DUBAI: Pakistan’s new economic reforms and tax schemes have aided and increased the trust of Gulf buyers interested in Pakistan’s real estate market, a senior property expert told Arab News on the sidelines of the Pakistan Property Show (PPS) that kicked off at the Dubai World Trade Center on Friday.
The two day event in Dubai, organized by Pakistan’s biggest online property portal, Zameen.com, is the company’s third consecutive annual property exhibition event in Dubai and offers overseas Pakistanis a chance to explore rewarding investment opportunities in reliable and promising real estate projects. Zameen.com has so far held a total of 17 major property exhibitions worldwide, attracting over a million visitors.
Exhibitors from across Pakistan at the Pakistan Property Show at Dubai World Trade Centre on Dec 6, 2019. (AN photo by Asma Ali Zain)
Speaking to Arab News during the PPS, Zeeshan Ali Khan, CEO of Zameen.com, said that most of the online traffic Zameen.com received was from Pakistani expatriates residing in Gulf countries.
“The success story of this event is a source of pride for Pakistanis living in the Gulf,” he said.
“Increasing investment opportunities in the property sector is vital for setting the sector on track to progress, and the main objective of organizing such events is to circulate money in the investment sector, which, in turn, will benefit the overall economy of Pakistan,” he continued.
In addition, the exhibition features projects from several major cities of Pakistan, and provides visitors with a great opportunity to explore affordable property options.
Khan said that taking the property exhibition to an international level had been a tough undertaking in the beginning, but said PPS had gradually gained recognition as its own brand.
“The World Trade Center holds its own exclusive status in terms of trade and investment activities in the region where only the best corporates and business entities can stage their activities, and for a Pakistan-based company to organize such a grand event, is definitely a matter of national pride,” Khan said.
“The event offers great opportunities to Pakistanis living here to make solid, safe and rewarding investments in reliable real estate developments,” he continued. He added that despite there being no bulk buying, buyers in the Gulf were interested in Pakistan’s property market.
Exhibitors from across Pakistan participating in the Pakistan Property Show at Dubai World Trade Centre on Dec 6, 2019. (AN photo by Asma Ali Zain)
Marwan Ahmed bin Ghalita, CEO of Real Estate Regulatory Agency, Dubai, inaugurated the event.
“I have seen a lot of [Pakistani] companies offering unique projects, sharing data and knowledge from Pakistan to Dubai and Dubai to Pakistan,” he said, while interacting with various exhibitors and the senior management of Zameen.com.
“Today there are no borders for investment and real estate is the biggest investment that everybody is looking for,” he said.
The PPS 2019 featured big names from Pakistan’s most urban centers, including Karachi, Lahore, Islamabad, Multan and Peshawar among others.
In the last two editions of the event, the property extravaganza attracted a combined audience of over 31,000 people. Prominent names among this year’s exhibitors included “Eighteen” and “Capital Smart City.”
ISLAMABAD: London Mayor Sadiq Khan, the son of Pakistani immigrants, has been awarded a knighthood in King Charles’s New Year honors list, recognizing his contributions to public service and leadership in one of the world’s most dynamic cities, according to his social media post on Tuesday.
Khan, who grew up on a council estate in south London as one of eight siblings in a working-class family, faced numerous challenges on his path to becoming the capital’s mayor. His father worked as a bus driver and his mother was a seamstress, instilling in him a strong work ethic and a commitment to social mobility.
A trained lawyer, Khan entered politics as a Labour Party member and has been re-elected as London’s mayor three times, overcoming criticism over crime rates and housing issues in the city.
“Truly humbled to have received a knighthood in the King’s New Year’s Honours,” Khan wrote on X, formerly Twitter. “I couldn’t have dreamed when growing up on a council estate in south London that I’d one day be Mayor of London. It’s the honor of my life to serve the city I love.”
The King’s New Year honors list includes more than 1,200 individuals from various fields, including politics, sports, arts and community service.
Other notable recipients include Gareth Southgate, former England soccer manager, and Keely Hodgkinson, Paris Olympics gold medalist, who were also awarded knighthoods.
