Pakistan aims to tap Gulf market with Saudi-led Digital Cooperation Organization membership

This photograph taken on November 19, 2015 shows Pakistani employees of online marketplace company Kaymu at work in Karachi.( AFP/ File photo)
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Updated 15 December 2020
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Pakistan aims to tap Gulf market with Saudi-led Digital Cooperation Organization membership

  • New platform comprises Saudi Arabia, Pakistan, Bahrain, Egypt, Jordan, Kuwait and UAE
  • Was launched on Nov. 26 to strengthen cooperation across innovation-driven sectors and accelerate digital economy growth 

ISLAMABAD: The Saudi-led Digital Cooperation Organization (DCO) will open up opportunities for Pakistan’s information technology startups and talent to enter the Gulf market, officials and IT companies have said.
The DCO was launched by Saudi Arabia on November 26 to strengthen cooperation across innovation-driven sectors and accelerate the growth of the digital economy. The organization’s members are Pakistan, Bahrain, Egypt, Jordan, Kuwait and the United Arab Emirates.
“Pakistan has immense talent in the IT field,” said Imran Ghazali, general manager of the government’s digital media wing, who has participated in all DCO meetings so far. “Through this forum, a lot of collaborations will take place which will benefit Pakistani entrepreneurs and IT startups.”
“It is a positive step for Pakistan and will benefit the country as well as entrepreneurs and IT startups,” Ghazali said, adding that IT companies in the Gulf region were currently dominated by India. 
“Through this collaboration the share in the growing IT market of the Gulf countries will increase for Pakistani companies, which is not up to the mark so far,” he said. “Saudi Arabia has revolutionized its IT infrastructure and Pakistanis can benefit from it.”
Through its first year, the DCO secretariat is going to be based in Saudi Arabia, but will subsequently rotate among the organization’s members, including Pakistan.
In the group’s first meeting, the main focus was improving the digital economy with an emphasis on e-commerce and collaborations to maximize expertise-sharing among DCO members, Ghazali said.
Since more than half of Pakistan’s population has no access to the Internet, improving the country’s digital inclusion is also on the DCO agenda.
“The other aim is to support youth and women entrepreneurs in their startups,” Ghazali said. “The organization will also work for enhancing digital cooperation in the fields of health and education,” he said.
Faizaan Ghauri, chief executive of WRLD, a company that creates immersive 3D maps of the world, said that the organization would open the door for Pakistani firms to enter the Gulf market more “smoothly.”
“Anyone who is looking to engage the GCC [Gulf Cooperation Council] region, they have to talk yo lot of relevant people on the ground and they have this platform to make new connections and present their solutions,” he told Arab News. “Pakistan’s young generation and startups are quick adopters so they can adapt the regional requirements quickly to benefit from this opportunity which is quite huge.”
Ghauri added that the DCO would also provide a great opportunity for Pakistan in the field of data protection: “This regional platform can help us in protecting our data in a better way.”
Other industry stakeholders say the requirements for them to get involved in the new platform remain unclear thus far. 
“Majority of our IT startups and professionals did not know about this,” Anis Sheikh, chief executive of award-winning artificial intelligence startup BaseH Sheikh, told Arab News, commenting on the DCO. “Government has to create awareness in them so that they can effectively utilize the opportunities created through this platform.”
“We have been doing amazing work in the IT and AI fields,” he added, “but need proper connection to utilize the potential of the Gulf market.”


Pakistan monsoon death toll hits 242, with at least 116 children among the dead

Updated 22 July 2025
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Pakistan monsoon death toll hits 242, with at least 116 children among the dead

  • Disaster agency warns of glacier lake floods and landslides in northern Pakistan amid continued heavy rainfall
  • Urban flooding, house collapses, flash floods reported nationwide as rains forecast to persist until July 25

ISLAMABAD: Pakistan’s meteorological department on Tuesday warned of glacier lake outburst floods (GLOFs), flash floods and landslides in the country’s mountainous northern regions, as the national death toll from monsoon-related incidents climbed to 242, including at least 116 children.

