KARACHI: Alraedah Digital Solutions, a leading Saudi technology company, announced on Thursday it was entering into a strategic partnership with Pakistani fintech ABHI to launch “innovative” financial services in the Kingdom.
Alraedah Digital Solutions, the digital arm of Alraedah Digital Group, focuses on innovation and digital transformation to empower businesses and individuals through cutting-edge solutions in finance and technology.
ABHI is a Pakistani fintech company that provides innovative finance solutions to businesses and their employees. Last year, it was selected as one of the Future 100 companies of the United Arab Emirates.
Founded in 2021, ABHI has been serving customers in Pakistan, UAE, and Bangladesh through its credit-bridging products. These include Earned Wage Access, Invoice Factoring, SME Working Capital & Revenue Based Financing, and Payroll Solutions.
“Under the terms of the agreement, Alraedah will leverage ABHI’s robust capabilities to launch a set of innovative financial services in KSA,” the Saudi company said in a press release.
The statement said as per the terms of the agreement, ABHI will gain access to Alraedah’s knowledge and understanding of the local Saudi market. This would enable it to collaboratively launch innovative financing products in Saudi Arabia.
“Alraedah will enable access to $200 million over the course of three years to develop products that apply ABHI’s proprietary technology, localized for the Saudi market,” the press release said.
The Pakistani fintech says it has a client base of over 1,000 esteemed companies and actively promotes financial empowerment and provides stability to over 750,000 employees across the region.
“With our innovative financial solutions and Alraedah’s deep local expertise, we are poised to empower Saudi citizens, embolden the private sector, and foster a more vibrant, thriving economy,” Omair Ansari, co-founder and CEO of ABHI, was quoted as saying.
Paul Melotto, CEO of Alraedah Digital Solutions, said both companies aim to redefine access to financial services and empower individuals and businesses across the region.
“Together, we aim to redefine access to financial services and empower individuals and businesses across the region,” he said.
Saudi tech company partners with Pakistan’s ABHI to launch financial services in Kingdom
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Saudi tech company partners with Pakistan’s ABHI to launch financial services in Kingdom
- ABHI, which also serves customers in UAE, was selected as one of Gulf country’s Future 100 companies last year
- Saudi tech company says partnership to empower Kingdom’s citizens, embolden private sector and foster economic growth
Pakistan says Islamabad, Washington have ‘unique opportunity’ to revitalize partnership under Trump
- Ties between Islamabad and Washington have just started to warm after years of frosty relations
- Planning Minister Ahsan Iqbal says Pakistan desires enhanced partnership in economy, education, health
ISLAMABAD: Pakistan’s Planning Minister Ahsan Iqbal said on Monday that Washington and Islamabad have a “unique opportunity” to revitalize their partnership and tackle global challenges together under a new administration headed by President-elect Donald Trump, state-run media reported.
Ties between Islamabad and Washington, once close allies, have just started to warm after many years of frosty relations, mostly due to concerns about Pakistan’s alleged support of the Taliban in Afghanistan. Pakistan denies it supported the group.
Relations strained further under the government of former prime minister Imran Khan, who ruled from 2018-22 and antagonized Washington throughout his tenure, welcoming the Taliban takeover of Afghanistan in 2021 and later accusing Washington of being behind attempts to oust him. Washington has dismissed the accusations. Shehbaz Sharif’s government, now in its second term, has tried to mend ties but analysts widely believe the United States will not seek a significant broadening of ties with Islamabad in the near future but remain mostly focused on security cooperation, especially on counterterrorism and Afghanistan.
“Addressing a USAID event in Islamabad today, he [Iqbal] stated that the two countries have a unique opportunity to revitalize their partnership and adapt to the needs of a rapidly changing world, with a new US administration taking the helm,” Radio Pakistan said in a report.
The planning minister spoke about Pakistan’s desire to strengthen relations with the United States in key sectors such as economy, climate change, science and technology, agriculture, education and health.
The minister said that the US remains one of Pakistan’s largest trading partners, with trade exceeding $6.5 billion between the two countries in 2023. He said Pakistan’s key exports to the US include textiles, surgical instruments and IT services which contribute significantly to the country’s economy.
“He however emphasized that there is a vast untapped potential for growth,” the state broadcaster said. “He said the trade relations will not only create jobs and foster innovation but also enhance economic resilience.”
Iqbal said that while bilateral relations between Pakistan and the US have flourished, both nations need to respect each other’s sovereignty and work together constructively to address shared challenges.
“Iqbal said Pakistan-US relationship remains critical to addressing global challenges and achieving regional stability,” Radio Pakistan said.
