ISLAMABAD: The renovation of Qaddafi Stadium in Pakistan’s eastern Lahore city is close to completion, with all major structural work finished and final touches being applied ahead of the upcoming ICC Champions Trophy, Pakistani state media reported this week.
The Pakistan Cricket Board (PCB) has been renovating stadiums in Lahore and Karachi in preparation for the 2025 Champions Trophy scheduled to take place in February across three venues: Lahore, Karachi, and Rawalpindi. This will be the first ICC tournament held in Pakistan since the 1996 World Cup.
Pakistani fans have long expressed dissatisfaction with the country’s stadiums, particularly the National Bank Stadium in Karachi, citing a lack of basic facilities and a subpar viewing experience for spectators. In May last year, PCB Chairman Mohsin Naqvi directed officials to immediately hire an international consultant to upgrade Qaddafi Stadium in Lahore, National Bank Stadium in Karachi and Rawalpindi Cricket Stadium.
The PCB chairman visited Qaddafi Stadium on Monday to assess the progress of the renovation project and inspected construction of floors of the main building and top tiers of general enclosures, the Associated Press of Pakistan (APP) news agency reported.
“The up-gradation of Qaddafi stadium is all but complete as 100 percent grey structure work has been completed while finishing work is being undertaken at a rapid pace,” the report said, citing the PCB chairman.
Qaddafi Stadium is set to transform into a world-class facility, featuring over 34,000 seats, brand-new scoreboards on both sides and state-of-the-art floodlights, ensuring exceptional visibility for both players and spectators after sunset, according to the report.
Naqvi praised workers for keeping the project’s completion on track despite the challenging winter conditions and dense fog.
“We are committed to delivering a fully renovated and modernized Qaddafi Stadium before the ICC Champions Trophy,” he said. “It will stand as a symbol of excellence and pride for Pakistan cricket.”
The ICC Champions Trophy 2025 will take place from February 19 till March 9, with matches hosted across Pakistan and Dubai in a hybrid model.
The tournament’s structure follows a compromised decision after India refused to play in Pakistan, citing “security concerns.” Exercising its rights as the host nation, Pakistan designated Dubai as the neutral venue for India’s matches, ensuring all teams’ participation.
In Pakistan, Karachi, Lahore and Rawalpindi will host three group-stage games each. Lahore is also set to host the second semifinal. Dubai will host all three of India’s group matches and the first semifinal, should India qualify.
The tournament opener on Feb. 19 will feature Pakistan taking on New Zealand in Karachi, while India will face Bangladesh in Dubai on Feb. 20.
This will be the ninth edition of the ICC Champions Trophy, after an eight-year hiatus. The last tournament took place in England in 2017. The event will feature top eight teams in world cricket competing for one of the sport’s most prestigious titles.
Qaddafi Stadium renovation nears completion ahead of next month’s Champions Trophy in Pakistan
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Qaddafi Stadium renovation nears completion ahead of next month’s Champions Trophy in Pakistan
- The stadium will feature over 34,000 seats, brand-new scoreboards and state-of-the-art floodlights
- The ICC Champions Trophy is set to begin on Feb. 19 in Karachi with Pakistan taking on New Zealand
Pakistani, UAE officials agree to expand cooperation in railways sector
- The UAE is Pakistan’s third-largest trading partner after China and US, and a key source of foreign investment
- Pakistan Railways is currently working to improve its services with the help of domestic and international partners
ISLAMABAD: Pakistani and United Arab Emirates (UAE) officials have agreed to expand bilateral cooperation between the two countries in the railways sector, the Pakistani railway ministry said on Monday.
The statement came after Railways Minister Hanif Abbasi’s meeting with UAE First Secretary to Pakistan Ahmed Al-Tahiri, at which both officials discussed strengthening bilateral relations across all sectors.
Abbasi highlighted that Pakistan Railways is continuously working to improve its services through long-term agreements with domestic and international suppliers, emphasizing that Pakistan offers a business-friendly environment and presents significant opportunities for investors.
“Both sides deliberated on various aspects of railway operations and mutual trade interests,” the Pakistani railways ministry said in a statement. “Both leaders agreed to continue and expand bilateral cooperation in the railway sector and other economic domains.”
Pakistan Railways faces many challenges like aging infrastructure, outdated tracks, locomotives and signal systems. Poor maintenance and a lack of modern safety measures often contribute to train derailments and accidents. Notable tragedies include the 2005 Ghotki train disaster, which killed over 130 people and the 2021 collision that left at least 65 people dead.
The UAE is Pakistan’s third-largest trading partner after China and the United States, and a major source of foreign investment valued at over $10 billion in the last 20 years, according to the UAE’s foreign ministry. Both countries have stepped up efforts in recent years to strengthen their economic relations. In Jan. 2024, Pakistan and the UAE signed multiple agreements worth more than $3 billion for cooperation in railways, economic zones and infrastructure.
