Pakistani finance minister meets top UAE businessmen, banking officials in investment push 

Pakistan Finance Minister Muhammad Aurangzeb (center) in a meeting with foreign investors in Dubai on April 22, 2024. (Photo courtesy: Ministry of finance)
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Updated 22 April 2024
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Pakistani finance minister meets top UAE businessmen, banking officials in investment push 

  • Muhammad Aurangzeb separately meets chairmen of Ayana Holding company and Nad Al Shiba Holding company
  • Discusses financial and economic cooperation with senior officials of Mashreq Bank and First Abu Dhabi Bank in Dubai

KARACHI: Finance Minister Muhammad Aurangzeb met foreign investors in Dubai on Monday to explore ways to enhance investment activity between Pakistan and the UAE in IT, energy, transport and real estate development sectors, the Pakistani finance ministry said in a statement.

The UAE is Pakistan’s third-largest trading partner after China and the United States. Policymakers in Pakistan consider the Gulf state an optimal export destination due to its geographical proximity, which minimizes transportation and freight costs while facilitating commercial transactions.

UAE is also home to some 1.5 million Pakistani expatriates and the second-largest source of remittances to the South Asian country, after Saudi Arabia.

The finance ministry said Aurangzeb met Abdulla Bin Lahej, chairman of the UAE-based Ayana Holding company and Mohammed Hilal Bin Tarraf Al Mansoori, chairman of the Nad Al Shiba Holding company, in Dubai.

“He explored ways to enhance investment activity between the UAE and Pakistan by supporting existing economic partnerships and exploring further diversification to include areas of Information technology, renewable energy, transport and logistics, infrastructure and real estate development,” the statement said.

The ministry said Aurangzeb highlighted Pakistan’s “competitive advantages” that make it an ideal destination for investors seeking high returns and sustainable growth. 

“The Finance Minister also highlighted the role of SIFC [Special Investment Facilitation Council] in assisting investors at every stage of their journey, comprehensive support services including market research, regulatory guidance, investment facilitation, and post-investment support, ensuring a smooth experience,” the statement read.

The SIFC is a civil-military government body formed in June 2023 to attract international investment, mainly from Gulf countries, in Pakistan’s key economic sectors of agriculture, mining, IT and others.

Separately, Aurangzeb met with senior officials of Mashreq Bank and First Abu Dhabi Bank in Dubai to discuss strengthening of financial and economic cooperation.

“The minister emphasized upon the bankers to reconsider their appetite for arranging financing for the country [Pakistan] given significant improvements in economic fundamentals,” the finance ministry said.

The Pakistani finance minister was in Washington from Apr. 14 till 21 to participate in spring meetings organized by the International Monetary Fund (IMF) and World Bank. His tour was an important one for the South Asian country as Pakistan’s ongoing nine-month, $3 billion loan program with the global lender expires this month. Pakistan has already said it is in talks with the international lender for a larger IMF program.

During the visit, Aurangzeb met officials of multilateral institutions and his counterparts from Saudi Arabia and China to highlight the government’s economic reforms and Pakistan’s investment potential.


International Day of Family Remittances: Pakistani PM hails expats for record payments this year

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International Day of Family Remittances: Pakistani PM hails expats for record payments this year

  • In current fiscal, overseas Pakistanis remitted record $34.9 billion, a 28.8 percent increase over the previous year
  • Pakistan received $3.7 billion in workers’ remittances in May 2025 alone, a strong 13.7 percent year-on-year

ISLAMABAD: Prime Minister Shehbaz Sharif on Monday hailed the record $34.9 billion in remittances sent by overseas Pakistanis this fiscal year, describing it as a sign of their “growing confidence in the government’s economic policies.”

In a statement marking the International Day of Family Remittances, the premier said the 28.8 percent year-on-year rise in remittances had significantly bolstered the country’s foreign exchange reserves. Pakistan received $3.7 billion in workers’ remittances in May 2025 alone, a strong 16 percent increase month-on-month and 13.7 percent year-on-year.

“These historic figures are a testament not only to the hard work and loyalty of our diaspora but also to their growing confidence in the government’s economic policies,” Sharif said, calling remittances a “powerful pillar supporting Pakistan’s economic resilience.” 

“This trust reinforces our resolve to redouble efforts for the revival and growth of our economy.”

With over 9 million Pakistanis living abroad, mainly in the Gulf, Europe, and North America, the prime minister praised the expatriate community for their enduring commitment to families back home and their role in sustaining the national economy.

