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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 urges Afghanistan to boost border security as infiltration attempt kills five

Updated 8 sec ago
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Pakistan urges Afghanistan to boost border security as infiltration attempt kills five

  • Military says four TTP fighters and a soldier were killed as militants tried to enter Pakistani territory
  • Statement comes after media reported a deadly attack on a military outpost that killed 16 soldiers
Updated 8 sec ago
Arab News Pakistan

ISLAMABAD: The Pakistan military on Saturday urged the Taliban administration in Kabul to ensure robust border management after a group of militants tried to infiltrate from Afghanistan, leading to a skirmish that left four infiltrators and a soldier dead.
Relations between Islamabad and Kabul have deteriorated in recent years as militant violence surged in Pakistan, fueled by attacks from Tehreek-e-Taliban Pakistan (TTP) militants in the northwestern Khyber Pakhtunkhwa province.
Pakistani officials blame the TTP for the escalating violence, accusing the Afghan authorities of turning a blind eye to militants using their territory to launch cross-border attacks.
However, Kabul denies these allegations, insisting that Pakistan’s internal security is its own responsibility.
“On night 19/20 December, movement of a group of khwarij [TTP militants], trying to infiltrate through Pakistan-Afghanistan border, was picked up by the security forces in general area Rajgal, Khyber District,” the military’s media wing, Inter-Services Public Relations, said in a statement. “Own troops effectively engaged and thwarted their attempt to infiltrate. Resultantly, four Khwarij were sent to hell.”
The statement noted that one of the soldiers, Sepoy Amir Sohail Afridi, also lost his life amid intense exchange of fire.
“Pakistan has consistently been asking Interim Afghan Government to ensure effective border management on their side of the border,” it continued. “Interim Afghan Government is expected to fulfil its obligations and deny the use of Afghan soil by Khwarij for perpetuating acts of terrorism against Pakistan.”
The ISPR statement comes after media reported a deadly attack on a military outpost in Khyber Pakhtunkhwa which was targeted by 30 militants from three sides. According to anonymous intelligence sources, the attack left 16 soldiers dead. The TTP claimed responsibility for targeting the outpost in a statement that described the attack as a retaliation to the recent killings of its top commanders.
The Pakistan military reiterated in its statement it remained committed to securing the borders. It added that its soldiers would also fight to eliminate the menace of militant violence.

Topics: Pakistan Afghanistan border Pakistan Afghanistan Ties militancy in Pakistan Tehreek e Taliban Pakistan

Pakistan Taliban claim raid killing 16 soldiers in northwestern province

Updated 21 December 2024
AFP
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Pakistan Taliban claim raid killing 16 soldiers in northwestern province

  • Officials confirm privately militants set fire to the wireless communication equipment, documents
  • Pakistan’s military has not issued a statement on the siege of its outpost that lasted for two hours
Updated 21 December 2024
AFP

ISLAMABAD: The Pakistani Taliban claimed a brazen overnight raid on an army outpost near the border with Afghanistan on Saturday, which intelligence officials said killed 16 soldiers and critically wounded five more.
The siege started after midnight and lasted about two hours as around 30 militants pummelled the mountainous outpost from three sides, one senior intelligence official told AFP on condition of anonymity.
“Sixteen soldiers were martyred and five were critically injured in the assault,” he said. “The militants set fire to the wireless communication equipment, documents and other items present at the checkpoint.”
A second intelligence official also anonymously confirmed the toll of dead and wounded in the attack in the Makeen area of Khyber Pakhtunkhwa province, 40 kilometers (24 miles) from the Afghan border.
Pakistan’s domestic chapter of the Taliban claimed the attack in a statement, saying it was staged “in retaliation for the martyrdom of our senior commanders.”
The group claimed to have seized a hoard of military gear including machine guns and a night vision device.
Pakistan’s military has not yet issued a statement on the incident.
Pakistan has been battling a resurgence of militant violence in its western border regions since the Taliban’s 2021 return to power in Afghanistan.
Islamabad accuses Kabul’s rulers of failing to root out militants staging attacks on Pakistan from over the border.
The Pakistani Taliban — known as Tehreek-e-Taliban Pakistan (TTP) — share a common ideology with their Afghan counterparts who surged back to power three years ago.
Kabul’s new rulers have pledged to evict foreign militant groups from Afghan soil.
But a UN Security Council report in July estimated up to 6,500 TTP fighters are based there — and said “the Taliban do not conceive of TTP as a terrorist group.”
The report said the Afghan Taliban show “ad hoc support to, and tolerance of, TTP operations, including the supplying of weapons and permission for training.”
The spike in attacks has soured Islamabad-Kabul relations. Security was cited as one reason for Pakistan’s campaign last year to evict hundreds of thousands of undocumented Afghan migrants.
 