The honors, which date back to 1890, aim to celebrate contributions to national life, both from prominent figures and unsung heroes.
ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday launched Pakistan’s five-year homegrown National Economic Plan, targeting an annual investment goal of $10 billion as the country seeks to recover from a prolonged macroeconomic crisis.
Pakistan has faced a series of economic challenges in recent years, including a balance-of-payments crisis, dwindling foreign exchange reserves and a depreciating national currency. The new plan, titled “Uraan Pakistan,” or “Fly Pakistan,” aims to transition the country from its current macroeconomic stability to sustainable growth.
In July, Federal Minister for Planning Ahsan Iqbal announced the plan would be based on the 5Es framework — exports, energy, economic growth, education and equality — to foster stability and lay the groundwork for Pakistan’s future growth.
Speaking at the launch ceremony in Islamabad, Sharif emphasized that the government’s role was to promote business opportunities in the private sector and serve as a catalyst for economic progress.
“I want to tell you that our goal of investment will be $10 billion yearly,” Sharif said, urging the country’s affluent classes to also chip in and make sacrifices for the country.
Emphasizing the need to develop a strategy for an industrial and agricultural framework, he said the government must create a mechanism that drives people toward export-led growth.
“What we need is export-led growth,” he noted. “You have to create an environment for exports and also give incentives.”
The prime minister said the dollars needed to repay the country’s debt could only be earned through increased exports, urging people to withdraw money from banks amid declining interest rates to invest in the industrial and agricultural framework to boost exports and create productive employment.
He highlighted that Pakistan’s exports had grown by 11 percent, remittances by 24 percent and IT exports by 34 percent in the past five months.
Terming export-led growth as the pivot of “Uraan Pakistan,” he said tax reduction in the IT sector had helped the country strengthen digital economy.
Earlier, Finance Minister Muhammad Aurangzeb told the gathering that the economic plan stood on a handful of pillars.
“Firstly, our growth will be driven by exports to avoid the boom-bust cycles we have experienced in recent years,” he maintained. “Secondly, the private sector must take the lead in driving the country’s progress.”
Pakistan agreed to a 37-month, $7 billion bailout program from the International Monetary Fund (IMF) this year, promising the lender economic reforms in exchange. These reforms include increasing the tax base, regulating the energy sector and privatizing loss-making state-owned enterprises.
Aurangzeb hoped the five-year plan would put Pakistan on an upward economic trajectory in the next two to three years to ensure that this becomes the last IMF program the country would ever have to resorts to.
Pakistan is working actively to collaborate with regional allies in trade, defense, agriculture and other key sectors of the economy to attract foreign investment and brighten its economic prospects.
It has also enhanced bilateral trade and investment ties with close allies like Saudi Arabia, the United Arab Emirates, Russia, Central Asian states and other Gulf countries.
Last year, the country was on the verge of a sovereign debt default before Islamabad managed to clinch a last-gasp $3 billion IMF bailout to helped its economy stay afloat.
Pakistan’s finance minister has repeatedly said the country needs to undertake stringent economic reforms and develop itself as an export-led economy to achieve sustainable growth.
KARACHI: Police on Tuesday launched a crackdown on the main protest organized by the religio-political party Majlis Wahdat-e-Muslimeen (MWM), leaving several, including cleric Allama Hasan Zafar Naqvi, injured, according to a spokesperson for the group.
The MWM has been staging sit-ins at over 10 locations in Karachi since last week to protest against sectarian violence in the northwestern Kurram district. Home to around 600,000 people, Kurram is located in Khyber Pakhtunkhwa province and has long been a hotspot for tribal and sectarian conflicts, with authorities struggling to maintain control.
The area’s volatile situation has necessitated travel in convoys escorted by security personnel, but this measure failed to prevent a deadly ambush on November 21, when gunmen attacked a convoy, killing 52 people, mostly Shias.
At least 136 people have so far lost their lives in the violence that followed, as a grand jirga, or traditional council of political and tribal elders, continues efforts to mediate between rival factions, though the unrest has now spilled beyond Kurram.
