Search form

You are here

  • Home
  • KSA to invest in Pakistan’s energy and mining sectors


KSA to invest in Pakistan’s energy and mining sectors

In this file photo, Imran Khan meets the Saudi Minister of Energy, Industry and Mineral Resources Khalid Al-Falih. (SPA)
Updated 06 January 2019
Follow

KSA to invest in Pakistan’s energy and mining sectors

  • Islamabad delegation to explore trade opportunities during January 12 Riyadh visit
  • Business community appreciates Kingdom’s role in extending financial support
Updated 06 January 2019
Naimat Khan

KARACHI: With an eye on further strengthening the bilateral and trade ties between Riyadh and Islamabad, the Kingdom will soon be undertaking renewable energy projects in Pakistan, officials said on Sunday.

A. Q. Khalil, former president of Karachi Chamber of Commerce and Industry (KCCI), quoted the Saudi Advisor for Energy & Mineral Resources, Ahmad Al Ghamdi, when he discussed the matter with Arab News.

Khalil was part of the KCCI team which met with the Saudi delegation. He added that Saudi company, ACWA Power, would soon be visiting Pakistan to introduce its renewable energy technologies.

“We have also discussed the investment opportunities in Pakistan’s mining sector and in this regard, a Memorandum of Understanding is at final stage which will soon be signed between the countries, signifying the commencement of new relations between Pakistan and Saudi Arabia,” Al Ghamdi told the Pakistani businessmen.

He suggested that businessmen from both countries could meet more frequently and participate in trade promotional events in Saudi Arabia and Pakistan.

Al Ghamdi said that the businessmen from Saudi’s private sector were unaware of the opportunities in Pakistan and hesitant to invest in the country due to security concerns. “If we keep saying Pakistan is safe and secure, they will not believe us. However, if someone from Pakistani government comes and guarantees about the safety and security, besides extending full support of the Pakistani government, Saudi investors will certainly get a strong signal for making an investment,” a statement released by the KCCI quotes Al Ghamdi as saying.

Referring to a recent meeting which took place during Prime Minister Imran Khan’s visit to Saudi Arabia,  Al Ghamdi said that Khan was particularly focused on visa issues – something which had also been raised by other top leaders from Pakistan.

“Saudi Arabia is now going through a transformation as many new things and rules have been introduced which will hopefully be beneficial for Pakistan and Saudi Arabia. The ease in issuance of visas is also being discussed, particularly the tourism visa so that people could be encouraged to explore tourism in Saudi Arabia,” he said, adding that “we would like to get some of the very good Pakistani products in Saudi Arabia and would also like to improve Saudi exports to Pakistan as we want to create a win-win situation for both countries.”

President KCCI, Junaid Esmail Makda said that a KCCI delegation will be leaving for Saudi Arabia on January 12 to explore trade opportunities.

Makda said that Pakistan and Saudi Arabia share healthy bilateral relations based on cooperation in different economic spheres, particularly trade and investment. “In recent years, both countries have developed plans to expand bilateral cooperation in trade, education, real estate, tourism, information technology, communications, and agriculture.

He also appreciated the Kingdom for providing $3 billion as financial support to Pakistan in order to address the country’s balance of payments crisis, in addition to a one-year deferred payment facility for the import of oil worth $3 billion. He mentioned that during 2017, goods worth $400.8 million were exported to Saudi Arabia while the imports stood at $2.73 billion, indicating a trade balance which was in favor of Saudi Arabia by $2.32 billion.

While highlighting the huge potential to enhance trade and investment ties, Makda told the Saudi delegates that Pakistan's investment policy provides a comprehensive framework and a conducive business environment. It entails reducing the cost of doing business, eases the processes of doing business, and emphasizes the creation of industrial clusters and Special Economic Zones.

Saudi companies can choose between setting up a liaison office, branch office or incorporate a Pakistani company as either it’s a wholly-owned subsidiary or joint venture with a Pakistani/overseas partner, he said. “It is the right time to invest in Pakistan and capitalize on the widespread opportunities available,” he stressed.

While appreciating the investment gestures from Saudi Arabia, Khalil told Arab News that Pakistan has huge resources which needs to be explored and countries from the Islamic bloc, especially Saudi Arabia, should take the initiative in this regard.

