ISLAMABAD: Pakistan emerged as the second-largest national group whose companies joined the Dubai Chamber of Commerce during the first half of the ongoing year, following India, with over 3,900 firms taking membership, said a statement released on Wednesday.
The United Arab Emirates (UAE) has strengthened its reputation as a global business hub over the years, as evidenced by the significant number of foreign investors joining the Dubai Chamber of Commerce.
The influx of Pakistani companies highlights the strategic advantages Dubai offers, such as its favorable business environment, connectivity and access to regional and international markets.
For Pakistani companies, obtaining membership with the Dubai Chamber not only facilitates easier entry into the Gulf market but also provides opportunities for networking, investment and growth in a highly competitive global arena.
“A recent analysis by Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has revealed that Indian investors topped the list of new non-Emirati companies joining the chamber during the first half of this year, with 7,860 new companies,” the Dubai Chamber of Commerce said.
“Pakistan ranked second on the list with 3,968 new companies joining in H1 2024, while Egypt followed with 2,355 new companies registering as members of the chamber,” it added.
While the statement did not mention the sectoral distribution of Pakistani companies, it said the trade and repairing services sector ranked first overall, accounting for 41.5% of the total.
The real estate, renting and business services sector came in second place, representing 33.6% of all new firms securing their membership.
This was followed by the construction sector in third place at 9.4%, and the transport, storage and communications sector, which ranked fourth with 8.4%.
The social and personal services sector came in fifth place at 6.6%.
Pakistan views the UAE, particularly Dubai, as a gateway not just to the Gulf market but the wider Middle East and even North Africa.
The strategic location of the Arab state, combined with its robust infrastructure, favorable business environment and strong trade links, makes it an attractive entry point for Pakistani companies aiming to expand their reach in the region.
Pakistan becomes second-largest national group joining Dubai Chamber of Commerce this year
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Pakistan becomes second-largest national group joining Dubai Chamber of Commerce this year
- Pakistani companies aiming to expand their reach in Mideast, North Africa view Dubai as an attractive entry point
- Dubai Chamber says 3,968 new Pakistani companies secured their membership with it in the first half of 2024
Visa aims for 10-fold rise in Pakistani use of digital payments
- Partnership with 1Link to enhance remittances and payment security
- Pakistan has 120,541 point of sales machines, according to central bank data
KARACHI: Visa plans to increase the number of businesses accepting digital payments in Pakistan tenfold over the next three years, the payments giant’s general manager for Pakistan, North Africa and Levant told Reuters.
The comments from Leila Serhan came as Visa announced a strategic partnership with 1Link, Pakistan’s largest payment service provider, aimed at streamlining remittances into the South Asia country and encouraging digital transactions.
Pakistan, with a population of 240 million, is home to one of the world’s largest unbanked populations. Only 60 percent of its 137 million adult population, or 83 million adults, have a bank account, based on central bank estimates.
Visa is investing in building digital payment infrastructure in the country, aiming to make digital payments less costly and more manageable.
Currently, Pakistan has 120,541 point of sales (POS) machines, according to central bank data.
Visa intends to significantly increase this number.
“Some businesses have more than one POS machine. We’re aiming at ten-folding businesses’ acceptance (of digital transactions),” said Serhan.
The strategy involves technology that transforms phones into payment instruments and accepting various forms of payment, including QR and card tap. Visa aims to expand beyond large cities and mainstream businesses to include smaller merchants.
The 1Link deal aims to improve the process for sending and receiving remittances, including bolstering payments security, boosting such transactions via legal channels.
As one of the top remittance recipients globally, Pakistan relies heavily on funds from overseas Pakistanis, which constitute a vital source of foreign exchange and significantly contribute to the country’s GDP.
“We’re really looking forward to finishing this technical integration in the coming months, and I think it’s going to be a game changer for a lot of the consumers in Pakistan,” said Serhan.
The partnership with 1Link will also enable 1Link’s PayPak cards to be accepted on Visa’s Cybersource Platform for online transactions, despite PayPak being a competitor in digital payments.
Pakistan signed a $7 billion bailout deal with the International Monetary Fund in July, which includes reforms such as raising revenue and documenting the economy.
“Digital payments are going to be at the heart of what the government wants to do from a digitization perspective, and we will continue to partner with them,” Serhan said.
Aramco says will launch first branded gas station in Pakistan by year end
- Aramco completed acquisition of 40 percent stake in Gas & Oil Pakistan Ltd. in May this year
- Kingdom in April reaffirmed commitment to expedite Pakistan investment package of $5 billion
ISLAMABAD: Saudi oil giant Aramco said on Wednesday it would launch its first branded retail gas station in Pakistan by the end of the year, having already completed the acquisition of a 40 percent stake in Gas & Oil Pakistan Ltd. (GO) in May.
