‘A lot to offer’: Pakistan envoy to Saudi Arabia urges greater tech collaboration between both nations

Pakistan’s ambassador to Saudi Arabia, Ambassador Ahmed Farooq (top right), is seen attending a virtual tech-talk session, “AI: The Story of the New Wave – Opportunities and Risks,” hosted in Islamabad by the Pakistani embassy in Riyadh on August 18, 2024. (Pakistani embassy in Riyadh)
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Updated 18 August 2024
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‘A lot to offer’: Pakistan envoy to Saudi Arabia urges greater tech collaboration between both nations

  • Ambassador Ahmed Farooq says Pakistan’s IT sector has grown over the decades and includes some of the best global IT service providers
  • GenAI enterprise strategist Tariq Khan sees space for Pakistani experts in Saudi market, especially in health care workflow automation

ISLAMABAD: Pakistan’s Ambassador to Saudi Arabia, Ahmed Farooq, on Sunday emphasized the growing potential of collaboration between Pakistan and Saudi Arabia in the field of information technology (IT), saying that both countries had “a lot to offer” to each other in this regard.

The remarks came at a virtual tech-talk session, “AI: The Story of the New Wave – Opportunities and Risks,” hosted in Islamabad by the Pakistani embassy in Riyadh.

The event featured discussions led by Tariq Khan, a generative artificial intelligence (GenAI) expert and enterprise strategist at Pakistan’s Systems Ltd. tech company, and drew representatives from leading Saudi firms.

Addressing the event, Ambassador Farooq said the Pakistani mission in Saudi Arabia had been diligently working over the past year and a half to strengthen ties between tech industries of both nations.

“We believe that both countries have a lot to offer each other,” he said. “Greater collaboration between the tech sectors of both countries would be mutually beneficial.”

The Pakistani diplomat underscored that Pakistan’s IT sector had grown over the decades and included some of the best global IT service providers, stressing the importance of IT in Saudi Arabia’s Vision 2030 and the opportunities it presented for Pakistani professionals.

Saudi Arabia is consolidating its economy on modern lines under Vision 2030, which is a strategic development framework intended to cut the Kingdom’s reliance on oil by developing public service sectors such as IT, health, education, infrastructure, recreation and tourism.

“Significant investments are being made for developing capacities of local human resource and startups, and now we are seeing a thriving tech ecosystem in this country (Pakistan),” Ambassador Farooq said, urging for more direct interactions between Pakistani and Saudi tech companies and startups to foster deeper connections.

He noted that Pakistani educational institutions produced around 25,000 IT graduates annually, who were gaining relevant work experience across sectors such as AI, cybersecurity, and gaming.

“It is important to note that Pakistani companies are developing products and services across all IT fields creating a skilled workforce in the process,” the Pakistani diplomat said. 

Additionally, he said, the Pakistani embassy in Riyadh maintained liaison with all relevant stakeholders. 

“For example, we have shared Saudi vocational curriculum and requirements with Pakistani training institutions so that training programs for the Pakistani workforce can be adapted according to Saudi requirements thereby ensuring that our skilled professionals are equipped to meet relevant Saudi market requirements,” the ambassador said.

In his speech, Khan discussed the relevance of GenAI, capable of generating text, images, videos, or other data using generative models, and its potential in various thriving sectors in Saudi Arabia. He said his firm, Systems Ltd, had been approached by petroleum and oil companies in Saudi Arabia to explore AI capabilities for process optimization.

“Smart building in residential projects has a lot of potential between Pakistan and Saudi Arabia in terms of AI and intelligent decision-making tools and optimization tools,” Khan said, highlighting the potential for collaboration in smart grid management, energy material development and optimizing electricity and water usage in new residential projects.

Pakistan and Saudi Arabia enjoy strong economic, defense and religious ties. The Kingdom is home to over 2.7 million Pakistani expatriates, serving as the top source of remittances for the cash-strapped South Asian country.

In recent years, Pakistani tech firms have also been attending the annual LEAP exhibition, which showcases cutting-edge technology, artificial intelligence (AI) initiatives and innovations, in Riyadh to exhibit their IT prowess and innovative products.

AI could significantly benefit health care and insurance sectors in Saudi Arabia amid the Kingdom’s shift toward an insurance-based health care system, according to Khan. Pakistan’s expertise in health care workflow automation could be valuable in this context.

“Pakistan can help there a lot” the expert said. “We have not only AI companies that can automate health care processing and documentation, but we also have multiple companies in the country that already do, health care workflow automation.”

Speaking about concerns regarding displacement of jobs due to GenAI, Khan compared it to the airline industry and said while some jobs could be affected in the short term, new opportunities would emerge with the transformation.

“Gen AI will only increase the avenues and the places where we need help, and businesses will transform,” he said. “That’s why they will still require more people, just like airline industry that I mentioned, jobs are not going away in the long run.”


