ISLAMABAD: The chief minister of Pakistan’s Punjab province has offered Saudi investors incentives as part of a “special package” to explore opportunities in religious tourism, health, education and infrastructure, state-run media reported this week.
Punjab Chief Minister Maryam Nawaz Sharif met Prince Mansour bin Mohammed Al Saud, the former governor of Saudi Arabia’s Hafr Al-Batin province, on Monday to discuss promoting bilateral relations and mutual cooperation between Saudi Arabia and Punjab, the state-run Associated Press of Pakistan (APP) said.
Pakistan and Saudi Arabia enjoy cordial ties, with Riyadh frequently assisting cash-strapped Pakistan by supplying oil on deferred payment terms and financial support to stabilize the South Asian country’s economy.
“During the discussions, the chief minister invited Saudi investors to explore opportunities in infrastructure, health, education, and religious tourism in Punjab,” APP reported. “She assured Saudi investors of her government’s full cooperation and the provision of incentives under a special package.”
Sharif praised Saudi Arabia’s longstanding cooperation with Pakistan, saying that Riyadh was like “Pakistan’s elder brother and the hearts of the people of both countries beat together.”
“The Punjab government has ensured foolproof security and established a system based on merit to improve the business environment in the province,” the report quoted her as saying.
APP said Prince Mansour assured Pakistan of Saudi Arabia’s support.
“The relationship between Pakistan and Saudi Arabia is crucial for the stability and prosperity of the entire region,” he was quoted as saying. “Saudi Arabia will always stand by Pakistan.”
The Kingdom is also home to over 2 million Pakistani expatriates and serves as the source for most overseas workers remittances for Pakistan. Both countries have forged strong business and economic relations in recent months.
In October 2024, Pakistan and Saudi Arabia signed several memorandums of understanding (MoUs) valued at $2.8 billion. In December, Sharif’s office confirmed that seven of the 34 MoUs had been converted into agreements worth $560 million.
Pakistan’s Punjab offers Saudi investors incentives in health, education and religious tourism
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Pakistan’s Punjab offers Saudi investors incentives in health, education and religious tourism
- Punjab CM Maryam Nawaz meets Prince Mansour, former governor of Hafr Al-Batin province
- Pakistan and Saudi Arabia have sought closer business and economic ties in recent months
Pakistan stocks retreat as profit-taking offsets recent rally
- Volatility marked the session with intraday swings before a 0.21 percent decline
- KSE‑100 Index swung between intraday high of 2,365 points, low of 501 points
ISLAMABAD: Pakistan’s stock market ended lower on Thursday as investors locked in gains following a recent surge, even though there were no major policy or economic surprises during the session, analysts said.
The KSE‑100 Index closed at 124,093, down 260 points, or 0.21 percent, after swinging between an intraday high of 2,365 points and a low of 501 points, reflecting heightened volatility tied to profit-taking in heavyweight sectors.
Trading activity was brisk: the broader all‑shares index traded 1.018 billion shares, indicating strong market participation and continued investor engagement .
“The Pakistan stock market ended the session on a negative note, weighed down by cautious investor sentiment and profit-taking activity,” Pakistani brokerage house Topline Securities said in its daily market review.
The Pakistani market has rallied over 80 percent in the past year, boosted by a favorable macroeconomic environment, easing inflation, and the resumption of an International Monetary Fund (IMF) support program. That momentum peaked in early June, with the KSE‑100 briefly nearing the 126,700 mark .
Profit‑taking was the most likely trigger for Thursday’s dip, particularly in the banking, cement, and energy sectors, where gains had been steepest in recent weeks.
Market participants are also assessing the federal budget for 2025-26, released this week, which aims to boost GDP growth to 4.2 percent, reduce the fiscal deficit, and implement reforms under a broader $7 billion IMF program.
With profit-booking likely to persist, analysts predict a period of range-bound trading in the short term. The budget’s implementation and IMF engagement will be key drivers, with any setbacks in revenue mobilization or delays in reform efforts presenting downside risks.
That said, if broader economic stability holds and reforms proceed as planned, sentiment is likely to stabilize, keeping the market on solid footing, analysts say.
Pakistan’s legendary Wasim Akram praises his statue amid social media flak
- Statue installed outside Hyderabad’s Niaz Stadium in April shows Akram bowling in 1999 World Cup team kit next to statue of a tiger
- Fans have been mocking statue saying, “only thing that looks real is the ball,” while face looked more like Hollywood hero Sylvester Stallone
KARACHI: Legendary Pakistan cricketer Wasim Akram saluted on Thursday the “effort” of the artist who created a statue of him that has spawned scorn on social media.
The statue of Akram — one of the greatest left-arm fast bowlers to play the game — was installed outside the southwestern city of Hyderabad’s Niaz Stadium in April.
Akram is shown bowling wearing the kit of the 1999 World Cup team, when Pakistan were runners-up.
Nearby is a statue of a tiger.
One fan mocked the statue, saying: “The only thing that looks real is the ball,” adding the face looked more like Hollywood hero Sylvester Stallone.