Police in Karachi moved against the central MWM protest camp at Numaish Chowrangi on Tuesday afternoon after days of complaints that life in the city had been brought to a near standstill, triggering clashes during the crackdown.
“Alama Hasan Zafar Naqvi is among many wounded in police attack,” Ahmer Naqvi, spokesperson of MWM told Arab News.
Prior to that, police and paramilitary Rangers used tear gas to disperse protesters and cleared Abul Hasan Isfahani Road near Abbas Town and Kamran Chowrangi in Gulistan-e-Jauhar.
Addressing a press conference, Allama Hasan Zafar Naqvi condemned the action and vowed that the group would not only continue its sit-in but also expand it to other parts of the city.
Meanwhile, Sindh Chief Minister Syed Murad Ali Shah took notice of protesters setting vehicles on fire, his office said in a statement.
“No permission will be given to cause damage to public or private property in any form,” Shah was quoted as saying. “Everyone has the right to protest, but damaging city property in this manner is incitement to violence.”
The CM said legal action would be taken against those who set vehicles on fire. Shah also directed the police to improve the situation in Karachi.
“The chief minister has instructed the additional inspector general of police to eliminate disorder in the city and submit an immediate report,” the statement said.
The Karachi police chief on Monday warned demonstrators of action if the protests continued to disrupt public life.
The Ahle-Sunnat Wal Jamaat (ASWJ), the MWM’s rival religious group, also threatened to hold counter-protests at 60 locations in Karachi if the MWM sit-in was not brought to an end.
PESHAWAR: The government of Pakistan’s northwestern Khyber Pakhtunkhwa (KP) province on Tuesday announced scholarships worth Rs100 million ($360,000) for minority students, aiming to bolster their educational opportunities, according to an official statement issued by the Chief Minister’s Office.
Pakistan’s religious minorities have long complained of discrimination and economic hardships, which often leave them unable to afford quality education for their children. In KP, a province that has faced a persistent security deficit in recent decades, minorities have been particularly vulnerable, with militants and other violent individuals targeting churches and killing members of the Sikh community, adding to their challenges.
“Special training will be provided to children of minority communities at the Provincial Government Service Training Institute, helping them prepare for competitive exams,” Chief Minister Ali Amin Gandapur said, adding: “Minority students will receive scholarships worth 100 million rupees.”
The statement followed a meeting between Gandapur and Shoaib Suddle, chairman of the One-Man Commission on Minority Rights, during which issues concerning religious minorities were discussed.
In addition to the scholarships, Gandapur announced measures to install solar systems in places of worship for religious minorities and instructed the police to form a special force to ensure the security of their leaders.
He also directed the authorities to enforce the five percent employment quota and two percent education quota reserved for minorities in government institutions.
“The protection of minority rights and their welfare remain an integral part of the provincial government’s agenda,” Gandapur said, emphasizing the pivotal role minorities play in KP’s development and interfaith harmony.
ISLAMABAD: Pakistan witnessed intense turmoil and political polarization in 2024, beginning with the sentencing of former prime minister Imran Khan and his close aide Shah Mahmood Qureshi to ten years in prison. It came just days before a controversial general election in February, which was marred by poll-rigging accusations and delayed results.
The political climate continued to worsen with large-scale protests, including a march to Islamabad by Khan supporters that turned violent, with casualties on both sides further fueling tensions.
The month of December was particularly marked by major developments from Khan’s threat of a civil disobedience movement to the criticism of the PM Shehbaz Sharif’s government by international human rights groups over the sentencing of civilians by military courts.
Amid escalating tensions, the year ended with tentative steps toward a dialogue between the government and the opposition, offering a glimmer of hope in a year dominated by political unrest, legal battles and mounting economic challenges.
EX-PM KHAN SENTENCED IN STATE SECRETS CASE
On Jan. 30, a Pakistani court handed former prime minister Imran Khan and his close aide Shah Mahmood Qureshi a ten-year jail term each in a case in which they were accused of leaking state secrets.
