PM Sharif invites Saudi investors to Pakistan, offers business facilitation during visit to Kingdom

PM Sharif invites Saudi investors to Pakistan, offers business facilitation during visit to Kingdom
Pakistan's Prime Minister Shehbaz Sharif (center) and his delegation in a meeting with Saudi Investment Minister Khalid Al-Falih and Mohammad Al-Tuwaijri, head of the Joint Task Force for Economic Engagement, in Jeddah, Saudi Arabia, on March 20, 2025. (PID)
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PM Sharif invites Saudi investors to Pakistan, offers business facilitation during visit to Kingdom

PM Sharif invites Saudi investors to Pakistan, offers business facilitation during visit to Kingdom
  • Pakistan has tried to strengthened business-to-business relations with Kingdom of Saudi Arabia in recent years
  • Both sides announced in Oct. they had signed 34 memorandums of understanding and agreements worth $2.8 billion

ISLAMABAD: Prime Minister Shehbaz Sharif has invited Saudi businessperson to invest in Pakistan and offered to facilitate them in setting up businesses in the South Asian country, Sharif’s office said on Thursday.
The statement came after Sharif’s meeting with Saudi Investment Minister Khalid Al-Falih and Mohammad Al-Tuwaijri, head of the Joint Task Force for Economic Engagement, during the Pakistan premier’s visit to the Kingdom.
Pakistan has tried to strengthened business-to-business (B2B) relations with Saudi Arabia, with both sides announcing in last Oct. they had signed 34 memorandums of understanding and agreements worth $2.8 billion.
Discussions in Thursday’s meeting focused on strengthening economic cooperation, attracting Saudi investments, and expediting joint initiatives in key sectors, according to Pakistan PM’s office.
“The PM reaffirmed Pakistan’s commitment to facilitating Saudi investors, highlighting the country’s strategic position and investment-friendly policies,” Sharif’s office said in a statement.
“He emphasized Pakistan’s vast potential in energy, infrastructure, agriculture and technology, inviting Saudi businesses to explore opportunities under the Special Investment Facilitation Council (SIFC).”
The Saudi investment minister expressed the Kingdom’s “strong interest” in deepening economic ties with Pakistan, according to the statement.
“They discussed enhancing institutional collaboration to accelerate investment projects and ensure their smooth implementation,” it said.
“Both sides agreed to further strengthen the Pakistan-Saudi economic partnership through structured engagements and swift execution of joint projects.”
Later, Sharif also visited the Prophet’s Mosque in Madinah along with his delegation.




Pakistan’s Prime Minister Shehbaz Sharif (centre) offers prayer at Prophet’s Mosque in Madinah, Saudi Arabia, on March 20, 2025. (PID)


Sharif is on a four-day visit to the Kingdom to strengthen trade and investment ties. The two countries enjoy close defense, diplomatic, political and cultural relations, though they have further consolidated their relations in recent years as Pakistan grappled with a prolonged economic crisis and sought the kingdom’s help.
The Kingdom is also home to more than two million Pakistani expatriates and serves as the top source of remittances.


Pakistan stocks record 2.5% weekly gains on hopes of favorable IMF review

Pakistan stocks record 2.5% weekly gains on hopes of favorable IMF review
Updated 6 sec ago
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Pakistan stocks record 2.5% weekly gains on hopes of favorable IMF review

Pakistan stocks record 2.5% weekly gains on hopes of favorable IMF review
  • Pakistan, currently bolstered by a $7 billion facility from the IMF granted in September, is navigating an economic recovery path
  • The country’s current account deficit for Feb. coming in at $12 million and T-Bill where participation of Rs1,575 billion was seen