The affable Akram, however, took to social media to praise the effort.
“Lots of talk about my sculpture being erected at Niaz Stadium, Hyderabad. Mine is definitely better than the tiger,” he posted on X.
“It’s the idea that matters. Credit to the creators, full marks for the effort and thanks to everyone involved.”
Australia has a history of placing statues of their iconic players outside their stadiums, while India unveiled one of master batter Sachin Tendulkar outside a stadium in Mumbai in 2023.
Niaz stadium chief Shiraz Leghari told AFP: “The artist did his best effort, but accepts it doesn’t resemble (Akram) a hundred percent.”
Akram is one of the country’s most celebrated cricketers, having represented Pakistan in 104 Tests and 356 ODIs with 414 and 502 wickets respectively.
He was the leading wicket-taker in the 1992 World Cup when Pakistan claimed the trophy.
Pakistan, Saudi firm launch $150 million minerals complex to cut imports, boost exports
- Initiative is being facilitated through provincial government of Punjab and Pakistan’s SIFC investment facilitation body
- Anfal Group’s engagement marks one of the first foreign-led projects under SIFC’s umbrella in the minerals sector
ISLAMABAD: Pakistan has launched a $150 million minerals processing complex in Punjab province in collaboration with Saudi-based Anfal Group, a private industrial company, aiming to reduce chemical imports and expand mineral-based exports, state media reported on Thursday.
The initiative is being facilitated through the provincial government of Punjab and Pakistan’s Special Investment Facilitation Council (SIFC) — a powerful civil-military body established in 2023 to fast-track foreign investment in key sectors such as mining, agriculture, energy, and information technology. The council brings together civilian ministries, the military, and provincial governments to streamline decision-making and reduce bureaucratic delays in large-scale projects.
The new complex is part of Pakistan’s push to attract foreign investment into its underdeveloped mineral sector. The project is expected to save Pakistan approximately $2.9 billion annually by substituting chemical imports and will create new export opportunities for processed minerals, including rock salt.
“The project will... open new opportunities for the export of key chemicals, including rock salt,” Radio Pakistan reported.
The Anfal Group’s engagement marks one of the first foreign-led projects under the SIFC’s investment umbrella in the minerals sector.
Based in Saudi Arabia, Anfal specializes in industrial chemicals, construction materials, and salt processing. Its entry into Pakistan aligns with Islamabad’s broader strategy to partner with Gulf investors in value-added resource development.
With global demand rising for critical minerals, Pakistani officials hope such partnerships will help transform the sector from a largely extractive industry into one that generates jobs, revenue, and export earnings through processing and value addition.
Pakistan holds untapped mineral reserves worth an estimated $6 trillion, including copper, gold, lithium, coal, rock salt, and iron ore. Despite this, the sector contributes just 3.2 percent to GDP, and mineral exports account for less than 0.1 percent of global trade.
The country produces around 68 million tones of minerals annually, yet value addition remains minimal, with most raw materials exported without processing. Notable reserves include the massive Reko Diq copper and gold mine in Balochistan, which is being developed by Canada’s Barrick Gold in partnership with Pakistani state entities.
Pakistan also hosts the world’s second-largest salt mines, significant coal reserves in Sindh’s Thar region, and emerging lithium deposits in northern Gilgit-Baltistan and Khyber Pakhtunkhwa.
In April, Pakistan hosted its first Minerals Investment Forum, where the government unveiled the National Minerals Harmonization Framework 2025, intended to streamline licensing, regulation, and investment facilitation in the extractives sector.
Pakistan ranks last among 148 nations in WEF global gender gap index
- Pakistan has closed just 56.7 percent of its overall gender gap, down from 57 percent in the previous year
- While Pakistan recorded improvements in education, broader gender equality remained elusive
ISLAMABAD: Pakistan has ranked last among 148 countries in the World Economic Forum’s Global Gender Gap Report 2025, underscoring persistent gender disparities in political and economic representation despite modest gains in female literacy.
The annual report, released this week, assesses gender parity across four key dimensions: economic participation and opportunity, educational attainment, health and survival, and political empowerment.
“Occupying the bottom rank of the index (148), Pakistan sees its overall parity score decline from last year’s edition from 57 percent to 56.7 percent,” the report said, marking the second consecutive annual decline in parity.
While Pakistan recorded improvements in education, the report noted that broader gender equality remained elusive.
The country showed a 1.5 percentage point gain in educational attainment, raising its parity in this area to 85.1 percent, driven partly by a rise in female literacy from 46.5 percent to 48.5 percent, according to WEF.
“Part of the shift is driven by an increase in female literacy rates from 46.5 percent to 48.5 percent,” the report said.
However, it cautioned that the improvement at the university level was partially due to a decline in male enrollment, rather than a significant surge in female participation.
In contrast, the country’s economic participation and opportunity index fell by 1.3 percentage points, amid a widening income and wage gap. The report noted a marginal increase in income disparity and a four-percentage-point rise in perceived wage inequality.
Women continue to make up a small share of Pakistan’s labor force — just 22.8 percent, according to a 2024 World Bank report — and few hold leadership or managerial positions.
