Finance minister rejects reports of Pakistan’s sale of Roosevelt Hotel shares to Qatar 

Pakistan's finance Minister Miftah Ismail (C) addressing a press conference in Islamabad on August 26, 2022. (Ministry of Finance)
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Updated 26 August 2022
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Finance minister rejects reports of Pakistan’s sale of Roosevelt Hotel shares to Qatar 

  • Pakistan’s national airline bought the Roosevelt Hotel in 1999 for $36.5 million 
  • Ismail says Roosevelt Hotel, PIA weren’t even discussed during PM’s Qatar visit 

ISLAMABAD: Pakistan’s finance minister Miftah Ismail on Thursday rejected local media reports that suggested Pakistan had agreed to sell its shares of New York’s Roosevelt Hotel to Qatar. 

Roosevelt Hotel, a 19-story building located at a prime location in New York, was inaugurated in Manhattan on September 22, 1924. Named after the 26th President of the United States, Theodore Roosevelt, Pakistan’s national airline leased it in 1979 through the Pakistan International Airlines (PIA) Investments Limited. 

Saudi Prince Faisal bin Khalid bin Abdulaziz Al-Saud was also one of the investors in the 1979 investment deal, though the PIA decided to buy the hotel for $36.5 million in 1999 and later struck a deal with its Saudi partner in 2005 to buy his share in the property as well. 

Prime Minister Shehbaz Sharif visited Qatar earlier this week to hold talks with the country’s leadership. Following the visit, the Qatari emir’s office said the Gulf state aimed to invest $3 billion in Pakistan, leading to speculation that Pakistan was selling shares of the Roosevelt Hotel to Doha. 

“Some speculation is going on here that we are selling the Roosevelt Hotel and we are selling it for peanuts,” Ismail said at a press conference on Friday. 

“I assure you Roosevelt Hotel and PIA weren’t even discussed [during the recent meetings].”

The minister said Qatar was interested in acquiring Pakistani airports on long-term leases, instead of buying them. He said the Gulf country was also interested in construction ventures at Pakistan’s seaports. 

“They (Qatar) also showed their interest in investing in Pakistan’s capital market,” he added. 

Speaking about the International Monetary Fund’s (IMF) board meeting on August 29, Ismail said Pakistan had fulfilled the lender’s tough conditions to resume its stalled $6 billion loan program. Islamabad is expected to receive an installment of more than $1 billion after an approval from the IMF board. 

The minister said the $4 billion external financing gap had been bridged after Qatar and Saudi Arabia respectively assured of new investments and a facility for Pakistan according to which it can receive oil on deferred payments. 

Pakistan has been facing a balance-of-payment crisis, with its foreign reserves dropping to $7.8 billion, barely enough for more than a month of imports. 

The South Asian is also struggling with a widening current account deficit, depreciation of local currency and inflation that rose above 24 percent in July. 


Pakistan says no new military cooperation with Iran, direct talks with US amid Israeli strikes

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Pakistan says no new military cooperation with Iran, direct talks with US amid Israeli strikes

  • Defense minister Khawaja M. Asif says Pakistan mobilizing China and Muslim countries to press for calm before conflict engulfs entire region
  • Says Pakistan Army on high alert and nuclear security robust, warns Israeli government “will think many times before taking on Pakistan”

ISLAMABAD: Pakistan’s Defense Minister Khawaja Asif said on Monday Islamabad had not engaged in any new military cooperation with Tehran since Israel launched attacks on Iran last week and had not held specific talks with the United States over the escalating crisis in the Middle East.

Iran, which borders Pakistan, has hit back with strikes against Israel after it unleashed waves of attacks on Friday at Iranian nuclear installations, missile stockpiles, scientists, and military generals, among other targets, sparking global alarm that the conflict could erupt into a regional war.

The latest escalation follows months of hostilities between Israel and Iranian-backed groups in Lebanon, Syria and Yemen, which intensified after the war in Gaza was launched late in 2023. Regional powers fear a direct confrontation could spiral into a broader conflict involving major oil shipping lanes and global energy supplies. For Pakistan, a close Iranian neighbor and a longtime opponent of Israel, a prolonged conflict risks disrupting border security, inflaming sectarian tensions at home, and possibly putting it in a tight spot with other Arab allies and the West.

