‘Incredible event’: Pakistan’s minerals summit attracts global investors

Dave Williams, CEO of Mudex, an Australian drilling fluids company, speaks during an interview in Islamabad, Pakistan, on April 8, 2025. (Photo Courtesy: Radio Pakistan)
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Updated 11 April 2025
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‘Incredible event’: Pakistan’s minerals summit attracts global investors

  • Pakistan Minerals Summit held this week to attract foreign investment in country’s vast natural reserves estimated to be worth $6 trillion
  • Event saw participation from major international companies and government officials from US, China, Saudi Arabia and other nations

ISLAMABAD: Major international companies from the US, Australia, South Africa and other nations have praised a global minerals summit hosted by Pakistan this week for opening up opportunities for investment in the country’s vast natural reserves, estimated to be worth $6 trillion.

The Pakistan Minerals Summit, aimed at attracting foreign investment in the country’s mining sector, saw participation from major international companies including Canada-based Barrick Gold and government officials from the United States, Saudi Arabia, China, Turkiye, the United Kingdom, Azerbaijan and other nations. 

Pakistan is home to one of the world’s largest porphyry copper-gold mineral zones, while the Reko Diq mine in southwestern Balochistan province has an estimated 5.9 billion tons of ore. Barrick Gold, which owns a 50 percent stake in the Reko Diq mines, considers them one of the world’s largest underdeveloped copper-gold areas, and their development is expected to have a significant impact on Pakistan’s struggling economy.

But despite rich reserves of salt, copper, gold and coal, Pakistan’s mineral sector contributes only 3.2 percent to GDP and 0.1 percent to global exports. The country is now aiming to tap into this underutilized potential.

“This is really a great event so far for me. I’m meeting some great people, learning about the culture and the event is probably one of the best events we’ve been to recently,” Dave Williams, the CEO of Mudex, an Australian drilling fluids company, said in an interview to Radio Pakistan. 

Mudex is based in Perth, specializing in the production and supply of environmentally friendly drilling fluids for industries such as mining, civil construction, water wells and horizontal directional drilling. Founded in 2014, Mudex offers a wide range of drilling fluid products including viscosifiers, lubricants, foaming agents and lost circulation materials. 

“The networking and all has been really good … Being able to understand the immensity of the work that is happening in Pakistan at the moment,” the Mudex CEO said about the minerals summit.

Sohail Kiani, president of Canada’s SARF, said he was pleased to see Pakistani “finally recognizing its potential” in the minerals sector.

“Pakistan is a copper country and in the coming years, copper is going to become very important,” he said. 

Pakistan’s copper reserves are estimated to be around 6.5 billion tons. 

“The geology of this country is very conducive to taking out minerals which the world needs but obviously they’ve been in the ground for millions of years so we need to have a robust policy,” Kiani added.

Leah Boyer Saifullah, Senior Policy Adviser for the Critical Minerals Forum in Washington DC, described the minerals summit as “incredible.” 

“I’m so glad to see Pakistan coming to the table, being part of this discussion,” she said. “I think this is going to be incredible for the country and for Pak-US relations.”

Tabassum Qadir, the CEO of Uprise Commodities Africa, said she was attending the mineral summit to explore opportunities at the Thar coal mines, located in southern Pakistan. They represent a significant source of lignite coal reserves in the country and are being developed for power generation. 

“There is a gasification feasibility done in South Africa, which I want to implement in Pakistan,” Qadir said. 

The businesswoman’s investment signals a renewed effort to harness Pakistan’s Thar coal reserves through gasification technology, which converts coal into synthetic gas for industrial use. 

The initiative can reduce energy costs, alleviate the country’s growing fuel import bill and provide a domestic alternative to costly liquefied natural gas.


Pakistan Met Office says heatwave to continue this week 

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Pakistan Met Office says heatwave to continue this week 

  • High pressure likely to persist in upper atmosphere during current week, says Met Office 
  • Says temperatures likely to remain 04 to 06°C above normal in southern Pakistan this week

ISLAMABAD: The Pakistan Meteorological Department said on Monday that the ongoing heatwave in various parts of the country is expected to continue this week, calling on citizens to take precautionary measures for safety. 

The Met Office warned last Wednesday of a heatwave in the country that it said will last from May 15 to 20. Its warning came amid increasingly erratic climate patterns across South Asia, with cities in Pakistan experiencing more frequent and intense heat waves in recent years, a trend climate experts link to global warming. 

The Met Office said in its latest advisory that high pressure is likely to persist in the upper atmosphere during the current week. 

“Heatwave is likely to continue during the current week,” it said. “Day temperatures are likely to remain 04 to 06°C above normal in the southern half (Sindh, southern Punjab and Balochistan) from 20th to 24th May.”

It said temperatures during the day are likely to remain 05 to 07°C above normal in the upper half of the country (central and upper Punjab, Islamabad, Khyber Pakhtunkhwa, Kashmir, Gilgit-Baltistan) from 20th to 24th May.

“Dust storm/gusty winds are expected at isolated places over plain areas due to excessive heating during the forecast period,” it added. 

