ISLAMABAD: Nestled in the heart of Islamabad, is Pakistan’s largest iconic bookstore, a reader’s paradise and its presence somewhat symbolic to the identity of the bureaucratic and political city which has found itself standing at crossroads amid declining reading trends, digital disruption, and piracy that have gravely impacted the brick-and-mortar banks of knowledge.
Ahmed Saeed, CEO and owner of Saeed Book Bank has been contemplating to downsize or scale up to keep his business, his father’s legacy afloat which rapidly is running out of steam.
Rental amount of commercial properties is through the roof that many other smaller bookstores struggle to cope with as sales drop and taxes rise. That is not his concern since he owns the property but rather the upkeep and large staff employed.
Rejecting widespread reports suggesting Saeed Book Bank is on the verge of collapse as several odds are stacked against it including digital media, cost of book import, and sharp drop in sales, Saeed said that he was in fact turning a new leaf to keep the business up.
“For that very reason we have planned to add two more floors (to the existing three) here and open a coffee shop, book talk, and book launch (area) so that the footfall of the customers can increase”, Saeed said explaining that it may take up to three years after the Capital Development Authority approves his planned idea but he may opt to also sublet the ground floor to a corporate just to meet expenses and save his business.
Established in 1952 in the garrison city of Rawalpindi by his late father Saeed Qureshi before relocating the business to the north western provincial capital, Peshawar and then to Islamabad in 1999 after facing militant threats, the Saeed family business boomed in the capital owing to the number of diplomats, foreigners, educational institutes, non-profits, and government officials during a calm progressive period before Pakistan was stripped of its family station status by the United Nations as a wave of terrorism engulfed the country post 9/11.
“We had been doing good business but (now) business is not very good”, said Saeed speaking to Arab News on the near empty floor of his spatial three storied, 42,000 square feet bookstore that shelves over 200,000 titles located in the bustling market of F-7.
“There are a couple of reasons (why sales are down) but people should encourage their kids to buys books”, he said stressing on the decline in the interest of reading nationwide generally blaming parents which he says would rather buy expensive toys and electronic devices for their children but consider books “trash then treasure” adding that many bookstores across Pakistan are shutting down unable to meet sustainable targets to run their business.
Saeed travels frequently abroad to purchase books for his store. Narrating his experience from those trips overseas, he said that “families, when they give pocket money to their children, they ask them to keep different portions of the amount to spend on charity, friends, savings, and for books” that helps build their interest to read.
“But in Pakistan people consider buying a book, not a necessity but a complete waste”.
His business woes linked to reading habits may be right because according to a 2019 Gallup survey conducted by its affiliate in Pakistan, three in four Pakistanis which 75 percent claim not to read books and only nine percent are avid readers.
Globally digital media has disrupted mainstream media and industries but business for the top emblematic publication houses in the west remains strong as physical books outsold eBooks according to reports and number of readers are at least ten folds higher than in Pakistan.
Arab News has more in this video report.
Facing fall in reading trends, Pakistan’s largest bookstore turns a new leaf
Facing fall in reading trends, Pakistan’s largest bookstore turns a new leaf
- Saeed Book Bank plans to diversify business opening coffee shop, book talk, and book launch to attract customers
- 75 percent of Pakistanis do not read books according to latest survey
All schools to reopen in Pakistan’s Punjab province as air quality improves
- Lahore’s air quality index fell to 158 on Tuesday, which IQAir categorizes as unhealthy, after crossing 2,000 last week
- Record air pollution has triggered mass hospitalizations, school closures and lockdown orders in Punjab province
ISLAMABAD: Air quality improved in Pakistan’s Punjab province on Tuesday, prompting authorities in the worst-affected Lahore and Multan cities to reopen schools from Wednesday after over ten days of being closed due to record-high pollution levels.
Lahore’s air quality index (AQI) fell to 158 late on Tuesday, which Swedish group IQAir categorizes as unhealthy, after crossing 2,000 in some locations last week.
On Monday, the Punjab government had said schools would reopen across Punjab province, except for in the Lahore and Multan divisions.
“The ambient air quality has improved in Punjab, due to rain in upper parts of Punjab, change in wind direction and speed,” a notification said.
“Therefore, all the educational institutions in the whole province, including Lahore and Multan Division, shall be opened w.e.f. 20-11-2024 (Wednesday).”
The notification said school opening timings could not be before 845am, as smog is thickest in the early morning hours, and all students and staff had to wear face masks.
“There shall be a complete ban on outdoor sports and outdoor co-curricular activities till further orders,” the notification added. “All educational institutions shall introduce class wise school closing timing to avoid traffic congestions.”