Aramco is a global integrated energy and chemicals company that produces approximately one in every eight barrels of the world’s oil supply. GO, one of Pakistan’s largest retail and storage companies, is involved in the procurement, storage, sale and marketing of petroleum products and lubricants.
“We are working to launch our first Aramco-branded gas station in Pakistan by the end of the year,” the Saudi oil company’s media department told Arab News in an emailed statement. “Will share more information when the site is commissioned.”
A Pakistan Board of Investment (BOI) official said Aramco’s acquisition of GO represented the oil giant’s first downstream retail investment in Pakistan and signaled the company’s growing retail presence in high-value markets.
In March, Aramco also acquired a 100 percent equity stake in Esmax Distribución SpA, a leading diversified downstream fuels and lubricants retailer in Chile.
“Our global retail expansion is gaining pace and this acquisition [of GO] is an important next step on our journey,” Yasser Mufti, Aramco Executive Vice President of Products & Customers, said in a statement in May when the GO deal was completed.
“Through our strategic partnership with GO, we look forward to supplying Aramco’s high-quality products and services to valued customers in Pakistan. We are also delighted to welcome another high-caliber addition to Aramco’s growing network of global partners, and look forward to combining our resources and expertise to unlock new opportunities and further grow the Aramco brand overseas.”
Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as the top source of remittances to the cash-strapped South Asian nation.
In February 2019, Pakistan and Saudi Arabia inked investment deals totaling $21 billion during a visit by Saudi Crown Prince Mohammed bin Salman to Islamabad. The agreements included about $10 billion for an Aramco oil refinery and $1 billion for a petrochemical complex at the strategic Gwadar Port in Balochistan.
Both countries have been working in recent months to increase bilateral trade and investment, and the Kingdom in April this year reaffirmed its commitment to expedite an investment package worth $5 billion for Pakistan.
Pakistan to launch Shariah-compliant certificates worth $178.6 million this month
- State minister highlights government’s commitment to promoting Islamic banking
- Central bank has set target to increase Pakistan’s Islamic banking share to 35% by 2025
ISLAMABAD: Pakistan’s State Minister for Finance Ali Pervaiz Malik said on Tuesday new Shariah-compliant certificates worth $178.6 million would be launched this month to facilitate lending activity under an interest-free system, state-run media reported.
A Shariah-compliant certificate is a document issued by the Federal Shariah Court verifying that a financial product or transaction conforms to Islamic principles and laws. Last year, the Securities and Exchange Commission of Pakistan (SECP) issued the first-ever Shariah-compliant certificate to two real estate investment trusts. In April, it also issued a license to the first Shariah-compliant brokerage house in Pakistan.
“In response to the Calling Attention Notice, Minister of State for Finance Ali Pervaiz Malik said new Shariah-compliant certificates worth $178.6 million will be launched this month,” Radio Pakistan said on Tuesday, as the minister briefed the National Assembly about the government’s “commitment to promoting Islamic banking” in the country.
Earlier this week, Pak-Qatar Family Takaful Limited (PQFTL), a leading Pakistani Shariah-compliant family insurance provider, introduced an instant withdrawal facility for its customers, which would allow participants to withdraw partial funds in case of emergencies with ease and instant access through the company’s mobile app or its online portal.
Last year, Pakistan’s central bank set a target to increase the share of Islamic banking in the country to 35% by 2025.
In 2021, the Federal Shariat Court, which determines whether Pakistani laws comply with Islamic law, directed the government to eliminate interest from the country’s banking system by 2027.
At present, the share of Islamic banking in the overall commercial banking system in the country is 20%.
Pakistan has six full-fledged Islamic banks offering a wide range of products and the annual growth rate of Islamic banks’ assets and deposits has been 25% and 22% respectively over the last five years, according to central bank data.
High-level Chinese business delegation in Islamabad amid Pakistan push for investments
- Pakistan apprises Chinese companies of investment opportunities in agriculture, IT, energy, minerals, tourism sectors
- Pakistan and China signed 32 memorandums of understanding to promote trade and investment in June this year
ISLAMABAD: A high-level delegation of Chinese companies is in Islamabad this week, state-run Radio Pakistan reported on Wednesday, as Pakistan pushes for foreign investment in a bid to shore up its $350 billion economy as it navigates a tough reforms agenda mandated by the International Monetary Fund (IMF).