The case, popularly called the “cipher case,” related to an alleged diplomatic correspondence between Washington and Islamabad that Khan says was proof that his ouster as PM in 2022 was part of a US-backed “foreign conspiracy” to remove him. Washington has repeatedly denied Khan’s accusations.
The conviction came a week before general election in Pakistan, in which Khan was already barred from standing after he was convicted of corruption.
Security officers escort Pakistan’s former Prime Minister Imran Khan, as he appeared in Islamabad High Court, Islamabad, Pakistan May 12, 2023. (REUTERS/File)
FEB. 8 NATIONAL ELECTION
In February 2024, Pakistan held its national election that was marred by a mobile Internet shutdown on the election day and unusually delayed results, leading to accusations that it was rigged and drawing concern from rights groups and foreign governments.
Former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party was severely hamstrung ahead of the polls, with rallies banned, its party symbol taken away, and dozens of its candidates rejected from eligibility to stand.
Despite that, independent candidates backed by Khan’s party won the highest number of seats, but not enough to form a government on their own. The election saw Khan’s main political rival, Shehbaz Sharif, become prime minister after being favored by a coalition of parties.
To date, the PTI claims the vote was rigged and has held several protest rallies to demand an audit of results. Khan’s opponents and election authorities deny the allegation.
In this handout photograph taken and released by the Pakistan President House on March 4, 2024, Pakistan's President Arif Alvi (R) administers the oath to newly sworn-in Prime Minister Shehbaz Sharif (C) at the President House in Islamabad. (President House/File)
ASIF ZARDARI BECOMES PRESIDENT FOR A SECOND TERM
Veteran politician and Pakistan Peoples Party (PPP) co-chairman Asif Ali Zardari took oath as the 14th president of Pakistan on March 10.
Zardari bagged 411 votes in the indirect electoral contest held in Pakistan’s parliament and provincial assemblies. His opponent, Mahmood Khan Achakzai, who was supported by the Khan-backed Sunni Ittehad Council party, could only secure 181 votes.
Zardari served the previous stint from 2008 to 2013, during which he ushered in constitutional reforms, including the 18th amendment, to ensure greater provincial autonomy, and rolled back presidential powers.
Former Chief Justice of Pakistan Qazi Faez Isa, administers the oath of the office of the President of Pakistan to Asif Ali Zardari (right), at the Presidential Palace in Islamabad, Pakistan, on March 10, 2024. (PID/File)
FORMER SPYMASTER FAIZ HAMEED ARRESTED
In August, Pakistan’s army said it had arrested former spymaster Lt. Gen. (retired) Faiz Hameed and initiated court martial proceedings against him.
Hameed has since been formally arraigned on a number of charges, including engaging in political activities and violating the Pakistan Army Act post-retirement. The former general is widely seen to have been close to ex-PM Khan.
Many analysts believe that Hameed’s unprecedented arrest and possible conviction could raise the heat on Khan and be the precursor to prosecuting the jailed former prime minister before a military court on charges of treason and attempting to incite a mutiny in the military.
An undated file photo of Former Pakistani Prime Minister Imran Khan in conversation with ex-DG ISI Lt. Gen. (retired) Faiz Hameed at the PM Office in Islamabad. (Photo courtesy: PM Office/File)
26TH CONSTITUTIONAL AMENDMENT
On Oct. 21, President Zardari signed into law the contentious 26th constitutional amendment that empowered parliament to choose the country’s chief justice from a panel of three senior-most judges of the Supreme Court among other things.
Another clause of the bill stated that the Supreme Court judges will be appointed by a judicial commission, led by the chief justice and comprising three senior judges, one member each from the National Assembly and the Senate, federal law minister, attorney general of Pakistan, and a nominee of the Pakistan Bar Council having not less than 15 years of practice in the Supreme Court. The commission will also monitor judges’ performance and report any concerns to the Supreme Judicial Council.
The ruling coalition had the amendment passed by both houses of parliament a night before, amid opposition from ex-PM Khan’s party and the legal fraternity, who argued it was an attempt to curtail the independence of the judiciary. The government denied it. YAHYA AFRIDI TAKES OATH AS CHIEF JUSTICE OF PAKISTAN
Soon after the 26th constitutional amendment, a 12-member parliamentary panel nominated Justice Yahya Afridi for the top judicial post and he took oath of the chief justice’s office on Oct. 26.
