DOHA: The Qatar Investment Authority aims to invest $3 billion in Pakistan, Qatar’s Emiri Diwan said on Wednesday, lending support to the South Asian nation’s cash-strapped economy.
Pakistan is in economic turmoil and faces a balance of payments crisis, with foreign reserves having dropped as low as $7.8 billion, barely enough for more than a month of imports. It is also contending with a widening current account deficit, depreciation of the rupee against the US dollar and inflation that hit more than 24 percent in July.
“The Qatar Investment Authority announced its aspiration to invest $3 billion in various commercial and investment sectors in the Islamic Republic of Pakistan,” the Emiri Diwan said, without giving details.
The announcement was made during a visit to Doha by Pakistan Prime Minister Shehbaz Sharif, who held official talks with Qatari Emir Sheikh Tamim bin Hamad Al-Thani on Wednesday after a meeting with the QIA on Tuesday.
“His Highness stressed the importance of the brotherly and strategic relations between the two countries and their aspiration to enhance economic partnership by raising trade exchange and promoting investments through the Qatar Investment Authority,” the Emiri Diwan said.
The prime minister’s visit to Qatar precedes an International Monetary Fund meeting next week that is expected to approve more than $1 billion in financing that has been stalled since the beginning of the year.
Sharif on Tuesday invited QIA, Qatar’s $450 billion sovereign wealth fund, to invest in Pakistan’s energy and aviation sectors.
He had previously said he would highlight sectors including renewable energy, food security, industrial and infrastructure development, tourism and hospitality.
Sources close to Sharif have said he was expected to offer Qatar shares in state-owned enterprises including the loss-making Pakistan International Airlines and the Roosevelt Hotel in New York.
Qatar Investment Authority aims to invest $3 billion in Pakistan
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Qatar Investment Authority aims to invest $3 billion in Pakistan
- Sharif has invited Qatar’s $450 billion sovereign wealth fund to invest in Pakistan’s energy and aviation sectors
- PM’s visit to Qatar precedes IMF meeting next week that is expected to approve more than $1 billion in financing
Pakistan offers ‘all possible cooperation’ to Riyadh for promotion of cricket, construction of stadiums
ISLAMABAD: Mohsin Naqvi, the chairman of the Pakistan Cricket Board (PCB), has offered “all possible cooperation” to Saudi Arabia for the promotion of cricket and the construction of stadiums in the Middle Eastern nation, where the sport is growing in popularity, the PCB said in a statement on Wednesday.
Naqvi, who is also the interior minister, has been on a visit to Riyadh since Sunday to discuss security cooperation and cricketing ties.
“Naqvi offered all possible cooperation in promotion of cricket and construction of stadiums,” the PCB said in a statement, as the PCB chairman met the head of the Saudi Arabia Cricket Federation, Prince Saud bin Mishal Al Saud, in Riyadh and discussed trainings for Saudi players in Pakistan.
“Naqvi said that a players exchange program can be started for cricket development. Saudi Arabia can send its emerging players to Pakistan and will provide full support in terms of cricket development and construction of stadiums.”
According to the statement, there are about 18,000 cricket players in Saudi Arabia, which has also won the Asian Cricket Council Challenge Cup. Naqvi also extended an invitation to Prince Saud to visit Pakistan for the ICC Champions Trophy which will be held in February and March next year.
Last January, in a move to strengthen cricket ties between the two countries, then chairman of the Pakistan Cricket Board, Najam Sethi, said his country was prepared to share its expertise in the sport with Saudi Arabia.
Imran Khan’s party temporarily calls off civil disobedience movement in Pakistan
- Demands government release political prisoners, set up judicial commissions to investigate two protests
- Khan has been in jail since August 2023 on charges he says are motivated to keep him away from politics
ISLAMABAD: Jailed former Prime Minister Imran Khan has instructed his party to temporarily postpone a planned civil disobedience movement in Pakistan, his sister said on Tuesday, calling on the government to release all political prisoners and set up judicial commissions to investigate what his party says were arrests and killings of supporters during two protests.
On Dec. 5, Khan, jailed since August 2023 on charges he says are politically motivated to keep him away from power, said in a message to supporters that he was setting up a five-member negotiations committee to hold talks with the federal government for the release of political prisoners. He also demanded judicial commissions to investigate protests on May 9 last year and Nov. 24 this year in which the government says supporters of Khan’s Pakistan Tehreek-e-Insaf (PTI) party partook in violence and caused vandalism. If the two demands were not met, Khan said, the party would launch a civil disobedience movement from Dec. 14.
However, speaking to reporters on Tuesday after meeting Khan in prison, his sister Aleema Khan said the jailed leader had been advised by aides that a civil disobedience movement, including a call to overseas Pakistanis who largely support Khan to stop sending remittances, would damage the economy.
“Party leaders have said this will really affect the economy so Imran Khan has said, “I will wait for a few days, the government should meet these two demands’,” Aleema told the media outside Adiala jail. “Otherwise, if these demands are not met, he will announce a call to stop remittances.”
