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Saudi investment minister says 27 agreements worth $2 billion to be signed with Pakistan today

Saudi Arabia’s Investment Minister Khalid bin Abdulaziz Al-Falih speaks during the inauguration of Pak-Saudi Business Forum 2024 in Islamabad on October 10, 2024. (Photo courtesy: Urdu News)
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Updated 10 October 2024
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Saudi investment minister says 27 agreements worth $2 billion to be signed with Pakistan today

  • Al-Falih says Riyadh wants to give large share of $200 billion in annual construction, material procurement contracts to Pakistan
  • Al-Falih said trade between Pakistan and the Kingdom had increased by 80% from $3 billion in 2019 to $5.4 billion dollars currently
Updated 10 October 2024
SAIMA SHABBIR

ISLAMABAD: Saudi Arabia’s Investment Minister Khalid bin Abdulaziz Al-Falih said on Thursday 27 agreements and memorandums of understanding (MoU) worth $ 2 billion would be signed today, Thursday, with Pakistan, and the Kingdom hoped to give a large share of $200 billion in annual construction and material procurement contracts to Islamabad in the future. 
Al-Falih was addressing a joint business forum in Islamabad during a three-day visit with a delegation of over 130 members, including representatives from Saudi companies specializing in energy, mining, minerals, agriculture, business, tourism, industry, and manpower.
“Pakistani Prime minister will be speaking to the Saudi delegation later this evening and will be presiding over an exchange of agreements and MOUs totaling 27 that will be signed throughout the day,” Al Falih said as he addressed the Pak-Saudi Business Forum 2024. 
He said many of the $2 billion agreements had already been negotiated and agreed upon.
The investment minister said Saudi Arabia, the largest construction site in the world, would in the next few years be awarding construction and material procurement contracts to the tune of around $1.8 trillion.
Saudi Arabia is set to become the world’s largest construction market as the Kingdom pours vast amounts of money into projects aimed at overhauling and diversifying the economy. The country’s total construction output value is forecast to reach $181.5 billion by the end of 2028, up almost 30 percent from 2023 levels, according to a 2024 report by global property consultancy Knight Frank.
“Last year, the value of construction and EPC [engineering, procurement, and construction] procurement, including materials, was $150 billion, this year that’s $180 billion and it will be about $200 billion annually of contract and material procurement awards year after year,” Al-Falih said. 
“Fortunately for our partners here in Pakistan, a lot of the input into those contracts is going to be imported and we want it to be imported from Pakistan. All things being equal, in fact, we will compromise a little bit to make it come from Pakistan.”
Al-Falih said trade between Pakistan and the Kingdom had increased by 80 percent from $3 billion in 2019 to $5.4 billion dollars currently, adding that Saudi Arabia was “encouraged” by the number of Pakistani investment licenses, which had more than doubled in the last couple of years, reaching 2,000 Pakistani investors in Saudi Arabia. 
“The Foreign Direct Investment (FDI) stock in Saudi Arabia of Pakistani investment is already exceeding $1.6 dollars and we are committed to and extremely encouraged by the announcement by His Royal Highness the Crown Prince, committing the front end of Saudi investment into Pakistan, which is $5 billion,” the minister said.
Al-Falih’s visit to Islamabad comes as Pakistan seeks closer cooperation in trade, infrastructure, energy and other sectors with friendly countries and regional allies, with the aim to attract foreign investment and shore up its $350 billion economy, beset by a prolonged economic crisis that has drained foreign exchange reserves and weakened the national currency.
Pakistan and Saudi Arabia in particular have been working closely in recent months to increase bilateral trade and investment, with Crown Prince Mohamed bin Salman reaffirming the Kingdom’s commitment this year to expedite a $5 billion investment package for the South Asian country.
Last month, the International Monetary Fund’s board approved a long-awaited $7 billion bailout deal for Pakistan’s struggling economy. The IMF said the new program will require “sound policies and reforms” to strengthen macroeconomic stability and address structural challenges alongside “continued strong financial support from Pakistan’s development and bilateral partners.”
“STRATEGIC PARTNERSHIP”
Addressing the business forum, Pakistani Deputy Prime Minister Ishaq Dar said Pakistan had vast potential in sectors such as mining, information technology, agriculture, and renewable energy, inviting Saudi businesses to participate in “mutually beneficial” opportunities and ventures.