Experts say the future of Pakistan lies in the renewable energy sector and that the Kingdom’s interest in alternative energy projects is a step in the right direction. “It is a timely offer from a brotherly country, which is a friend in need for Pakistan,” Sajiz Aziz, an energy expert, told Arab News.

He added: “Pakistan is the signatory of the Kyoto protocol, which requires the countries to phase out all the conventional sources of energy, like furnace oil and coal, and move towards using green energy, including solar power, wind power, biogas and kinetic and all other sources with no omission.”

Topics: Pakistan Saudi Arabia Pakistan-Saudi relations Mining Riyadh Islamabad

Related

Special
Saudi Arabia
Saudi Arabia, Pakistan discuss oil refinery project
Special
Saudi Arabia
Saudi Arabia, Pakistan to boost ties in different fields

Pakistan rescues nine crew members from Indian cargo vessel after distress alert

Updated 27 December 2024
Follow

Pakistan rescues nine crew members from Indian cargo vessel after distress alert

  • The rescue followed another operation this month in which 12 Indian crew members were saved
  • Incident reflects sporadic cooperation between the two nuclear rivals amid continuing tensions
Updated 27 December 2024
NAIMAT KHAN

KARACHI: The Pakistan Maritime Security Agency (PMSA) successfully rescued nine crew members from an Indian cargo vessel, according to an official statement, after receiving a distress alert from Mumbai.
The incident marks the second such rescue operation by the PMSA within a month, highlighting sporadic cooperation between the two nuclear-armed rivals amid continued tensions.
Diplomatic ties between India and Pakistan remain strained. Both sides also detain each other’s fishermen who inadvertently cross maritime boundaries, often leaving them to languish in prison for extended periods.
The distressed Indian vessel, Tajdare Haram, reportedly experienced water ingress approximately 120 nautical miles south of Karachi, forcing the crew to abandon ship and take refuge in a life raft.
“Upon receiving the distress alert from the Maritime Rescue Coordination Center (MRCC) Mumbai, PMSA immediately launched a coordinated rescue effort,” the Pakistani agency announced in a statement Thursday.
“PMSA deployed an aircraft and directed nearby merchant vessels and PMSA ships to the scene of the incident,” it added. “The PMSA aircraft successfully located the survivors and facilitated the Indian Coast Guard vessel operating in nearby Indian waters for subsequent recovery.”
The rescue followed another operation earlier this month when the PMSA saved 12 Indian crew members from MSV Peeran-e-Peer in a similar situation.
The PMSA said it remained steadfast in its commitment to ensuring maritime safety and upholding international obligations under the Safety of Life at Sea Convention.

Topics: Pakistan India

Pakistan PM orders uninterrupted gas supply amid complaints from domestic consumers

Updated 27 December 2024
Follow

Pakistan PM orders uninterrupted gas supply amid complaints from domestic consumers

  • Prime Minister Sharif orders reforms to the gas distribution system to resolve the issue permanently
  • Officials claim improvement in gas load management, say power sector also getting sufficient supply
Updated 27 December 2024
Arab News Pakistan

ISLAMABAD: Prime Minister Shehbaz Sharif on Friday called for reforms to the gas distribution system after complaints from domestic consumers about shortages, as he was briefed in a meeting that surplus regasified liquefied natural gas (RLNG) was available in the system.
Pakistan has long struggled with gas shortages, particularly during the winter months, as declining domestic production and increasing reliance on imports widen the supply-demand gap.
“Uninterrupted gas supply to domestic consumers during the winter must be ensured immediately,” the prime minister directed during the meeting. “Reforms should be introduced in the system’s structure to resolve this issue permanently.”
He maintained that ensuring gas supply to domestic consumers was the government’s top priority.
Officials briefed Sharif that, compared to the previous year, there has been an improvement in gas load management, resulting in reduced load shedding durations, adding that domestic consumers were currently receiving gas from 5 AM to 10 PM.
“The power sector is also being provided gas according to its demand,” the briefing noted. “Additionally, all gas fields in the country remain operational.
The officials also said the Sui Norther Gas Pipelines Limited had resolved 93 percent of consumer complaints, while Sui Souther Gas Company Limited’s resolution rate stood at 79 percent.
Pakistan’s restive southwestern Balochistan province accounts for much of the country’s domestic gas production, though separatist violence in the region often leads to attacks on pipelines, disrupting supply.
Earlier this week, unidentified assailants near Quetta blew up a pipeline, cutting off supply to several areas in Balochistan.
Repairs commenced after the area was secured, but the incident caused significant inconvenience to residents of the province.