Speaking in an interview to Arab News, Asif said regular security cooperation was continuing with Iran along their shared border to combat militant groups, but no fresh operational coordination had been initiated in response to Israel’s attacks on Iranian territory since June 13.

“I don’t see any need of [it],” the defense minister said in response to a question on whether Pakistan’s military was coordinating with Iranian counterparts on the border or engaging in any fresh defense cooperation.

“We coordinate on a very regular basis as far as the Iran and Pakistan border is concerned because of terrorist activities… that sort of cooperation is already on. So I don’t see any new activity.”

Asked if Pakistan had held talks with Washington to discuss the fast-evolving situation, the defense minister said there had been no recent contact specifically on the crisis in the past five days:

“But we are in constant touch with the United States of America regarding the tense situation we have in this region.”

Asif said Pakistan’s leadership was instead focused on engagement with close partners like China and Muslim countries to press for calm, warning that the conflict risked engulfing the entire region.

“The countries who have religious affinity with us or geographical affinity, even China or other countries, because what we are pursuing is peace,” he said.

“And we would like to mobilize the countries of this region that this conflict can multiply and it can engulf the whole region into a situation which could be very, very disastrous.”

Smoke rises from a fire, as the Israel-Iran air war continues, in Tehran, Iran, in this still image obtained from social media video released June 17, 2025. (Social Media via REUTERS)

NUCLEAR FACILITIES “MILITANTLY GUARDED”

Diplomatic and security experts warn that the Israel-Iran hostilities could affect Pakistan by destabilizing its western border with Iran, threatening energy imports as oil prices surge, and creating new pressures in Pakistan’s relations with the US and Gulf partners if Islamabad is seen as tilting too far toward Tehran. On the other hand, if Tehran were to fall or be severely weakened, analysts say Pakistan would likely side with the United States and its allies — despite being Iran’s immediate neighbor — to protect its strategic and economic interests.

Addressing concerns over past remarks by Israeli Prime Minister Benjamin Netanyahu that have drawn parallels between Iran and Pakistan as so-called “militant Islamic regimes” that needed to be deterred, Asif rejected any immediate threat to Pakistan from Tel Aviv but stressed Islamabad would remain vigilant.

“If we are threatened by Israel, which I will discount at the moment… what happens in the coming months or years I can’t predict, but at the moment I discount [a threat from Israel],” he said.

Pakistan’s Defense Minister Khawaja Asif speaks with Arab News Pakistan in Islamabad, Pakistan, on June 17, 2025. (AN photo)

He described Israel as a state with “hegemonic intent” whose recent actions in Gaza and against Iran were “extremely dangerous to the immediate region,” and said global public opinion was turning against Israeli policies despite support or muted reactions from many Western governments.

Asif declined to comment on reports that Pakistan had scrambled fighter jets near its nuclear sites and the Iranian border in response to Israel’s initial strikes on Iran but insisted that its nuclear security remained robust.

In addition to the Middle East tensions, Pakistan faced a major military standoff with India last month in which the two nations exchanged missile, drone and artillery attacks. Islamabad claimed to have shot down six Indian jets and struck back at military positions, triggering fears of a wider conflict between the nuclear-armed rivals before a ceasefire was announced by the President Donald Trump administration on May 10.

When questioned about any direct threat to Pakistan’s national security or strategic assets as a result of the conflict in the Middle East, the defense minister said Pakistan’s armed forces were already on high alert following the latest confrontation with New Delhi, describing the country’s nuclear facilities as “very militantly guarded, very grudgingly guarded” and fully compliant with international safeguards.

“Since our short war with India [in May], we have been on alert so we have not lowered guards… We can never take the risk of any attack on our nuclear facility from anywhere, that is something which is a lifeline as far as our defense is concerned,” he said

Asif said Pakistan’s performance in the recent fight with India was evidence of the country’s defense capability and national resolve, which would deter Israel from any adventurism. 

“We have just had a bout with India and we clearly established our superiority, the superiority of our armed forces, Air Force, Pakistan Army, Pakistan Navy and the determination of our people, the way the nation stood behind the armed forces,” the defense minister said.

“So I think Netanyahu or his people or his government will think many times before taking on Pakistan.”