Afridi replaced Chief Justice Qazi Faez Isa who retired on Oct. 25 after what was widely considered to be his controversial stint in office for a little more than a year.
Isa was accused by ex-PM Khan’s party of being aligned with the coalition government led by PM Sharif. It was under Isa’s tenure as chief justice that Pakistan’s top court denied Khan’s PTI its iconic bat symbol ahead of Feb. 8 general election, saying the party had failed to hold intra-party elections. The verdict meant all PTI candidates had to contest election as independents, which angered Khan supporters, who accused Isa of being biased in favor of Sharif. ISLAMABAD PROTEST TO SECURE KHAN’S RELEASE
On Nov. 24, Khan’s PTI party led thousands of supporters to Islamabad, seeking to pressure the government to release the ex-premier from jail and order an audit of Feb. 8 poll results.
The protest, which was by far the largest to grip the capital since the election, resulted in clashes that Pakistan’s government says killed four law enforcers and injured hundreds of others.
The PTI says at least 12 of its supporters were killed and another 37 sustained injuries due to firing by law enforcers near Islamabad’s Jinnah Avenue on Nov. 26. Pakistani authorities have denied the deaths, saying security personnel had not been carrying live ammunition during the protest.
Supporters of jailed former Pakistani Prime Minister Imran Khan’s party Pakistan Tehreek-e-Insaf (PTI) attend a rally demanding his release, in Islamabad on November 26, 2024. (REUTERS/File)
CALL FOR CIVIL DISOBEDIENCE MOVEMENT
Ex-PM Khan on Dec. 6 threatened to start a civil disobedience movement, days after his party led a deadly protest march on Islamabad.
The former premier demanded a judicial probe into the crackdown on the Nov 24 protest march which he said killed at least 12 of his supporters and violence on May 9 last year which killed 8, along with the release of all arrested political workers.
Khan’s call for civil disobedience movement came a day after he was indicted on charges of directing the May 9, 2023 attacks on government and military installations, to which he pleaded not guilty. The indictment was the latest in dozens of cases against the former cricket star, who has been in jail since August last year. SENTENCING OF PAKISTANI CIVILIANS BY MILITARY COURTS
On Dec. 21, Pakistan’s military announced sentencing of 25 civilians to prison for participating in violent protests on May 9, 2023, when hundreds carrying flags of ex-PM Khan’s party had attacked government and military installations. Khan’s party denies involvement in the violent protests and has called for a judicial probe into the matter.
The United States (US), United Kingdom (UK) and the European Union (EU) expressed concerns over the verdicts, calling on Islamabad to respect the citizens’ right to a fair trial and due process. Pakistan’s Foreign Office dismissed the concerns and said the verdicts had been made under a law enacted by parliament and in line with a judgment of the country’s top court.
Days later, another 60 civilians were sentenced by military courts to jail time ranging from 2 to 10 years in connection with the riots. TALKS TO EASE RISING POLITICAL TENSIONS
Weeks after Khan’s civil disobedience threat, PM Sharif’s government and Khan’s PTI opposition party held the first round of formal negotiations on Dec. 23, in a bid to ease prolonged political tensions.
Khan previously rejected talks with the government, saying his party would only speak to the ‘real powerbrokers’ in Pakistan, the all-powerful army, but earlier this month he set up a negotiating committee of top PTI members to open dialogue with the government for the fulfilment of two demands: the release of political prisoners and the establishment of judicial commissions to investigate May 9, 2023 and Nov. 26 violent protests.
The country has remained gripped by political unrest and uncertainty since Khan’s ouster from power through a parliamentary no-confidence vote in 2022, which has also exacerbated Pakistan’s economic hardships.
Senior government representatives have recently acknowledged that negotiations could offer a pathway out of the current political impasse, with the PTI asked to present its demands in writing at the next round of talks on Jan. 2.
