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Analysts hail Saudi FM’s ‘significant’ visit, say investments will boost Pakistan’s economy

Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan (center) attends the Pakistan-Saudi Arabia Investment Conference with his Pakistani counterpart, Ishaq Dar (not pictured), in Islamabad, Pakistan on April 16, 2024. (@KSAMOFA/X)
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Updated 17 April 2024
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Analysts hail Saudi FM’s ‘significant’ visit, say investments will boost Pakistan’s economy

  • Saudi Arabia’s foreign minister visited Pakistan this week to discuss investments and enhance bilateral economic cooperation
  • Former diplomat says Saudi investments could increase to $25 billion if Pakistan provides conducive environment to Saudi investors
Updated 17 April 2024
Aamir Saeed

ISLAMABAD: Former Pakistani diplomats and analysts on Wednesday hailed Saudi Foreign Minister Faisal bin Farhan Al Saud’s “significant” visit to Pakistan, saying that investment agreements reached between the two sides could lead to the creation of thousands of jobs in the South Asian country and boost its economic prospects. 
Prince Faisal bin Farhan arrived in Islamabad on a two-day official visit on Monday. The minister led a high-powered delegation to Islamabad with his visit aimed at enhancing bilateral economic cooperation and pushing forward previously agreed investment deals. 
His trip came a little over a week after Crown Prince Mohammed bin Salman met Prime Minister Shehbaz Sharif in Makkah and reaffirmed the Kingdom’s commitment to expedite investments worth $5 billion.
Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and the top source of remittances to the cash-strapped South Asian country.
“Pakistan has longstanding ties with Saudi Arabia but now it has taken a new dimension of economic cooperation,” Zahid Hussain, a senior journalist and political analyst, told Arab News. 
“And that’s why this visit was very significant.” 
Hussain said the Saudi foreign minister’s visit had turned out to be a “very productive” one as both sides held discussions on investment opportunities that he said Pakistan could offer to Saudi businessmen.
“They have discussed various opportunities which are beneficial for Saudis for investment and that could be said as the turning point in the Pakistan and Saudi relationship,” Hussain added.
During his two-day official trip, the Saudi foreign minister held meetings with top civilian and military leadership including Prime Minister Shehbaz Sharif and army chief General Syed Asim Munir. The Saudi delegation was also briefed by the Special Investment Facilitation Council (SIFC), a key government body set up in June 2023 to fast-track decisions related to international investment in Pakistan’s key sectors IT, mining, energy and agriculture.
Speaking at a joint press conference in Islamabad on Tuesday along with his counterpart Ishaq Dar, Prince Faisal said there was a “significant opportunity” for the Kingdom to increase its investments in Pakistan. 

Former diplomat Javed Hafeez said potential Saudi investments will enhance Pakistan’s exports and lead to the creation of thousands of new jobs for Pakistani professionals in the energy, mining, agriculture, and other sectors. 
“This would have an overall positive effect on other sectors as well and on Pakistan’s economy,” he noted.
Hafeez said the Kingdom’s investments in Pakistan could increase to the tune of $25 billion from initial investments of $5 billion, provided Islamabad succeeds in ensuring a conducive environment for Saudi investors. 
“I see it [initial investments of $5 billion] as a test case,” Hafeez said. “If we can provide the foolproof security [to Saudi investors] and if these projects are successful, then of course much more investment will come.”

Topics: Pakistan Saudi Ties

Met Office warns of glacial floods in Pakistan’s north amid rising temperatures

Updated 12 sec ago
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Met Office warns of glacial floods in Pakistan’s north amid rising temperatures

  • A heatwave is expected to hit Pakistan this week, with temperatures in certain areas surging past 40 degrees Celsius
  • Pakistan this year experienced its ‘wettest April since 1961,’ with at least 144 people killed in rain-related incidents
Updated 12 sec ago
KASHIF IMRAN

ISLAMABAD: The Pakistan Meteorological Department (PMD) on Monday warned of glacial lake outburst floods (GLOFs) in Pakistan’s northern Gilgit-Baltistan region and northwestern Khyber Pakhtunkhwa (KP) province, citing higher temperatures due to an expected heatwave from May 21 onwards.

