Imran Khan to take oath as prime minister on Aug. 11

Pakistani men sit near a poster of Pakistan’s cricketer-turned-politician and head of the Pakistan Tehreek-e-Insaf party Imran Khan in Islamabad on Monday. (AFP)
Updated 30 July 2018
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Imran Khan to take oath as prime minister on Aug. 11

  • Imran's parrty, PTI, was asked to form a government in the center after it won the most number of seats in the July 25 general elections.
  • PTI also won a two-thirds majority in Khyber Pakhtunkhwa (KP) province and emerged as a strong runner-up in Punjab

ISLAMABAD: Pakistan's Tehreek-e-Insaf party Chairman Imran Khan said on Monday that he will be taking oath as prime minister of Pakistan on Aug. 11, reported Radio Pakistan.

The party was asked to form a government in the center after it won the most number of seats in the July 25 general elections. PTI also won a two-thirds majority in Khyber Pakhtunkhwa (KP) province and emerged as a strong runner-up in Punjab.

The PTI chief is currently actively engaged in forging alliances to form a coalition government in the center, Punjab, and Balochistan.

Talking to the newly elected members of KP Assembly, the prime minister-in-waiting said his nominated choice for the position of chief minister KP would be a “decision taken in the best interest of the people.”

He added that alleviation of poverty from interior Sindh is a top priority for the PTI government.

On Sunday, while speaking to the media outside Khan’s Bani Gala residence, PTI leader Naeemul Haq confirmed the PTI chief would be taking oath as prime minister before Aug. 14.

He also said that a possible venue for the oath-taking ceremony could be D-Chowk — a very important junction in Islamabad, leading up to the Presidency, the Prime Minister’s House, the Supreme Court of Pakistan, and the Parliament.

“Imran Khan would prefer a people’s ceremony of oath-taking where thousands can watch him take oath as prime minister of Pakistan.”

In August 2014, to protest against alleged rigging in the 2013 general elections, the PTI started a long march ending with a sit-in at D-Chowk. After reaching Islamabad, the protesters insisted on staying at D-Chowk until their demands were met. The sit-in lasted for 126 days.

“Perhaps the D-Chowk area may be the right place to do it (the oath-taking ceremony). Let’s hope so. Will keep on updating on this,” Haq reiterated in a statement released on social media.

All mainstream political parties have also agreed to attend the oath-taking ceremony, which is perceived as a “positive step,” said Haq.

According to the official results issued by the Election Commission of Pakistan, the PTI has emerged as the single largest political party in the National Assembly with 116 members.

“Imran Khan (is) working day and night to create the best possible team to run the country under a PTI government. The challenges of the economy, foreign policy, development, poverty, inflation (and) environment must be met and resolved on a priority basis. Inshallah the PTI govt will do it,” Haq said in his statement on social media.

 

PTI also won a two-thirds majority in Khyber Pakhtunkhwa (KP) province and emerged as a strong runner-up in Punjab.

 


Israeli army says killed two Palestinian militants in West Bank

Updated 10 min 1 sec ago
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Israeli army says killed two Palestinian militants in West Bank

  • The Ramallah-based Palestinian health ministry said Israeli authorities had informed it of the deaths of Nazzal, 25, and Shalabi, 30

Ramallah: The Israeli military said Thursday it killed two Palestinian militants overnight near the occupied West Bank city of Jenin, where a large-scale raid is underway, accusing them of murdering three Israelis.
In a statement, the military said that Israeli forces found the two militants barricaded in a house in the village of Burqin.
“After an exchange of fire, they were eliminated by the forces,” it said, adding one soldier was injured in the exchange.
The military identified those killed as Mohammed Nazzal and Qutaiba Shalabi, accusing them of being “affiliated with Islamic Jihad” and responsible for a deadly shooting on an Israeli bus in early January.
The Ramallah-based Palestinian health ministry said Israeli authorities had informed it of the deaths of Nazzal, 25, and Shalabi, 30.
“The bodies are being withheld” by the army, it added in a statement.
Three Israelis were killed and six injured in a January 6 attack near the village of Al-Funduq, also in the West Bank.
Israel’s Defense Minister Israel Katz said at the time he had directed the military to “act with force” to find the attackers, vowing on X that “anyone who... enables or supports the murder and harm of Jews will pay a heavy price.”
The night that followed the attack saw several instances of violent altercations with settlers in that part of the West Bank, including in the village of Hajja, whose mayor told AFP it had come under attack.
Violence has surged throughout the occupied West Bank since the Gaza war erupted on October 7, 2023.
According to the Palestinian health ministry, Israeli troops or settlers have killed at least 850 Palestinians in the West Bank since the conflict began.
During the same period, at least 29 Israelis, including soldiers, have been killed in Palestinian attacks or Israeli military operations in the territory, according to Israeli official figures.


PIF launches $4bn 2-part bond

Updated 23 min 7 sec ago
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PIF launches $4bn 2-part bond

RIYADH: Saudi Arabia’s Public Investment Fund has launched a $4 billion two-part bond, Arab News has been told.

The sovereign wealth fund confirmed that it had sold $2.4 billion of five-year debt instruments at 95 basis points over US Treasuries and $1.6 billion of nine-year securities at 110 basis points over the same benchmark.

The move comes just weeks after PIF closed its first Murabaha credit facility, securing $7 billion in funding, in what was a key step in the fund's plan to raise capital over the next several years. 

PIF manages $925 billion in assets, and is set to increase that to $2 trillion by 2030, a report from monitoring organization Global SWF forecast earlier in January.