Saudi EXIM Bank signs $15m deal with Pakistan’s Bank Alfalah to boost trade

Updated 21 January 2025
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Saudi EXIM Bank signs $15m deal with Pakistan’s Bank Alfalah to boost trade

  • Agreement designed to enhance Kingdom’s exporters access to Pakistani markets
  • In October, businesses from both countries signed agreements worth $2.8 billion

RIYADH: The Saudi Export-Import Bank and Pakistan’s Bank Alfalah have inked a $15 million financing agreement, designed to enhance Kingdom’s exporters access to Pakistani markets and foster stronger trade and economic ties.

The new credit line deal seeks to increase the flow and competitiveness of the Kingdom’s non-oil exports as well as unveil new trade horizons between the two countries, the Saudi Press Agency reported.

This falls in line with Pakistan’s efforts to strengthen trade and investment ties with the Kingdom, with the Saudi government reaffirming its commitment in September to fast-track a $5 billion investment package for the Asian country.

This also aligns with Saudi EXIM’s goal of diversifying the Kingdom’s economy by offering financing and insurance products for non-oil exports in support of Vision 2030.

“The agreement comes within the bank’s efforts to strengthen strategic relations with international banks and financial institutions to provide financing solutions that contribute to the development of Saudi non-oil exports and enhance their competitiveness in Pakistani markets, by encouraging importers from Pakistan to import Saudi products and services, which opens up broad prospects for the development of trade and investment between the two countries, and creates more promising trade and investment opportunities,” said General Director of the Finance Department at Saudi EXIM Bank Abdul Latif bin Saud Al-Ghaith.

The Group Head of Corporate, Investment Banking, and International Business at Bank Alfalah, Farooq Ahmed Khan, said: “The agreement between Saudi EXIM Bank and Bank Alfalah Ltd. is a milestone in strengthening trade relations between the Kingdom and Pakistan.”

He added: “The financing line will enable Pakistani companies to access high-quality products in the Kingdom and will also enhance the volume of trade exchange between the two countries. 

“We at Bank Alfalah are proud to play a pivotal role in promoting trade and investment opportunities that are in line with the shared vision to strengthen and grow the economies of both countries.”

In October, Saudi businessmen expressed hope for successful collaborations in Pakistan, saying the country’s economic stability and improved regulatory framework had made it an attractive investment destination, following the signing of over two dozen deals between companies from both nations.


Pakistan condoles loss of lives as Turkiye ski resort fire kills 66

Updated 21 January 2025
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Pakistan condoles loss of lives as Turkiye ski resort fire kills 66

  • Fire erupted overnight in hotel of Turkiye’s Kartalkaya ski resort
  • Pakistan stands shoulder-to-shoulder with Turkiye, says foreign office

ISLAMABAD: Pakistan’s foreign office on Tuesday condoled over the loss of lives caused by a deadly fire at a ski resort in Turkiye that killed at least 66 people and wounded over 50 others. 

The blaze erupted overnight in the restaurant of the hotel in the famous Kartalkaya ski resort in Bolu province on Monday. 

Television footage showed the roof and upper floors of the building engulfed in flames as witnesses and reports indicated that the hotel’s fire detection system had failed to activate. 

As per reports, 234 guests were staying at the hotel when it caught fire.

“The government and people of Pakistan are deeply saddened by the devastating fire at a hotel in the Kartalkaya ski resort in Bolu, Türkiye this morning,” the foreign office said.

“Pakistan extends its heartfelt condolences to the Government and people of Türkiye, particularly to the families who have lost their loved ones.”

The foreign office said Pakistan stands shoulder-to-shoulder with Turkiye, reaffirming its solidarity with the nation. 

According to the state-owned Anadolu Agency, Turkish Justice Minister Yılmaz Tunç said four people, including the business owner, were detained over the fire incident.

He said six public prosecutors were assigned to the probe, adding that a team of experts were looking into the cause of the fire.

Kartalkaya, which lies about 295 kilometers east of Istanbul, is one of Turkiye’s premier winter tourism destinations that attracts thousands of visitors every winter.


Pakistan contacting UAE to extradite real estate tycoon accused of graft— state media

Updated 21 January 2025
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Pakistan contacting UAE to extradite real estate tycoon accused of graft— state media

  • State media alleges Malik Riaz Hussain has illegally occupied lands owned by state, private persons
  • Hussain, who is co-accused in land graft case involving former PM Imran Khan, denies wrongdoing

ISLAMABAD: Pakistan’s government is reaching out to the United Arab Emirates (UAE) to extradite real estate tycoon Malik Riaz Hussain, the co-accused and proclaimed offender in a land graft case involving former prime minister Imran Khan, on charges of building housing societies on lands he does not legally own, state-run media reported on Tuesday. 

Hussain, currently residing in the UAE, is one of Pakistan’s richest and most powerful businessmen and biggest private employers. He is known for being the chairman of Bahria Town Limited, which calls itself Asia’s largest private estate developer.

The development takes place after a Pakistani court last Friday sentenced Khan to 14 years in prison and his wife, Bushra Khan, to seven years in jail. Both were accused of receiving land as a gift from Hussain during Khan’s premiership from 2018 to 2022 in exchange for illegal favors. 

Khan says he and his wife were merely trustees and did not benefit from the land transaction. Hussain has also denied being involved in any wrongdoing related to the case. 