ISLAMABAD: Pakistan’s stock market recorded more than 2 percent weekly gains as it closed the weekend trading session gains on Friday, a Karachi-based securities firm said, attributing it to positive developments regarding Pakistan’s $7 billion International Monetary Fund (IMF) program.
While the benchmark KSE-100 index shed 327 points on Friday to close at 119,405 points, it witnessed a 2.5 percent growth in its volume during the week.
“This gain can be attributed to buying by mutual funds on favorable IMF program review, government’s efforts to resolve circular debt, lower electricity prices and rebound in cement prices,” Topline Securities said in its weekly review.
The Washington-based lender put all speculation about its negotiations with Islamabad to an end, when its mission chief, Nathan Porter, said last week the two sides had made “significant progress” toward reaching an accord.
The South Asian country, currently bolstered by a $7 billion facility from the IMF granted in September, is navigating an economic recovery path.
Other developments during the outgoing week were Pakistan’s current account deficit for Feb. coming in at $12 million and the T-Bill where participation of Rs1,575 billion was seen, with government raising Rs392 billion as against target of Rs800 billion.
“Increase in investor participation was observed during the week as average daily traded volume and value stood at 508 million shares (up by 51% WoW) and Rs31.5 billion (up by 43% WoW) respectively.


Pakistani journalist faces court over ‘anti-state’ posts

Pakistani journalist faces court over ‘anti-state’ posts
Updated 36 min 53 sec ago
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Pakistani journalist faces court over ‘anti-state’ posts

Pakistani journalist faces court over ‘anti-state’ posts
  • Farhan Mallick, head of the Raftar channel, was remanded in custody for three days, his media outlet reported on X
  • He was detained under a law targeting people ‘intentionally disseminating’ information that is ‘fake or likely to spread fear’

ISLAMABAD: The founder of a Pakistani Internet media channel appeared in court on Friday on charges of “anti-state posts and fake news” under toughened legislation targeting online content.
Farhan Mallick, head of the Raftar channel, was remanded in custody for three days, his media outlet reported on social media platform X.
The charge sheet seen by AFP shows he was detained under a revised law targeting people “intentionally disseminating” information that is “fake or likely to spread fear.”
The revised legislation carries a prison term of up to three years and prompted journalist protests when it was approved in January.
“At this stage, no concrete evidence has been presented to substantiate the anti-state allegations against Mr.Mallick or Raftar,” read an online statement by the channel, which primarily publishes podcasts and analyzes of current affairs.
Several of Raftar’s videos have amassed more than a million views in recent years and examine the role of Pakistan’s powerful military, which analysts say is deeply involved in the country’s politics and economy.
Mallick was arrested by the Federal Investigation Agency, which deals with cybercrime, on Thursday.
The independent Human Rights Commission of Pakistan subsequently called on authorities to “check the overreach of agencies... and uphold the right to freedom of expression.”
The criminalization of online disinformation has spread fear in Pakistan, with journalists among those worried about the potentially wide reach of the law.
“Amendments are being brought in specifically to quell dissent, to abduct, arrest, and detain journalists, and to silence journalism, silence dissent, and silence all criticism of the state,” human rights lawyer Imaan Mazari told AFP.
Pakistan is ranked 152 out of 180 countries in a press freedom index compiled by Reporters Without Borders.
Islamabad has long been criticized by watchdogs for restricting Internet access, including temporary bans on YouTube and TikTok, while X is officially blocked.


Pakistan approves phasing out of long-term financing to Exim Bank

Pakistan approves phasing out of long-term financing to Exim Bank
Updated 21 March 2025
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Pakistan approves phasing out of long-term financing to Exim Bank

Pakistan approves phasing out of long-term financing to Exim Bank
  • Export-Import Bank of Pakistan aims to catalyze growth and diversification of the country’s exports and to support the implementation of import-substitution projects
  • It provides a level playing field to Pakistani exporters to compete with international exporters who already rely on their national Export Credit Agencies or EXIM Banks

KARACHI: The Economic Coordination Committee (ECC) of Pakistan’s federal cabinet has approved the phasing out of long-term financing to the country’s Export-Import Bank of Pakistan, or Exim Bank, the Finance Division said on Friday.
The statement came after Finance Minister Muhammad Aurangzeb presided over a meeting of the ECC to review proposals and summaries with regard to various departments and ministries.
Among other agenda items, the forum discussed a summary presented by the Finance Division regarding the phasing out of the State Bank of Pakistan’s long-term financing facility (LTFF) to Exim Bank.
“The ECC decided that the SBP’s LTFF portfolio of PKR 330 billion would be phased out to the Exim Bank, with an allocation of PKR 1.001 billion through a Technical Supplementary Grant to meet the LTFF subsidy requirement for the new portfolio for FY 2025,” the Finance Division said.
EXIM Bank of Pakistan’s mandate is to catalyze the growth and diversification of the country’s exports and to support the implementation of import-substitution projects. It provides a level playing field to Pakistani exporters to compete with international exporters who already rely on their national Export Credit Agencies or EXIM Banks.
EXIM Bank of Pakistan meets its requirements by providing credit, insurance and lending products, designed to enhance the overall credit risk appetite in Pakistan. It also supports the implementation of manufacturing facilities and infrastructure projects in Pakistan to facilitate import substitution, saving the drain of valuable foreign exchange from Pakistan.
Pakistan’s Prime Minister Shehbaz Sharif has repeatedly said his government is prioritizing exports to ensure sustainable economic growth for the country’s fragile $350 billion economy. Sharif has recently said his government aims to increase Pakistan’s exports to $60 billion in five years.
The South Asian country is trying to stabilize its economy through sustainable reforms agreed with the International Monetary Fund (IMF) in exchange for a financial bailout program.