The warning comes amid ongoing heavy monsoon rains that have battered the country since late June, triggering urban flooding, house collapses and deadly flash floods.

At least 21 people, including 12 children, died in the past 24 hours alone, according to Pakistan’s National Disaster Management Authority (NDMA), with many of the fatalities reported from drowning, building collapses and fast-moving floodwaters.

The worst-hit province has been Punjab, Pakistan’s most populous region, where at least 135 people have died. Khyber Pakhtunkhwa (KP) reported 56 fatalities, followed by 24 in Sindh, 16 in Balochistan, six in the federal capital of Islamabad, three in Gilgit-Baltistan (GB) and two in Azad Jammu and Kashmir.

“In continuation to the GLOF alert issued dated July 15, the wet spell is likely to continue and can affect KP and GB in the current week,” the Pakistan Meteorological Department (PMD) said in a public statement.

“The prevailing weather conditions increase the risk of GLOFs, flashfloods, and landslide events in vulnerable glaciated regions of GB and KP.”

Glacier lake outburst floods, sudden discharges of water from glacial lakes, are a growing threat in Pakistan’s north due to accelerated glacial melting driven by climate change. These floods can inundate entire valleys in minutes, destroying roads, homes and livelihoods.

The PMD also warned of landslides and mudslides in areas such as Murree, Galliyat, Azad Kashmir, and Gilgit-Baltistan, cautioning that roads could be blocked and essential connectivity disrupted.

Heavy rains are forecast to continue until July 25.

CLIMATE CHANGE EFFECTS

On Tuesday, urban flooding also hit the capital Islamabad, with viral videos showing cars swept away by torrents of water in Saidpur Village and the upscale Defense Housing Authority (DHA) neighborhood.

One video widely circulated on social media showed a vehicle submerged in floodwater, with a man inside calling for help.

Prime Minister Shehbaz Sharif expressed sorrow over reports of a father and daughter believed to have drowned in the DHA flooding and directed authorities to expedite rescue operations across flood-affected areas.

The monsoon season typically brings 70 to 80 percent of South Asia’s annual rainfall, arriving in June in India and slightly later in Pakistan. While vital for agriculture, the rains also wreak havoc in countries with fragile infrastructure, poor drainage and high vulnerability to climate shocks.

Pakistan, home to more than 7,000 glaciers, is consistently ranked among the countries most at risk from climate change, despite contributing less than 1 percent to global greenhouse gas emissions. It has seen increasingly erratic weather patterns in recent years, including record-breaking heatwaves, droughts, and severe storms.

In May, at least 32 people were killed in separate incidents of torrential rainfall and hailstorms across the country.

In 2022, catastrophic floods caused by a combination of unprecedented monsoon rains and glacial melt submerged nearly a third of Pakistan, killing more than 1,700 people and displacing over 8 million.

That disaster inflicted an estimated $30 billion in economic losses and prompted repeated UN calls for global climate reparations.


Bangladesh take second T20I for first series win over Pakistan

Updated 22 July 2025
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Bangladesh take second T20I for first series win over Pakistan

  • Left-arm Bangladesh pacer Shoriful Islam picks up his best T20I bowling figures of 3-17
  • Pakistan lost five wickets for 15 runs and was bowled out for 125 while chasing target of 134

DHAKA: Bangladesh survived a late onslaught by Faheem Ashraf and Ahmed Daniyal to pull off a narrow eight-run victory in the second T20I match on Tuesday, winning a first-ever series in the format against Pakistan.

Ashraf hit an aggressive 32-ball 51 while debutant Daniyal smashed an 11-ball 17 but holed out off the second ball of the final over as Pakistan were all out for 125 in their chase of 134 to win in Dhaka.