Sharif reiterated the government’s commitment to attracting foreign investment and expanding exports to ensure long-term economic stability, stressing that remittances remained crucial to this goal.

“Let us renew our collective pledge to work hand in hand with our diaspora, development partners, and all stakeholders to overcome our economic challenges and usher in a new era of investment, prosperity, and national progress,” the premier said.


Pakistan closes pedestrian traffic at all Iran border crossings as Israel strikes escalate

Updated 15 min 26 sec ago
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Pakistan closes pedestrian traffic at all Iran border crossings as Israel strikes escalate

  • Closures affect crossings in Balochistan’s border districts of Chaghi, Gwadar, Kech, Panjgur 
  • All are key routes for cross-border movement, local trade between Iran and Balochistan province

 QUETTA: Pakistani authorities have closed all major border crossings with Iran for pedestrian traffic amid escalating cross-border strikes between Iran and Israel, officials in the southwestern Balochistan province said on Sunday.

The closures affect the Taftan crossing in Chaghi district, the Gabd-Rimdan crossing in Gwadar district, the Chedgi and Jirrak crossings in Panjgur district and the Rideeg Mand crossing in Kech district. All are key routes for cross-border movement and local trade between Balochistan and Iran. 

“All kinds of pedestrian movement at the Gabd-Rimdan border has been suspended due to the Iran-Israel conflict,” Jawad Ahmed Zehri, assistant commissioner for Gwadar, told Arab News.

Trade activity at the crossing would remain open and Pakistani citizens stranded in Iran would be allowed to return, he said, but no new entries into Iran would be permitted through this point until further notice.

In a separate order, authorities also said the Taftan border crossing in Chaghi district had been closed for pedestrian traffic.

“We have closed pedestrian movements at the Taftan border until further notice,” said Naveed Ahmed, assistant commissioner for Taftan, adding that trade and customs operations from the crossing were continuing as usual.

The Chedgi, Jirrak and Mand Radig border crossings have also been shut, officials in the Kech and Panjgur districts confirmed. 
 
The closures come amid heightened tensions following Israeli strikes on Iranian cities since Friday with scores killed, including senior Iranian military commanders.

The blockade is expected to affect daily wage laborers, small-scale traders and local residents who depend on frequent cross-border movement for commerce, supplies and family visits.

Small items such as fruit, vegetables and household goods are commonly traded by hand or in small vehicles along these routes.

Bilateral trade volume between Pakistan and Iran reached $2.8 billion in the last fiscal year, which ended in June. Both countries have signed a memorandum of understanding with the aim of increasing this volume to $10 billion.

Iran also supplies about 100 megawatts of electricity to border towns in Balochistan.


Israel’s unchecked nuclear capability will have ‘catastrophic consequences,’ Pakistan warns West

Updated 29 min 44 sec ago
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Israel’s unchecked nuclear capability will have ‘catastrophic consequences,’ Pakistan warns West

  • Analysts warn Israel’s unacknowledged nuclear weapons could encourage it to take more aggressive steps
  • Tensions have surged in the Middle East following Israel’s June 13 “Operation Rising Lion” aerial offensive on Iran

ISLAMABAD: Pakistan’s defense minister Khawaja M. Asif on Sunday warned Western governments that their support for Israel risked unleashing “catastrophic consequences,” citing concerns over Israel’s nuclear capabilities and regional aggression.

Tensions have surged in the Middle East following Israel’s June 13 “Operation Rising Lion” aerial offensive targeting Iranian nuclear and military facilities, reportedly killing more than 130 people, including senior military commanders and nuclear scientists. Iran has retaliated with missile and drone barrages on Israeli cities, sparking concerns of a wider conflict. 

Israel is widely believed to possess nuclear weapons but maintains a policy of ambiguity and is not a party to the Nuclear Non-Proliferation Treaty (NPT). The 1970 accord is aimed at preventing the spread of nuclear weapons, promoting disarmament, and ensuring peaceful use of nuclear technology. Pakistan is also not a signatory to the NPT but frequently underscores its commitment to nuclear safety and non-proliferation principles through other international frameworks.

Displaced Palestinians stand outside tents as they watch trails of Iranian missiles targeting Israel, from Rafah's Mawasi area in the southern Gaza Strip on June 15, 2025.(AFP)

Analysts warn that in the current volatile situation, Israel’s unacknowledged nuclear weapons could encourage it to take more aggressive steps, increasing the risk that the conflict could spread across the region or even spark a wider international crisis.