Topics: gas supply fluctuations

Nearly 400 Pakistani soldiers killed in counter-terrorism operations in 2024, military says

Updated 27 December 2024
Follow

Nearly 400 Pakistani soldiers killed in counter-terrorism operations in 2024, military says

  • Pakistani security forces conducted 59,775 intelligence-based operations this year, killing 925 militants, army says
  • Pakistan is battling a resurgence of militant violence particularly in its Khyber Pakhtunkhwa and Balochistan provinces
Updated 27 December 2024
KASHIF IMRAN

ISLAMABAD: Nearly 400 Pakistani soldiers and over 900 militants have been killed in counter-terrorism operations this year, the Pakistan army said on Friday, as the South Asian nation battles a resurgence of militant violence.
Pakistan’s Khyber Pakhtunkhwa and Balochistan provinces have seen a surge in terror attacks in recent months, with groups like the Pakistani Taliban and other militant and separatist groups attacking security forces’ convoys and check posts and carrying out daily targeted killings and kidnappings of law enforcers and government officials.
Addressing a press conference on Friday, military spokesman Lt. Gen. Ahmed Sharif Chaudhry said security forces have conducted 59,775 intelligence-based operations this year, during which 925 militants had been killed and hundreds of others arrested. 
“Over the last five years, this is the highest number of terrorists killed in a single year,” Chaudhry said at a media briefing, saying 73 of the militants killed were “high value targets.”
“During these counter-terrorism operations in year 2024, 383 brave officers and jawans embraced martyrdom.”
The Pakistani Taliban group, also known as Tehreek-e-Taliban Pakistan (TTP), has increased attacks against Pakistani security forces mainly in the northwestern Khyber Pakhtunkhwa province bordering Afghanistan, particularly since November 2022 when a fragile truce between the Pakistani Taliban and the state broke down.
The southwestern Balochistan province, which borders Afghanistan and Iran and is home to key Chinese Belt and Road Initiative projects, has also seen a surge in strikes by separatist ethnic militants, who say they are fighting an unfair distribution of the remote, impoverished province’s mineral wealth. The Pakistani state denies the allegation and says it is working for the uplift of local communities.
The attacks in KP have soured Pakistan’s ties with Kabul, with Islamabad frequently accusing the Taliban administration of sheltering and supporting militant groups. Afghan officials deny state complicity, insisting Pakistan’s security issues are an internal matter.
On Wednesday, the Afghan Taliban said at least 46 people had been killed in Pakistani airstrikes in the eastern border province of Paktika. The Pakistan army and government have not officially confirmed the strikes. 
“Despite all of Pakistan’s efforts and repeatedly pointing out to the Afghan interim government on the state level, Fitna Al-Khwarij [TTP] and other terrorists have been carrying out terrorist activities in Pakistan using Afghanistan’s soil,” Chaudhry said.
“Pakistan will leave no stone unturned in dismantling terrorist networks and safeguarding its citizens against terrorism.”

Topics: Pakistan Army ISPR

Markram leads South Africa to 180-5 in 1st Test against Pakistan

Updated 55 min 24 sec ago
AP
Follow

Markram leads South Africa to 180-5 in 1st Test against Pakistan

  • Aiden Markram was batting on an attractive 81 off 123 balls before Pakistan hit back with two wickets in the latter half of the first session
  • Pakistan were dismissed for 211 on Day 1 after Dane Paterson grabbed his second successive five-wicket haul, Corbin Bosch claimed 4-63
Updated 55 min 24 sec ago
AP