Pakistan evacuates diplomats’ families, non-essential staff from Iran as Israel conflict worsens

Updated 52 min 19 sec ago
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Pakistan evacuates diplomats’ families, non-essential staff from Iran as Israel conflict worsens

  • Pakistan’s embassy in Tehran, consulates will continue to remain functional, confirms official
  • Israel and Iran have been locked in conflict since last Friday, trading missiles and air strikes 

ISLAMABAD: Pakistan has started evacuating families of its diplomats and staff, as well as members of some non-essential staff from Iran, a senior foreign ministry official confirmed on Tuesday as Tehran’s military conflict with Israel intensifies. 

Thousands of residents of Iran’s capital Tehran are reportedly fleeing their homes and stockpiling essential supplies out of fear that Israel will intensify its strikes against regional foe Iran in the coming days. 

Iran and Israel have been locked in military conflict since Friday when the latter attacked the former’s nuclear facilities and military leadership in a bid to prevent it from developing nuclear weapons. Israel’s strikes have killed at least 224 people in Iran while Tehran has retaliated by launching more than 370 missiles and hundreds of drones at Israel. So far, 24 people have been killed in Israel and more than 500 wounded.

“The foreign ministry is moving out families of diplomats and staff and some non-essential staff from Iran,” the official, who requested anonymity as they were not authorized to speak to media, said in a statement.

“However Pakistan embassy in Tehran and our consulates will continue to remain functional.”

Pakistan has been repatriating hundreds of its citizens from Iran and Iraq since the conflict began last week. Thousands of Pakistani zaireen (pilgrims) travel annually to Iran and Iraq to visit holy sites there. Many were left stranded since Friday as airspaces closed following Israel’s attacks.

Pakistan repatriated 268 nationals from Iraq via two flights on Monday while on Sunday, it evacuated 450 nationals from Iran. 

Pakistan has condemned Israel’s strikes, calling them an unjustified violation of Iranian sovereignty, and has urged the international community to help de-escalate tensions through dialogue.


Pakistan says resolved over 30,000 Hajj pilgrims’ complaints 

Updated 17 June 2025
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Pakistan says resolved over 30,000 Hajj pilgrims’ complaints 

  • Pakistani pilgrims were assisted in travel, lost tickets, accommodation, food and other issues, says religion ministry
  • Multiple channels were provided to pilgrims for complaints, including call center, WhatsApp and toll-free numbers

ISLAMABAD: A facilitation center set up by the Pakistani government in Makkah for this year’s Hajj resolved over 30,000 complaints filed by pilgrims, the religion ministry said on Tuesday. 

This year’s Hajj took place from June 4 to June 9, drawing millions of pilgrims to the holy cities in Saudi Arabia. Pakistan sent over 115,000 pilgrims under both the government and private schemes.

Ayesha Ijaz, the person in charge of the facilitation center in Makkah, told Pakistan’s religious affairs ministry that the center has been specially set up to help Pakistani pilgrims in Saudi Arabia. 

“The facilitation center established by the Government of Pakistan in Makkah to provide exemplary facilities to Pakistani pilgrims during and after Hajj 2025 has successfully resolved over 30,000 complaints,” the Ministry of Religious Affairs (MoRA) said. 

It said thousands of Pakistani Hajj pilgrims were provided immediate assistance related to travel issues, lost tickets, accommodation, food and other important matters. 

“The center operates round the clock and has various special departments, including the Departure Cell, Zong Desk, Maktab Desk, Madinah Departure Cell, Complaints Cell and 24/7 Call Center,” Ijaz said. 

Hafiz Obaidullah Zakaria, who is in charge of the Complaints Cell, said 30,147 complaints have been registered so far related to Hajj 2025.

“Of these, 2,446 complaints were resolved within 24 hours, 113 are under process, while 580 complaints were declared inauthentic,” he was quoted as saying by the religion ministry. 

The religion ministry said this year, multiple channels were provided to pilgrims for registering complaints, including a 24-hour call center, WhatsApp, toll-free numbers and other platforms.

It said the number of complaints had been reduced significantly, which reflected impressive arrangements undertaken by the government. 

“The timely actions of the facilitation center and effective complaint management have set a new precedent for Hajj operations, which has been appreciated not only by the authorities but also by the pilgrims,” the ministry said. 

The last Pakistani flight carrying Hajj pilgrims back to the country is scheduled to arrive on July 10. 