Pakistan’s Defense Minister Khawaja Asif earlier this month signaled Islamabad’s intentions to collaborate with the new US administration where its interests were aligned. However, he cautioned that cooperation could be strained if interests diverged or Washington persisted in supporting wars in the Middle East.
Trump is widely regarded as an unpredictable leader, with analysts worldwide assessing the potential impact of his return to the top US office on global affairs. However, the Pakistani defense minister praised him during Geo TV’s special election transmission this month for promising to end conflicts around the world after assuming power in Washington.
Pakistan starts receiving Hajj 2025 applications
- Around 15 designated banks have started receiving applications for annual Islamic pilgrimage
- In a first, Pakistani pilgrims can pay fees in installments, as per the country’s new Hajj policy
ISLAMABAD: Around 15 designated Pakistani banks have started receiving applications for the upcoming annual Hajj pilgrimage, state-run media reported on Monday.
Pakistan’s religious affairs minister last week announced the country’s Hajj 2025 policy, according to which pilgrims can pay fees for the annual Islamic pilgrimage in installments for the first time.
The first installment of Hajj dues, amounting to Rs200,000 ($717), must be deposited along with the Hajj application under the government scheme, while the second installment of Rs400,000 ($1,435) must be deposited within ten days of the balloting. The remaining amount must be deposited by February 10 next year.
“Fifteen designated banks have started receiving Hajj applications from today,” state broadcaster Radio Pakistan reported.
Next year’s Hajj under the government scheme is expected to range between Rs1,075,000 ($3,858) to Rs1,175,000 ($4,217), while an additional cost for the sacrifice will be Rs55,000 ($197.43).
“The quota for the government Hajj scheme is 89,605,” Radio Pakistan said. “Five thousand seats have been allocated for overseas Pakistanis under the sponsorship scheme. Overseas Pakistanis will need to make a one-time payment in US dollars.”
The Hajj sponsorship scheme was introduced by the government last year, allowing overseas Pakistanis to apply for Hajj or sponsor someone in Pakistan for the journey by paying in US dollars. In return, the applicants would not have to participate in the balloting process for the pilgrimage.
The government’s Hajj package includes airfare, meal, training, accommodation and vaccination, the state-run media said.
Saudi Arabia has allotted Pakistan a total quota of 179,210 pilgrims for the upcoming Hajj. While announcing the Hajj 2025 policy last week, Pakistan’s Religious Affairs Minister Chaudhry Salik Hussain said preference would be given to those going for the pilgrimage for the first time while under the new policy, children under the age of 12 will not be allowed to perform Hajj.
“The traditional long package for the official Hajj scheme will cover 38 to 42 days and the short package will cover 20 to 25 days,” Hussain had said.
Pakistan invites Chinese companies to invest in renewable energy to cut reliance on fuel imports
- Pakistan’s envoy to China says country has natural advantage for renewable energy resources with over 1,000 km coastline
- Pakistan has suffered from an energy crisis stemming largely from gap in country’s energy supplies and electricity demand
ISLAMABAD: Pakistan’s ambassador to China has invited Chinese companies to invest in the country’s renewable energy and offshore wind sectors, state-run media reported on Monday, as Islamabad seeks to cut its reliance on expensive fuel imports amid its prolonged energy crisis.
Pakistan has suffered from an energy crisis that stems largely from a gap in the country’s energy supplies and electricity demand, with the South Asian country’s reliance on expensive energy imports drains its resources and triggers inflation.
According to National Electric Power Regulatory Authority’s (NEPRA) 2022 yearly report, Pakistan’s total installed power generation capacity is 43,775 MW, of which 59 percent of energy comes from thermal (fossil fuels), 25 percent from hydro, 7 percent from renewable (wind, solar and biomass) and 9 percent from nuclear energy resources.
“Pakistan’s Ambassador to China, Khalil Hashmi has said that Pakistan has a natural advantage for renewable resources of energy with its long coastline of over one thousand kilometers,” Radio Pakistan reported. “He invited Chinese investors to explore the opportunities available in Pakistani offshore wind industry.”
The Pakistani envoy was speaking at a seminar titled “High-Quality Development of Offshore Wind Power Supply Chain” at the Chinese city of Fuzhou, Radio Pakistan said.
He appreciated China’s rapid advancements in the offshore wind industry sector, underlining the need for enhanced bilateral cooperation by strengthening technology exchanges, infrastructure development and regulatory support, the state broadcaster said.
Pakistan’s power minister last month met his counterpart from Iran and Chinese energy officials to discuss enhanced cooperation in cross-border energy on the sidelines of the Third Belt & Road Ministerial Conference held in Qingdao, China in October.
The Pakistani minister also held separate meetings with Yao Huan, vice president of Power China and Ni Zhen, the general manager of Energy China, in Qingdao. During the meeting, Leghari conveyed Pakistan’s desire to modernize power dispatch and transmission systems, aimed at cutting lines and other losses, the power ministry had said.
