5G advanced in Saudi Arabia with launch of first live Cloud RAN site

KARACHI: Inflation is expected to remain within the 1-1.5% range in Pakistan during the month of March, the country’s Finance Division said in its monthly outlook report on Tuesday, as Islamabad navigates a tricky path to recovery from a macroeconomic crisis. 

Aggressive policy rate cuts by Pakistan’s central bank and a series of economic reforms by the government has led to a substantial decline in Pakistan’s annual inflation rate, bringing it down to 1.5% in February 2025.

Pakistan’s inflation rate peaked to a record high of 38% in May 2023 on account of surging food and fuel costs as Islamabad withdrew energy and fuel subsidies under a deal agreed with the International Monetary Fund (IMF) for a financial bailout package. 

“Inflation is anticipated to remain within the range of 1.0-1.5% for March 2025 and inching up to 2.0-3.0% in April 2025,” the Finance Division said in the outlook report. 

It added that high frequency indicators, such as a “positive” growth in cement sales, increased automobile production and higher imports with an easy monetary policy, suggest a potential uptick in production if demand conditions remain supportive. 

The report highlighted that Pakistan may record a likely increase in foreign remittances due to “seasonal factors” such as the holy month of Ramadan and the upcoming Eid festivals. 

“Similarly, exports and imports are expected to improve owing to the expansion in economic activity,” the report said. “Collectively, these factors will help to keep the current account within manageable limits.”

The report praised the government’s resource mobilization, saying it had led to an increase in tax collection during the month and also noted the “favorable” performance of the Pakistan Stock Exchange compared to major global indices.

Pakistan’s government has claimed the country is finally on the path to sustainable economic growth, vowing to undertake long-term financial reforms. The nation expects its foreign exchange reserves to increase beyond $13 billion by June despite weak net financial inflows caused by a shortfall in the planned official inflows. 

Pakistan has also repaid the majority of its external debt due this year, according to the central bank.

JEDDAH: Saudi Aramco has finalized its acquisition of a 50 percent stake in Blue Hydrogen Industrial Gases Co., a joint venture with Air Products Qudra. This follows the initial agreement made last year.

The move is a key step in advancing the production of low-carbon hydrogen in Saudi Arabia’s Jubail Industrial City, supporting the establishment of a hydrogen network in the Kingdom’s Eastern Province.

BHIG is set to produce hydrogen, including lower-carbon hydrogen derived from natural gas, known as “blue hydrogen,” through the process of carbon dioxide capture and storage.

The company is expected to begin commercial operations in coordination with Aramco’s carbon capture and storage activities in Jubail, as confirmed in a joint statement from Aramco and APQ on March 24.

Ashraf Al-Ghazzawi, Aramco’s executive vice president of Strategy and Corporate Development, stated that the company’s investment in BHIG will contribute significantly to the development of the hydrogen network in Saudi Arabia’s Eastern Province.

“This network, along with our CCS hub in Jubail, can help us capitalize on emerging opportunities both domestically and globally to reduce carbon emissions, support growth, and diversify our energy portfolio,” Al-Ghazzawi said.

Ahmed Hababou, chairman of APQ, emphasized that this joint venture represents a significant step in furthering the development of a robust hydrogen network in the Kingdom’s Eastern Province, specifically serving the refining, chemical, and petrochemical industries.

Mohammad Abunayyan, vice chairman of APQ, expressed pride in the partnership with Aramco, underscoring the strategic collaboration between one of the world’s leading energy companies and the top hydrogen supplier. This partnership aims to produce lower-carbon energy solutions in line with Saudi Arabia’s Vision 2030.

In July, Aramco signed definitive agreements to acquire an equity stake in BHIG, a wholly owned subsidiary of APQ. At that time, Aramco confirmed that the deal, subject to standard closing conditions, would include options for the company to offtake hydrogen and nitrogen.

Building on its commitment to developing a lower-carbon hydrogen business and expanding its alternative energy portfolio, Aramco highlighted that its investment in BHIG would play a vital role in creating a low-carbon hydrogen network in the Eastern Province, which will cater to both domestic and regional customers.

The partnership underscores Aramco’s dedication to expanding its portfolio in new energies and promoting sustainable energy solutions, aligning with Saudi Arabia’s Vision 2030.

Additionally, the agreement brings together the expertise of both companies to provide hydrogen—including lower-carbon hydrogen — on a large scale in the Jubail Industrial City area.

This initiative is in line with Saudi Arabia’s commitment to achieving net-zero emissions by 2060 through a circular carbon economy approach, which focuses on reducing, reusing, recycling, and removing carbon.

It also supports the Saudi Green Initiative, aiming to cut carbon emissions by 278 million tonnes annually by 2030, and transition 50 percent of the country’s energy sources to renewables. Furthermore, it aligns with Aramco’s goal of achieving net-zero emissions from its own operations by 2050.