Provincial court delivers Pakistan’s first-ever conviction for insider trading

Updated 17 June 2025
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Provincial court delivers Pakistan’s first-ever conviction for insider trading

  • SECP says bank official misused insider information related to investment, disinvestment decisions for “personal gain“
  • Financial regulator says court slaps $30,380 penalty on convict, with the amount to be deposited within seven days

KARACHI: A Pakistani court recently handed its first-ever conviction for insider trading, the Securities and Exchange Commission of Pakistan (SECP) said on Tuesday, hailing the judgment as one which will boost investors’ confidence in the country’s capital markets. 

Insider trading refers to the practice of buying or selling a publicly traded company’s securities while in possession of material information that is not yet public information. The SECP said it had filed a case against Zakir Hussain Somji, assistant vice president of investments at Habib Metropolitan Bank (HMB) Limited, after inspecting suspicious trading activity from Jan. 1, 2014, to Feb. 2, 2016.

The regulator said it was suspected that the accused, through his position at HMB, misused insider information related to the bank’s investment and disinvestment decisions for personal gain. The SECP said a probe revealed Somji bought 11,795,100 shares of various companies, including 1,230,900 shares (10.43 percent) acquired from HMB. He sold 11,836,600 shares — 4,915,200 (41.52 percent) of which were sold back to HMB, earning an “unlawful profit” of Rs2,866,646 [$10,116.39]. 

“Sindh Special Court (Offences in Banks) handed out first ever conviction for insider trading in the history of Pakistan in a case filed by The Securities and Exchange Commission of Pakistan (SECP),” the regulator said. 

It said Somji had been convicted by the court on June 14 for violating provisions of Section 128 of the Securities Act, 2015, which related to insider trading. 

The regulator said the court slapped Somji with a penalty of Rs 8,599,938 [$30,380] which was three times the “unlawful gain.”

“The amount is to be deposited within seven days, failing which the convict will be remanded to jail until full payment is made,” the SECP said. 

The regulator said the judgment reaffirms SECP’s mandate to ensure market integrity and investor protection.

“It sets a strong precedent for future enforcement actions and sends a clear message that market abuse and regulatory violations shall not be tolerated,” it added. 
 


Pakistan’s militancy-hit Balochistan unveils ‘largest’ $3.6 billion annual budget

Updated 17 June 2025
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Pakistan’s militancy-hit Balochistan unveils ‘largest’ $3.6 billion annual budget

  • Province earmarks $2.26 billion for non-development spending, $307 million for health and $423.5 million for schools
  • Balochistan is Pakistan’s largest province by land yet its poorest by almost all social and economic indicators

ISLAMABAD: The government in Pakistan’s militancy-hit Balochistan on Tuesday unveiled its $3.6 billion budget for fiscal year 2025-26, which provincial Finance Minister Mir Shoaib Nosherwani described as the “largest” one in the province’s history.

Balochistan is Pakistan’s largest province by land size but its poorest by almost all social and economic indicators. The province, which borders Iran and Afghanistan, has been the scene of a low-lying insurgency for decades where ethnic separatist militants demand a greater share of the province’s mineral resources for locals. 

Nosherwani presented the budget for the upcoming fiscal year in the Balochistan Assembly in Quetta, with Speaker Abdul Khaliq Achakzai chairing the session.

“For the upcoming fiscal year, the total budget is estimated at Rs1,028 billion [$3.63 billion]— the largest in the province’s history,” Nosherwani told lawmakers during the budget session.

“Out of this, the non-development budget is Rs642 billion [$2.26 billion] while the overall provincial development (PSDP) budget is Rs249.5 billion [$878 million],” he added. 

The finance minister pointed out that the budget includes a Rs42 billion [$148.3 million] surplus, describing it as a “historic milestone” for the province. 

Nosherwani said the government has earmarked over Rs120 billion [$423.5 million] for the schools sector and Rs29.1 billion [$102.7 million] for the higher education sector. 

The provincial government has also allocated Rs87 billion [$307 million] for the health sector, ₨26 billion [$91.8 million] for the agriculture sector and Rs1 billion [$3.53 million] for food, he said. 

He said the government had decided not to purchase new vehicles, except for the ones required by law enforcement personnel. 

“To create employment opportunities in 2025–26, the provincial government plans to introduce 4,188 contract positions and 1,958 regular jobs across departments,” Nosherwani said. 

He credited the provincial government for not overlooking any segment of society in the annual budget.

“These measures cover government employees, women, pensioners, youth, migrants, laborers— people from every walk of life,” the finance minister said.