Record-high air pollution levels have triggered hundreds of hospitalizations, junior and high school closures and stay-at-home orders in several districts of Punjab, including the provincial capital of Lahore, which has been enveloped in a thick, toxic smog since last month.
Schools and government offices were closed earlier this month in many districts of Punjab, with the closures affecting the education of more than 20 million students, according to associations representing private and government schools.
Authorities in 18 districts of Punjab also closed all public parks, zoos and museums, historical places, and playgrounds for ten days last week.
A court in Lahore ordered the government to shut all markets after 8pm, while authorities have already banned barbecuing food without filters and ordered wedding halls to close by 10pm.
Last week, the UN children’s agency said the health of 11 million children in Punjab province was in danger because of air pollution.
Pakistan, ADB sign ‘landmark’ $500 million climate loan agreement
- Program is aimed at strengthening Pakistan’s capacity for climate change adaptation and disaster risk management
- Finance minister said last month Pakistan is also targeting around $1 billion in a formal request for climate cash from IMF
ISLAMABAD: Pakistan and the Asian Development Bank (ADB) on Tuesday signed a “landmark” $500 million dollar loan agreement under the ‘Climate and Disaster Resilience Enhancement Program,’ state broadcaster Radio Pakistan reported.
Pakistan is one of the most vulnerable countries to climate change, according to the Global Climate Risk Index.
Finance Minister Muhammad Aurangzeb said last month Pakistan was targeting around $1 billion in a formal request for funding from an IMF facility that helps low and middle income countries mitigate climate risk. The IMF already agreed to a $7 billion bailout for Pakistan in September but has additional funding available via its Resilience and Sustainability Trust (RST), created in 2022 to provide long-term concessional cash for climate-related spending such as adaptation and transitioning to cleaner energy.
“The signing of the [ADB] agreement underscores Pakistan’s commitment to prioritize climate change initiatives and scaling up disaster risk financing using a risk-layered approach,” Radio Pakistan said, quoting Pakistan’s Minister for Economic Affairs, Ahad Cheema.
The program is aimed at strengthening Pakistan’s capacity for climate change adaptation and disaster risk management and will address the country’s vulnerabilities to natural disasters and climate impacts.
“The core objective of the program is to enhance institutional frameworks for disaster risk management by improving disaster risk mapping, response coordination, and gender-sensitive public investments,” Radio Pakistan added.
Pakistani Prime Minister Shehbaz Sharif, who spoke at a number of events at the UN COP29 climate summit last week, used the forum to highlight the need to increase climate finance for vulnerable, developing countries. He said developing countries would need an estimated $6.8 trillion by 2030 to implement less than half of their current nationally determined contributions (NDCs) or national action plans for reducing emissions and adapting to climate impacts defined by the Paris Agreement.
The main task for nearly 200 countries at the COP29 summit, taking place from Nov. 11-22, is to broker a deal that ensures up to trillions of dollars in financing for climate projects worldwide.
Pakistan Stock Exchange crosses 96,000 to hit record intraday high
- Higher remittances, exports, foreign investment credited for bullish activity, analysts say
- Stock Exchange witnessing bullish trend since government slashed policy rate this month
ISLAMABAD: The Pakistan Stock Exchange on Tuesday surged past 96,000 points to hit a record high in intraday trading, with analysts attributing the rally to a current account surplus in October due to higher remittances, exports and foreign direct investment.
The benchmark KSE-100 index climbed to a record 935.66 points or 0.98 percent to stand at 95,931.33 from the previous close of 94,995.67 points. It touched the 96,036.48 mark for the first time at 2:44pm PST.
Ahsan Mehanti at the Arif Habib Corporation told Arab News potential investors had weighed surging foreign reserves as well as government decisions over reforms for loss-making state-owned enterprises, independent power producers and energy pricing.
“Stocks bullish on reports of current account surplus of $349 million in Oct. 2024 on higher remittances, exports and FDI rising by 32pc to $904m for Jul-Oct. 2024,” he said. “The next triggers could be easing political noise amid protest calls by opposition.”
Pakistan’s external current account recorded a surplus of $349 million in October 2024, marking the third consecutive month of surplus and the highest in this period. The current account reflects a nation’s transactions with the world, encompassing net trade in goods and services, net earnings on cross-border investments and net transfer payments.
A surplus indicates that a country is exporting more than it is importing, thereby strengthening its foreign exchange reserves.
A bullish trend has been observed at the stock market since Pakistan’s central bank cut its key policy rate by 250 basis points, bringing it to 15 percent earlier this month. It’s economic indicators have also steadily improved since securing a 37-month, $7 billion bailout from the International Monetary Fund (IMF) in September.
Before this, the country went through a prolonged economic crisis that drained its foreign exchange reserves and saw its currency weaken amid double-digit inflation.
