ISLAMABAD: Planning Minister Ahsan Iqbal has said that friendly countries, including Saudi Arabia and the United Arab Emirates (UAE), have pledged to invest $27 billion in Pakistan in the next five years, Pakistani state media reported on Sunday, amid a push for foreign investment in the South Asian country.
The development comes amid Islamabad’s efforts to attract foreign investment to drive economic growth in Pakistan that has been engulfed in an economic crisis due to decades of financial mismanagement.
In recent months, the South Asian country has reached multiple investment deals with a number of countries, mainly the Gulf states, in infrastructure, energy, maritime, ports and other sectors.
Iqbal said his government was making efforts to bring socio-economic reforms to put the country on the path of fast-track economic development, the state-run Radio Pakistan broadcaster reported.
“Saudi Arabia has announced to invest five billion dollars, while the UAE and Kuwait will each invest ten billion dollars and Azerbaijan will invest two billion dollars,” he was quoted as saying.
China has also shown willingness for the second phase of the China-Pakistan Economic Corridor (CPEC), a flagship of Beijing’s Belt and Road Initiative through which it has pledged over $60 billion in investment projects in Pakistan, according to Iqbal.
Beijing has given assurances for the establishment of five new corridors, including that of growth, livelihood, innovation, green economy and open regional inclusive development.
Since avoiding a default last year, Pakistan has been making attempts to boost investment and trade to revive its fragile economy, and reached a staff-level agreement with the International Monetary Fund (IMF) in July for a new $7 billion loan.
The IMF executive board is due to meet on September 25 to discuss the bailout, with Pakistani officials saying that all matters with the lender have been “settled amicably.”
Prime Minister Shehbaz Sharif said this week that friendly countries had played a major role in helping meet requirements placed before Islamabad by the IMF, which included arranging additional external financing and debt rollovers.
Islamabad has for years relied on China, Saudi Arabia and the UAE for assistance to meet such external financing requirements.
Saudi Arabia, other friendly states to invest $27 billion in Pakistan in five years — minister
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Saudi Arabia, other friendly states to invest $27 billion in Pakistan in five years — minister
- The development comes amid Islamabad’s efforts to attract foreign investment to drive economic growth, development
- In recent months, Pakistan has reached investment deals mainly with Gulf states in maritime, energy and other sectors
’World’s oldest marathon runner’ dies aged 114 in road accident
- Fauja Singh gained global fame after taking up long-distance running at 89, completing marathons past 100
- Tributes pour in for Sikh athlete who inspired generations with message of resilience, fitness and faith
New Delhi, INDIA: India’s Fauja Singh, believed to be the world’s oldest distance runner, has died in a road accident aged 114, his biographer said Tuesday.
Singh, an Indian-born British national, nicknamed the “Turbaned Tornado,” died after being hit by a vehicle in Punjab state’s Jalandhar district on Monday.
“My Turbaned Tornado is no more,” Fauja’s biographer Khushwant Singh wrote on X.
“He was struck by an unidentified vehicle... in his village, Bias, while crossing the road. Rest in peace, my dear Fauja.”
Singh did not have a birth certificate but his family said he was born on April 1, 1911.
He ran full marathons (42 kilometer) till the age of 100.
His last race was a 10-kilometer (six-mile) event at the 2013 Hong Kong Marathon when 101, where he finished in one hour, 32 minutes and 28 seconds.
He became an international sensation after taking up distance running at the ripe old age of 89, after the death of his wife and one of his sons, inspired by seeing marathons on television.
Although widely regarded as the world’s oldest marathon runner, he was not certified by Guinness World Records as he could not prove his age, saying that birth certificates did not exist when he was born under British colonial rule in 2011.
Singh was a torchbearer for the Olympics at Athens 2004 and London 2012, and appeared in advertisements with sports stars such as David Beckham and Muhammad Ali.
His strength and vitality were credited to a routine of farm walks and a diet including Indian sweet “laddu” packed with dry fruits and home-churned curd.
Indian Prime Minister Narendra Modi paid tribute on social media.
“Fauja Singh was extraordinary because of his unique persona and the manner in which he inspired the youth of India on a very important topic of fitness,” said Modi on X
“He was an exceptional athlete with incredible determination. Pained by his passing away. My thoughts are with his family and countless admirers around the world.”
AI Umrah assistant to cut costs, enhance experience for Pakistan’s 2 million annual pilgrims
- Launched by Umrah Companions last week, “Ibraheem” offers personalized guidance in multiple languages, including Urdu
- Pilgrims from Pakistan face confusing logistics, language barriers and high costs due to inefficient travel agency practices
ISLAMABAD: A Saudi-backed consortium has launched what it says is the world’s first artificial intelligence-powered Umrah advisor, “Ibraheem,” aimed at simplifying pilgrimage planning and reducing costs for millions of Muslims, including more than two million Pakistanis who travel to the Kingdom each year.