“The MOUs signed today include a wide range of sectors, mainly semiconductors, energy, livestock, manpower and IT and these MOUs are the result of dedicated follow-up by your side and our side, public and private sector entities, of the direction given by the leadership of both countries,” Dar said.
The deputy PM said Pakistanis were “eagerly awaiting” the visit of the Saudi Crown Prince Mohammed bin Salman to Pakistan. 
“This visit will not only further strengthen and put a strong bond in our strategic partnership but will also be a way for more collective efforts in various sectors we are currently located,” he added.

Inaugurating the forum, Pakistan’s Commerce Minister Jam Kamal said Pakistan would organize a single country exhibition in Jeddah in 2025 to promote its trade potential and attract investment.
“Pakistan’s exports are only two percent of Saudi Arabia’s total trade, and an increase in Pakistani exports to the Kingdom is essential,” he said, adding that Pakistani companies could play an important role in the construction, IT and agriculture sectors in the Kingdom.

Topics: Pakistan Saudi Ties Saudi investment in Pakistan Saudi Investment Minister Khalid Al-Falih

Pakistan’s defense minister reports ‘death threat’ to British police, received during subway ride

Updated 14 November 2024
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Pakistan’s defense minister reports ‘death threat’ to British police, received during subway ride

  • Individuals who heckled Khawaja Asif recorded a video, warning he could be stabbed with a knife
  • Pakistani ministers have also complained of harassment by Imran Khan’s followers in the past
Updated 14 November 2024
Arab News Pakistan

ISLAMABAD: Defense Minister Khawaja Asif has lodged a report with the British police over the alleged death threat and abuses hurled at him during a train ride in London, the Pakistan High Commission in the United Kingdom said on Thursday.
A viral video surfaced on social media a day earlier, showing an unidentified man hurling abuses at the Pakistani minister in the native Punjabi language, saying, “Take him away before someone stabs him with a knife.”
While Asif chose to ignore the incident and got off the next stop, he visited the Pakistan High Commission on Thursday to formally report the “death threat” to the UK police and demanding an investigation.
“Khawaja Muhammad Asif lodged a report of the train incident with the local police at the Pakistan High Commission,” said a statement released by the Pakistani diplomatic facility. “He informed the police about the details of the knife threat and harassment incident on the train.”
The incident that took place on the Elizabeth Line is now being investigated by the London Transport police, it added.
“I am on a private visit to London,” Asif was quoted as saying. “I was going to Reading via the Elizabeth Line with a loved one.”
He added that a family of three to four persons “harassed and threatened to kill with a knife and used abusive language” against him while making the video.
“I do not know anyone involved in the incident,” the Pakistan High Commission quoted him as saying. “London Transport Police should use CCTV footage to track down the suspects.”
Asif further said death threats and harassment were a “source of shame” for 1.7 million Pakistanis residing in the UK apart from British citizens.
This is not the first time Pakistani ministers belonging to Prime Minister Shehbaz Sharif’s coalition government, led by the Pakistan Muslim League Nawaz party, have been heckled or harassed in the UK.
In the past, Pakistan Information Minister Ataullah Tarar and Punjab Minister Marriyum Aurangzeb have endured the same treatment allegedly by the Pakistan Tehreek-e-Insaf party supporters of jailed former PM Imran Khan.
 

Topics: Khawaja Asif Pakistan’s defense minister Khawaja Asif

Seven killed in Pakistan’s northwest as militant’s car bomb explodes accidentally

Updated 14 November 2024
AP
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Seven killed in Pakistan’s northwest as militant’s car bomb explodes accidentally

  • The explosion took place in Mir Ali where a militant was fitting a bomb in a car at his residence
  • Blast damaged several nearby homes and wounded 14 people, with some in critical condition
Updated 14 November 2024
AP