Last year, Pakistan narrowly avoided a sovereign default by clinching a last-gasp $3 billion IMF bailout deal.
Pakistan dispatches aid consignment to Syria amid Israeli strikes
- Israel has been hitting what it calls Iran-linked targets in Syria for years but has ramped up such raids since Oct. 7, 2023
- Before latest dispatch, Pakistan has sent 12 aid consignments to Palestine, six shipments to Lebanon, one to Syria
ISLAMABAD: Pakistan’s National Disaster Management Authority (NDMA) on Tuesday dispatched a consignment of aid for Syria where Israel has been carrying out strikes as part of its military actions in the Middle East.
Israel has been hitting what it calls Iran-linked targets in Syria for years but has ramped up such raids since the Oct. 7, 2023, attack by Hamas on Israel, leading Israel to launch a military campaign in which more than 43,000 Palestinians have been killed in Gaza and more than 3,500 people in Lebanon.
Israel launched its campaign in Gaza after a Hamas-led assault on southern Israeli communities in which some 1,200 people were killed and another 250 taken hostage, according to Israeli tallies.
“On Tuesday, 20th consignment of aid was dispatched from Karachi to Syria,” the NDMA said in a statement.
“This aid shipment, sent by NDMA in collaboration with Al-Khidmat Foundation [NGO], comprised approximately 17 tons of supplies, including rice buckets, powdered milk, tin food, family packs, sleeping bags, medical support kits and generator. The aid was dispatched via chartered flight from Jinnah International Airport, Karachi, to Damascus, Syria.”
Before Tuesday’s dispatch, the government of Pakistan had sent 12 aid consignments to Palestine, six to Lebanon, and one to Syria.
Pakistan does not recognize nor have diplomatic relations with Israel and calls for an independent Palestinian state based on “internationally agreed parameters” and the pre-1967 borders with Al-Quds Al-Sharif as its capital.
Since the beginning of the war in October last year, Pakistan has repeatedly called for a ceasefire in Gaza and raised the issue at the United Nations, the Organization of Islamic Cooperation (OIC) and other international forums, urging an end to Israeli military actions.
Pakistan PM meets Saudi minister, expresses satisfaction over implementation of $2.8 million investment deals
- Pakistani and Saudi businesses signed 34 agreements last month
- Sharif appreciates Saudi crown prince for stance on Israel’s war on Gaza
ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif met Saudi Arabia’s Deputy Interior Minister Dr. Nasser bin Abdulaziz Al-Dawood on Tuesday, with the premier expressing satisfaction over the implementation of recently signed business agreements between the two countries worth $2.8 billion, his office said.
Pakistani and Saudi businesses signed 27 memorandums of agreement (MoUs) worth $2.2 billion on Oct. 10 during the Saudi investment minister’s visit to Islamabad. The Saudi minister announced on Oct. 30 whilst Sharif was visiting the Kingdom that both sides had agreed to enhance the number of business agreements from 27 to 34 and increase their value from $2.2 billion to $2.8 billion.
Al-Dawood called on PM Sharif in Islamabad where the two leaders discussed bilateral relations, the Prime Minister’s Office (PMO) said. During the meeting, Sharif thanked the Saudi leadership and government for always supporting Pakistan.
“The Prime Minister expressed his satisfaction over the implementation of MoUs between Saudi Arabia and Pakistan with regard to Saudi Investment of 2.8 billion USD in Pakistan,” the PMO said.
The two sides also discussed the escalation in tensions in the Middle East and Israel’s war on Gaza. Sharif appreciated the Saudi leadership for holding the Arab-Islamic Summit this month and praised Saudi Crown Prince Mohammed bin Salman’s stance on the Palestine issue.
“The Prime Minister applauded the leadership role of Saudi Arabia and the efforts of HRH Crown Prince Mohammed bin Salman in unifying the Ummah to collectively seek an end to violence in Gaza due to Israel’s genocidal actions,” the PMO said.
Speaking on the importance of defense ties between Pakistan and the Kingdom, Sharif Al-Dawood’s visit would help bring the two countries closer in terms of cooperation in these areas.
Pakistan has increasingly sought to strengthen trade and investment ties with friendly nations, particularly the Kingdom, which has promised a $5 billion investment package that cash-strapped Pakistan desperately needs to shore up its dwindling foreign reserves and fight a chronic balance of payment crisis.
Sharif has actively pursued economic diplomacy in the region in recent months, seeking more investments and enhancing trade and regional connectivity for Pakistan. The South Asian country has sought to leverage its position as a transit and trade hub connecting landlocked Central Asian countries with the rest of the world and also pushed for mutually beneficial economic partnerships with Gulf countries.