During Monday’s meeting, the UAE first secretary emphasized the deep-rooted ties of brotherhood and mutual respect between the two nations, according to the Pakistani railway ministry.
“He reaffirmed the UAE’s commitment to further enhancing bilateral cooperation,” the ministry said.
Pioneering American AI firm to expand operations in Pakistan, finance ministry says
- Afiniti is a leading global AI provider in health care, telecommunications, travel, hospitality, insurance and banking industries
- Around 80 percent of Afiniti’s operational support team is based in Pakistan, with its customer base extending to Europe and other regions
ISLAMABAD: A pioneering American artificial intelligence (AI) company, Afiniti, has decided to expand its operations in Pakistan and recruit more talent in the South Asian country, the Pakistani finance ministry said on Monday.
Founded in 2005, Afiniti is a global AI provider in health care, telecommunications, travel, hospitality, insurance and banking industries as well as across multiple customer experience channels.
A delegation, led by Afiniti Chief Executive Officer Jerome Vaughan Kapelus, called on Finance Minister Muhammad Aurangzeb on Monday to discuss the company’s growth and continued investment in Pakistan.
“The meeting focused on discussions regarding Afiniti’s expanding business operations in Pakistan, the recruitment of talent and associated issues related to the taxation structure,” the Pakistani finance ministry said in a statement.
Kapelus highlighted that around 80 percent of Afiniti’s operational support team was based in Karachi, Lahore and Islamabad, with the company’s customer base extending to North America, Europe and other regions.
He praised Pakistani engineers, computer scientists and technologists, and said that his firm had an “exceptional” experience while recruiting people from Pakistan, according to the statement.
Pakistan is making steady progress in AI, with increasing investments in research, education and industry. Initiatives like the National Center for Artificial Intelligence are driving innovation, while startups explore AI applications in health care, finance and security sectors.
Despite challenges such as limited funding and infrastructure, Pakistan’s AI sector shows promise, with companies leveraging AI for data analytics, automation and customer engagement. As global AI adoption increases, the South Asian country aims to strengthen its position through policy support and technological advancements.
Aurangzeb appreciated Afiniti’s continued investment in Pakistan and assured the delegation of his government’s support in creating an enabling ecosystem for IT and agriculture sectors. He apprised the delegation of the Pakistan Crypto Council’s launch to regulate and integrate blockchain technology and digital assets into Pakistan’s financial landscape.
“The meeting concluded with a reaffirmation of the government’s commitment to supporting businesses like Afiniti, and the importance of continued collaboration between the public and private sectors to foster growth and development in Pakistan,” the finance ministry said.
‘Significant progress’ in IMF review triggers bull run at Pakistan stock market
- The KSE-100 index gained over 1,000 points to close the week’s first session at 116,199.59 points
- The index may rise to a record 123,000 points by June, if Pakistan clears IMF review, analyst says
KARACHI: Pakistan’s stocks rallied on Monday and rose 0.6 percent to the highest close in more than two months as the International Monetary Fund (IMF) gave some positive signals about its ongoing review of the South Asian country’s $7 billion loan program.
The benchmark KSE-100 index gained more than 1,000 points in the day trade before closing the week’s first session at 116,199.59 points, according to stock analysts.
Sana Tawfik, head of research at Arif Habib Ltd, said the stock market could reach 123,000 points by June if Pakistan sails through the first review of the IMF program.
“This is the highest since January 6,” Tawfik said, citing two main reasons for Monday’s bullish run.
“One is the IMF that issued a statement saying significant progress has been made [in talks with Pakistan] toward reaching the staff-level agreement. [Secondly], the overall sentiment is positive.”
The Washington-based lender put all speculation about its negotiations with Islamabad to an end, when its mission chief, Nathan Porter, said last week the two sides had made “significant progress” toward reaching an accord.
“The mission and the authorities will continue policy discussions virtually to finalize these discussions over the coming days,” Porter said on March 15.
The IMF team stayed in Pakistan for more than two weeks and reviewed the country’s economic reforms under its Extended Fund Facility as well as a fresh loan of about $1.5 billion to increase its climate resilience and sustainability.
“The IMF described the progress of the $7 billion loan program as ‘strong’ despite the absence of a staff-level agreement,” said Naveed Nadeem, a senior equity trader at Topline Securities Ltd., in a note to clients.
Monday’s rally was driven by Mari Energies, Pakistan State Oil, Oil & Gas Development Company Ltd. Lucky Cement and Searle Pakistan that collectively added 658 points to the benchmark index at the Pakistan Stock Exchange.