The Met Office advised women, the elderly and children to take precautionary measures during the heatwave period. It warned them to avoid exposure to direct sunlight during the day and remain hydrated at all times. 

The Met Office advised farmers to manage their crop activities, keeping in view the latest weather conditions and to also take care of their livestock. 

“Rising temperatures in northern areas may enhance snow melting rate during the forecast period,” it said. “Judicious use of water is requested in all fields of life.”

Pakistan ranks among the top ten countries most vulnerable to climate change and has grappled in recent years with increasingly frequent extreme weather events from deadly heat waves and floods.

In June 2024, almost 700 people died in a heat wave in less than a week, with most deaths recorded in the port city of Karachi and others in the southern province of Sindh, according to the Edhi Foundation charity.

A 2015 heatwave claimed over 2,000 lives in Karachi alone while floods in 2022 left more than 1,700 dead and over 33 million displaced nationwide.


Pakistan denies Indian reports of nuclear-capable missile deployment

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Pakistan denies Indian reports of nuclear-capable missile deployment

  • Indian media outlets reported Pakistan used ‘Shaheen’ ballistic missile during recent conflict with Delhi
  • Pakistan’s foreign office says “inflammatory and unverified” content by Indian media undermines regional stability

ISLAMABAD: Pakistan’s foreign office spokesperson on Monday rejected “baseless” reports by the Indian media which claimed Islamabad had deployed its nuclear-capable ‘Shaheen’ missile against India in the recent conflict between the two countries. 

India and Pakistan were involved in the worst fighting between the two nuclear-armed neighbors since 1999 earlier this month. Both Pakistan and India struck each other with missiles, fighter jets, drones and artillery fire for four days before US President Donald Trump announced a ceasefire on May 10. 

The Indian Army shared a video on Twitter on Sunday purportedly showing the use of Pakistan’s Shaheen missile. The video was picked up by several Indian media outlets, such as NDTV and News Arena India. 

The Indian Army, however, deleted the video from its Twitter account upon realizing “the claim was unsubstantiated,” Pakistan’s foreign office said. 

 “The Ministry of Foreign Affairs has firmly rejected the unfounded allegations circulating in certain segments of the Indian media, which falsely claim that Pakistan employed the Shaheen missile during Operation Bunyanun Marsoos (BM),” the foreign office spokesperson said. 

He said some Indian outlets have continued to propagate the “misinformation,” noting that the Indian Army has not offered any clarification or retraction on the matter. 

“Analysts observe that such disinformation campaigns are part of a deliberate attempt to obscure India’s setbacks in Operation Sindoor, which were a result of Pakistan’s demonstrated conventional military capabilities,” it said. 

“Additionally, these fabricated stories align with New Delhi’s ongoing efforts to promote a misleading narrative regarding the ceasefire and baseless allegations of so-called ‘nuclear blackmail’ by Pakistan.”
 
The foreign office said Pakistan Army had mentioned the use of the weapons it used against India in a press release issued by the military’s media wing on May 12. 

It said the army used precision-guided, long-range Fatah series missiles— F1 and F2— as well as advanced munitions, highly capable long-range loitering killer drones and precision long-range artillery. 

“Disseminating unverified and inflammatory content not only undermines regional stability but also reflects poorly on the professionalism of official institutions,” the foreign office said. 

India’s defense minister last week urged the International Atomic Energy Agency to take charge of Pakistan’s nuclear weapons, calling Pakistan an “irresponsible and rogue” nation.

Pakistan responded by saying that India’s “irresponsible remarks reveal his profound insecurity and frustration regarding Pakistan’s effective defense and deterrence against Indian aggression through conventional means.”

Both India and Pakistan have fought two out of three wars since 1947 over the disputed Himalayan territory of Kashmir. They both administer parts of the territory but claim it in full.


Pakistani firms sign $13 million contracts at first Pakistan-Bahrain investment summit

Updated 19 May 2025
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Pakistani firms sign $13 million contracts at first Pakistan-Bahrain investment summit

  • Around 25 Pakistani companies, over 125 delegates took part in day-long summit on May 17
  • Pakistani companies represented IT, stock exchange, tourism and other sectors, says organizer

ISLAMABAD: Pakistani companies signed contracts worth over $13 million related to various investment projects at the first edition of the Pakistan-Bahrain Investment Summit last week, the chief organizer of the event said on Monday.

The day-long event titled ‘Pakistan-Bahrain Investment Opportunities Summit and Smart Expo,’ organized by the Pakistan Association of Exhibition Industry (PAEI) with the Pakistani embassy in Bahrain, was held in Manama on May 17. 

Over 125 Pakistani delegates showcased investment-ready projects across various sectors, attracting strong interest from the overseas Pakistani community and business leaders from Bahrain.

“The event was truly remarkable, featuring 25 Pakistani companies and more than 125 delegates where in just one day, contracts worth $13 million were signed across various investment projects in different sectors,” Mohammad Khurshid Barlas, PAEI founder, told Arab News over the phone from Bahrain. 

“This figure is expected to increase further as many leads generated during the event are currently in follow-up stages and likely to mature soon,” he added.

