KARACHI: Senior member of the Dubai royal family, Sheikh Ahmed Dalmook Al Maktoum, will invest around 15 percent of the equity requirement of a coal-to-gas and coal-to-liquid (C2L) processing facility to be set up in Pakistan’s southern Thar desert, officials said on Wednesday.
Al Maktoum group of private companies mainly focuses on energy, infrastructure, mining, LNG terminal development, oil and gas commodity trading and education and agriculture projects. His business is also a key strategic stakeholder in Oracle Power PLC, a United Kingdom-based power and natural resource project developer.
The exact cost of the project is not yet decided but Al Maktoum will invest 15% of the equity requirement, Naheed Memon, CEO of Oracle Power, told Arab News.
“He is also an investment partner in our projects in Pakistan in Thar; he has committed to invest 15% of the equity requirements,” Memon said on the sidelines of a stakeholder consultative conference held in Karachi to deliberate upon a coal conversation policy for Thar deposits.
The Thar desert is home to the largest lignite coal reserves in the world at an estimated 175 billion tons - the equivalent of 50 billion tons of oil and 2000 trillion cubic feet of gas, according to the Geological Survey of Pakistan.
Four Pakistani leading coal mining and power generation companies are planning to convert huge deposits of coal into gas and liquid in the Thar desert in southern Sindh province, as the country moves to ban new coal-fired power plants.
Last years, Pakistani Prime Minister Imran Khan told a virtual gathering of global leaders: “We have decided we will not have any more power based on coal … We have already scraped two coal power projects which were supposed to produce 2600 megawatt of energy. By 2030, 60 percent of all energy produced in Pakistan will be clean energy.”
Chinese companies are financing and building most of Pakistan’s coal plants through the over $60 billion China-Pakistan Economic Corridor (CPEC), a flagship of China’s belt and road initiative.
Memon said coal to gasification was a “new technology very dependent on international commodity prices of oil and gas and required substantial investment.”
She said investment requirements were similar to coal mining for power generation; the gasification process also involved mining of coal and then its conversion into syngas, or synthesis gas, by installing gasification units.
“Approximately we are talking about $2 billion to $3 billion to produce, for example, two million ton of urea - that is the kind of money we are looking at,” said Memon, whose company is operating along with China National Coal Development company (CNCDC), in Thar.
Participants at Wednesday’s conference called for a comprehensive coal gasification policy to kickstart projects in the country.
“We have proposed to the government of Pakistan that an appropriate framework be put in place,” Memon said, adding: “The utilization could be for line gas, urea, and liquid petroleum base products for this sort of development to take place a policy has to be put in place.”
Nadeem Babar, a special advisor on petroleum, assured the participants that all energy policies would be made in consultation with stakeholders.
“We have not made any energy policy without consulting the stakeholders during two and half years of our tenure and the process will continue,” he said, addressing the conference. “We need to convert our energy sector into commodity … the government gives great importance to coal gasification and conversion into liquid petroleum”.
Pakistan currently has four coal-fired power plants worth $6.7 billion, with three using imported coal. The combined capacity of these plants set up under CPEC is 4,620 MW.
In the last five years, the share of coal-based power in Pakistan’s energy mix has gradually increased from almost negligible to more than 20%, according to the National Electric Power Regulatory Authority (NEPRA).
The share of coal-based electricity generation in total thermal generation during the fiscal year 2019-20 was 31.84%, up from 18.71% in 2018-19. The utilization of coal-based power plants during fiscal year 2019-20 was almost 66% of total installed capacity of coal-based power plants, NEPRA data showed.
Coal utilization is set to expand further as five more power plants, built under the CPEC umbrella at a cost of more than $3.3 billion, are scheduled to commence operations by the end of 2026. Among these upcoming power plants, four will use Thar coal, according to the Private Power and Infrastructure Board (PPIB).
Dubai’s Al Maktoum to invest 15% equity requirement in Pakistan coal conversion project
https://arab.news/g5bj3
Dubai’s Al Maktoum to invest 15% equity requirement in Pakistan coal conversion project
- Exact cost of the coal-to-gas and coal-to-liquid processing facility not yet decided but Al Maktoum will invest 15% of equity requirement
- Last years, Pakistani Prime Minister Imran Khan said his government had decided not to generate any more power using coal
Trump says settled Pakistan-India standoff through trade deals
- Trump has repeatedly said he offered to help both nations with trade if they agreed to de-escalate
- India has previously rejected that trade concessions were discussed in ceasefire discussions
ISLAMABAD: President Donald Trump said on Wednesday he had used US trade ties to persuade nuclear-armed neighbors India and Pakistan to back off from their worst military confrontation in decades earlier this month, a claim New Delhi has previously rejected.
Following a May 10 understanding reached between India and Pakistan in what was a US-mediated ceasefire to stop military action on land, in the air and at sea, Trump has repeatedly said he had offered to help both the nations with trade if they agreed to de-escalate.
