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Pakistan, UAE ink multi-billion-dollar deals across diverse sectors — PM Kakar 

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Pakistan's Caretaker Prime Minister Anwaar-ul-Haq Kakar (left) meets President of the United Arab Emirates, Sheikh Mohamed bin Zayed Al Nahyan, in Abu Dhabi, UAE on November 27, 2023. (Prime Minister's Office)
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Pakistan's caretaker Prime Minister Anwaar-ul-Haq Kakar (left) meets UAE's Minister of Justice, Abdullah Sultan bin Awad Al-Nuaimi, in Abu Dhabi, UAE, on November 26, 2023. (PID)
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Updated 27 November 2023
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Pakistan, UAE ink multi-billion-dollar deals across diverse sectors — PM Kakar 

  • PM Anwaar-ul-Haq Kakar says development marks ‘new era of economic cooperation, regional stability and strategic collaboration’ 
  • The Pakistani premier, currently in UAE, is slated to head to Kuwait on Nov. 28 and attend the COP28 climate conference on Dec. 1-2 
Updated 27 November 2023
SAIMA SHABBIR

ISLAMABAD: Pakistan has signed multi-billion-dollar memorandums of understanding (MoUs) with the United Arab Emirates (UAE) across diverse sectors, Prime Minister Anwaar-ul-Haq Kakar said on Monday, during his visit to the Gulf nation. 

PM Kakar arrived in the UAE on Sunday on a bilateral visit until Nov. 28, aimed at sign multiple investment and cooperation agreements, according to the Pakistani foreign office. 

He will subsequently embark on a two-day visit to Kuwait, which will conclude on Nov. 30. 

“Today in Abu Dhabi, multi-billion-dollar MoUs were signed between Pakistan and the UAE, spanning various sectors,” Kakar said in televised comments Monday night. 

“This marks a new era of economic cooperation, regional stability, and strategic collaboration between Pakistan and the UAE.” 

The prime minister congratulated the people of both nations, saying the friendship initiated by Sheikh Zayed in the 1970s had now entered a new phase under the leadership of UAE President Sheikh Mohamed bin Zayed Al-Nahyan. 

“These tangible projects will have a significantly positive economic impact on the Pakistani economy in the days to come,” Kakar added. 

The development came after a meeting between PM Kakar and the UAE president in Abu Dhabi. 

“During the meeting, regional and global developments were also discussed with particular reference to the deteriorating human rights and humanitarian situation in the occupied Palestine,” PM Kakar’s office said. 

“The Prime Minister expressed Pakistan’s support to a just and durable solution of the Palestinian question anchored in international law and in line with relevant United Nations and OIC resolutions.” 

The two leaders reaffirmed the resolve to further strengthen bilateral strategic cooperation and dialogue between Pakistan and the UAE. 

They witnessed signing of the MoUs between Pakistan and the UAE, relating to energy, port operations projects, waste water treatment, food security, logistics, minerals, and banking and financial services sectors. 

“These MoUs will unlock multi-billion dollars of investment from United Arab Emirates into Pakistan and will help realize various initiatives envisioned under [Pakistan’s] Special Investment Facilitation Council,” the statement read. 

Pakistan and the UAE are close allies. The Gulf nation is Pakistan’s third-largest trade partner after China and the United States. It is also viewed as an ideal export destination by policymakers in the South Asian country due to its geographical proximity with Pakistan. 

The UAE is also home to an estimated 1.8 million Pakistani expatriates and, after Saudi Arabia, is the second-largest source of remittances for the South Asian nation of more than 240 million. 

During the meeting with President Sheikh Mohamed, PM Kakar expressed his profound gratitude for the UAE’s firm support to Pakistan in economic and financial domain. 

“The prime minister reiterated Pakistan’s full support to the UAE’s Presidency for COP 28, underlining its importance as an opportunity for meaningful progress toward effective and result-oriented global actions in key areas to mitigate climate impact, including establishment of the Loss and Damage Fund,” his office said further. 

PM Kakar is slated to attend the 2023 United Nations Climate Change Conference (COP28) in Dubai on December 1-2. 

On his visit to Kuwait, the prime minster will meet Crown Prince Sheikh Meshal Al-Jaber Al-Sabah and Prime Minister Sheikh Ahmed Nawaf Al-Ahmed Al-Sabah, the Pakistani foreign office said in a statement. 

“The visit will include signing of various MoUs in the field of Manpower, Information Technology, Mineral exploration and Food Security, Energy and Defense,” the statement read. 

Speaking to Arab News, Mumtaz Zahra Baloch, a Pakistani foreign office spokeswoman, said PM Kakar would participate in the World Climate Action Summit, scheduled to take place in Dubai on Dec. 1-2 as part of COP28, following the Kuwait visit. 