A heatwave is expected to hit parts of Pakistan this week and temperatures in certain areas of the southern Sindh and eastern Punjab provinces may surge past 40 degrees Celsius, according to the country’s disaster management authorities.

Heatwaves, which occur in summer, are caused by slow-moving high-pressure systems leading to prolonged high temperatures. The World Meteorological Organization defines a heatwave as five or more consecutive days during which the daily maximum temperature surpasses the average maximum temperature by 5 °C (9 °F) or more.

“The daytime temperatures in Gilgit-Baltistan (GB) and Khyber Pakhtunkhwa (KPK) are expected to remain 4-6°C higher than normal from May 21 to 27 with chances of gusty wind/thunderstorm,” the PMD said in its GLOF alert.

“This atmospheric condition [will be] potentially increasing the likelihood of triggering a Glacial Lake Outburst Flood (GLOF) event or flash floods in the vulnerable snow-covered and glaciated areas of GB and Chitral.”

The Met Office advised the district administrations as well as local organizations and communities to remain vigilant during this period and take precautionary measures to avoid any untoward situation.

Labourers are silhouetted as they stand on scaffoldings at a construction site during a hot and humid day in Karachi, Pakistan on May 20, 2024. (REUTERS)

Pakistan experienced its first severe heat wave in June 2015 when temperatures as high as 49 degrees Celsius struck the country’s south, causing the deaths of about 2,000 people from dehydration and heatstroke. A heat wave in Sindh’s provincial capital of Karachi that year alone claimed 120 lives.

Increased exposure to heat, and more heat waves, have been identified as one of the key impacts of climate change in Pakistan, with people experiencing extreme heat and seeing some of the highest temperatures in the world in recent years. The South Asian country of more than 241 million, one of the ten most vulnerable nations to climate change impacts, this year experienced its “wettest April since 1961,” with at least 144 people killed in thunderstorms and house collapses.

Climate change-induced extreme heat can cause illnesses such as heat cramps, heat exhaustion, heatstroke, and hyperthermia. It can make certain chronic conditions worse, including cardiovascular, respiratory, and cerebrovascular disease and diabetes-related conditions, and can also result in acute incidents, such as hospitalizations due to strokes or renal disease.

Keeping the weather predictions in view, the government in Pakistan’s Punjab province on Monday announced the closure of public and private schools from May 25 till May 31.

“In view of the surge in temperature and heat wave in the province, all public and private schools shall remain closed for seven days with effect from 25th May 2024 to 31st May 2024,” the Punjab education department said in a notification, adding that exams could be conducted during these days with necessary precautions in place.

According to the Global Climate Risk Index, nearly 10,000 Pakistanis have died while the country has suffered economic losses worth $3.8 billion due to climate change impacts between 1999 and 2018.

In 2022, torrential monsoon rains triggered the most devastating floods in Pakistan’s history, killing around 1,700 people and affecting over 33 million, a staggering number close to the population of Canada. Millions of homes, tens of thousands of schools and thousands of kilometers of roads and railways are yet to be rebuilt.

Topics: heatwave Pakistan Met office

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Perpetrators of Bishkek mob violence will be punished, Kyrgyz FM assures Pakistani counterpart

Updated 21 May 2024
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Perpetrators of Bishkek mob violence will be punished, Kyrgyz FM assures Pakistani counterpart

  • Frenzied mobs targeted hostels of medical universities and private lodgings of international students, including Pakistanis, in Bishkek last week
  • FM Ishaq Dar told his Kyrgyz counterpart Pakistan’s main concern was the safety of its nationals, especially students, affected by Friday’s violence
Updated 21 May 2024
KASHIF IMRAN

ISLAMABAD: Kyrgyzstan’s Foreign Minister Jeenbek Kulubaev on Monday met Pakistan’s deputy prime minister and foreign minister, Ishaq Dar, in Astana and assured him the Kyrgyz government would bring to justice perpetrators of last week’s mob attacks on foreign students in Bishkek, Pakistani state media reported.