Pressure on Khan’s PTI party, already at loggerheads with the government and military, has increased since last month when thousands of its supporters stormed Islamabad, demanding Khan’s release.
The government says protesters killed four security officers in clashes while the PTI says at least 12 of its supporters died and “hundreds” were injured and arrested as security agencies used live ammunition rounds to disperse protesters, which authorities deny. The Prime Minister Shehbaz Sharif coalition government says it will take legal action against the rioters and bring to justice suspects behind what it has described as a “malicious campaign” to spread fake online news, images and video content against the state and security forces.
Previously, the government and military have accused Khan supporters of attacking and damaging government and military buildings after his brief arrest on May 9, 2023.
Hundreds of PTI supporters and dozens of leaders were subsequently arrested while police registered cases against the party’s top leaders, including Khan. The army is also holding military trials of over a 100 people arrested in connection with the May riots.
‘Heritage within heritage’ at Pakistan’s only specialized money museum in Karachi
- State Bank museum has large collection including first cheque issued by Pakistani founder Muhammad Ali Jinnah at Habib Bank
- Museum is housed in a hundred-year-old building of the former Imperial Bank of India on Karachi’s famed I.I. Chundrigar Road
KARACHI: Nestled in the heart of Pakistan’s commercial capital of Karachi, the State Bank (SBP) Museum and Art Gallery stands as a testament to the region’s monetary history, with an extensive collection of artefacts like ancient coins, currency notes and rare documents, including cheques signed by the nation’s founding father.
The museum — housed in the hundred-year-old building of the former Imperial Bank of India on Karachi’s I.I. Chundrigar Road — takes visitors through a journey of the evolution of finance, from ancient barter systems to sophisticated financial instruments available today.
Notable exhibits displayed at the museum include the first cheque issued at Habib Bank from the personal account of Pakistan’s founder, Muhammad Ali Jinnah, and his original account-opening form.
“This State Bank Museum is the first and only specialized money museum of Pakistan which covers the theme of the evolution of money, starting from barter trade till e-banking,” museum official Jibran Ali told Arab News.
“One of the specialties of this museum is the coins ... Starting from the 6th century BC up to the coins of Pakistan today, we have all of the different dynasties’ coins available in this museum.”
One gallery displays a collection of coins from emperors that once ruled the region, including the British, the Mughals and the Arab rulers of Sindh. The first currency notes printed by the Reserve Bank of India after India and Pakistan’s independence from British rule in 1947 are also on display.
One of the highlights is Hajj notes, specially designed for pilgrims from 1949 to the 1980s, which could be used in Saudi Arabia.
“On the same note, we can see that the Government of Pakistan [logo] is also mentioned alongside the Reserve Bank of India,” Ali said.
A range of cowrie shells, Indus seals and Ratti seeds as well as coins from various ancient cultures such as the Indo-Greek and Kushan eras are also on display.
“Cowrie shells were initially used as money and also as ornaments in jewelry until the 19th century in different parts of the world,” Ali explained. “We have a vast collection of more than 7,000 rare coins available today.”
Old minting machines are another interesting part of the collection.
“These machines used to produce coins and paper money and give visitors a rare glimpse into the craftsmanship behind currency production before modern technology took over,” the museum in-charge added.
The original office furniture of the central bank’s first governor, Zahid Hussain, and the bank’s inaugural account ledger are also showcased. Visitors can also view antique coin-minting machines, a currency printing press, and the first automated teller machine (ATM) in Pakistan, introduced by Habib Bank in 1988.
“We have the first ATM as well,” Ali said. “And we have original vaults of the 1920s.”
“PAST ECONOMIES”
The building itself is a historical marvel, featuring a Greco-Roman design with a stunning glass ceiling and intricately preserved Burma teak doors. Built in the 1920s for the Imperial Bank of India, the structure is crafted from Jodhpuri Red Sandstone and a grand example of colonial-era architecture.
Professor Altaf Aseem, a heritage and archaeology expert, said the museum was important both for its building and the collection inside.
“From cowrie shells to modern-day currency, the museum has a wide array of items on display. However, the building that houses these coins and currencies is equally significant, as it is itself a heritage site. In a way, we can say that heritage is housed within heritage,” Aseem told Arab News.
The currency notes and metal coins on display showed an impressive array of art and calligraphy from different periods also, the historian said.
“For example, some display Khat-e-Kufi, others use Nasta’liq, and some feature the Naskh script,” Aseem added, referring to different calligraphy styles.
“This variety is a key highlight of the collection. Even though details are often missing such as who made these designers, the collection remains remarkable.”
Babar Ali, a visitor, said the museum offered a “deep dive into the history of money.”
“One of the most impressive sections is the collection of rare coins, including those from the era of Alexander the Great, the Arab rulers, and other significant historical empires,” the retired government official said.
“The display also includes precious metal coins like gold and silver, which highlight their importance in past economies.”