Pakistani tech firm launches first ‘home grown’ GPT platform

Pakistani tech firm launches first ‘home grown’ GPT platform
Updated 21 March 2025
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Pakistani tech firm launches first ‘home grown’ GPT platform

Pakistani tech firm launches first ‘home grown’ GPT platform
  • Zahanat AI is a text-based generative AI model that enables users to engage in human-like conversations, answer queries, and assist in various domains
  • Its key differentiator is its hosting and local training on Pakistani culture and localized issues, which makes it equipped to address regional challenges

ISLAMABAD: Pakistani tech firm Data Vault has launched the country’s first “home grown” generative pre-trained transformer (GPT) platform, ‘Zahanat AI,’ the company announced on Thursday, marking a significant development on Pakistan’s artificial intelligence (AI) landscape.
Zahanat AI is a text-based generative AI model that enables users to engage in human-like conversations, answer queries, and assist in various domains, according to Data Vault. The initiative aims to enhance Pakistan’s AI capabilities with locally trained models, which have been designed to fulfill regional needs.
“The problems and solution it will be providing will be according to our [Pakistani] culture and environment. So you can say it’s a local model,” Syed Muhammad Yahya, Chief Technology Officer (CTO) of Data Vault, told Arab News at the AI model’s launch at an event in Islamabad.

Officials pose for a group photo at the inauguration ceremony of Pakistan’s first “home-grown” generative pre-trained transformer (GPT) platform, ‘Zahanat AI,’ in Islamabad, Pakistan, on March 20, 2025. (AN Photo)

Generative AI refers to systems capable of creating content such as text, graphics, images, audio or video. Large Language Models (LLMs), like ChatGPT, DeepSeek and Meta-AI, are trained on large datasets to understand and generate human-like text.
Zahanat AI is a text-based generative AI model that enables users to engage in human-like conversations, answer queries and assist in various domains. The model supports English, Urdu and local languages, with plans to expand its linguistic range.
“It’s basically a general model which deals with health care, mathematics, coding, different problems, history [related queries],” the Data Vault CTO said.
The key differentiator is its hosting and local training on Pakistani culture and localized issues, which makes it equipped to address regional challenges.
“This is hosted inside Pakistan,” Yahya said. “The problems and solution it will be providing will be according to our [Pakistani] culture and environment. So you can say it’s a local model.”
Privately funded through friends and family, Zahanat AI is built on Meta’s Large Language Model Architecture (LLaMA), with 1.5 billion parameters and follows an open-source approach similar to DeepSeek.
“The development time, took around six to eight months, and we did a multi-GPU architecture [with] a stack of 12-15 GPUs,” the CTO explained.
The GPT platform is currently offering limited access only within Pakistan and Data Vault plans to soon launch its mobile application. The development comes as Pakistan moves to finalize its first AI policy, with plans to foster innovation through public-private partnerships.
“Our AI policy [is] very liberal. It actually promotes the local ecosystem [and] local entrepreneurs,” Dr. Aneel Salman, who is overseeing the upcoming National Artificial Intelligence Policy.
“In the short run, maybe after Eid or in one month’s time, we are going to have our first policy of AI.”
Dr. Salman underscored that foreign AI models posed “cybersecurity risks.”
“It’s not something new for the world to have these GPTs. We already have ChatGPT, we already have DeepSeek and other AI models which are working in terms of solving the queries,” he said.
“When I am uploading my information, it is going in their algorithms. So you don’t know how that document will later be deciphered.”
At the launch, the organizer demonstrated web application of Zahanat AI by responding to queries relating to health care and mathematics, however, the GPT model’s response to a query about freelancing trainer Hisham Sarwar, who was present at the launching event, initially lacked specific details and later contained inaccuracies.