Frenzied mobs targeted hostels of medical universities and private lodgings of international students, including Pakistanis, in Bishkek last week after videos of a brawl between Kyrgyz and Egyptian students went viral on social media.

Pakistan has since then ramped efforts to repatriate its students from the city and more than 600 Pakistani students have returned home via three different flights. According to official statistics, around 10,000 Pakistani students are enrolled in various educational institutions in Kyrgyzstan, with nearly 6,000 residing and studying in Bishkek.

The meeting between Dar and his Kyrgyz counterpart was held in Astana, Kazakhstan on the sidelines of a meeting of the Shanghai Cooperation Organization’s (SCO) Council of Foreign Ministers, the state-run Radio Pakistan broadcaster reported.

“Kyrgyz government has taken swift action to restore law and order in the country, and the perpetrators of the mob riots would be punished under the Kyrgyz law,” the report quoted FM Kulubaev as telling his Pakistani counterpart.

During the meeting, Dar shared concerns about Pakistani students in Kyrgyzstan and requested Foreign Minister Kulubaev to ensure their security, according to the report.

He underlined that Pakistan’s main concern was the well-being of its nationals, especially the students who were primarily affected by last week’s violence.

“Bilateral relations between Pakistan and Kyrgyz Republic, especially in the domains of energy, connectivity, trade and people-to-people contacts also came under discussion,” the report read.

“Both the dignitaries expressed satisfaction at the progress of established bilateral institutional mechanisms.”

Dar arrived in Kazakhstan on Monday to represent Pakistan at the two-day meeting of the SCO Council of Foreign Ministers. He will also hold bilateral meetings with his counterparts on the sidelines of the summit.

Founded in 2001, the SCO is a major trans-regional organization spanning South and Central Asia, with China, Russia, Pakistan, India, Uzbekistan, Tajikistan, Kyrgyzstan and Kazakhstan as its permanent members. The SCO member states collectively represent nearly half of the world’s population and a quarter of global economic output.

The organization’s agenda of promoting peace and stability, and seeking enhanced linkages in infrastructure, economic, trade and cultural spheres, is aligned with Pakistan’s own vision of enhancing economic connectivity as well as peace and stability in the region.

Since becoming a full member of the SCO in 2017, Pakistan has been actively contributing toward advancing the organization’s core objectives through its participation in various SCO mechanisms.

Topics: Bishkek mob violence

Pakistan seeks ‘viable business plan’ for state-owned broadcasting corporations

Updated 20 May 2024
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Pakistan seeks ‘viable business plan’ for state-owned broadcasting corporations

  • A cabinet committee recognized ‘strategic nature’ of Pakistan Television Corporation, Pakistan Broadcasting Corporation
  • The development comes amid Pakistan’s push for privatization, reforms in loss-making state enterprises for IMF bailout
Updated 20 May 2024
KHURSHID AHMED   

ISLAMABAD: The Pakistani government on Monday sought a “viable business plan” for two state-owned broadcasting corporations, the Finance Division said, amid the South Asian country’s push for reforms in loss-making state entities.

The statement came after a meeting of the Cabinet Committee on State-Owned Enterprises (CCoSOEs) in Islamabad, which was presided over by Finance Minister Muhammad Aurangzeb.

The development comes amid Pakistan’s push for privatization and reforms in state-owned enterprises (SOEs) as it negotiates with the International Monetary Fund (IMF) a fresh bailout program.

The cabinet committee reviewed a proposal of the information ministry regarding the Pakistan Television Corporation (PTVC) and the Pakistan Broadcasting Corporation (PBC).

“The CCoSOEs recognized the strategic nature of Pakistan Television Corporation (PTVC) and Pakistan Broadcasting Corporation (PBC) and directed the Ministry of Information & Broadcasting (MoIB) to present a viable business plan to the committee for efficient management of these enterprises,” the Finance Division said in a statement.

Under the last $3 billion IMF program that helped Pakistan avert a debt default last year, the lender said SOEs whose losses were burning a hole in government finances would need stronger governance.

To negotiate a fresh bailout with the IMF, Pakistan must implement an ambitious reforms agenda, including the privatization of debt-ridden SOEs.

Among the main entities Pakistan is pushing to privatize is its national flag carrier, the Pakistan International Airlines (PIA). The government is putting on the block a stake ranging from 51 percent to 100 percent.

Topics: pakistan television (ptv) Pakistan Television Corporation (PTV)

Pakistan PM prays for recovery of Saudi Arabia’s King Salman

Updated 20 May 2024
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Pakistan PM prays for recovery of Saudi Arabia’s King Salman

  • Saudi king is due to undergo treatment for lung inflammation, SPA reported
  • Shehbaz Sharif says King Salman sincere friend of Pakistan, guide for Muslim world
Updated 20 May 2024
Arab News Pakistan

ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif on Monday extended prayers for the recovery of Saudi Arabia’s King Salman, who is due to undergo treatment for lung inflammation.

The treatment will consist of a course of antibiotics at Al-Salam Palace in Jeddah, the state-run Saudi Press Agency reported on Sunday.

The king underwent medical tests at the royal clinics at the palace earlier on Sunday after he suffered from a high temperature and joint pain.

“I have learnt with grave concern about the health of His Majesty King Salman bin Abdulaziz. His Majesty is not only a sincere friend of Pakistan but as the Custodian of the Two Holy Mosques, a leader and guide for the entire Muslim ummah,” Sharif said on X.

“The people of Pakistan join me in praying to the Almighty for His Majesty’s complete recovery and swift return to full health.”

Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to a large number of Pakistani expatriates and serves as the top source of remittances to the cash-strapped South Asian country.

Saudi Arabia has also often come to cash-strapped Pakistan’s aid by regularly providing it oil on deferred payment and offering direct financial support to help stabilize its economy and shore up its forex reserves.

Topics: Saudi Arabia’s King Salman

England relish ‘fear factor’ of returning paceman Archer against Pakistan

Updated 21 May 2024
AFP
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England relish ‘fear factor’ of returning paceman Archer against Pakistan

  • Injuries have blighted Archer’s international career and he has not played top-level cricket for 14 months
  • But he is in England squad for four-match T20 series against Pakistan, starting this week, and the World Cup
Updated 21 May 2024
AFP

LONDON: England are eager to unleash Jofra Archer’s “fear factor” against Pakistan as the paceman prepares to return from a long injury lay-off ahead of next month’s T20 World Cup, says team-mate Sam Curran.

Injuries have blighted Archer’s international career and he has not played top-level cricket for 14 months due to back and elbow issues.

He has managed just 15 Twenty20 appearances for England since making his international debut five years ago but is in the squad for their four-match T20 series against Pakistan, starting this week, and the World Cup.

The 29-year-old has been building up his fitness by playing club cricket in Barbados and last week took a wicket for Sussex’s second XI.

“It’s incredibly exciting to have a player of his quality,” all-rounder Curran said on Monday. “I’m sure England fans and players are extremely buzzed to have him back.

“He’s obviously got that extra pace and fear factor we can bring to opposition. We all hope his injuries are behind him now.

“Jof’s had a really tough couple of years — we all hope he can come back and do what he does for England and bring the A game that we know he’s got.”

England, who are reigning T20 world champions, are desperate to find form ahead of the tournament in the West Indies and the United States after a dismal 50-over World Cup defense in India last year.

Curran is one of eight squad members who returned early from the Indian Premier League ahead of the Pakistan series.

The players had little time together before the defense of their 50-over title.

“The messaging from (captain) Jos (Buttler) and the coaching staff was they wanted to get the group back together and we probably didn’t have that last time,” said Curran.

“We’ve been apart for a while so these games are going to be really crucial. We want to be playing as a team and get used to our roles.

“There’s a lot of buzz around the group, it seems like we’re back to our energy and it seems like the boys are really fizzed about this trophy hopefully coming back.”

The first game of the four-match T20 series against Pakistan takes place at Headingley on Wednesday.

Topics: Jofra Archer

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