“Prime Minister Kakar’s program in Dubai includes participation in high-level events at the summit and bilateral meetings with counterparts from participating countries,” she said. “He will underline the centrality in the climate change debate of the established principles of equity and common but differentiated responsibilities.” 

At COP27 in Egypt last year, Pakistan led negotiators from developing countries to a breakthrough deal to create a “loss and damage” fund, overcoming years of resistance from wealthy nations. But since the summit, governments have struggled to reach a consensus on the details of the fund, such as who will pay and where the fund will be located. 

A special UN committee tasked with implementing the fund met for a fifth time in Abu Dhabi earlier this month, following a deadlock in Egypt last month, to finalize recommendations that will be put to governments when they meet in Dubai next week. The goal is to get the fund up and running by 2024. 

At COP28, Baloch said Pakistan would work with other developing countries and seek operationalization of the loss and damage fund for all climate-vulnerable developing countries as well as a meaningful outcome of the first Global Stocktake (GST), a two-year process scheduled to happen every five years, to coordinate efforts on climate action, including measures to bridge gaps in progress. 

The first Global Stocktake got under way in 2022 and will conclude at COP28. The next Stocktake will occur in 2028 and again in 2033. 

“Pakistan will also reiterate its call for the developed countries to urgently and fully deliver on the long overdue goal of mobilizing $100 billion per year as climate finance for developing countries,” Baloch added. 

Topics: Pakistan Pakistan in COP28 Pakistan UAE ties Pakistan Kuwait ties COP 28 Dubai Arab News Pakistan

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Pakistan’s PSO proposes swapping debt for stake in public sector companies

Updated 6 sec ago
Reuters
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Pakistan’s PSO proposes swapping debt for stake in public sector companies

  • Stopping the pile-up of unresolved debt across Pakistan’s power sector and settling it is a top IMF concern
  • PSO’s aggregate receivables from government agencies and autonomous bodies stands at about $1.8 billion
Updated 6 sec ago
Reuters

KARACHI: Pakistan State Oil, the country’s largest oil marketer, says it is in talks with the government on a plan to acquire stakes in public sector energy companies and offset mounting debt it is owed by firms such as the national airline.
Stopping the pile-up of unresolved debt across Pakistan’s power sector, and ultimately settling it, is a top concern of the International Monetary Fund (IMF), with which Islamabad begin talks this month for a new long-term loan deal.
“Everything will be done through competitive bidding and we will participate and if we win, the stakes will be offset against (PSO’s receivables),” said Syed Muhammad Taha, the managing director and chief executive of state-backed PSO.
“That is our proposal and this is under consideration, so we are working with the government,” Taha said in an interview on Wednesday with Reuters, which is the first to report the plan.
Pakistan’s government, with a stake of about 25 percent, is the biggest shareholder of PSO, but private shareholders own the rest.
Government officials, including the petroleum minister and the information minister, did not reply to a Reuters request for comment.
Total circular debt in Pakistan’s power and gas sectors stood at 4.6 trillion rupees ($17 billion), or about 5 percent of GDP by June 2023, the IMF says.
Circular debt is a form of public debt that stems in part from failure to pay dues along the power sector chain, starting with consumers and moving to distribution companies, which owe power plants, which then have to pay fuel supplier PSO.
The government is either the biggest shareholder, or outright owner of most these companies, making it tough to resolve debt as fiscal tightening leaves it strapped for cash.
Among other steps sought by the IMF, Pakistan has raised energy prices to stop the build-up of debt. But the accumulated amount still has to be resolved.
Taha said the IMF reforms helped the sector by boosting creditors’ ability to pay, which will continue to improve.
PSO’s aggregate receivables from government agencies and autonomous bodies stood at 499 billion rupees ($1.8 billion), the largest share owed by gas provider Sui Northern Gas, whose largest shareholder is the government.
PSO’s annual report last year said the crisis of owed debt was a serious issue for it.
Taha said PSO had initially floated the idea of acquiring stakes or complete ownership of assets such as power plants in Nandipur in the northern Punjab province and Guddu in southern Sindh, as well as the government-owned holding entity for power generation companies.
It also discussed equity stakes in profitable public sector companies such as the Oil and Gas Development Co, he added.
PIA DEAL
Taha said PSO was also a part of the broader settlement framework for the privatization of Pakistan International Airlines, which would potentially include a “clean asset swap” and a stake in the airline’s non-core assets, such as property.
The government is putting on the block a stake ranging from 51 percent to 100 percent in debt-ridden PIA as part of the public-sector reforms sought by the IMF.
In March, media said the principal alone that PIA owed PSO for fuel supply amounted to roughly 15.8 billion rupees ($57 million).
Taha added that he expected modest growth in demand for petroleum products as the economy opens up, thanks to lower interest rates and higher disposable income.
As economic conditions improve, he added, PSO is working with big strategic investors from China and the Middle East to upgrade and expand its refinery arm, Pakistan Refinery Ltd.
PSO has a network of 3,528 retail outlets in addition to 19 depots, 14 airport refueling facilities, operations at two seaports, and Pakistan’s largest storage capacity of 1.14 million tons.