Pakistan has not commented specifically on the trade-related claim though it has repeatedly thanked Trump for his role in the de-escalation efforts. The Indian government has, however, said trade concessions did not come up in discussions to secure the ceasefire.
“If you take a look at what we just did with Pakistan and India, we settled that whole thing, and I think I settled it through trade,” Trump said in televised comments during a meeting at the White House with South African President Cyril Ramaphosa.
“We’re doing a big deal with India. We’re doing a big deal with Pakistan,” the US president added, without giving details of what agreements he was referring to.
Before the ceasefire, the militaries of India and Pakistan were engaged in one of their most serious confrontations in decades since May 7, when India struck targets inside Pakistan it said were affiliated with militants responsible for the killing of 26 tourists last month in Indian-administered Kashmir.
After India’s strikes in Pakistan, both sides exchanged heavy fire along their de facto border, followed by missile and drone strikes into each other’s territories, mainly targeting military installations and air bases.
The escalating hostilities threatened regional peace, leading to calls by world leaders to cool down tempers.
Trump has said he not only helped mediate the ceasefire but also offered mediation over the simmering dispute in Kashmir, a Himalayan region that both India and Pakistan claim in entirety but govern in part. The two nations have fought two wars over Kashmir, which has long been described as the regional nuclear flashpoint.
New Delhi has rejected Trump’s offer for mediation, saying Kashmir was a bilateral issue, while Pakistan has welcomed the offer.
With inputs from AP
Pakistan recalls fast bowler Hasan Ali for T20 series against Bangladesh
- Hasan played just one T20 international in nearly three years when he returned against Ireland in Dublin in 2024
- Fast bowler has forced his way back into the squad with a rich haul of 15 wickets in the Pakistan Super League
ISLAMABAD: Pakistan has recalled fast bowler Hasan Ali for this month’s Twenty20 home matches against Bangladesh but overlooked senior batters Mohammad Rizwan and Babar Azam for the third successive series.
Hasan played just one T20 international in nearly three years when he returned with expensive figures of 0-42 in three overs against Ireland in Dublin in 2024.
However, the right-arm fast bowler has forced his way back into the squad with a rich haul of 15 wickets in the Pakistan Super League while representing the Karachi Kings.
Rizwan and Babar were dropped for the last two series in Zimbabwe and New Zealand as Pakistan continued to reshape its top-order ahead of next year’s T20 World Cup.
Rizwan scored 367 runs at a strike rate of 139.54 in the PSL this season as his franchise, the Multan Sultans, suffered nine defeats in 10 games.
Babar’s Peshawar Zalmi also missed out on the playoffs for the first time in PSL history as he finished the season with 288 runs and a strike rate of 128.57.
Salman Ali Agha, who was appointed captain ahead of the T20 series in Australia last year, will continue to lead the side with Shadab Khan as his deputy.
The series will be the first assignment for Pakistan’s newly appointed white-ball coach Mike Hesson, who is currently in charge of Islamabad United in the PSL.
The selectors have made eight changes to the squad which lost the series in New Zealand 4-1.
Fast bowlers Shaheen Shah Afridi, Jahandad Khan and Abbas Afridi were replaced by Hasan, Naseem Shah and Mohammad Wasim while another pace bowler Mohammad Ali was also dropped.
Opening batter Sahibzada Farhan, who leads the PSL charts with 394 runs in 10 games, Saim Ayub and Fakhar Zaman were recalled, with all-rounders Faheem Ashraf and Hussain Talat also making their way back into the squad.
The three-match series will be played at the Qaddafi Stadium in Lahore on May 28, May 30 and June 1.
Pakistan squad: Salman Ali Agha (captain), Shadab Khan, Abrar Ahmed, Faheem Ashraf, Fakhar Zaman, Haris Rauf, Hasan Ali, Hassan Nawaz, Hussain Talat, Khushdil Shah, Mohammad Haris, Mohammad Wasim, Irfan Khan, Naseem Shah, Sahibzada Farhan and Saim Ayub.
JS Investments launches Pakistan’s ‘first’ Shariah-compliant real estate investment trust
- JS Investments partners with real estate developer Gohar Group of Companies to establish JS Hotel REIT in Hyderabad
- REIT is a regulated investment vehicle that pools capital from investors to finance income-generating real estate
KARACHI: A Pakistani investment firm on Wednesday announced the launch of what it described as the country’s first Shariah-compliant real estate investment trust (REIT) focused on the hospitality sector.
A REIT is a regulated investment vehicle that pools capital from investors to finance income-generating real estate, offering returns through rent or capital gains. It provides exposure to the property market without direct ownership of assets.
JS Investments Limited, one of Pakistan’s oldest private-sector asset and REIT managers, has partnered with real estate developer Gohar Group of Companies to establish the JS Hotel REIT in Hyderabad district, located in the southeastern Sindh province.
“As the manager of Pakistan’s first hotel REIT, we are pleased to offer investors a professionally managed and regulated investment vehicle backed by international hospitality standards,” the statement quoted Iffat Zehra Mankani, CEO of JS Investments Limited, as saying.