Earlier, Jaker Ali struck a 48-ball 55 as Bangladesh — sent in to bat — were bowled out for 133 in 20 overs, with Salman Mirza taking 2-17 and Daniyal close behind on 2-23.

Left-arm Bangladesh pacer Shoriful Islam picked up his best T20I figures of 3-17 on a slow-paced Mirpur pitch as Pakistan lost their first five wickets for just 15 runs by the fifth over.

Ashraf cracked four sixes and as many boundaries to raise hopes of a comeback win, but spinner Rishad Hossain bowled him in the penultimate over.

Ashraf and Abbas Afridi, who scored a 13-ball 19, had revived the innings from 47-7 with a 41-run stand, but Bangladesh had the last laugh.

Bangladesh won the first match at the same venue by seven wickets and took an unassailable 2-0 lead with the final match on Thursday, also in Dhaka.

This was Bangladesh’s first T20I series win over Pakistan in four tries.

Pakistan lost opener Saim Ayub to a run out for one in the first over before Islam dismissed Fakhar Zaman (8) and Mohammad Haris (0) to hit Pakistan hard at the top.

Bangladesh skipper Litton Das praised a team effort.

“It’s wonderful to win back-to-back series,” said Litton, who also led the team to a 2-1 T20I series in Sri Lanka last week. “This shows good improvement in our standards.”

Pakistan captain Salman Agha rued his side’s batting lapses.

“We thought 134 would be gettable but we lost too many wickets early on and that’s something we must address quickly,” said Agha.

Earlier, Jaker smashed five sixes and a boundary for his third T20I half century.

Bangladesh had lost four wickets for 28 by the sixth over before Jaker and Mahedi Hasan revived the innings with a 53-run stand for the fifth wicket.

Mahedi scored a 25-ball 33 with two sixes and as many boundaries.


UN backs peaceful dispute resolution as Pakistan slams India over water treaty suspension 

Updated 22 July 2025
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UN backs peaceful dispute resolution as Pakistan slams India over water treaty suspension 

  • Pakistan’s deputy PM criticizes India for “illegally” suspending 65-year-old water-sharing treaty
  • UN Security Council unanimously adopts resolution on mechanisms to resolve global conflicts

ISLAMABAD: The United Nations Security Council on Tuesday unanimously adopted a resolution calling on member states to use peaceful means, including negotiation, mediation and judicial settlement, to resolve disputes, as Pakistan accused India of undermining a landmark water-sharing agreement.

Signed in 1960 with World Bank mediation, the Indus Waters Treaty governs the distribution of the Indus River and its tributaries between India and Pakistan, two nuclear-armed neighbors with a history of conflict. Despite strained bilateral relations over the decades, the treaty has been regarded as one of the most resilient diplomatic frameworks in South Asia.

Speaking at the UNSC’s open debate, Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar said the 65-year-old Indus Waters Treaty remained a “noteworthy example of dialog and diplomacy working for peacefully arriving at a water-sharing arrangement between two neighbors.”

“The treaty has withstood periods of trials and tribulations in bilateral relations,” Dar said.

“It is most unfortunate and regrettable that India has chosen to illegally and unilaterally hold this treaty in abeyance on baseless grounds with the intention of withholding the flow of water to 240 million people of Pakistan, who rely on it for their livelihood and survival.”

Dar’s remarks came as the Security Council adopted a resolution reaffirming the importance of peaceful dispute resolution mechanisms, with all 15 of the Council’s members voting in favor.

The resolution encourages states to make full use of existing mechanisms such as “negotiation, mediation, arbitration, judicial settlement or other peaceful means,” in accordance with the UN Charter.

India decided to hold the IWT treaty “in abeyance” after a militant attack in Indian-administered Kashmir killed 26 people in April. New Delhi blamed Pakistan for being behind the attack and announced a slew of punitive measures, including suspending the water sharing pact. 

