ISLAMABAD: A Pakistani businessman is planning to buy an English professional football club that has won six Premier League titles in collaboration with Saudi and British investors, reported a media outlet on Thursday.
Javed Afridi, who owns Peshawar Zalmi, an HBL Pakistan Super League (PSL) franchise, confirmed his interest in the deal after Roman Abramovich, a Russian billionaire, said he wanted to sell Chelsea in the wake of the war in Ukraine.
Apart from developing business interest in Pakistan’s popular Twenty20 cricket tournament, Afridi owns a successful business in the local consumer electronics industry. He has also benefited by operating in the country’s automobile sector.
“Javed Afridi confirmed while talking to BBC Urdu that he is trying to secure the ownership of Chelsea [football club] in partnership with investors from Britain and Saudi Arabia,” said the Pakistani chapter of the BBC World Service in a recent report.
International media reported that the situation in Ukraine has also affected the world of sports, with British sports and culture minister Nadine Dorries telling parliament that her country had “tolerated the investment of Russian kleptocrats” in its football clubs for too long.
Afridi’s Peshawar Zalmi is one of the most popular PSL franchises that qualified for tournament finals four times in the past.
Zalmi won the PSL title in the second edition of the contest which took place in 2017.
Peshawar Zalmi owner plans to buy Chelsea football club in collaboration with Saudi investors
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Peshawar Zalmi owner plans to buy Chelsea football club in collaboration with Saudi investors
- Javed Afridi manages successful businesses in consumer electronic and automobile sectors of Pakistan
- He expressed interest in buying Chelsea after the club's Russian owner decided to sell it after the war in Ukraine
Pakistani delegation urges US, OIC states to play role for ‘comprehensive dialogue’ with India
- Tensions between neighbors Pakistan, India remain high despite the two countries agreeing to a ceasefire on May 10
- A Pakistani delegation is currently visiting key capitals to present Islamabad’s stance on recent conflict with India
ISLAMABAD: A high-level Pakistani delegation, set up by Prime Minister Shehbaz Sharif, has urged the United States (US) and the Organization of Islamic Cooperation (OIC) envoys at the United Nations to play their role for the resumption of a “comprehensive dialogue” between Pakistan and India to resolve the Kashmir dispute and other issues, Pakistan’s mission to the UN and state media said on Tuesday.
Led by former foreign minister Bilawal Bhutto-Zardari, the nine-member parliamentary delegation arrived in New York on Monday as the first stop in a diplomatic mission to present Pakistan’s position in world capitals following Islamabad’s recent military conflict with India. The group headed by Bhutto-Zardari will visit New York, Washington DC, London and Brussels. Another delegation, led by Special Assistant to the Prime Minister Syed Tariq Fatemi, will also visit Moscow.
Tensions between Pakistan and India are high after they struck a ceasefire on May 10 following the most intense military confrontation between the nuclear-armed neighbors in decades. Both countries accuse the other of supporting militancy on each other’s soil — a charge both capitals deny.
The latest escalation last month took place following weeks of tensions after India blamed Pakistan for supporting an April 22 attack on the Kashmir territory it governs that killed 26 tourists. Pakistan denied involvement in the incident and called for an international probe. Both countries traded missiles, artillery fire and drone strikes before Washington brokered a ceasefire on May 10.
” Bhutto-Zardari has urged the US to play its role in ensuring comprehensive dialogue between Pakistan and India to address all outstanding issues,” the state-run Radio Pakistan broadcaster reported after the Pakistani delegates’ meeting with US Acting Permanent Representative to the UN Ambassador Dorothy Shea in New York.
Bhutto-Zardari briefed Ambassador Shea on the developments following the April 22 attack, expressing deep concern over India’s immediate attribution of blame to Pakistan without any “credible investigation or verifiable evidence.”
“Such premature and baseless allegations exacerbate tensions and undermine prospects for constructive dialogue and peace,” he was quoted as saying.