The REIT will finance the development of a 139-room hotel in Hyderabad under a franchise agreement with an international hospitality brand. The fund is currently open to accredited local and foreign investors through private placement.
The statement added the Securities and Exchange Commission of Pakistan (SECP) had granted regulatory approval for the fund, which is not being offered to the general public at this stage.
Pakistan’s REIT market remains small, though regulatory reforms in recent years have aimed to draw institutional investment into real estate through both conventional and Islamic finance structures.
The project will also feature environmentally responsible construction, according to the statement.
Pakistan PM directs task force to propose budget plan for low-cost housing
- Pakistan faces a housing crisis, with the shortage particularly acute in urban areas
- PM says ahead of the budget low-cost housing is his administration’s top priority
ISLAMABAD: Prime Minister Shehbaz Sharif said on Wednesday his administration is prioritizing the development of low-cost housing while directing a task force to present financing recommendations to include the facility in the upcoming budget.
Pakistan has been facing a housing crisis, with the World Bank suggesting two years ago it was short of an estimated 10 million housing units. The shortage is particularly acute in urban areas due to rapid population growth, unregulated expansion and high land and construction prices.
The federal budget, which will be presented to the National Assembly next month, is expected to outline measures to tackle the crisis as the new fiscal year begins in July.
“The government’s foremost priority is to facilitate access to housing through low-cost schemes,” Sharif said during a task force meeting to address the issue.
“Such projects will not only make residential units accessible to the common man but also stimulate economic growth and create employment opportunities,” he continued.
The prime minister instructed the task force to work with the finance ministry and banks to prepare detailed financing proposals for affordable housing, with the aim of making them part of the upcoming budget.
He also emphasized that developing the construction sector was key to sustainable economic growth.
Officials briefed the prime minister on ongoing reforms to the Condominium Act 2025 and Foreclosure Law, saying they were in their final stages and were expected to ease access to housing loans under the new schemes.
Pakistan says India using ‘terrorism’ as foreign policy tool after school bus attack in Balochistan
- New Delhi rejects Pakistan’s allegation, calls it an attempt to deflect responsibility for internal failures
- PM Sharif visits Balochistan after school bus bombing kills three children, leaves eight critically wounded
KARACHI: Pakistan urged the international community on Wednesday to condemn what it called India’s use of “terrorism” as a foreign policy tool, after a vehicle-borne improvised explosive device targeted a school bus in the southwestern Balochistan province, killing at least three children and injuring 39 others, including eight critically.
Balochistan, Pakistan’s largest province by landmass and rich in mineral resources, has long faced an insurgency led by separatist groups who accuse Islamabad of exploiting local resources while neglecting the population. The government denies the claims, citing investments in health, education and infrastructure.
In recent months, the insurgency has intensified, with groups like the Balochistan Liberation Army (BLA) carrying out high-casualty attacks on civilians and security forces, including taking hostages at a passenger train. Pakistan says it has evidence linking India to these attacks, though New Delhi has denied involvement and distanced itself from the Khuzdar school bombing.
However, Islamabad described the attack as a “sequel” to India’s missile and drone strikes earlier this month, accusing New Delhi of deploying militant proxies to destabilize the country, as Prime Minister Shehbaz Sharif and Field Marshal Asim Munir visited the region to meet injured children in hospital.
“These terrorist groups — masquerading under ethnic pretenses — are not only being exploited by India as instruments of state policy, but also stand as a stain on the honor and values of the Baloch and Pashtun people, who have long rejected violence and extremism,” said a statement issued by the PM Office after Sharif’s visit to Quetta.
“India’s reliance on such morally indefensible tactics, particularly the deliberate targeting of children, demands urgent attention from the international community,” it added. “The use of terrorism as a tool of foreign policy must be unequivocally condemned and confronted.”
The prime minister and the accompanying delegation was briefed by Balochistan’s Chief Minister Sardar Sarfraz Bugti and local military officials on the attack, which also killed two soldiers and injured 53 people in total.
The official statement said Pakistan’s security forces and law enforcement agencies “will relentlessly pursue all those involved in this barbaric act,” vowing to bring “the architects, abettors and enablers of this crime” to justice.
It added the incident had exposed India’s “cunning role” to the world, revealing how it orchestrated militant violence while simultaneously portraying itself as a victim.
India’s Ministry of External Affairs earlier in the day rejected Pakistan’s allegations, describing them as Islamabad’s attempt to deflect responsibility for its own failings and internal issues.
The latest attack follows a brief military standoff between the two countries earlier this month, which ended in a ceasefire on May 10.
While hostilities along the border have subsided, both sides continue to trade diplomatic barbs, accusing each other of sponsoring terrorism and destabilizing the region.
The attack in Khuzdar, which targeted children en route to an army-run school, was condemned by US Chargé d’Affaires Natalie Baker and UNICEF in separate statements.
It was also reminiscent of one of the deadliest militant attacks in Pakistan’s history when over 130 children were killed in a military school in the northern city of Peshawar in 2014. That attack was claimed by the Pakistani Taliban group.