CENTURION: Opening batter Aiden Markram closed in on his eighth Test century and led South Africa to 180-5 at lunch on the second day of the first Test against Pakistan on Friday.
South Africa, which needs to win one of the two Test matches against Pakistan to seal a place in the final of the World Test Championship at Lord’s next year, trails the visitors by 31 on a pitch tailor-made for fast bowlers.
Markram was batting on an attractive 81 off 123 balls before Pakistan hit back with two wickets in the latter half of the first session with captain Temba Bavuma (31) and David Bedingham (30) both edging behind the wickets.
Wicketkeeper-batter Kyle Verreynne was yet to score but Markram stood tall in the first session and helped South Africa score 98 runs before lunch for the loss of two wickets.
Resuming on 82-3, Markram completed his half century with an exquisite cover driven boundary off Naseem Shah and stretched the fourth-wicket stand to 70 runs with Bavuma before Pakistan got its first breakthrough.
Aamer Jamal was rewarded for his persistent length balls to Bavuma as the South African skipper finally got a thick outside edge while going for a loose drive.
Bedingham counterattacked from the onset, smashing five boundaries in his 33-ball knock and also survived when Pakistan unsuccessfully went for an lbw television review against Naseem Shah’s full pitched delivery, which television replays suggested would have missed the leg stump.
However, Naseem didn’t have to wait long as Bedingham was beaten by some extra bounce and nicked it in the first slip in the penultimate over before lunch.
Pakistan was dismissed for 211 on Day 1 after Dane Paterson (5-61) grabbed his second successive five-wicket haul and debutant Corbin Bosch claimed 4-63, which included a wicket with his first ball in Test cricket.

Topics: Pakistan vs South Africa Pakistan cricket

Shipping service between Karachi, Jebel Ali ports to start from Jan. 13

Updated 27 December 2024
Follow

Shipping service between Karachi, Jebel Ali ports to start from Jan. 13

  • The development comes amid Pakistan’s efforts to leverage its geopolitical position and enhance trade
  • The service will promote economic growth and prosperity, and further accelerate regional development
Updated 27 December 2024
KASHIF IMRAN

ISLAMABAD: Pakistan’s National Logistics Corporation (NLC) and DP World, an Emirati multinational logistics company, are set to begin a shipping service between Karachi and Dubai next month, Pakistani state media reported this week.
Pakistan, which has been facing an economic crisis, wants to leverage its strategic geopolitical position and enhance trade with various countries in the region.
Pakistani policymakers consider the United Arab Emirates (UAE) an optimal export destination due to its geographical proximity, which minimizes transportation and freight costs while facilitating commercial transactions.
The shipping service between Karachi and Dubai’s Jebel Ali port is due to begin on Jan. 13, the state-run Radio Pakistan broadcaster reported.
“This shipping service marks a significant milestone in strengthening trade and regional connectivity,” the report read. “It will also promote economic growth and prosperity and will further accelerate the pace of development in the region.”
The UAE is Pakistan’s third-largest trading partner after China and the United States (US), and a major source of foreign investment, valued at over $10 billion in the last 20 years, according to the UAE foreign ministry. It is also home to more than a million Pakistani expatriates.
In January this year, Pakistan and the UAE signed multiple agreements worth more than $3 billion for cooperation in railways, economic zones and infrastructure, a Pakistani official said, amid Pakistan ‘s caretaker prime minister Anwaar-ul-Haq Kakar’s visit to Davos, Switzerland to attend 54th summit of the World Economic Forum (WEF).
The agreements cover the development of a dedicated freight corridor, multi-modal logistics park, and freight terminals, Syed Mazhar Ali Shah, the Pakistan Railways secretary, said at the time.
Under the agreements, DP World would carry out infrastructure improvement at Qasim International Container Terminal, Pakistan’s leading trade gateway, as part of the project. The Emirati firm also planned to develop an economic zone near the terminal.

Topics: Pakistan UAE ties karachi sea port

Latest updates

Ukrainian drone attack underway before Azerbaijani plane crash, Russian aviation chief says
A passenger of the Azerbaijan Airlines plane that crashed near the Kazakh city of Aktau, is transported into an ambulance after
Iran FM warns against ‘destructive interference’ in Syria’s future
Pakistan rescues nine crew members from Indian cargo vessel after distress alert
Driver who killed 35 in China car ramming sentenced to death
Pakistan PM orders uninterrupted gas supply amid complaints from domestic consumers

Search form

Print Edition
Read pdf version Subscribe now
© 2024 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement.