Saudi tech company partners with Pakistan’s ABHI to launch financial services in Kingdom

In this handout photograph, taken and released by Pakistani startup Abhi on May 9, 2024, Abhi and Alraedah Digital Solutions, a leading Saudi technology company, officials shake hands during the sigining of a partnership agreement. (Photo courtesy: Abhi)
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Updated 10 May 2024
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Saudi tech company partners with Pakistan’s ABHI to launch financial services in Kingdom

  • ABHI, which also serves customers in UAE, was selected as one of Gulf country’s Future 100 companies last year 
  • Saudi tech company says partnership to empower Kingdom’s citizens, embolden private sector and foster economic growth

KARACHI: Alraedah Digital Solutions, a leading Saudi technology company, announced on Thursday it was entering into a strategic partnership with Pakistani fintech ABHI to launch “innovative” financial services in the Kingdom. 
Alraedah Digital Solutions, the digital arm of Alraedah Digital Group, focuses on innovation and digital transformation to empower businesses and individuals through cutting-edge solutions in finance and technology. 
ABHI is a Pakistani fintech company that provides innovative finance solutions to businesses and their employees. Last year, it was selected as one of the Future 100 companies of the United Arab Emirates. 
Founded in 2021, ABHI has been serving customers in Pakistan, UAE, and Bangladesh through its credit-bridging products. These include Earned Wage Access, Invoice Factoring, SME Working Capital & Revenue Based Financing, and Payroll Solutions. 
“Under the terms of the agreement, Alraedah will leverage ABHI’s robust capabilities to launch a set of innovative financial services in KSA,” the Saudi company said in a press release. 
The statement said as per the terms of the agreement, ABHI will gain access to Alraedah’s knowledge and understanding of the local Saudi market. This would enable it to collaboratively launch innovative financing products in Saudi Arabia.
“Alraedah will enable access to $200 million over the course of three years to develop products that apply ABHI’s proprietary technology, localized for the Saudi market,” the press release said. 
The Pakistani fintech says it has a client base of over 1,000 esteemed companies and actively promotes financial empowerment and provides stability to over 750,000 employees across the region.
“With our innovative financial solutions and Alraedah’s deep local expertise, we are poised to empower Saudi citizens, embolden the private sector, and foster a more vibrant, thriving economy,” Omair Ansari, co-founder and CEO of ABHI, was quoted as saying. 
Paul Melotto, CEO of Alraedah Digital Solutions, said both companies aim to redefine access to financial services and empower individuals and businesses across the region.
“Together, we aim to redefine access to financial services and empower individuals and businesses across the region,” he said.


Pakistan PM congratulates China on annual political meetings, invites President Xi to visit

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Pakistan PM congratulates China on annual political meetings, invites President Xi to visit

  • China has set ambitious economic growth, defense spending targets amid shifting geopolitical realities
  • Shehbaz Sharif says Beijing has made ‘remarkable progress’ in achieving national development goals

ISLAMABAD: Prime Minister Shehbaz Sharif on Friday congratulated China on convening two major annual political meetings, where Beijing set an ambitious economic growth target and announced a substantial increase in defense spending amid a changing geopolitical environment, while also inviting Chinese President Xi Jinping to visit.
China’s “Two Sessions,” comprising the National People’s Congress and the Chinese People’s Political Consultative Conference, began on March 4 and 5, respectively, shaping the country’s policy direction for the year.
The meetings upheld a GDP growth target of approximately 5 percent for 2025, as Beijing navigates global trade uncertainties following the return of Donald Trump’s administration in Washington.
China also announced a 7.2 percent increase in defense spending, underscoring its commitment to military modernization and national security amid rising regional and global tensions.
“I extend my warm congratulations to President Xi Jinping, Premier Li Qiang and the Chinese people on the successful convening of the ‘Two Sessions’ in Beijing,” Sharif said in a social media post on X.
“China is making remarkable progress in achieving its national development goals,” he continued. “We are particularly impressed by China’s modernization under President Xi’s visionary leadership.”
The prime minister reaffirmed that Pakistan and China would continue to work together to strengthen bilateral cooperation and achieve the “shared objectives of peace and development.”

Chinese Ambassador to Pakistan Jiang Zaidong shakes hands with Prime Minister Shehbaz Sharif in Islamabad on March 7, 2025. (Photo courtesy: PMO)

Pakistan and China have long collaborated on infrastructure development and regional connectivity, with the China-Pakistan Economic Corridor (CPEC) serving as the flagship project of their strategic partnership.
As both nations move toward the next phase of CPEC, their focus has shifted to business and industrial cooperation, aiming to boost investment, manufacturing and technology transfer.
Bilateral cooperation, however, faces challenges, particularly security threats to Chinese personnel and projects in Pakistan. Attacks on CPEC-linked infrastructure and Chinese nationals by militant groups have raised concerns.
Additionally, delays in project execution, financial constraints and bureaucratic hurdles have slowed some CPEC initiatives, requiring both countries to enhance policy coordination and implementation efficiency.