On Monday, the Pakistani delegates held a meeting with OIC envoys at the UN, wherein they reaffirmed Pakistan’s commitment to peace, restraint, and diplomacy, and called for the restoration of the Indus Waters Treaty by India, full respect for the ceasefire, and the resumption of a “comprehensive dialogue, with the resolution of the Jammu and Kashmir dispute at its core,” Pakistan’s Permanent Mission to the UN said.
India suspended the decades-old Indus Waters Treaty with Pakistan a day after the attack at the Pahalgam resort town. The move drew a sharp response from Islamabad, which said any attempts to divert or stop the flow of its waters by India would be considered an “act of war.”
About 80 percent of Pakistani farms depend on the Indus system, as do nearly all hydropower projects serving the country of some 250 million.
“Bhutto-Zardari expressed grave concern at the unilateral suspension of the Indus Waters Treaty — a move that Pakistan considers a blatant act of weaponizing water and a violation of international and treaty obligations,” the Pakistani mission said.
The former Pakistani foreign minister thanked OIC countries for their efforts and role aimed at de-escalation, mediation and ceasefire during the conflict. He highlighted that the only path to peace was in dialogue, engagement and diplomacy.
“OIC has emerged as the moral conscience of the world in these difficult times,” Bhutto-Zardari said, thanking the OIC member states for their steadfast support for the people of Jammu and Kashmir.
The statement said that the OIC’s permanent representatives appreciated Pakistan’s briefing and reaffirmed their solidarity with the country.
“They reiterated their concern over the worsening security situation in South Asia and stressed the importance of upholding the principles of the UN Charter and international law and in this regard, the sanctity of treaties, including the Indus Waters Treaty,” Pakistan’s UN mission said.
The Pakistani delegation also met Ambassador Carolyn Rodrigues-Birkett, president of the UN Security Council for June, according to a statement issued by Bhutto-Zardari party.
“The Pakistani delegation stressed that in the face of a growing trend of unilateralism and escalation, the Security Council must play its crucial role to ensure peace and conflict resolution,” it said.
The delegation urged the Security Council to play a “proactive role” in promoting de-escalation, ensuring respect for international law and treaties and facilitating peaceful resolution of disputes.
The statement said Birkett reaffirmed the Security Council’s commitment to upholding international peace and security in line with its mandate.
Bitter rivals India and Pakistan have fought three wars, including two of them over the disputed region of Kashmir, since gaining independence from British rule in 1947. Both claim the Himalayan territory in its entirety but rule it in part.
Pakistan stock market hits record high on ADB funding boost, insurance sector buying
- The benchmark KSE-100 index gained 1,573.07 points, or 1.32 percent, during Tuesday’s trading
- Anticipated relief for oil refineries, real estate and agri sectors played catalyst role, analysts say
ISLAMABAD: The Pakistan Stock Exchange (PSX) surged to an all-time high of more than 120,000 points on Tuesday, with analysts attributing the rally to the Asian Development Bank’s (ADB) financing package for Pakistan and strong buying by insurance companies in banking, fertilizer and power sectors.
The benchmark KSE-100 index closed at an unprecedented high of 120,450.87 points, marking a gain of 1,573.07 points, or 1.32 percent, from the previous day’s close of 118,877.80.
The development follows the ADB’s approval of an $800 million package to help Pakistan enhance fiscal reforms and economic stability, alongside the government’s approval of over Rs800 billion for public sector development projects in the upcoming budget.
“Stocks closed all time high led by scrips across the board after ADB approval of $800 million financing package,” Ahsan Mehanti, CEO of Arif Habib Commodities, told Arab News.
“Government set FY26 growth target at 4.2percent and government approval for Rs880 billion PSDP in the federal budget FY26 announcements next week.”
Mehanti said the anticipated budgetary relief for oil refineries, real estate and agriculture sectors, along with gains in rupee’s value, played a catalytic role in the bullish close at the PSX.
Raza Jafri, head of Intermarket Securities, said this was the first time the KSE-100 Index has ever closed above the 120,000-point mark.
“Strong buying by insurance companies in sectors such as banks, fertilizers and power led the market higher,” he said.
The budget for fiscal year 2025–26 is expected to be presented in Pakistan’s lower house of parliament on June 10, following the Eid Al-Adha holidays.