PESHAWAR: A powerful car bomb accidentally detonated at the house of a Pakistani Taliban militant in northwestern Pakistan on Thursday, killing at least two children and five suspected militants, police said.
The explosion took place before dawn in the city of Mir Ali in Khyber Pakhtunkhwa province when a man identified a local commander of the militants, Rasool Jan, was fitting a bomb in a car at his house, police official Irfan Khan said.
He said other militants from the Pakistani Taliban group quickly arrived at the scene and removed the bodies of the insurgents who died. Authorities later found the bodies of two children in the rubble of the house, which collapsed in the explosion.
The blast also badly damaged several nearby homes and wounded 14 people, including women. Some of the injured were in critical condition in a hospital, Khan said, but he did not provide details.
The Pakistani Taliban and other insurgents in the region often target security forces with assault rifles, rockets, grenades and suicide car bombings, and Khan said it appeared the car bomb was being prepared for such an attack.
The Pakistani Taliban, known as Tehreek-e-Taliban Pakistan, are separate from the Afghan Taliban but have been emboldened by the group’s takeover of Afghanistan in 2021.
Also Thursday, security forces raided a hideout of insurgents in Harnai, a district in restive southwestern Balochistan province, triggering an intense shootout in which a soldier and three insurgents were killed. During the operation, an army major was killed when a roadside bomb exploded near his vehicle, the military said in a statement.
Pakistan’s President Asif Ali Zardari and Prime Minister Shehbaz Sharif paid tribute to whom they called the “martyred soldiers” in separate statements. They said the fight against terrorism will continue until the elimination of all insurgents.
 

Topics: Pakistani Taliban car bomb car bombing

Pakistan, Russia call for regional collaboration on Afghanistan amid shared security concerns

Updated 14 November 2024
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Pakistan, Russia call for regional collaboration on Afghanistan amid shared security concerns

  • The call comes as Moscow’s special representative for Afghanistan visits Pakistan for a day
  • Despite security issues, Afghanistan’s neighboring states view its stability as vital for progress
Updated 14 November 2024
SAIMA SHABBIR

ISLAMABAD: Pakistan and Russia on Thursday called for greater collaboration among regional states to address the situation in Afghanistan, amid shared concerns over militant violence emanating from the war-torn country.
The call came during a visit by Moscow’s special representative for Afghanistan, Ambassador Zamir Kabulov, who met with Pakistan’s foreign secretary, Amna Baloch, and held detailed discussions with the additional secretary, Ahmad Naseem Warraich, at the Ministry of Foreign Affairs in Islamabad.
“The two sides exchanged views on relations with Afghanistan and called for enhanced coordination among regional countries for a peaceful and prosperous Afghanistan,” the foreign office said. “The two sides agreed to remain engaged toward this end.”
The talks come as both nations grapple with security threats linked to Afghanistan. Russia has voiced alarm over Daesh and its attacks, including a concert bombing in Moscow earlier this year that was linked to militants with ties to Afghanistan.
While the Afghan Taliban and Daesh are sworn enemies, Pakistan accuses the Afghan administration of facilitating the Tehreek-e-Taliban Pakistan (TTP), a proscribed militant network blamed for cross-border attacks, an allegation Kabul denies.
Pakistan’s approach to Afghanistan has grown increasingly confrontational since last year as it pressures Kabul to rein in the TTP. By contrast, Russia announced last month it would remove the Taliban from its list of terrorist organizations, signaling a step toward normalizing ties with Afghanistan’s rulers.
Beyond security, Russia is keen to retain its influence in Central Asia and engage in Afghanistan’s economic reconstruction, particularly in energy and infrastructure projects.
Initiatives such as the Turkmenistan-Afghanistan-Pakistan-India (TAPI) Gas Pipeline and the Trans-Afghan Railway remain key priorities for Moscow, though persistent security challenges have delayed progress.
For Pakistan also, Afghanistan is critical for regional connectivity. Islamabad has offered landlocked Central Asian nations access to its ports, aiming to facilitate trade with global markets via sea routes.
Despite security concerns shared by Afghanistan’s neighboring countries, its stability is viewed as vital to unlocking the economic potential of regional projects.
 

Topics: Pakistan Russia Ties Pakistan Afghanistan Ties

PM Sharif urges nation to perform rain prayers as toxic smog chokes Pakistani cities

Updated 14 November 2024
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PM Sharif urges nation to perform rain prayers as toxic smog chokes Pakistani cities

  • Shehbaz Sharif urges Islamic scholars to play their role in organizing ‘Istisqa’ prayers across the country
  • Toxic smog has enveloped Pakistan’s cultural capital, Lahore, and 17 other districts of Punjab province
Updated 14 November 2024
SAIMA SHABBIR