Topics: Pakistan economy Pakistan State Oil

Gunmen kills seven laborers from Punjab province in Pakistan’s coastal Gwadar district

Updated 7 min 32 sec ago
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Gunmen kills seven laborers from Punjab province in Pakistan’s coastal Gwadar district

  • The assailants targeted the seven hair-salon workers while they were sleeping in a residential quarter
  • No group have claimed the attack, though Baloch separatists have targeted Punjabi workers in the past
Updated 7 min 32 sec ago
SAADULLAH AKHTER

QUETTA: A group of unidentified gunmen attacked a residential quarter in Gwadar, a coastal town in Pakistan, in the early hours of Thursday, killing seven laborers from Punjab province, confirmed a local administration official.
The attack, which occurred about 24 kilometers from central Gwadar city, targeted hair-salon workers from Khanewal district in Punjab while they were sleeping.
Speaking to Arab News, Deputy Commissioner of Gwadar Hamood-ur-Rehman said the assailants stormed the quarter around 4 AM and opened fire on the occupants.
“The attackers killed seven laborers belonging to Punjab province before escaping from the area,” he said. “One worker was injured in the attack and has been transferred to District Headquarter Hospital Gwadar for medical treatment.”
Rehman also mentioned the district administration and law enforcement agencies had started investigating the incident. So far, no group has claimed responsibility for the attack.
This is the third attack against laborers from Punjab within a month in Pakistan’s restive southwestern Balochistan province, which shares porous borders with Iran and Afghanistan and has experienced a low-scale insurgency by Baloch separatist groups against the Pakistani state.
In April, the proscribed Baloch Liberation Army (BLA) claimed responsibility for the killings of nine Punjab residents traveling to Iran from Quetta, the capital of Balochistan. In another incident last month, two Punjabi garage workers were targeted.
Baloch nationalists have long accused the Pakistani government and Punjab province of monopolizing profits from Balochistan’s abundant natural resources, saying it has led to political marginalization and economic exploitation.
However, Pakistani administrations have denied these allegations, citing several development initiatives launched in the province to improve local living conditions.
Gwadar, located on the Arabian Sea coast, plays a pivotal role in the multibillion-dollar China Pakistan Economic Corridor (CPEC) that is envisaged to enhance regional connectivity.
Despite being resource-rich, Balochistan remains Pakistan’s most sparsely populated and impoverished province.
“The slain laborers were shot multiple times,” Dr. Hafeez Baloch, the medical superintendent at DHQ Gwadar, told Arab News. “We found bullet injuries on their heads and bodies.”
“One injured individual, who was in stable condition, has been referred to Karachi for better treatment,” he added. “The bodies of the slain laborers have been returned to their native village in Punjab.”
Prime Minister Shahbaz Sharif condemned the killings, describing the incident as “a cowardly attack on the country by its enemies.”
“We will eradicate terrorism from the country and stand with the families who lost their loved ones in Gwadar,” he declared in a statement.
Meer Sarfaraz Bugti, the provincial chief minister, vowed to pursue the attackers, saying: “We will use all our might against these terrorists and establish the writ of the state.”

Topics: Gawadar Baloch Liberation Army (BLA)

Gunmen kill seven barbers in Pakistan’s volatile Balochistan province

Updated 09 May 2024
AP
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Gunmen kill seven barbers in Pakistan’s volatile Balochistan province

  • No group has claimed responsibility, though Baloch separatists have targeted people from Punjab in the past
  • The Pakistan government says it has quelled separatist insurgency, but violence in Balochistan has persisted
Updated 09 May 2024
AP

QUETTA: Attackers fatally shot seven barbers before dawn Thursday in a home in a volatile province in southwestern Pakistan, police and a government official said.
The killings occurred near the port city of Gwadar in Balochistan province, police official Mohsin Ali said. All of the barbers were from Punjab province and lived and worked together.
Provincial Interior Minister Ziaullah Langau condemned the killings and said police were investigating who was behind the attack.
There was no immediate claim of responsibility. Separatists in Balochistan have often killed workers and others from Punjab as part of a campaign to force them to leave the province, which for years has experienced a low-level insurgency by the Balochistan Liberation Army and other groups demanding independence from the central government in Islamabad. Islamist militants also have a presence in the province.
The government says it has quelled the separatist insurgency, but violence in the province has persisted.
Police said they believe the attack on the barbers was not related to their jobs. Last month, the Balochistan Liberation Army claimed responsibility for killing nine people from Punjab province who were abducted from a bus on a highway in Balochistan, saying it had information that spies were on the bus.
Separatists have also targeted people from Punjab working on coal-mine projects in Balochistan.
In January, gunmen killed six barbers in a former stronghold of the Pakistani Taliban in the country’s northwest near the Afghanistan border. Pakistani militants years ago banned the trimming of beards and haircuts in Western styles.