Pakistan’s annual inflation rate rose to 3.5 percent in May, though the country’s macroeconomic outlook has improved in recent months, supported by a stronger current account balance, increased remittances and declining inflation.
Authorities remain cautious as they aim to build on recent economic stabilization, guide the country toward gradual growth, and reaffirm their commitment to ongoing economic reforms.
Russia urges normal India-Pakistan ties, eyes deeper counterterrorism cooperation with Islamabad
- Senior Pakistani official Syed Tariq Fatemi briefs Russia’s Sergey Lavrov on India standoff during Moscow visit
- The Russian foreign minister expressed satisfaction over growing ties, including cooperation on new steel mills
ISLAMABAD: Russian Foreign Minister Sergey Lavrov on Tuesday called for normal relations between India and Pakistan and expressed interest in closer counterterrorism cooperation with Islamabad during a meeting with a senior aide of Pakistan’s Prime Minister Shehbaz Sharif in Moscow.
The meeting came as Syed Tariq Fatemi, special assistant to the prime minister, began a visit to Russia weeks after India and Pakistan exchanged missiles, drones and artillery fire, following heightened tensions that ended with a US-brokered ceasefire on May 10.
Pakistan has since call for a “composite dialogue” with India to discuss all outstanding issues, though New Delhi has rejected direct talks after Washington said the two countries had agreed to meet at a neutral venue to defuse tensions.
Both sides have also formed delegations to present their respective positions over the conflict to the international community.
“At the outset of his visit to the Russian Federation, Syed Tariq Fatemi, Special Assistant to the Prime Minister (SAPM) called on Sergey Lavrov, Russian Foreign Minister, this afternoon,” Pakistan’s embassy in Moscow said in a statement. “He also briefed the Russian Foreign Minister, in detail, about the recent developments in South Asia, conveying Pakistan’s perspective on the dangers of escalation as well as the dire consequences of India’s threat to reduce the flow of the Indus Waters Treaty, by holding the Treaty in a so-called ‘abeyance.’”
“Foreign Minister Lavrov stressed Russia’s support for promotion of normal relations between the two countries and its positive effect in the region,” the statement added.
Fatemi also delivered a letter from Prime Minister Sharif to President Vladimir Putin and conveyed Pakistan’s desire to expand cooperation with Russia in areas including energy, trade and connectivity.
Lavrov, for his part, expressed satisfaction over the “steadily growing bilateral cooperation” and cited specific initiatives, including new steel mills and connectivity projects.
“He [Lavrov] also stated that Russia looked forward to working closely with Pakistan, within the framework of the Shanghai Cooperation Organization (SCO), especially in the field of counter-terrorism,” the embassy said.
Russia and Pakistan have strengthened ties in recent years through growing bilateral cooperation, particularly in energy, and by working together on regional platforms such as the SCO, where both are full members.
Pakistan launches cybercrime helpline seeking swift action on complaints
- The development comes as Pakistani authorities announce busting a child sexual abuse ring in Azad Kashmir’s Muzaffarabad
- Interior Minister Mohsin Naqvi urges the use of advanced technology, software and hardware to fight crime in digital realm
ISLAMABAD: Interior Minister Mohsin Naqvi on Tuesday launched a cybercrime helpline, 1799, that aims to ensure swift resolution of complaints, Pakistani state media reported.
The development came during Naqvi’s visit to the headquarters of the National Cyber Crimes Investigation Agency (NCCIA), which was established earlier this year, the APP news agency reported.
The minister toured various departments, including the helpline center, forensic lab and network security section, and appreciated the staff for their efforts to combat cybercrime.
“The helpline is now fully operational, and citizens can lodge cybercrime complaints by calling 1799,” the interior minister was quoted as saying.
Pakistan transformed the Cybercrime Wing of its Federal Investigation Agency (FIA) into an autonomous organization and named it the NCCIA in April. It followed the introduction of a new law to regulate social media content, with journalist groups and rights activists saying it was aimed at curbing press freedom and dissent on social media.