Pakistan also saw a notable regression in political empowerment, with parity dropping from 12.2 percent in 2024 to 11 percent in 2025. While women’s representation in parliament rose slightly by 1.2 percentage points, the share of women in ministerial positions dropped from 5.9 percent to zero, according to the WEF.
“Overall Pakistan has closed +2.3 of its gender gap since 2006,” the report noted. “However, this year’s results are a second consecutive drop from the economy’s best score of 57.7 percent achieved in 2023.”
Pakistan has consistently ranked near the bottom in past editions of the Global Gender Gap Index and the 2025 report underscores the country’s ongoing struggle to create equitable opportunities for women, particularly in the political and economic spheres. Progress in education, while encouraging, remains insufficient to offset broader systemic inequalities.
Pakistan mulls linking provincial funding to population control under revised revenue-sharing scheme
Pakistan mulls linking provincial funding to population control under revised revenue-sharing scheme
- NFC Award is constitutional formula that governs how tax revenues are shared between federal government and provinces
- Proposed reform in formula would shift financial incentives away from population size alone and toward demographic efficiency
ISLAMABAD: Pakistan’s planning ministry will propose changes to the National Finance Commission (NFC) Award — a constitutional formula that governs how tax revenues are shared between the federal government and provinces — in an effort to reward regions that manage to control population growth, Planning Minister Ahsan Iqbal said on Thursday.
The proposed reform would shift financial incentives away from population size alone and toward demographic efficiency. Pakistan, a country of over 240 million people, has its population growing at around 2 percent annually. This rate is significantly above the global average, placing Pakistan among the world’s faster-growing nations.
Under the existing NFC Award, 57.5 percent of the divisible tax pool is allocated to Pakistan’s four provinces of Punjab, Sindh, Khyber Pakhtunkhwa and Balochistan. Of this, 82 percent is distributed based on population size, effectively rewarding provinces like Punjab and Sindh that have higher population growth.
“In the next NFC Award, the Planning Ministry will propose a revision of the resource distribution formula,” Iqbal told reporters during a briefing on Pakistan’s development budget for the upcoming fiscal year.
“This creates a negative incentive. If a province manages to control its population, it is effectively penalized with a reduced share of resources.”
The NFC Award remains a politically sensitive subject in Pakistan, with provinces often reluctant to surrender financial shares. However, Iqbal said reform was essential for sustainable development.
The current NFC Award was agreed in 2010 under Article 160 of the Constitution, which requires periodic review and consensus among the federal and provincial governments. The 2010 award introduced a more balanced distribution formula than previous iterations, which were based solely on population. It included additional criteria such as poverty and backwardness (10.3 percent), revenue collection and generation (5 percent), and inverse population density (2.7 percent).
Despite these adjustments, Iqbal argued that population remained an overwhelming factor in determining provincial allocations and discouraged provinces from investing in family planning or demographic control measures.
“We must shift toward incentivizing demographic efficiency, rewarding provinces that control population growth effectively,” he said.
“This change is only possible through a revised NFC formula, as in my view, the current formula is regressive and needs to be restructured on a progressive basis, linking resource allocation not just to population but also to factors like industrial performance, educational outcomes, and governance efficiency.”
Iqbal described Pakistan’s current 2.5 percent annual population growth rate as “the biggest challenge” facing the country and said that without effective population control, economic development efforts would be undermined.
To address the issue at the national level, Iqbal said the government would establish a Pakistan Population Council chaired by Prime Minister Shehbaz Sharif, with participation from provincial and regional governments.
“WATER SECURITY”
Iqbal also highlighted the growing threat of water scarcity, particularly after neighboring India’s unilateral suspension of the Indus Waters Treaty (IWT), a 1960 World Bank-brokered agreement that allocated the use of the Indus River system’s waters between India and Pakistan.
India announced it was holding the treaty in abeyance after a conflict with Pakistan last month over the disputed Kashmir region, which both countries rule in part but claim in full.
“Our focus in the development budget is Pakistan’s water sector, as we must treat water as a fundamental element of our national strength, especially as neighboring countries have begun to weaponize water, a deeply concerning development,” the planning minister said.
He added that while India could not legally block Pakistan’s share of water under the treaty, it could still affect the flow of rivers that irrigate nearly 80 percent of the country’s agricultural land.
In response, Pakistan has prioritized the completion of two major dam projects, Diamer Bhasha Dam and Mohmand Dam, aiming to finish both by 2030. Originally, Diamer Bhasha Dam was scheduled for completion in 2032.
“We have resolved to complete the Diamer Bhasha Dam and Mohmand Dam on an emergency basis and our goal is to complete the Diamer Bhasha Dam by 2030,” Iqbal said, adding that the two dams would together add 7 million acre-feet of water storage capacity, 6 million from Diamer Bhasha and 1 million from Mohmand.
A federal task force led by the Deputy Prime Minister and comprising all four provincial chief ministers had been formed to oversee the implementation of water infrastructure projects, the planning minister said.