Pakistan Cricket Board says Gillespie to remain head coach for South Africa series
- PCB rejects media reports of ex-cricketer Aaqib Javed replacing Gillespie
- Pakistan will play all-format away series against South Africa in December/January
ISLAMABAD: The Pakistan Cricket Board (PCB) on Sunday strongly refuted speculation it was about to replace the national squad’s Head Coach Jason Gillespie with former world cup winner Aaqib Javed, saying Gillespie will continue in the role for Pakistan’s Test series against South Africa in December/January 2025.
Multiple media outlets reported last week that the PCB was set to appoint Javed, who is currently the convener of Pakistan’s national selection committee, as head coach of the men’s team across all formats. Gillespie is Pakistan’s Test coach and currently the interim coach of the white-ball side.
The former Australian pacer was appointed as interim white-ball coach after his predecessor, Gary Kirsten, resigned from the post in October. According to local media outlets, Kirsten resigned following disagreements with the cricket board over its decision to strip him of selection powers.
“As announced previously, Jason Gillespie will continue to coach the Pakistan side for the two red-ball matches against South Africa,” the PCB wrote on social media platform X.
Pakistan are scheduled to play three T20Is, three ODIs and two Test matches in an away series against South Africa in December/January 2025. The PCB have not confirmed if Gillespie will be the head coach for any series beyond those two Tests against South Africa, though he does have a contract with the board till 2026. Pakistan have a two-Test home series against West Indies immediately following the Tests in South Africa.
Citing a PCB official in its report on Sunday, ESPNcricinfo said the board decided to replace Gillespie on account of him not spending enough time in Pakistan.
“ESPNcricinfo understands Gillespie’s view is that he has spent every day his contract demanded he be in Pakistan within the country, in addition to which he also did the Shaheens tour of Darwin without pay as a gesture of goodwill,” the website reported.
Pakistan have a busy cricket schedule ahead, with the green shirts set to play a three-match ODI series against Zimbabwe starting Sunday after which they play the all-format series in South Africa. Their next home series is a two-match Test series against the West Indies at the end of January, and their only white-ball games before the Champions Trophy come in a short tri-series against South Africa and New Zealand in February.
The PCB has come under increasing criticism for the high rate of turnover at the board. In November 2023, then team director Mickey Arthur was told by then PCB chairman Zaka Ashraf he would not be going with the team for the Test series in Australia in January 2024. Former Pakistan cricketer Mohammad Hafeez was appointed team director for that tour.
Arthur and Grant Bradburn, then head coach, parted ways with the PCB soon after. Pakistan’s Interior Minister Mohsin Naqvi assumed the PCB chair weeks later, beginning the hunt for Pakistan’s white and red-ball coaches, with the posts ultimately going to Gillespie and Kirsten.
Indian Sikh pilgrims to visit Kartarpur today to mark birth anniversary of religion’s founder
- Sikh pilgrims from India cross over into Pakistan every year via visa-free Kartarpur Corridor
- Gurdwara Darbar Sahib in Kartarpur, Narowal, is Sikhism founder’s final resting place
ISLAMABAD: Indian Sikh pilgrims will visit Gurdwara Darbar Sahib in the eastern Kartarpur town today, Monday, to mark the 555th birth anniversary of their religion’s founder Baba Guru Nanak Dev Ji, state media reported.
Every year Indian Sikh pilgrims cross over from India to Pakistan via a visa-free border crossing known as the Kartarpur Corridor. The corridor connects Gurdwara Darbar Sahib, near Narowal in Pakistan’s Punjab, to Gurudwara Dera Baba Nanak in Indian Punjab’s Gurdaspur district.
Inaugurated in 2019, the corridor is seen as a rare example of cooperation and diplomacy between the two South Asian neighbors.
“Sikh pilgrims will visit Gurdwara Darbar Sahib Kartarpur on Monday to celebrate the 555th birth anniversary of Baba Guru Nanak Dev Ji,” state broadcaster Radio Pakistan reported.
It said that the pilgrims would visit Gurdwara Rohri Sahib in Eminabad on Wednesday before concluding their journey in Pakistan’s eastern city of Lahore.
Much of Sikh heritage is located in Pakistan. When Pakistan was carved out of India at the end of British rule in 1947, Kartarpur ended up on the Pakistani side of the border, while most of the region’s Sikhs remained on the other side.
For over seven decades, the Sikh community had lobbied for easier access to their holiest temple.
Pakistan’s initiative to open the corridor earned widespread appreciation from the international community, including the United Nations Secretary-General António Guterres, who had described it as a “Corridor of Hope.”
