KARACHI: The Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, has invited mega Pakistani companies operating in the manufacturing and financial sectors to invest in the Kingdom’s infrastructure development under Vision 2030, Pakistani officials said on Sunday.
Earlier this year, Saudi Crown Prince Mohammed Bin Salman said the PIF and its companies aimed to contribute 1.2 trillion riyals to non-oil gross domestic product (GDP) by the end of 2025.
“Recently, the largest Saudi institution, Public Investment Fund officials approached us in the embassy of Pakistan and met with the ambassador and trade mission officials,” Azhar Ali Dahar, Minister for trade and investment at the Pakistani embassy in Riyadh, told Arab News on Sunday.
“PIF officials have invited Pakistani premier institutions like major banks, insurance companies, telecommunication operators, cement manufacturers, and construction companies to explore and benefit from existing lucrative business opportunities in the kingdom,” he added.
PIF is one of the largest sovereign wealth funds in the world and aims to contribute SAR 1.2 trillion, or $320 billion, to non-oil GDP cumulatively by the end of 2025.
"Every year around $10 billion are being invested in Saudi Arabia under its Vision 2030 particularly for the development of infrastructure,” Dahar said, and added that no major Pakistani company was among the beneficiaries of these investment opportunities as compared to Indians with around 500 companies participating.
The trade mission chief said full support would be given to companies interested in investing in the Kingdom.
“The trade mission will facilitate meetings with PIF officials, arrange visits to the industrial areas where they will have opportunities to look for investment avenues,” Dahar said.
“They can bring initial investment and with the help of the fund, they can start their manufacturing process within just three months.”
The minister said that instead of manufacturing and exporting from Pakistan, manufacturing could happen in Saudi Arabia by availing the many incentives on offer by the government.
“In Pakistan there is an energy crisis but everything is available in the Kingdom,” he said. “All they (Pakistani businesses) have to do is bring initial investment and start production.”
“Whatever they will earn will ultimately go to Pakistan in the form of remittances,” he added.
The Pakistani trade mission chief said companies should contact the mission in Riyadh for further facilitation, “so they don’t miss out on this huge opportunity.”
Pakistani businessmen, for their part, lauded the ‘great gesture’ and said they would explore investment avenues.
“Our labor so far has played a crucial role in the development of the Kingdom,” Bilal Aqeel, Director of the Pakistan-Saudi Arabia Business Council at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), told Arab News.
“Now they are directly inviting our companies to invest which is a great gesture,” he said.
“Our bilateral relations are superb but those relations do not reflect in our bilateral trade,” Aqeel said and added: “We need to establish direct links between Pakistani and Saudi businessmen to translate brotherly relations into real trade volumes.”
Saudi sovereign fund invites mega Pakistani companies to invest in Kingdom — envoy
https://arab.news/8yvyr
Saudi sovereign fund invites mega Pakistani companies to invest in Kingdom — envoy
- Big players in manufacturing, banking, telecommunications, and construction invited to explore business opportunities
- Stakeholders say need to establish direct links between Pakistani and Saudi businessmen to translate brotherly relations into trade volumes
Two policemen killed, three injured in suspected militant attack on checkpoint in Pakistan
- Gunmen attacked a check post in Shangla district in Khyber Pakhtunkhwa province with guns and hand grenades
- Such attacks are rising in Khyber Pakhtunkhwa, with most claimed by Pakistan’s indigenous Taliban movement
PESHAWAR: Two policemen were killed and three injured in an attack on a check post in Pakistan’s northwestern Khyber Pakhtunkhwa province in the latest incident of suspected militant violence in the restive region bordering Afghanistan, police said on Tuesday.
Such attacks have been on the rise in KP in recent months, with most claimed by Pakistan’s indigenous Taliban movement, the Tehreek-e-Taliban Pakistan (TTP), and other militant groups that target security forces’ convoys and check posts and carry out daily targeted killings and kidnappings of law enforcers and government officials.
The TTP is a separate group but a close ally of the Afghan Taliban who rule Kabul.
“At around 11pm last night [Monday], terrorists attacked a check post which left two police officers martyred, and three policemen injured,” police official Maqbool Ahmed told Arab News on Tuesday, saying the assault took place in the Chakesar area of the province’s Shangla district, with militants hurling hand grenades at the post and opening fire in a drive-by attack.
No group has as yet claimed the attack.
Interior Minister Mohsin Naqvi condemned the attack, a report published in state broadcaster Radio Pakistan said, identifying the deceased cops as Assistant Sub Inspector Hassan Khan and Head Constable Nisar Khan.