Organizers demonstrate the web application of Zahanat AI Pakistan’s first “home-grown” generative pre-trained transformer (GPT) platform, during its inauguration ceremony in Islamabad, Pakistan, on March 20, 2025. (AN Photo)

Dr. Salman acknowledged these limitations.
“When ChatGPT came first, it also had its problems. When DeepSeek came, it also had problems during testing,” he said. “I’m not saying that Zahanat [AI] is going to be a perfect product. If there are problems in it, then your Z1, Z2, Z3 models will come.”
Despite the breakthrough, experts believe public adoption is crucial for the Pakistani GPT model.
“If we want to prevent them [Zahanat AI] from losing like we’ve seen with some previous initiatives, what we need to do is that we use more of their technology,” said Prof. Dr. Yasar Ayaz, chairman of the National Center of Artificial Intelligence (NCAI).
“Companies like Zahanat AI need to come in contact with innovators, for example, who are working in different R&D setups in Pakistan, to jointly develop groundbreaking stuff which can actually revolutionize the AI game in Pakistan.”


Nawaz smacks record-breaking maiden ton as Pakistan win 3rd NZ T20

Nawaz smacks record-breaking maiden ton as Pakistan win 3rd NZ T20
Updated 21 March 2025
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Nawaz smacks record-breaking maiden ton as Pakistan win 3rd NZ T20

Nawaz smacks record-breaking maiden ton as Pakistan win 3rd NZ T20
  • After scoring a duck in each of the two opening games, Nawaz rebounded with a stunning 105 not out
  • The 23-year-old’s ton came off 44 balls, the fastest by any Pakistan player in a T20 international match

AUCKLAND: Opener Hasan Nawaz struck a record-breaking maiden century Friday as Pakistan crushed New Zealand by nine wickets in the third Twenty20 to keep the series alive.
After scoring a duck in each of the two opening games — the first innings’ of his international career — Nawaz rebounded with a stunning 105 not out in Auckland as the tourists raced to 207-1 in response to New Zealand’s 204.
The 23-year-old’s ton came off 44 balls, the fastest by any Pakistan player in a T20 international.
It ensured his team reached the target with four full overs to spare, in a stark reversal of form after heavy losses in Christchurch and Dunedin.
Nawaz put his early failures behind him with a sparkling knock featuring shots all around the wicket, including a series of audacious ramp shots.
The right-hander peppered the short Eden Park boundaries with 10 fours and seven sixes, bringing up victory with successive fours off Kyle Jamieson in the 16th over.
The first of those shots took Nawaz to 100, five balls faster than the previous Pakistan record-holder — Babar Azam against South Africa in 2021.

Captain of Pakistan’s T20 International team, Salman Ali Agha (R) plays a shot during the third T20 international cricket match between New Zealand and Pakistan at Eden Park in Auckland, New Zealand, on March 21, 2025. (Pakistan Cricket Board/Facebook)

Fellow opener Mohammad Haris scored 41 off 20 while captain Salman Agha was unbeaten on 51 off 31.
Earlier, New Zealand looked well placed after Mark Chapman hit a rapid 94 before they were dismissed in their final over.

New Zealand’s Mark Chapman (R) makes a run during the third T20 international cricket match between New Zealand and Pakistan at Eden Park in Auckland, New Zealand, on March 21, 2025. (AFP)

Chapman dominated after New Zealand were asked to bat, tallying 11 fours and four sixes from just 44 balls faced.

The rest of the home side’s batsmen struggled to get going, aside from captain Michael Bracewell’s 31.

Pakistan’s Abbas Afridi (L) chases the ball as New Zealand’s players Daryl Mitchell (C) and Mark Chapman (R) complete a run during the third T20 international cricket match at Eden Park in Auckland on March 21, 2025. (AFP)

Experienced seamer Haris Rauf bowled Bracewell and finished with Pakistan’s best figures of 3-29.
Game four of the five-match series is in Mount Maunganui on Sunday.