“World should be wary and apprehensive about Israel’s nuclear prowess, a country not bound by any international nuclear discipline,” Asif said in a post on social media platform X. “It is not signatory to NPT or any other binding arrangement.”

The minister contrasted Israel’s position with Pakistan’s, stating that Islamabad was a signatory to “all international nuclear disciplines” and maintained a nuclear program solely for “the benefit of our people and defense of our country against hostile designs.”

“We do not pursue hegemonic policies against our neighbors,” Asif added, accusing Israel of doing just that through its military actions. 

“Western world must worry about conflicts being generated by Israel. It will engulf the whole region and beyond. Their patronage of Israel, a rogue state, can have catastrophic consequences.”

The Pakistani minister’s comments come amid growing international concern over the humanitarian toll of Israel’s ongoing military operations in Gaza, as well as fears that the conflict could expand regionally following tensions with Iran and Hezbollah.

There was no immediate response from Israeli or Western officials to Asif’s remarks.


Pakistan hikes petrol, diesel prices in fortnightly review

Updated 52 min 12 sec ago
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Pakistan hikes petrol, diesel prices in fortnightly review

  • Government sets petrol at Rs258.43 per liter, up from Rs253.63
  • High-speed diesel will cost Rs262.59 per liter, up from Rs254.64

KARACHI: Pakistan’s government has increased fuel prices, raising the rate of high-speed diesel (HSD) by Rs7.95 per liter and petrol by Rs4.80 per liter effective from today, Monday, an official notification from the finance division said. 

The notification set the price of petrol at Rs258.43 per liter, up from Rs253.63, while high-speed diesel will cost Rs262.59 per liter, up from Rs254.64.

The revision is based on “recommendations from the Oil and Gas Regulatory Authority and relevant ministries,” the finance division saiad. 

The government did not provide a specific explanation for the hike.

Fuel prices in Pakistan are generally influenced by global oil market trends, currency fluctuations, and changes in domestic taxes.

Fuel costs are revised every two weeks and have a direct impact on inflation. Rising fuel prices increase production and transportation costs, leading to higher prices for goods and services across the board in Pakistan, including food and other essential items. This direct relationship is further amplified by the country’s dependence on imported fuel. 


Pakistan closes pedestrian traffic at key Iran border crossings as Israel strikes escalate

Updated 15 June 2025
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Pakistan closes pedestrian traffic at key Iran border crossings as Israel strikes escalate

  • The closures affect the Taftan crossing in Chaghi district and the Gabd-Rimdan crossing in Gwadar district
  • Both are key rotes for cross-border movement, local trade in Pakistan’s Balochistan province

QUETTA: Pakistani authorities have closed two major border crossings with Iran for pedestrian traffic amid escalating cross-border strikes between Iran and Israel, officials in the southwestern Balochistan province said on Sunday.

The closures affect the Taftan crossing in Chaghi district and the Gabd-Rimdan crossing in Gwadar district, both key routes for cross-border movement and local trade between Balochistan and Iran. 

The Gabd-Rimdan border crossing is a point on the Iran-Pakistan border, specifically at “BP-250,” the second crossing along the 900-kilometer border between the two countries. The crossing facilitates trade and people-to-people contact between Iran and Pakistan.

“All kinds of pedestrian movement at the Gabd-Rimdan-250 border have been suspended due to the Iran-Israel conflict,” Jawad Ahmed Zehri, assistant commissioner for Gwadar, told Arab News.

Trade activity at the crossing would remain open and Pakistani citizens stranded in Iran would be allowed to return, he said, but no new entries into Iran would be permitted through this point until further notice.

In a separate order, authorities also closed the Taftan border crossing in Chaghi district for pedestrian traffic.

“We have closed pedestrian movements at the Taftan border until further notice,” said Naveed Ahmed, assistant commissioner for Taftan, adding that trade and customs operations from the crossing were continuing as usual.

The closures are expected to affect daily wage laborers, small-scale traders and local residents who depend on frequent cross-border movement for commerce, supplies and family visits.

Small items such as fruit, vegetables and household goods are commonly traded by hand or in small vehicles along these routes.

The closures come amid heightened tensions following Israeli strikes on Iranian cities since Friday with scores killed, including senior Iranian military commanders.

The bilateral trade volume between Pakistan and Iran reached $2.8 billion in the last fiscal year, which ended in June. Both countries have signed a memorandum of understanding with the aim of increasing this volume to $10 billion.

Iran also supplies about 100 megawatts of electricity to border towns in Balochistan.