“The Government of Pakistan is reaching out to the Government of United Arab Emirates for the extradition of Malik Riaz through legal channels,” state broadcaster Radio Pakistan reported. 

Radio Pakistan said Pakistan’s anti-corruption watchdog is conducting an inquiry against Hussain and his accomplices for fraud, deceptive practices and cheating the public at large.

It said the National Accountability Bureau (NAB) has credible information that Hussain and his accomplices not only illegally possessed and occupied state-owned land but also land belonging to private persons in Karachi, Takht Parri, Rawalpindi and New Murree areas. 

The state broadcaster said Hussain is developing housing societies on these lands 
without obtaining regulatory permissions, accusing him of committing fraud against the state and public amounting to billions of rupees. 

It mentioned that Riaz has recently launched a project to construct luxury apartments in Dubai, warning the public against investing in it. 

“The general public at large is hereby advised and warned to refrain from investing in the stated project,” it said.

“If the general public at large invests in the stated project, their actions would tantamount to money laundering, for which they may face criminal and legal proceedings.”

Hussain has not responded to the latest allegations against him. However, in May 2024, the real estate tycoon took to social media platform X to condemn a raid by NAB at his company’s offices in Pakistan. 

Hussain vowed not to give in to “bullying.” The post, however, was a cryptic one as the real estate developer did not state specifically who was pressurizing him.


Pakistan says it has agreed $1 billion loan with two Middle Eastern banks

Updated 21 January 2025
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Pakistan says it has agreed $1 billion loan with two Middle Eastern banks

  • Loans are short-term with 6 to 7 percent interest rate, says Muhammad Aurangzeb
  • Pakistan aims to boost finances after securing $7 billion IMF bailout in September

DAVOS, Switzerland: Pakistan has agreed terms for a $1 billion loan with two Middle Eastern banks at a 6%-7% interest rate, its Finance Minister Muhammad Aurangzeb told Reuters on Tuesday, as the South Asian country looks for more financing.

“With two institutions we have now gone forward in signing up the term sheet — one bilateral and one for trade (finance),” Aurangzeb said during an interview on the sidelines of the World Economic Forum annual meeting in Davos.

The loans were short-term — or up to one year, Aurangzeb added.

Pakistan aims to boost its finances after securing a $7 billion International Monetary Fund (IMF) bailout in September 2024, with the first review set for late February.

“We have the first formal review of the EFF coming through toward (the) end of February,” Aurangzeb said. “I do think we are in good stead for that review.”

IMF extended fund facilities (EFFs) provide financial assistance to countries facing serious medium-term balance of payments problems resulting from structural weaknesses that require time to address.


Pakistan invites Cambodian businesses to invest in agriculture, tourism, textile sectors

Updated 21 January 2025
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Pakistan invites Cambodian businesses to invest in agriculture, tourism, textile sectors

  • Commerce Minister Jam Kamal attends inaugural Pakistan-Cambodia Joint Trade Committee in Phnom Penh
  • Pakistan and Cambodia’s bilateral trade of goods and services valued at $45.5 million, says commerce ministry

ISLAMABAD: Pakistan’s Commerce Minister Jam Kamal Khan on Tuesday invited Cambodian businesses to explore investment opportunities in the country’s agriculture, textiles, pharmaceuticals and tourism sectors, his ministry said, as Islamabad eyes foreign investment to ward off a prolonged economic crisis. 

The development took place as both sides took part in the inaugural session of the Pakistan-Cambodia Joint Trade Committee (JTC) in Phnom Penh. 

Khan arrived in Cambodia on Jan. 19 for a three-day official visit to the country to engage in bilateral trade talks amid Islamabad’s push to seek closer trade ties as it targets sustainable economic growth. 

“Pakistan’s Minister for Commerce highlighted Pakistan’s strategic location, growing economy and investment-friendly policies, inviting Cambodian businesses to explore opportunities in agriculture, textiles, pharmaceuticals and tourism,” Pakistan’s Commerce Ministry said. 

The minister stressed Pakistan’s efforts to improve ease of doing business and its potential as a gateway to key markets in South Asia, Central Asia and the Middle East.

The ministry further said Khan and Cambodian Commerce Minister Cham Nimul discussed mutual interests such as trade, health, banking, agriculture, aviation and customs. 

She appreciated the first JTC meeting between the two sides and expressed interest in visiting Pakistan for the second JTC meeting after Khan extended her a formal invitation. 

Nimul called for exploring joint ventures to leverage regional opportunities, highlighting Cambodia’s market access within the Association of Southeast Asian Nations (ASEAN) region, Pakistan’s commerce ministry said. 

“Both countries also expressed interest in MoUs for aviation, banking, and customs cooperation,” the statement said. 

“With bilateral trade currently valued at $45.5 million, both sides acknowledged significant untapped potential and committed to building stronger ties.”

The ministry said both sides will appoint focal persons to expedite negotiations for signing MoUs aimed at enhancing cooperation. 

Additionally, Pakistan and Cambodia also agreed to share trade-related information, organize trade delegations and facilitate their respective business communities.