Islamabad and Beijing signed 32 memorandums of understanding (MoUs) to promote trade and investment in June during Prime Minister Shehbaz Sharif’s visit to China with a team of 100 businessmen. The agreements covered fields like IT, textiles, leather and footwear, minerals, pharmaceuticals and agriculture and food processing.
Chinese investment and financial support for Pakistan since 2013 have been a boon for the South Asian nation’s struggling economy, including the rolling over of loans so that Islamabad is able to meet external financing needs at a time foreign reserves are critically low. Beijing has over $65 billion in investments in road, infrastructure and development projects under the China-Pakistan Economic Corridor, which is a part of the Belt and Road scheme.
The Chinese delegation currently in Islamabad includes four main business groups, Radio Pakistan reported, who on Tuesday visited the Special Investment Facilitation Council (SIFC) set up by Pakistan in July last year to serve as a “one window operation” to attract foreign investments.
“Chinese business delegation has evinced keen interest for investment in major sectors of Pakistan’s economy and relocating Chinese industries here,” Radio Pakistan said.
“The delegation was apprised of potential investment opportunities in priority sectors including agriculture, livestock, Information Technology, energy, minerals, tourism and industry.”
The Chinese companies were also briefed about policy-level measures undertaken by the SIFC to improve the country’s overall business environment as well as on “salient features of industrial development in Pakistan.”
There was no comment from the Chinese side about the meetings in Islamabad.
The CPEC framework is central to Beijing’s initiative to rebuild a new “Silk Road” through land routes and sea lanes to connect with markets in the Middle East, Africa and Europe. But the undertaking has been hit by Pakistan struggling to keep up its financial obligations as well as militant attacks on Chinese nationals in Pakistan.
In recent months, China has publicly raised with Pakistan the issue of the security of its workers and interests, especially since a March suicide attack in which five Chinese workers and their local driver were killed in Pakistan’s northwest.
Pakistan has also initiated difficult talks on reprofiling power sector debt owed to China as well as negotiations on structural reforms, but progress has been slow.
Imran Khan’s party to challenge remand of arrested lawmakers by Pakistan anti-terror court
- Pakistan Tehreek-e-Insaf says 13 MNAs arrested on Monday night in connection with rally held on Sunday
- Gathering was mostly peaceful barring clashes between some PTI supporters and police en route to rally venue
ISLAMABAD: Former Prime Minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party has said it will move the Islamabad High Court today, Wednesday, against the arrest of its lawmakers and their eight-day physical remand by an anti-terrorism court.
The opposition PTI party held a rally on Sunday to demand the release of its founder and ex-premier Khan, who has been in prison since August last year. The gathering was mostly peaceful, but there were clashes between some PTI supporters and police en route to the rally venue, in which one police officer was injured. The rally also went on longer than the 7pm deadline given by the district administration.
On Monday evening, in a late night swoop, police arrested at least 13 PTI leaders, many of them from inside the parliament building for what authorities described as violations of a new law to regulate public gatherings in the capital, including by setting time limits and designating specific areas for rallies. PTI Chairman Gohar Khan was among those arrested but he was released on Tuesday while the others were remanded by an anti-terrorism court into custody for eight days.
National Assembly Speaker Sardar Ayaz Sadiq has opened an enquiry into the arrest of the opposition MPs from inside parliament. Under Pakistani law, the concerned judge or magistrate needs to inform the speaker of reasons for the arrest of an MNA, while lawmakers cannot be arrested from within the precincts of parliament without the speaker’s permission.
“PTI’s legal team is going to challenge the remand sought by the counter-terrorism police against [the party] leadership in the Islamabad High Court tomorrow morning,” the party said in a message circulated to media on Tuesday evening.
According to AFP, nine PTI lawmakers were among more than 30 people remanded in custody on charges of violating the Peaceful Assembly and Public Order Act, 2024, which was passed days before the protest.
PTI stalwart and lawyer Shoaib Shaheen, who was arrested from his chamber, faced charges of “attacking officials,” “armed riots,” and “illegal assembly” after Sunday’s rally.
“These are not the offenses for which you should charge people under terrorism legislation,” PTI chairman Gohar Khan told the media after his release.
The new Pakistani law imposing restrictions on public gatherings in Islamabad has been criticized by rights groups, with Amnesty International saying it threatened the “right to protest” and set a “dangerous precedent” for provinces that could replicate it.
The Human Rights Commission of Pakistan has also condemned “the arbitrary arrests” of PTI lawmakers, saying they do not bode well for the country’s democracy.
The PTI has complained about a state crackdown against it since May 9, 2023, when ex-PM Khan was briefly detained by law enforcement agencies, sparking protests in which people carrying its flags vandalized government buildings and military properties. The government denies it is persecuting the PTI.
– With input from AFP