The equity market also gained some strength from reports of the government’s plan to resolve the longstanding issue of power sector debt, or the circular debt, according to analysts.
“This performance was influenced by the government’s initiatives to tackle Pakistan’s power sector debt,” Nadeem added.
Pakistan calls Indian PM’s remarks about regional peace ‘misleading and one-sided’
- PM Narendra Modi said in a recent podcast that India’s attempts to foster peace with Pakistan were ‘met with hostility and betrayal’
- India’s ‘fictitious narrative of victimhood’ can’t hide its involvement in fomenting militancy on Pakistan’s soil, Islamabad says
ISLAMABAD: Pakistan’s Foreign Office on Monday said Indian Prime Minister Narendra Modi’s recent remarks on a podcast about regional peace were “misleading and one-sided,” criticizing New Delhi for “conveniently” omitting the Kashmir dispute from discussions.
Modi, in a podcast with American computer scientist and podcaster Lex Fridman released on Sunday, said that India’s attempts to foster peace with Pakistan were “met with hostility and betrayal” and hoped that “wisdom would prevail” on the leadership in Islamabad to improve bilateral ties.
In response to Modi’s remarks, the Pakistani Foreign Office said India’s “fictitious narrative of victimhood” could not hide its involvement in fomenting militancy on Pakistan’s soil and the “state-sanctioned oppression” Indian-administered Kashmir.
The Muslim-majority Himalayan region of Kashmir has been a flashpoint between Pakistan and India since their independence from the British rule in 1947. Both Pakistan and India rule parts of the Himalayan territory, but claim it in full and have fought three wars over the disputed region.
“Instead of blaming others, India should reflect on its own record of orchestrating targeted assassinations, subversion and terrorism in foreign territories,” it said in a statement.
“Pakistan has always advocated constructive engagement and result-oriented dialogue to resolve all outstanding issues, including the core dispute of Jammu and Kashmir.”
The statement by the Pakistani Foreign Office was a reference to allegations against Indian agents of plotting assassinations in the United States (US) and Canada.
In Jan. 2024, Pakistan also accused India of “extraterritorial” and “extrajudicial” killings of two of its citizens on Pakistani soil, while it has consistently accused India along with other countries of fomenting militancy in its western provinces, particularly Balochistan.
New Delhi denies all allegations.
The Pakistani Foreign Office further said that peace and stability in South Asia have remained “hostage to India’s rigid approach and hegemonic ambitions.”
“The anti-Pakistan narrative, emanating from India, vitiates the bilateral environment and impedes the prospects for peace and cooperation,” it said.
“It must stop.”
Pakistan’s power generation dropped 15% MoM during February— report
- Pakistan’s power generation cost declined by 13% year-on-year and 30% month-on-month during February 2025, says report
- Financial analysts attribute power generation decline to a lack of industrial activity, increasing shift toward solar energy
KARACHI: Pakistan’s power generation dropped by 15% month-on-month (MoM) in February 2025, a report by a top brokerage firm said on Monday, which analysts attributed to reduced demand due to slow industrial activity and an increasing shift of customers toward solar energy.
According to a report by brokerage firm Topline Securities, total electricity generation dropped by 3% year-on-year to 81,738 GWh over the first eight months of the fiscal year 2024-25 (from July-February). This was down from 84,317 GWh in the corresponding period last year, it said.
“Pakistan’s power generation decreased by 2% YoY and 15% MoM to 6,945 GWh in Feb 2025,” Topline Securities said.
The report cited a decline of 13% in power generation cost YoY and 30% MoM in February 2025, adding that in the first eight months of the current fiscal year, power generation cost declined by 3% to Rs8.8 per unit.
Financial analysts attributed the decline in power generation due to reduced demand as a result of lack of industrial activity and an increasing number of people shifting toward solar energy.
“There is reduced demand due to industrial activity which you can also see in the large scale manufacturing (LSM) numbers,” Muhammad Waqas Ghani, head of research at JS Global Capital Ltd., told Arab News.
He said another reason for the decline in power generation was the increasing shift of residential consumers toward solar energy. He said commercial consumers had also installed their own captive plants that run on gas and coal.
“This also shows a shift toward alternative [sources of energy] which decreases the grid’s usage,” he added.
Samiullah Tariq, the head of research at Pakistan Kuwait Investment Company Ltd., agreed.
“Reasons include reduced industrial activity, people leaving the [national] grid due to higher [energy] prices and solar adoption,” Tariq said.
Pakistan has sought to ease fiscal pressure in recent months by undertaking energy reforms that reduce tariffs and slash capacity payments to independent power producers (IPPs). The federal cabinet approved a plan in January to renegotiate agreements with 14 IPPs in its bid to lower electricity costs and addressing the mounting circular debt.