Chinese Ambassador to Pakistan Jiang Zaidong gestures during a meeting with Prime Minister Shehbaz Sharif in Islamabad on March 7, 2025. (Photo courtesy: PMO)

The Prime Minister’s Office also issued a statement on Friday, saying China’s Ambassador Jiang Zaidong met Sharif earlier in the day. Among other things, they discussed “progress on security and counter-terrorism cooperation between both countries.”
The prime minister also noted this year marked the tenth anniversary of President Xi Jinping’s visit to Pakistan in 2015, as he renewed his invitation for the Chinese leader to visit the country again.


Pakistan nearing $4.4 billion loan to ease power sector debt

Updated 07 March 2025
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Pakistan nearing $4.4 billion loan to ease power sector debt

  • Pakistan’s government is negotiating 1.25 trillion Pakistani rupee loan with commercial banks
  • Plugging unresolved power sector debt is top priority under ongoing IMF bailout program

KARACHI: Pakistan’s government is negotiating a 1.25 trillion Pakistani rupee ($4.47 billion) loan with commercial banks to reduce its bulging energy sector debt, the power minister and banking association said.
Plugging unresolved debt across the sector is a top priority under an ongoing $7 billion International Monetary Fund (IMF) bailout, which has helped Pakistan dig its way out of an economic crisis.
“The loan will be repaid over a period of 5 to 7 years,” Power Minister, Awais Leghari told Reuters, adding that the term sheets are yet to be signed.
Pakistan’s government, the largest shareholder or owner of most power companies, faces a challenge in resolving debt due to fiscal constraints. To address this, Islamabad has raised energy prices, as recommended by the IMF, but still needs to settle the accumulated debt.
“We’ve approached many banks, let’s see how many participate. It’s a commercial transaction and they have the choice of participating, however, we think there is liquidity in the system for it and banks have the appetite,” Leghari said.
The government plans to reduce “circular debt” — public liabilities that build up in the power sector due to subsidies and unpaid bills — this year by eliminating government-guaranteed debt and moving to a revenue-based system.
This approach is expected to lower financing costs, enabling the government to pay off interest and service debt obligations, he added.
“Such repricing of liabilities induces more efficiency, and reduces cost for consumers,” said Ammar Habib Khan, adviser to the power minister.
Zafar Masud, Chairman of the Pakistan Banks Association, told Reuters that the interest rate would be a floating exchange rate and the country’s top banks would participate, in addition to those who are already part of the outstanding loan.
“⁠This will help in clearing up all the debt in the next 4 to 6 years which has been sitting on banks’ balance sheets,” he said.
Masud added that more than half of the 1.25 trillion debt is already on the banks’ books and is undergoing restructuring through self-liquidating facilities, which currently lack identifiable cash flows to support them.
($1 = 279.9000 Pakistani rupees)


Pakistan names new petroleum, privatization chiefs in cabinet reshuffle

Updated 07 March 2025
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Pakistan names new petroleum, privatization chiefs in cabinet reshuffle

  • New privatization minister’s appointment follows Pakistan's failed attempt at offloading 60% PIA stakes
  • A new railway chief has also been appointed, with talks underway with China to upgrade the railway network

ISLAMABAD: Pakistan's Prime Minister Shehbaz Sharif appointed new heads for the key petroleum and privatization portfolios on Friday, both departments seen as central to the country's recovery from an economic crisis.
Former junior finance minister Ali Pervaiz Malik was appointed as petroleum minister in a broader cabinet reshuffle.
His key task will be spearheading a major transaction in the Reko Diq copper and gold project.
Barrick Gold, which owns 50% of the project, is also in talks with railway authorities to revamp Port Qasim's coal terminal for copper transport, CEO Mark Bristow told Pakistan's Dawn News in January.
Muhammad Ali, formerly the special assistant to the prime minister on the power sector, has taken over as adviser for privatization. This follows Pakistan's failed attempt at offloading a 60% stake in debt-ridden airline PIA, which only received a single offer, well below the asking price.
Privatizing PIA and other state-owned enterprises is crucial for raising funds and reforming these entities under the ongoing $7 billion International Monetary Fund bailout program, set up to address an economic crisis stoked by surging inflation and a trade deficit caused by ballooning energy imports.
Bilal Azhar Kayani will take over as Pakistan's Minister for Railways.
The ministry is in talks with China to upgrade and reconstruct Pakistan's railway network, and develop the Gwadar port, under China's $65 billion investment in Pakistan, part of Beijing's Belt and Road Initiative.