Ibraheem has been developed by Pakistani company Umrah Companions and is powered by Funadiq, a Saudi-based Destination Management Company specializing in Hajj and Umrah services.
The tool was launched last week and is designed to offer pilgrims personalized guidance in multiple languages, including Urdu and Roman Urdu, with the goal of cutting Umrah-related expenses by as much as 20 percent.
Pakistan is among the world’s largest pilgrimage markets, with over $5 billion spent annually by citizens traveling for Umrah and Hajj.
“Today, 93% of global Muslims cannot afford Hajj and Umrah. It is too expensive,” said Mohammad Salman Arain, CEO of Umrah Companions, in an interview with Arab News. “It is becoming expensive because we are not removing the inefficiencies in the processes — and that is what our mission is.”
Pakistanis often face language barriers, lack of personalized travel information, and high costs when arranging Umrah trips through human agents, many of whom offer fixed packages with little customization. Arain said the AI assistant overcomes these issues by adapting to each user’s needs, whether they are traveling with elderly parents, young children, or have budget constraints.
The platform currently supports ten languages, including Urdu, Roman Urdu, Arabic and English, and provides real-time recommendations on flights, hotels, food, weather, medical facilities and even services such as wheelchair availability near the Haram in Makkah.
“You can start with a very simple question: ‘I want to travel in August. Give me an estimated budget for four people,’” Arain said. “Ibraheem will then suggest premium or budget options, tell you whether hotels are suitable for elderly companions, and help build your itinerary.”
The tool’s language offerings and its flexibility for use on smartphones and low-bandwidth environments make it particularly suitable for Pakistani blue- and white-collar workers living in the Gulf, a group that often lacks access to transparent and user-friendly tech tools for pilgrimage planning.
“We are building to make everybody's life easier. It is not for us only,” Arain added. “This is available for everyone and every single Muslim in the world.”
Umrah Companions is also working on outreach to Pakistani freelancers and overseas workers through diplomatic missions, Pakistani banks, and diaspora associations, especially in Saudi Arabia and the UAE, where a majority of Pakistani pilgrims are based.
While the service is focused on Umrah for now, Arain said it was already learning and being trained for Hajj season.
Once a pilgrim arrives in the Kingdom, the AI agent continues to provide support, from locating wheelchairs at Haram gates to suggesting restaurants and responding to emergencies, the chief executive explained.
The tool has already contributed to a 25% increase in website traffic, according to Arain, and is currently being built as an open platform available for use by all Muslims, regardless of which company they book their pilgrimage through.
The launch of the AI platform also aligns with Saudi Arabia’s Vision 2030 goal to improve the pilgrimage experience through digital transformation and accessibility.
Arain said the initiative complements the Kingdom’s efforts to modernize religious tourism and ensure cost-effective pilgrimage options for lower-income Muslims.
“We believe this is going to revolutionize [pilgrimage],” Arain said, “and it is very much in line with what the Saudi Vision 2030 is doing to enhance the pilgrimage experience.”
China’s Xi, Pakistan’s Dar pledge unity as SCO faces regional strains
- President Xi Jinping emphasizes importance of the regional cooperation under the SCO framework
- India’s External Affairs Minister Subrahmanyam Jaishankar is also attending the regional event
ISLAMABAD: Pakistan’s Deputy Prime Minister Ishaq Dar on Tuesday highlighted his country’s commitment to strengthening ties with China and reaffirmed a shared vision for regional peace and development during an interaction with Chinese President Xi Jinping at the joint call of the Shanghai Cooperation Organization (SCO) Foreign Ministers in Beijing.
The interaction took place on the sidelines of the SCO Council of Foreign Ministers (CFM) meeting, a key diplomatic gathering aimed at preparing the groundwork for the upcoming SCO Leaders’ Summit later this year. The CFM convened to review progress on multilateral cooperation and set the agenda for endorsement by heads of state.
“Delighted to meet earlier today with President Xi Jinping at the Great Hall of the People in Beijing,” Dar said in a post on social media platform X. “Conveyed the warm greetings of the leadership, government and people of Pakistan. As iron-clad brothers and All-Weather Strategic Cooperative Partners, we remain committed to deepening Pak-China enduring friendship and advancing shared regional goals.”
Islamabad and Beijing are long-time allies and have been jointly working on multibillion-dollar infrastructure, energy and connectivity initiatives under the China-Pakistan Economic Corridor (CPEC), a flagship project of China’s Belt and Road Initiative. The corridor provides China direct access to the Arabian Sea through Pakistan’s Gwadar port, while enabling Pakistan to modernize its infrastructure and strengthen regional trade links.