ISLAMABAD: Prime Minister Shehbaz Sharif has urged the nation to perform prayers for rainfall, calling on Islamic scholars to take the lead in organizing “Istisqa” prayers, his office announced on Thursday, as worsening air quality continues to endanger the health of millions.
The Istisqa prayer is a special Islamic ritual performed to seek rain, primarily during times of drought or severe water shortages. It symbolizes the community’s humility, repentance and reliance on divine mercy for sustenance.
Toxic smog has enveloped Pakistan’s cultural capital, Lahore, and 17 other districts in Punjab since last month. Health officials report that more than 40,000 people have sought treatment for respiratory illnesses, prompting Punjab authorities to close schools until November 17 to safeguard children’s health.
“PM Sharif appeals to the nation to offer Istisqa prayers for rain,” his office announced in a statement. “Scholars should especially play their role in organizing Istisqa prayers.”
The prime minister noted the rainfall would improve the environment apart from aiding in getting rid of diseases.
“Istisqa prayers should be organized in all mosques under the auspices of the federal government and the provinces,” he was quoted as saying. “In the current situation, there is a dire need for rain.”
A day earlier, Pakistan’s Meteorological Department forecast light rains from Nov. 14-16 in most districts of the country’s populous Punjab province.
The UN children’s agency has warned that the health of 11 million children in Punjab is in danger due to air pollution.
South Asia, particularly India and Pakistan, gets shrouded in intense pollution every winter as cold air traps emissions, dust, and smoke from farm fires.
Pollution could cut more than five years from people’s life expectancy in the region, according to a University of Chicago’s Energy Policy Institute study last year.
 

Topics: Shehbaz Sharif Pakistan Prime Minister Shehbaz Sharif Pakistan rain Pakistan rains Pakistan Smog

Pakistan signs four-year pact with Global Green Growth Initiative to boost climate resilience

Updated 14 November 2024
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Pakistan signs four-year pact with Global Green Growth Initiative to boost climate resilience

  • The agreement will help Pakistan’s transition to a green economy, address water scarcity and deforestation
  • Pakistan has ranked as the fifth most vulnerable country to climate change, with its cities engulfed in smog
Updated 14 November 2024
Arab News Pakistan

ISLAMABAD: Pakistan has signed a four-year country program framework agreement with an international green economy organization to advance its sustainable development goals by enhancing climate resilience through green growth initiatives, according to an official statement released on Thursday.
The agreement was signed by Pakistan’s Climate Change Ministry Secretary, Aisha Humera Moriani, and the Global Green Growth Initiative’s (GGGI) Deputy Director-General, Helena McLeod, during a formal ceremony at the United Nations-led Global Climate Conference (COP29) in Baku, Azerbaijan.
Pakistan ranks as the fifth most vulnerable country to climate change, according to the Global Climate Risk Index. In 2022, catastrophic floods claimed over 1,700 lives, affected more than 33 million people, and caused economic losses exceeding $30 billion.
While international donors pledged over $9 billion last January to help Pakistan recover from the devastating floods, officials report that little of the pledged amount has been disbursed so far.
“The Ministry of Climate Change & Environmental Coordination and GGGI has signed a four-year Country Programme Framework agreement to advance Pakistan’s sustainable development goals through targeted climate action and green growth interventions,” said the official statement.
On the occasion, McLeod said her organization aimed to facilitate Pakistan’s transition to a green economy through collaboration with national stakeholders to address water scarcity, deforestation and energy challenges “compounded by climate change effects.”
Prime Minister Shehbaz Sharif’s Coordinator on Climate Change Romina Khurshid Alam thanked the GGGI for engaging with Pakistan to “mobilize green finance, support climate action frameworks and promote investment” to achieve climate resilience.
Pakistan also regularly faces other climate change-induced effects such as droughts, cyclones, torrential rainstorms and heatwaves.
Currently, record-high air pollution levels have triggered hundreds of hospitalizations, school closures and stay-at-home orders in the eastern city of Lahore and other cities in the populous Punjab province, which has been enveloped in thick, toxic smog since last month.
A mix of low-grade fuel emissions from factories and vehicles, exacerbated by agricultural stubble burning, blanket Lahore and its surroundings each winter, trapped by cooler temperatures and slow-moving winds.
The city of 14 million people stuffed with factories on the border with India regularly ranks among the world’s most polluted cities, but it has hit record levels this month, as has New Delhi.
 

Topics: COP 29 Ministry of Climate Change Pakistan Arab News Pakistan

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