 


Qatar drafting new laws aimed at boosting foreign investment

Updated 25 min 46 sec ago
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Qatar drafting new laws aimed at boosting foreign investment

  • Qatar plans new bankruptcy, PPP, and commercial registration laws
  • Qatar aims for $100 billion FDI by 2030

DOHA: Qatar plans to introduce three new laws as part of a sweeping review of legislation designed to make the Gulf Arab state more attractive to foreign investors, the new minister of commerce and economy told Reuters.
Sheikh Faisal bin Thani said in an interview that Qatar plans to introduce new legislation including a bankruptcy law, a public private partnership law and a new commercial registration law.
“We’re looking at 27 laws and regulations across 17 government ministries that affect 500-plus activities,” he said, describing the legislative review.
Sheikh Faisal said he expects the new bankruptcy and public private partnership laws to be drafted before the end of March.
Qatar, one of the world’s top exporters of liquefied natural gas, has set a cumulative target of attracting $100 billion in foreign direct investment (FDI) by 2030, according to the latest version of its national development strategy published last year.
But it has a long way to go to meet that target, and FDI inflows have significantly lagged behind neighboring Saudi Arabia and the U.A.E.
Saudi Arabia, which also has a target to attract $100 billion in FDI by 2030 as part of its national investment strategy, saw FDI inflows of $26 billion in 2023, after a change to how it calculates FDI, while the Emirates, the Gulf region’s commercial and tourism hub, attracted just over $30 billion according to the UN’s trade and development agency.
In contrast, Qatar’s FDI inflows in 2023 were negative $474 million, down from $76.1 million in 2022. Negative FDI inflows indicate that disinvestment was more than new investment.
While Qatar does offer similar incentives to foreign investors as its neighbors, such as a favorable tax environment, free zone facilities and some long term residency schemes, the U.A.E. and Saudi Arabia are considered far ahead in terms of regulatory reforms and business friendly laws.
Qatar’s new laws also come as part of the Gulf Arab state’s efforts to activate its private sector and transition away from government-funded growth.
Sheikh Faisal joined the government in November after serving at Qatar’s $510 billion sovereign wealth fund, the Qatar Investment Authority, most recently as chief investment officer for Asia and Africa.


NATO allies must pay ‘fair share’ before adding members: US envoy

Updated 48 min 6 sec ago
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NATO allies must pay ‘fair share’ before adding members: US envoy

  • NATO allies must pay their “fair share” on defense before considering enlarging the alliance, a US presidential envoy said Thursday, as NATO’s chief said members will need to ramp up defense spending

DAVOS: NATO allies must pay their “fair share” on defense before considering enlarging the alliance, a US presidential envoy said Thursday, as NATO’s chief said members will need to ramp up defense spending.
“You cannot ask the American people to expand the umbrella of NATO when the current members aren’t paying their fair share, and that includes the Dutch who need to step up,” US envoy Richard Grenell said by video link at an event on the sidelines of the World Economic Forum in response to NATO chief Mark Rutte, the former Dutch prime minister.
“We have collectively to move up and we will decide on the exact number later this year, but it will be considerably more than two (percent),” Rutte said, referring to the alliance’s target of defense spending of two percent of GDP.


Saudi Arabia’s non-oil exports surge 19.7%: GASTAT 

Updated 51 min 22 sec ago
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Saudi Arabia’s non-oil exports surge 19.7%: GASTAT 

RIYADH: Saudi Arabia’s non-oil exports surged 19.7 percent year on year in November to reach SR26.92 billion ($7.18 billion), bolstering the Kingdom’s efforts to diversify its economy. 

According to the General Authority for Statistics, chemical products led the growth, accounting for 24 percent of total non-oil exports, followed by plastic and rubber products, which made up 21.7 percent of shipments. 

Building a robust non-oil sector is a key goal of Saudi Arabia’s Vision 2030 program, which seeks to transform the Kingdom’s economy and reduce its reliance on oil revenues, with  Minister of Economy and Planning Faisal Al-Ibrahim revealing in November that these activities now constitute 52 percent of the  gross domestic product. 

In its latest report, GASTAT said: “The ratio of non-oil exports (including re-exports) to imports increased to 36.6 percent in November 2024 from 34.8 percent in November 2023. This was due to a 19.7 percent increase in non-oil exports and a 13.9 percent increase in imports over that period.” 

The Kingdom’s total merchandise exports fell 4.7 percent year on year in November, weighed down by a 12 percent drop in oil exports. This decline reduced the share of oil exports in total shipments to 70.3 percent, down from 76.3 percent a year earlier, signaling progress in Saudi Arabia’s economic diversification. 

GASTAT reported that China remained Saudi Arabia’s largest trading partner in November, with exports to the Asian nation totaling SR13.53 billion. 

Other key destinations for exports included Japan with SR8.93 billion, the UAE with SR8.75 billion, and India with SR8.74 billion. 

Saudi Arabia’s imports rose 13.9 percent year on year in November, reaching SR73.65 billion. However, the merchandise trade surplus declined by 44.3 percent during the same period, falling to SR16.89 billion. 

China remained the dominant supplier of goods to the Kingdom, accounting for SR20.11 billion of imports, followed by the US at SR7.52 billion and the UAE at SR3.90 billion. 

King Abdulaziz Sea Port in Dammam emerged as the top entry point for imports, handling goods valued at SR18.19 billion, representing 24.7 percent of total inbound shipments.