The foreign office of Pakistan said in a statement released earlier today that President Xi emphasized the importance of regional cooperation under the SCO framework, an organization spanning the Eurasian landmass and representing a significant portion of the global population.
Also present at the conference was India’s External Affairs Minister Subrahmanyam Jaishankar.
The CFM conference comes nearly two months after a tense four-day military standoff between Pakistan and India, during which both sides exchanged missiles, drones and artillery fire before agreeing to a US-brokered ceasefire.
Pakistan reviews carbon market plans with UNEP-backed SPAR6C initiative
- Islamabad is advancing carbon policy launched at COP last year with focus on student training and new trading projects
- Pakistan has pledged to cut projected emissions by 50 percent by 2030, conditional on international financing and support
ISLAMABAD: Pakistan’s climate change minister has reaffirmed the country’s commitment to rolling out its first national carbon market, following a meeting on Tuesday with a United Nations-backed initiative helping the country build on carbon market policy guidelines launched last year.
Federal Minister for Climate Change and Environmental Coordination Dr. Musadik Malik hosted a delegation from SPAR6C, the Supporting Preparedness for Article 6 Cooperation program, which is overseen by the United Nations Environment Programme (UNEP).
The five-year project is helping Pakistan, Colombia, Thailand and Zambia develop the capacity to trade carbon credits under Article 6 of the Paris climate accord.
“Pakistan is committed to building a robust, transparent, and inclusive carbon market,” Malik said, according to a statement released by his office, adding that deeper cooperation with international partners and the domestic private sector will be key to delivering on the country’s climate goals.
The ministry noted that the meeting reviewed support for Pakistani students who have been trained or conducted research on emissions trading under SPAR6C. Both sides also discussed “ongoing and upcoming carbon trading opportunities in Pakistan and potential projects under evaluation,” though no new agreements were announced.
Pakistan presented its draft carbon market policy guidelines at COP28 in Dubai last year and has been preparing to formally roll them out at COP29 in Baku later this year. Under Article 6 of the Paris Agreement, countries can cooperate on cutting emissions by trading carbon credits, potentially unlocking new revenue streams for developing economies.
The South Asian nation does not yet have an operational carbon trading platform but has launched policy guidelines and is developing systems to implement its first market. It ranks among the world’s most climate-vulnerable countries, facing frequent floods and heatwaves, while contributing only a fraction of global greenhouse gas emissions.
It has pledged to cut projected emissions by 50 percent by 2030, conditional on international financing and support. SPAR6C’s work in Pakistan includes technical assistance, student training and pilot activities to help the country develop robust standards for carbon trading.
Pakistan seeks US tariff access, taps Mideast funds as it re-engages global markets
- Finance minister says improving macroeconomic indicators strengthening case to tap international markets
- Pakistan has successfully arranged $1 billion in commercial financing from Middle Eastern, Aurangzeb tells Moody’s
ISLAMABAD: Pakistan is re-engaging with global financial markets, tapping funding from the Middle East and pursuing preferential tariff access with the United States as it works to stabilize its economy and attract fresh investment, Finance Minister Muhammad Aurangzeb said on Tuesday.
Pakistan has “successfully arranged $1 billion in commercial financing from the Middle Eastern region” and plans to launch an inaugural Panda bond while exploring a Eurobond and other international debt markets as its credit ratings improve, Aurangzeb said during a briefing with the Moody’s rating agency on Tuesday.
“These changes, together with improving macroeconomic indicators and the reform momentum, would be positively acknowledged by rating agencies, further strengthening Pakistan’s case to tap international markets and deepen its external sector stability,” the finance minister said.
The virtual session, attended by the State Bank governor and senior officials, also highlighted “ongoing discussions with the United States on preferential tariff access,” which the minister described as “making encouraging headway.”
The finance team cited key progress under Pakistan’s IMF-backed economic plan. Recent reforms include “prudent fiscal measures” in the new budget, trade and tariff liberalization for export-led growth, and steps to rationalize spending.
Aurangzeb also pointed to signs of recovery, including a sharp drop in inflation, a lower policy rate, a stable exchange rate, a current account surplus and foreign reserves rising above $14 billion by the end of June.
He underlined plans to raise the tax-to-GDP ratio to 13–13.5 percent in the coming years through technology-driven tax administration, digitization and tougher enforcement.
Under the prime minister’s direct oversight, he said, a “Rs. 2 trillion revenue delta” was achieved this year through “autonomous efforts.”
Despite repeated external and fiscal pressures, Pakistan says it hopes improved ratings and renewed investor confidence will lower borrowing costs and keep the economy on a sustainable path.
“Pakistan is ready to carry forward this journey of resilience, reform, and recovery to unlock long-term, inclusive, and export-oriented economic growth,” Aurangzeb said.