Pakistan denies involvement in the assault and has called for an independent international investigation.

The IWT ensures water supply for 80 percent of Pakistani farms. Pakistan has previously warned that the treaty contains no provision for unilateral withdrawal and any attempt to block or stop river water flowing into the country would be considered “an act of war.”

In May, weeks after the April attack, the most intense India–Pakistan military confrontation in decades ensued, involving a series of drone, artillery and missile strikes before a ceasefire was brokered by the US on May 10.


Pakistan grants first digital-only license to non-life insurer in regulatory first

Updated 22 July 2025
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Pakistan grants first digital-only license to non-life insurer in regulatory first

  • The license will enable Digi Insurance to sell general products like motor, health and travel coverage
  • The approval marks a milestone for an insurance industry aiming to expand inclusion, accessibility

KARACHI: Pakistan’s top financial regulator has issued the country’s first-ever digital-only license to a non-life insurer, allowing Karachi-based Digi Insurance Limited to operate entirely without a physical branch network, the Securities and Exchange Commission of Pakistan (SECP) said on Tuesday.

The license enables Digi Insurance to sell general insurance products — such as motor, health and travel coverage — through a fully digital platform, with no in-person interaction or branch infrastructure required.

The approval marks a regulatory milestone for Pakistan’s insurance industry as it seeks to modernize and improve accessibility.

“This development reflects SECP’s broader objective of enabling financial inclusion through responsible innovation and encouraging customer-centric, tech-enabled insurance solutions,” the commission said in a statement.

The SECP said the approval was granted under a revised regulatory framework aimed at supporting new business models and encouraging the use of technology in insurance distribution, policy issuance and claims processing.

The Pakistani financial regulator said it expects the move to promote competition, expand access to underserved markets and encourage further innovation across the sector.

It also maintained digital models offer a scalable, cost-effective alternative that could help close Pakistan’s insurance gap.
 


Pak-Qatar Asset Management reports 117% growth in assets for FY2025

Updated 22 July 2025
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Pak-Qatar Asset Management reports 117% growth in assets for FY2025

  • Company says asset growth driven by investor trust, demand for Shariah products
  • It plans to expand its offerings, strengthen position in local Islamic finance market

KARACHI: Pak-Qatar Asset Management Company (PQAMC) said on Tuesday its assets under management (AUM) rose by 117% in the financial year ending June 30, citing growing demand for Shariah-compliant investment products in Pakistan.

The company is part of the Pak-Qatar Group, a joint venture backed by Qatari and Pakistani investors focused on the development and promotion of Islamic finance. It said the surge in AUM, which refers to the total market value of client investments it oversees, was driven by consistent fund performance, increasing investor confidence and a broader client base across both retail and institutional segments.

The growth reinforces the company’s position among the fastest-expanding Islamic asset managers in the country.

“We are humbled by the trust placed in us by our investors, which has enabled us to achieve this tremendous growth,” its chief executive officer, Farhan Shaukat, said in a statement. “This success is a testament to our unwavering focus on delivering sustainable and Shariah-compliant investment avenues that meet the evolving financial aspirations of our clients.”

Following its recent performance, the company said it aims to further strengthen its position by offering innovative Islamic investment solutions tailored to a range of financial goals. It maintained its strategy remains anchored in ethical wealth creation, sound governance and disciplined portfolio management in accordance with Islamic principles.

The company has expanded its reach in recent years by diversifying its product offerings and investing in client education around Islamic financial planning. It now manages a growing suite of funds catering to both conservative and growth-oriented investors seeking faith-based alternatives in a volatile economic environment.

The company’s performance comes amid increasing interest in Islamic finance across Pakistan’s investment landscape, with regulatory support and shifting investor preferences driving demand for Shariah-aligned mutual funds and retirement products.

The company said it would continue to build on its momentum by enhancing digital accessibility, improving client engagement and launching new funds in response to market trends and participant needs.