Topics: Militant attack Baloch Liberation Army (BLA) Gawadar

No casualties, four Hajj flights ‘operated,’ CAA says after Lahore airport fire

Updated 09 May 2024
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No casualties, four Hajj flights ‘operated,’ CAA says after Lahore airport fire

  • Local media widely reports delays, says immigration system damaged 
  • CAA did not identify a cause, media says fire caused by short circuiting
Updated 09 May 2024
Muhammad Ibrahim

ISLAMABAD: The Pakistan Civil Aviation Authority (CAA) said on Thursday four Hajj flights scheduled to fly in the morning were “operated,” following a fire at an airport in the eastern city of Lahore in which local media widely reported the facility’s entire immigration system was gutted.
Pakistani media channels widely attributed the fire to short circuiting while the CAA did not specify a cause in its statement.
“The situation at the airport is gradually returning to normal and no casualties have been reported,” the Authority said. “All agencies at the airport are trying to bring the situation back to normal.”
The statement said four Hajj flights scheduled to depart from the airport on Thursday morning had been “operated.”
“Normal operations will be restored as soon as the technical issues are overcome,” the statement concluded.
Several Pakistani outlets reported that the fire damaged the immigration system partially, after which the process of immigration was halted. Airport authorities also evacuated several passengers from the international immigration lounge due to heavy smoke and shifted them to the domestic lounge.
While the CAA did not report flight delays, Pakistani media widely reported that a total of six flights, including a Qatar Airways flight, had been delayed.

Topics: Lahore airport Hajj flights Lahore airport fire

Qatari minister arrives in Islamabad today amid Pakistan’s active investment outreach

Updated 09 May 2024
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Qatari minister arrives in Islamabad today amid Pakistan’s active investment outreach

  • Dr. Mohammed bin Abdulaziz Al-Khulaifi is expected to meet Prime Minister Shehbaz Sharif, other officials
  • Pakistan previously showed interest in Qatar’s IT sector and sent its a delegation to the Arab state in December
Updated 09 May 2024
SAIMA SHABBIR

ISLAMABAD: Qatar’s Minister of State for Foreign Affairs Dr. Mohammed bin Abdulaziz Al-Khulaifi will arrive in Pakistan today to meet with Prime Minister Shehbaz Sharif and other officials, as the government actively seeks foreign investment to tackle financial challenges.
Pakistan has welcomed numerous foreign officials and business delegations in recent weeks, encouraging local partnerships and asking them to explore investment opportunities across various economic sectors.
A Saudi business delegation, consisting of senior representatives from nearly 35 companies, recently concluded their visit to Pakistan, during which they held several business-to-business meetings.
Additionally, Prime Minister Shehbaz Sharif met with a group of Japanese industrialists, urging them to invest in Pakistan’s nascent electric car industry.
The country is also expecting the visit of Saudi Crown Prince Mohammed bin Salman later this month, hoping it would bring several billion dollars in investments.
“The Minister of State for Foreign Affairs of the State of Qatar, Dr. Mohammed bin Abdulaziz Al-Khulaifi will visit Pakistan on 9 May 2024, as a special envoy of the Prime Minister and Foreign Minister of the State of Qatar Sheikh Mohammed bin Abdulrehman bin Jassim Al Thani,” the foreign office said in a statement.
“In Islamabad, the Minister of State will call on Prime Minister Muhammad Shehbaz Sharif and on Deputy Prime Minister and the Foreign Minister Mohammad Ishaq Dar,” it continued. “Pakistan and Qatar have longstanding and multifaceted bilateral relations characterized by high-level exchanges and visits.”
The foreign office did not divulge specific details about the agenda of the visit. However, Pakistan has expressed interest in Qatar’s information technology sector and sent the first delegation of IT professionals to Qatar last December.
Many countries in the Gulf region are diversifying their economies beyond oil and gas by investing in technology sectors, creating innovation hubs and developing digital infrastructure to boost various industries.
The strategic shift includes a significant emphasis on adopting advanced digital technologies, such as AI, cloud computing and cybersecurity, with the goal of transforming these nations into knowledge-based economies.
Qatar has also moved in this direction by investing in tech startups and committing to host technologically advanced events such as the FIFA World Cup 2022.
Qatar has also been working actively to promote peace in regions like Afghanistan and, more recently, Gaza.
These issues have been central to Pakistan’s diplomatic engagements, and the two countries have discussed them in past meetings.

Topics: Pakistan Qatar ties

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Gunmen kill seven barbers in Pakistan’s volatile Balochistan province

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