Pakistan has frequently accused neighboring Afghanistan of sheltering and supporting militant groups like the TTP, urging the administration there to prevent its territory from being used by armed factions to launch cross-border attacks.
The Afghan Taliban deny the charge, insisting Pakistan’s security issues are an internal matter.
Gaza, Lebanon in focus as Pakistani leaders head to summit of D-8 developing nations
- D-8 summit in Cairo from Dec 18-20 will see gathering of leaders from eight countries to promote economic cooperation
- PM to attend special session on Gaza where Israeli military campaign has killed over 46,000 people since Oct. 7 last year
ISLAMABAD: Pakistan will participate in the Eleventh Summit of the Developing Eight (D-8) countries being held in Egypt from Dec. 18-20 where Israel’s military offensive on Gaza and the humanitarian crisis and reconstruction efforts in the besieged enclave as well as neighboring Lebanon will be at the center of discussions, the foreign office said on Tuesday.
Prime Minister Shehbaz Sharif will leave for Egypt tomorrow, Wednesday, for the main summit while Deputy Prime Minister Ishaq Dar left today, Tuesday, to attend the 21st Session of the D-8 Council of Ministers on Dec. 18.
The D-8 Summit is a gathering of leaders from eight developing countries including Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkiye. It aims to promote economic cooperation and development among member states, with a focus on areas like trade, energy, agriculture, and transportation.
Besides addressing the summit and holding bilateral meetings on the sidelines, Sharif will attend a special session on the humanitarian crisis and reconstruction challenges in Gaza and Lebanon following Israel military offensives in the Middle East since October last year.
“He will underline Pakistan’s principled position on the situation in Palestine and call for peace in the Middle East,” the foreign office said.
Health officials in the Gaza Strip said on Monday the death toll from the 14-month war between Israel and Hamas had topped 45,000 people.
The Gaza Health Ministry does not distinguish between civilians and combatants in its count, but it has said that more than half of the fatalities are women and children. The Israeli military says it has killed more than 17,000 militants, without providing evidence.
The theme of this year’s D-8 Summit is “Investing in Youth and Supporting SMEs: Shaping Tomorrow’s Economy.”
“At the Summit, the Prime Minister will underline the importance of investing in youth and SMEs for building a strong and inclusive economy; creating jobs; advancing innovation; and promoting local entrepreneurship,” the foreign office said.
“He will express Pakistan’s strong commitment to the ideals of D-8; underscore the importance of fostering partnerships for mutual benefit and prosperity; and promoting cooperation in agriculture, food security and tourism. He will also underline Pakistan’s incentives for youth empowerment and financial development.”
Pakistani, Saudi interior ministers discuss security, narcotics control cooperation in Riyadh
- Naqvi’s meeting with interior minister follows meeting with head of Saudi General Directorate of Narcotics Control
- Naqvi arrived in Riyadh on Sunday as the longtime allies seek to forge closer economic, investment and security ties
ISLAMABAD: Pakistani Interior Minister Mohsin Naqvi met with Saudi Arabia’s Minister of Interior, Prince Abdulaziz bin Saud bin Naif, in Riyadh on Tuesday and discussed security cooperation and joint narcotics control measures.
Naqvi’s meeting with the Saudi interior minister follows a meeting on Monday with Major General Mohammed bin Saeed Al-Qarni, the head of the Kingdom’s General Directorate of Narcotics Control (GDNC).
Naqvi arrived in Riyadh on Sunday to discuss bilateral ties as both countries seek closer economic, investment and security ties.
“The ministers discussed security cooperation between Pakistan and Saudi Arabia,” the Pakistani interior ministry said in a statement. “Prince Abdulaziz and Mohsin Naqvi also discussed measures to combat drug smuggling and other issues of mutual interest. The meeting included discussions on enhancing cooperation in narcotics control.”
On Sunday, Naqvi also met with the Kingdom’s Director of Public Security, Lt. Gen. Mohammed bin Abdullah Al-Bassami, and inspected various departments of the state-of-the-art Directorate of Public Security and the Safe City Center.
“During the meeting, it was agreed to activate the joint task force [on public security] between Pakistan and Saudi Arabia soon,” the Pakistani interior ministry said in a statement, with Naqvi adding that he was glad to see “excellent” public security mechanisms in Saudi Arabia and both sides could benefit from each other’s experiences in the field of police training.
Hajj application deadline for Pakistan government scheme expires today
- With 79,000 Hajj applications received by Dec. 10, 10,605 slots remained vacant under government scheme
- Ministry said it would continue receiving applications on “first-come, first-served basis for few thousand vacant seats”
ISLAMABAD: The last day to submit applications for Hajj 2025 at designated banks under the Pakistan federal government scheme is today, Tuesday, the ministry of religious affairs said in a statement.