Barlas said the participating Pakistani companies and delegates represented various sectors such as information technology, stock exchange, tourism, human resource services and real estate.

“Throughout the day the event was attended by more than 20,000 delegates from the Pakistani community and business leaders and representatives from Bahrain,” Barlas disclosed. 

During the summit, he said discussions focused on a wide range of topics including the stock exchange, capital markets, overseas employment, real estate and tourism.

“The event is expected to significantly boost trade with Bahrain and attract further investment into Pakistan,” Barlas said.

Pakistan’s Ambassador to Bahrain Saqib Rauf said the event marks the beginning of “a promising series of engagements we plan to organize in Bahrain.” 

“We are in continuous dialogue with the business communities of both countries and envision future events to focus on specific sectors of mutual interest,” he said. 

“Our goal is to foster synergies between businesses and deepen trade and investment ties, paving the way for a stronger and more dynamic partnership between our nations.”

Zahid Latif Khan, chairman of ZLK Islamic Financial Services, a premier brokerage and financial services provider at the Pakistan Stock Exchange, said the event provided an excellent opportunity to engage with businesses from across the Middle East.

“People in the region are viewing Pakistan from a very positive perspective as we witnessed a renewed sense of hope and enthusiasm for doing business and trade with Pakistan,” Khan told Arab News.

Latif said he also highlighted the vast potential of the Pakistan Stock Exchange, which drew strong interest from business leaders in Bahrain. 

“As the founder of the first Islamic brokerage house in Pakistan, I met with representatives from Bahrain’s Central Bank who were also present at the conference and their response was very encouraging, and I look forward to exploring further opportunities,” Latif added.

According to Pakistan’s foreign office, Pakistan’s trade with Bahrain ranges between $500 million and $1 billion. Major exports include meat, vegetables, rice, tobacco and textiles. 

Imports from Bahrain include petroleum and its products, ferrous waste, scrap and aluminum.

The investment summit takes place amid Islamabad’s efforts to increase foreign trade and investment with its allies, especially the Gulf estates, as it hopes to recover from an economic crisis. 

Pakistan formed the Special Investment Facilitation Council (SIFC) in June 2023 to attract international investment in key economic sectors such as mines, minerals, agriculture, livestock and tourism. 


Pakistan stock market sees ‘slower’ activity as investors remain cautious before budget

Updated 19 May 2025
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Pakistan stock market sees ‘slower’ activity as investors remain cautious before budget

  • KSE-100 index surges 40.49 points or by 0.03 percent to reach 119,689.63 points
  • Pakistan is set to unveil its federal budget for the upcoming fiscal year 2025–26 in June

ISLAMABAD: The Pakistan Stock Exchange (PSX) surged by only 0.03 percent when trading ended on Monday, with a financial analyst attributing it to “slower trading activity” as investors remain cautious ahead of the upcoming federal budget to be announced by the government. 

Pakistan’s federal budget for the next fiscal year, starting July, will be finalized within the next three weeks. Pakistan’s scheduled budget talks with the International Monetary Fund (IMF), which began on May 14 are scheduled to take place till May 23, the finance ministry had said.

The KSE-100 index surged by 40.49 points or 0.03 percent to reach 119,689.63 points when the market closed at 4 p.m. on Monday, data from the Pakistan Stock Exchange (PSX) said. 

“The KSE100 has started the week on a muted note, which is reflecting in slower trading activity,” Raza Jafri, head of Intermarket Securities, told Arab News.

“It is possible that investors are waiting for the FY26 Budget, expected in early June, before they become more active.”

Pakistan’s stock market suffered an upheaval triggered by the most intense military row between Pakistan and India in years earlier this month. The two nuclear-armed nations agreed to a US-brokered ceasefire on May 10 after pounding each other with missiles, drones, artillery and fighter jets for four days. 

The crisis triggered a 12 percent decline in the Pakistani stock market from April 23 till May 8.
However, the market recovered nearly all of its losses last week, climbing more than 3,500 points.


Fire erupts in Islamabad’s Margalla Hills, containment efforts underway

Updated 19 May 2025
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Fire erupts in Islamabad’s Margalla Hills, containment efforts underway

  • The blaze erupted near Saidpur Darra, Jungle Number 15 and Rumli areas
  • Over 70 firefighters are participating in the operation to put out the blaze

ISLAMABAD: A wildfire erupted in the Margalla Hills in the Pakistani capital of Islamabad on Monday, the Islamabad district administration said, with efforts underway to put out the blaze.

The Margalla range, part of the Himalayan foothills, often experiences bushfires in the summer months. Last year, several incidents of forest fire were reported at the hills as various parts of the country remained in the grip of intense heatwaves.

On Monday, a fire broke out near Saidpur Darra, Jungle Number 15 and Rumli areas on the hills, prompting an immediate response from the Capital Development Authority’s (CDA) fire brigade and officials of the district administration.

“More than 70 firefighters are participating in the operation to control the fire,” the district administration said in a statement.

“The fire was brought under control once, but it broke out again.”

No casualties or property damage have been reported in the wake of the fire, according to authorities.

The cause of the fire has yet to be determined.

“The fire will be brought under control again soon,” the district administration added.