Pakistan honors female polio workers ahead of International Women’s Day

Updated 07 March 2025
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Pakistan honors female polio workers ahead of International Women’s Day

  • Female health workers play a leading role in the door-to-door inoculation drives in high-risk areas
  • The country’s polio eradication program calls them the “backbone” of efforts to eliminate the disease

KARACHI: The Pakistan Polio Eradication Program paid tribute to female polio workers on Friday, said an officials statement, recognizing their dedication in high-risk areas during a ceremony in Islamabad ahead of International Women’s Day.
Pakistan remains one of the few countries where polio persists, with eradication efforts often hindered by militant attacks, misinformation and parental refusals from targeted communities.
Female health workers play a leading role in the door-to-door inoculation drives, constituting more than 58.4 percent of the polio workforce, despite operating in some of the most challenging environments.
“Today, as we commemorate International Women’s Day, I want to reaffirm our collective commitment to ensuring a safe, dignified and enabling environment for every female frontline worker,” the polio eradication program’s statement quoted Ayesha Raza Farooq, the Prime Minister’s Focal Person on Polio, saying during the ceremony.
She highlighted the Pakistan Polio Programme’s implementation of an anti-harassment policy to ensure a secure and professional environment for female workers.
The event brought together national and provincial coordinators of the polio program alongside senior officials, where frontline female workers shared their experiences through video messages.
Many spoke about the challenges of convincing hesitant families while also expressing pride in their contributions to a polio-free future.
Anwarul Haq, the top official at the National Emergency Operations Center (NEOC), praised their dedication, calling them the “backbone” of Pakistan’s polio eradication efforts.
“This year’s theme resonates deeply with us at the National Emergency Operations Center as we honor female polio workers who are considered as the backbone of Pakistan’s polio eradication efforts,” he said. “These women work tirelessly, often in difficult and high-risk areas, to ensure every child receives the life-saving polio vaccine.”
“Their courage and unwavering commitment reflect the incredible strength of Pakistani women,” he continued. “Empowering them is not just about recognizing their contributions: it is about strengthening our communities and ensuring a healthier, polio-free Pakistan.”
Haq stressed the importance of gender sensitivity in public health, saying that supporting women in frontline health roles helps build a more inclusive, resilient and prosperous society.
Pakistan concluded its first nationwide anti-polio campaign of 2025 last month.
So far, the country has reported six polio cases since the start of the year, with authorities planning additional vaccination rounds in April and May.


Pakistan PM to hold sector-wise meetings with business leaders to strengthen economy

Updated 07 March 2025
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Pakistan PM to hold sector-wise meetings with business leaders to strengthen economy

  • Shehbaz Sharif says he will hold these meeting twice a week, starting with the agriculture sector
  • He says economy has improved, adding the private sector should help consolidate the gains

ISLAMABAD: Prime Minister Shehbaz Sharif announced on Friday he would hold sector-wise meetings with local business leaders from next week, as he assured them the government would address their concerns while asking them to increase investment in the economy.
Pakistan has undertaken stringent economic reforms following a prolonged financial crisis that forced it to seek loans from the International Monetary Fund (IMF). Since then, macroeconomic indicators have improved significantly, though the government acknowledges the need for further consolidation through policies aimed at boosting exports and attracting investment.
Sharif met with local business leaders in the same context, saying his administration would seek input from the private sector and work to resolve economic concerns to strengthen the country’s financial outlook.
“Next Thursday, we will have the first sector-wise meeting in my office,” he said during his interaction with the top business leaders.
“I want decisions,” he added. “This meeting will be held twice a week. The sector will be led by four people. From our side, there will be the concerned ministry and secretaries. We will sit and take decisions. There will be no chit chat.”
Sharif said the first meeting would focus on the agriculture sector and directed relevant officials to engage with top businesses across various industries to prepare for future discussions.
Earlier, he noted that Pakistan’s economy was gradually improving while emphasizing his administration now planned to focus on employment, production, exports, industry and commerce, where private sector support was crucial.
“We are just going to act as a catalyst to support your efforts [and figure out] how to further ease your business conditions and create an environment,” he said.
Sharif urged Pakistani industrialists to invest locally and encourage foreign investors to do the same.
“Share the success stories,” he continued, adding that he had always believed domestic investment was key before attracting foreign entrepreneurs.
“Together we will turn it into a partnership to keep the economy going,” he added.