Saudi Arabia has allotted Pakistan a total quota of 179,210 pilgrims for the upcoming Hajj, to be divided equally between the government and private schemes. The government last week extended the deadline for the submission of Hajj applications for government scheme slots from Dec. 3 to Dec. 10.
On Dec. 10, the ministry of religious affairs said it had so far received 79,000 applicants and announced that it would continue receiving submissions on “a first-come, first-served basis for a few thousand vacant seats.”
“December 17 will be the last day for submitting Hajj applications at designated banks,” the religious affairs ministry said on Monday. “All applications received by December 17 will be considered successful.”
The religious affairs ministry announced this year’s Hajj policy last month, allowing pilgrims to pay Hajj fees in installments for the first time. The first installment of Rs200,000 ($717) must be deposited along with the application while the second installment of Rs400,000 ($1,435) has to be submitted between Dec. 19-27. The remaining amount has to be deposited by Feb. 10 next year.
Pakistan’s religious affairs ministry has launched the ‘Pak Hajj 2025’ mobile application to guide and facilitate pilgrims. The app is available for both Android and iPhone users.
The Pakistan government has also announced a reduction in airfare for Hajj 2025, with a Rs14,000 ($50) drop in ticket prices. Pilgrims enrolled in the federal program will now pay Rs220,000 for airfare, down from last year’s Rs234,000.
The national flag carrier, the Pakistan International Airlines (PIA), Saudi Airlines and other private airlines have agreed to the relief package, according to the Pakistan government.
With 79,000 Hajj applications received by Dec. 10, 10,605 slots remained vacant under the government scheme. Last year, Pakistan surrendered 21,000 Hajj seats to Saudi Arabia due to a shortage of applications, but this year the government hopes all slots can be filled.
Pakistan government downplays Trump envoy pick’s comments calling for release of Imran Khan
- In X posts on Nov. 26, Richard Grenell called for the release of Khan and said he was in jail on “phony charges”
- There has been renewed interest in the remarks since Trump picked Grenell as new envoy for special missions
ISLAMABAD: Pakistani Defense Minister Khawaja Asif has downplayed comments by Richard Grenell, the pick for US presidential envoy for special missions, calling for the release of jailed ex-premier Imran Khan, saying the government did not expect the remarks to have any “repercussions.”
In an X post on Nov. 26, Grenell posted “Released Imran Khan!” as his party held protests in the Pakistani capital to demand their leader’s release from prison. In a second post, he said, “Watch Pakistan. Their Trump-like leader is in prison on phony charges … Stop the political prosecutions around the world!” On Tuesday morning, Grenall posted again in support of Khan.
There has been renewed interest in the online posts since last Saturday when US President-elect Donald Trump said he was picking Grenell, his former intelligence chief, as new presidential envoy for special missions, igniting hopes in pro-Khan camps that he would push for the jailed former prime minister’s release when formally appointed after Trump’s inauguration on Jan. 20, 2025.
Khan has been in jail since August 2023 on charges he says are trumped up by the government and the all-powerful military to keep him away from politics. Both deny the charge.
“I don’t think there is any pressure involved,” Asif said in an interview to Independent Urdu on Monday when asked if the Pakistan government expected pressure from the US on Khan’s release after Grenell’s appointment.
“In American politics, there are different considerations that different people and parties have and according to that they express their views, but as far as government to government relations go, their expression or interpretation through any tweets, or such statements, is far-fetched … I don’t think there will be any repercussions of [Grenell’s tweets] at any level.”
Khan, who was ousted from office after a parliamentary vote in April 2022, has since waged an unprecedented campaign of defiance against the country’s powerful military, which is thought to be aligned with the coalition government of Prime Minister Shehbaz Sharif. The military denies it interferes in politics.
Khan continues to remain popular among the masses, with his Pakistan Tehreek-e-Insaf party’s rallies drawing thousands of people from across the country. The PTI has held several rallies over the past few months to build public pressure to secure his release from prison.
Four troops and 12 PTI supporters were killed in the latest protest in Islamabad last month after security forces raided the protest site to disperse demonstrators who had gathered at a square that is in the federal capital’s heavily-policed red zone, home to key government and diplomatic buildings as well as the Supreme Court.
Khan’s party was also barred from Pakistan’s general election on Feb. 8 2024, but the would-be candidates stood as independents.
Despite the ban and Khan’s imprisonment for convictions on charges ranging from leaking state secrets to corruption, millions of the former cricketer’s supporters voted for him. Independent candidates from his party won the highest number of seats but not enough to form a government on their own. Khan cannot be part of any government while he remains in prison.