Enacted in 2016 and further tightened with amendments this January, the Prevention of Electronic Crimes Act (PECA) was drafted with the stated aim to combat cybercrimes such as hacking, online harassment, and data breaches. Pakistani officials defended the PECA law, under which offenders can be handed prison sentences of up to three years and fines of Rs2 million ($7,200).
Naqvi directed NCCIA officials to ensure quick resolution of all complaints, saying the agency was established to meet the demands of the modern digital era, according to the report.
He emphasized the need for the use of advanced technology, software and hardware to fight cybercrime effectively and stressed the need to hire talented staff and equiping them with all necessary resources.
The development came as authorities announced busting a child sexual abuse ring, allegedly run by a German national, in Azad Kashmir’s capital of Muzaffarabad.
“A state-of-the-art facility was formed with modern cameras and over there, children from poor families were exploited by giving money first and then blackmailing,” State Minister for Interior Talal Chaudhry said at a presser on Tuesday.
“Their videos were sold on the dark web.”
The NCCIA busted the ring in a five-hour operation on May 23 and arrested two suspects, according to the minister. Ten kids were also found at the facility, of which six were sent to the Child Protection Bureau.
“The German man used to facilitate and sell this [content],” Chaudhry said, without disclosing the identity of the suspect. “We are trying to reach him legally.”
Child sexual abuse has been a widespread issue in Pakistan, where perpetrators are often family members, teachers or trusted people. Poverty, lack of education and societal attitudes contribute to the problem. While laws exist, their implementation remains a challenge. Various NGOs are also working to raise awareness about the issue and support survivors.
Pakistan champions SCO Development Bank plan to drive regional economic integration
- The finance minister virtually addresses SCO meeting in Beijing due to ongoing annual budget preparations
- Muhammad Aurangzeb welcomes the operational launch of the SCO’s network of financial think tanks
KARACHI: Pakistan’s finance chief Muhammad Aurangzeb highlighted his country’s support for the establishment of a Shanghai Cooperation Organization (SCO) Development Bank during his address to the meeting of his regional counterparts on Tuesday while describing the initiative key to economic integration.
Aurangzeb made the remarks as he virtually joined the SCO finance ministers’ meeting held in Beijing due to Pakistan’s ongoing annual budget preparations. The SCO, a key Eurasian political and economic bloc, has emerged as a major platform for regional coordination and economic cooperation.
The SCO Development Bank is a proposed multilateral financial institution to serve member states that has been under discussion for several years. It has gained renewed interest from some SCO countries like Pakistan, China and Russia as part of efforts to boost regional economic integration, infrastructure financing and regional connectivity.
“Regarding the SCO Development Bank, Pakistan strongly supports this establishment,” the Pakistani finance minister said during his address.
“We envision the bank as an institution for innovation, integrating digital finance, fintech solutions and green financing mechanisms into its core operations, and look forward to engaging on the technical details of establishment of the SCO Development Bank,” he added.
Aurangzeb also welcomed the operational launch of the SCO’s network of financial think tanks, saying it would provide a platform for strategic foresight and policy research to support financial cooperation across member states.
Highlighting Pakistan’s recent economic performance, he said the country had made “significant progress” on macroeconomic stability, citing a current account surplus, improved fiscal indicators, a stable currency, growing foreign exchange reserves and reduced inflation.
These gains, he said, were supported by ongoing structural reforms in taxation, energy, public finance and state-owned enterprises.
Aurangzeb reaffirmed Pakistan’s commitment to the SCO’s core principles and called for enhanced economic collaboration through joint ventures, technology transfer and capacity-building initiatives among member states.
Noting global economic challenges such as slowing growth, rising inequality and climate change, he stressed that SCO countries must work together to promote sustainable and inclusive development, particularly across the Global South.
“Infrastructure development and regional connectivity are vital for promoting economic growth and integration,” he said, reaffirming Pakistan’s support for transportation, energy and digital connectivity projects under the SCO framework.
The finance minister concluded by reiterating Pakistan’s commitment to advancing the SCO’s vision of regional stability, prosperity and collective progress.