Egypt, Pakistan call for ceasefire in Gaza as foreign ministers meet on D-8 summit sidelines
- D-8 summit in Cairo will see gathering of leaders from eight countries to promote economic cooperation
- PM to attend special session on Gaza where Israeli offensive has killed over 46,000 people since last year
ISLAMABAD: The foreign ministers of Pakistan and Egypt have called for a ceasefire in Gaza and expressed “unequivocal support” for the establishment of an independent Palestinian state as they met on the sidelines of a summit of the D-8 developing group of nations to be held today, Wednesday, in Cairo.
Pakistani deputy prime minister Ishaq Dar, who is also the country’s foreign minister, on Tuesday held a meeting with the Egyptian foreign minister, Badr Abdelatty, on the sidelines of the 21st Session of the D-8 Council of Ministers.
Prime Minister Shehbaz Sharif will also leave for Egypt today, Wednesday, to participate in the Eleventh Summit of D-8 countries, during which Israel’s military offensive on Gaza and the humanitarian crisis and reconstruction efforts in the besieged enclave as well as in neighboring Lebanon are expected to be at the center of discussions.
“The two Foreign Ministers discussed regional developments including the ongoing Israeli genocide in Gaza and atrocities in the West Bank, highly criticizing the ongoing Israeli genocide in Gaza,” the Pakistani foreign office said in a statement. “They called for an immediate ceasefire in Gaza to prevent further loss of innocent Palestinian lives.”
Dar appreciated the role played by Egypt to facilitate humanitarian assistance for the people of Gaza and its diplomatic efforts for a ceasefire in Palestine.
“The two Foreign Ministers also expressed unequivocal support for establishment of a viable, contiguous and independent Palestinian state based on pre-June 1967 borders with Al-Quds Al-Sharif as its capital,” 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.”
Sharif will also attend a special session on the war in Gaza and Lebanon.
Pakistani PM says grateful UAE visa facility being ‘opened again’
- Sharif’s remarks come after months of widespread media reports of a decline in visas for Pakistanis by the UAE
- Last month, foreign office said it did not subscribe to “impression” of a ban on UAE visas for Pakistani nationals
ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday expressed gratitude to the UAE for working to streamline visas for Pakistanis wanting to travel to the Emirates, home to more than 1.5 million expatriates from the South Asian nation and its second-largest source of remittances after Saudi Arabia.
Sharif’s remarks come after months of widespread media reporting on a decline in visas for Pakistanis by the UAE and a decrease in overall overseas employment for nationals of Pakistan, allegedly due to their lack of respect for local laws and customs and for participating in political activities and sloganeering while abroad.
On Tuesday, the issue came up as Sharif addressed a ceremony in Islamabad to commemorate UAE’s National Day.
“We are very grateful [to UAE] for being host to a large number of Pakistanis and I am very grateful that the visa facility is being opened again and facilitated by the ambassador and UAE President Mohammed bin Zayed’s personal love for Pakistan,” Sharif said.
Last week, Hamad Obaid Ibrahim Salem Al-Zaabi, the ambassador of the UAE to Pakistan, called on Deputy Prime Minister Ishaq Dar and briefed him on steps being taken to streamline visas for Pakistanis. Previously, the foreign office has repeatedly said Islamabad did not subscribe to the “impression” that there is a ban on UAE visas for Pakistani nationals.
“If there are any issues that arise with respect to issuance of visas and stay of Pakistani nationals in the UAE, that are important agenda items between Pakistan and the UAE and we continue to discuss them,” the foreign office spokeswoman told reporters last month.
“STRATEGIC PARTNER”
The UAE is one of Pakistan’s largest trading partners and a major source of foreign investment, valued at over $10 billion in the last 20 years, according to the UAE ministry of foreign affairs. Trade volume between the two countries rose to $7.9 billion in 2023, up 12 percent from 2022.
In May this year, Sharif said the Emirates had committed $10 billion to invest in promising economic sectors in Pakistan. The Pakistan Business Council (PBC), set up this September at the Sharjah Chamber of Commerce and Industry, also aims to increase Pakistan’s bilateral trade volume with the UAE to $40 billion in three years.
“We are waiting anxiously for the visit of the President of UAE very soon and we are absolutely deeply engaged to promote investment, and trade,” Sharif said, thanking the UAE for its economic support to Pakistan, especially in helping meet external financing gaps that paved the way for the approval of an IMF loan program in September.
“Without UAE’s support, this program could not have been achieved,” the Pakistani PM said.
Speaking at the event, President Asif Ali Zardari said bilateral relations between the two countries had flourished into a “trustworthy strategic partnership across political, economic, and social dimensions.”
“The UAE remains one of Pakistan’s most significant economic partners and stands as one of the largest investors in Pakistan, and our bilateral trade continues to grow steadily,” the president said.
“We are eager to enhance cooperation with the UAE in key areas including the Pakistan Stock Exchange, renewable energy and other promising sectors … I am sure that the recent signing of multiple agreements in diverse sectors including maritime legislation and aviation will further deepen our bilateral cooperation.”
UAE’s ambassador also addressed the ceremony and said the Emirates was committed to strengthening its partnership with Pakistan “as we see huge potential for collaboration in various sectors, including renewable energy, artificial intelligence, and agricultural innovation.”
