the FC [frontier corps], three were railway employees and the remaining five were civilians,” he said, adding that apart from them five FC soldiers were also killed during the attack.
Chaudhry said 354 hostages had been rescued, identified, contacted and treated. He said with 26 people killed, the total count of hostages who had been accounted for was 380. He also expressed fear of a potential rise in casualties due to 37 injured among the rescued passengers.
Asked if the large-scale BLA attack indicated an intelligence failure, the military spokesperson said Balochistan’s difficult terrain made intelligence gathering challenging, but agencies were working around the clock to track leads and prevent attacks.

This screengrab, taken from state run Pakistan Television’s live broadcast, shows Pakistan’s military spokesperson, Lt. Gen. Ahmad Sharif Chaudhry, speaking during a press briefing on Balochistan train hijack, in Islamabad on March 14, 2025. (PTV World/Screengrab)

“I don’t agree with the term ‘intelligence failure’ because there are thousands of intelligence successes that people do not hear about, incidents that never happened because our intelligence detected and neutralized the threats,” he added.
Providing the train rescue details, he described the operation as “one of the most successful” conducted in a hostage situation and completed within a period of 36 hours.
“Not even a single casualty of hostages took place during the process,” he said, adding the passengers who were killed by the militants died shortly after they took over the train. “The whole operation was done with extreme expertise.”
Chaudhry said the armed forces executed the mission after a careful assessment of the situation, ensuring the safety of the hostages while eliminating the militants who had positioned suicide bombers near civilians to prolong the standoff.
The military spokesperson also reiterated that BLA militants were in contact with individuals inside Afghanistan, echoing Islamabad’s allegation that Afghan authorities have been backing anti-Pakistan groups, a charge the administration in Kabul denies.
Addressing the media, the Balochistan chief minister maintained India’s spy agencies and other hostile entities were waging an intelligence-driven war against Pakistan using Afghan soil.
Balochistan, Pakistan’s largest province by land area, has long been the site of a low-level insurgency, with separatist groups accusing the government of exploiting the province’s natural resources while leaving its people in poverty.
Government officials deny the allegation and say they are developing the province through multibillion-dollar projects, including those backed by China.


PM presents Rs2.5 million cheque to struggling Pakistani footballer, promises government job

PM presents Rs2.5 million cheque to struggling Pakistani footballer, promises government job
Updated 14 March 2025
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PM presents Rs2.5 million cheque to struggling Pakistani footballer, promises government job

PM presents Rs2.5 million cheque to struggling Pakistani footballer, promises government job
  • A video of Muhammad Riaz frying popular street snack to make ends meet went viral on social media this month, drawing online criticism
  • PM Shehbaz Sharif calls for a strategy to provide sustainable employment opportunities to athletes representing Pakistan internationally

ISLAMABAD: Prime Minister Shehbaz Sharif has met with Pakistani footballer Muhammad Riaz and handed him Rs2.5 million ($8,916) cheque and promised a government job for him in a federal department of his choice, Sharif’s office said on Friday.
Riaz, who represented Pakistan in the 2018 Asian Games, made headlines after a video of him selling jalebis, a popular street snack, went viral online, with netizens criticizing the government and sports bodies for ignoring the footballer.
Sports athletes in the subcontinent, including Pakistan, usually come from economically disadvantaged backgrounds before becoming household names overnight and attaining financial success.
In his meeting with the footballer, PM Sharif praised his courage and determination, and urged to continue playing football and an active role in promoting the game in the South Asian country.
“Pakistani youth are a valuable asset of the country,” Sharif’s office quoted him as saying. “Providing all kinds of facilities to Pakistani athletes and resources for them to compete at the international level is among the top priorities of the government.”
The prime minister instructed officials to provide Riaz with job in federal department of his choice.
“Steps should be taken to promote sports in the country,” he said. “A strategy should be formulated to provide sustainable employment opportunities to the athletes representing Pakistan at the international level and for their welfare.”
Riaz thanked the prime minister for the financial support and for taking steps for the welfare of players and the promotion of sports, according to Sharif’s office.
The plight of football in Pakistan is a tale of unfulfilled potential, administrative chaos and lack of investment. Despite a passionate fan base and a pool of talented players, the sport has suffered due to mismanagement by governing bodies, political interference and inadequate infrastructure.
The Pakistan Football Federation (PFF) has been marred by internal disputes and FIFA suspensions which have hindered the development of the game at all levels.
On Wednesday, the Pakistan Football League (PFL) also announced a cash prize of Rs1 million ($3,573) and a “prominent position” in the league for Riaz.
The PFL is a franchise league that says it is driven by a UK-based company with foreign investment solely committed to uplifting football from the grassroots to a professional level in Pakistan.


Blast in northwestern Pakistan mosque injures religious party leader, three others

Blast in northwestern Pakistan mosque injures religious party leader, three others
Updated 14 March 2025
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Blast in northwestern Pakistan mosque injures religious party leader, three others

Blast in northwestern Pakistan mosque injures religious party leader, three others
  • Attacks have been escalating in Pakistan’s border regions with Afghanistan in recent months
  • Last month, a suicide bomber killed six worshippers during Friday prayers at an Islamic seminary

PESHAWAR: A blast tore through a mosque on Friday in northwestern Pakistan, police said, injuring a religious party leader and three others, including children.
Abdullah Nadeem, a local leader of the Jamiat Ulema Islam-Fazl (JUI-F) political party, was believed to be the target of the blast and had been hospitalized with serious injures, said Asif Bahadar, a district police chief in South Waziristan. He said two children were among the injured.
It was not immediately clear who was behind the explosion.
Attacks have been escalating in Pakistan’s border regions with Afghanistan in recent months.
Last month, a suicide bomber killed six worshippers during Friday prayers at an Islamic seminary in northwestern Pakistan, known as a historic training ground for the Afghan Taliban.
This week in southwestern Balochistan, separatist militants hijacked a train and held passengers hostage in a day-long standoff with security forces.
Pakistan has vowed to crack down on growing militancy and has said the militants are finding safe haven in neighboring Afghanistan, a charge the ruling Afghan Taliban deny.