Topics: Pakistan attack Militant attack Arab News Pakistan

Pakistan military sentences 25 to prison over May 9 violence, with more verdicts expected

Updated 14 min 47 sec ago
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Pakistan military sentences 25 to prison over May 9 violence, with more verdicts expected

  • The sentencing is likely to raise concerns among PTI since Imran Khan faces charges of inciting people
  • The ISPR says justice will truly be served when the ‘mastermind and planners’ of May 9 are punished
Updated 14 min 47 sec ago
NAIMAT KHAN

KARACHI: The Pakistan military on Saturday sentenced 25 people to prison for participating in the violent protests that erupted on May 9, 2023, when hundreds carrying the party flags of former Prime Minister Imran Khan attacked government buildings and vandalized military properties.
The protests, which broke out in different Pakistani cities, followed Khan’s brief detention on corruption charges from an Islamabad court, resulting in damage to major military facilities and martyrs’ monuments.
Subsequently, hundreds of leaders and supporters of Khan’s Pakistan Tehreek-e-Insaf (PTI) party were imprisoned, despite their denial of involvement in violence and claims that the May 9 incident was a “false flag” operation aimed at crushing their party.
The government and military also asserted they had gathered ample evidence that the attack on the country’s most powerful institution was carefully planned and executed by the PTI leadership, sharing videos of the attacks showing people setting fire to government and military properties.
“On 9 May 2023, nation witnessed tragic incidents of politically provoked violence and arson at multiple places, marking a dark chapter in the history of Pakistan,” the military’s media wing, Inter-Services Public Relations (ISPR), said in a statement, listing down names of all 25 people with sentences ranging from two to 10 years. “Building on a sustained narrative of hate and lies, politically orchestrated attacks were carried out on the installations of the Armed Forces including desecration of the monuments of Shuhada [martyrs].”
It informed that it gathered “irrefutable evidence” against these people after conducting investigations to prosecute those arrested in the wake of the incident. “This is an important milestone in dispensation of justice to the nation,” the ISPR added. “It is also a stark reminder to all those who are exploited by the vested interests and fall prey to their political propaganda and intoxicating lies, to never take law in own hands ever in the future.”
The statement informed the military would share the details of other individuals whose cases had also been referred to the Field General Court Martial.
The ISPR said its announced followed a ruling by a seven-member Constitutional Bench of the Supreme Court of Pakistan on December 13 in which it allowed the military courts to share its verdict.
Prior to that, the court had unanimously declared last year that prosecuting civilians in military courts was in violation of the Constitution.
The sentencing of 25 individuals is likely to raise concerns among supporters of Imran Khan, who faces charges of inciting attacks against the armed forces and may potentially be tried in a military court.
The ISPR noted that many accused in the May 9 attacks are also facing trials in various anti-terrorism courts.
“However, justice would truly be fully served once the mastermind and planners of 9th May Tragedy are punished as per the Constitution and laws of the land,” it added.
The statement highlighted the significance of establishing “inviolable writ of the State,” as it pointed out that all convicts retained the right to appeal, as guaranteed by the law and the constitution.

Topics: Pakistan Army May 9 protests PTI

Scoop of deceit: Pakistan’s competition watchdog freezes multinationals’ misleading ice cream ads

Updated 21 December 2024
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Scoop of deceit: Pakistan’s competition watchdog freezes multinationals’ misleading ice cream ads

  • Manufacturers of “Walls” and “Omore” have been penalized for passing off ‘frozen desserts’ as ice cream
  • The Competition Commission of Pakistan has imposed Rs75 million of fine on each of the two companies
Updated 21 December 2024
NAIMAT KHAN

KARACHI: In a chilling blow to “deceptive marketing,” the Competition Commission of Pakistan (CCP) on Friday imposed a hefty fine of Rs75 million ($269,530) each on two multinational companies, Unilever Pakistan and Friesland Campina Engro, for misleading consumers by advertising their products as “ice cream.”
The CCP took action following a complaint by Pakistan Fruit Juice Company, the manufacturer of “Hico,” which objected to the marketing practices adopted by its rivals.
The CCP maintained that the two companies were selling “frozen desserts” while passing them off as ice cream, a distinct product category made from milk, cream or other dairy products.
“It is held that a false and misleading impression of ‘frozen dessert’ as ‘ice cream’ was created and continued by the Respondents through their advertisements, in order to make the consumers believe that ‘frozen dessert’ products are also ‘ice cream,’” the CCP said in its written order.
“The Respondents advertised, labelled and marketed their products without disclosing the true nature of their products as frozen desserts,” it continued, adding that the two companies “took economic advantage of their deceptive marketing
practices to the detriment of consumers welfare.”
The CCP’s ruling referenced the Pakistan Standards and Quality Control Authority (PSQCA) and the Punjab Pure Food Regulations 2018, which define “frozen dessert” and “ice cream” as distinct products.
According to these standards, “ice cream” is made from milk, cream, or other dairy products, while “frozen desserts” are prepared from a pasteurized mix consisting of edible vegetable oils and other ingredients.
The CCP also noted that other countries, including the US, India and Australia, maintain the same standards, where the term “ice cream” can only be applied to dairy-based products.
The commission instructed the companies to stop their current marketing practices and remove advertisements presenting frozen desserts as ice cream.
It instructed them to provide clear disclosures about their products’ nature and ingredients, adding that failure to comply with the verdict within 30 days would result in additional fines.
 

Topics: Pakistan Walls Unilever Friesland ice cream Omore Arab News Pakistan

Government to form committee to negotiate with Imran Khan’s party ‘within days’ — adviser

Updated 21 December 2024
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Government to form committee to negotiate with Imran Khan’s party ‘within days’ — adviser

  • Rana Sanaullah says all outstanding issues causing political polarization can come under discussion
  • Khan has threatened civil disobedience if the government doesn’t implement his demands by Dec. 22
Updated 21 December 2024
Arab News Pakistan

ISLAMABAD: The government will set up a committee “in a day or two” to negotiate with the opposition Pakistan Tehreek-e-Insaf (PTI) party, said the adviser to the country’s prime minister on political affairs on Friday, adding it was possible to discuss all outstanding issues causing political polarization in the country.

The move comes as PTI founder and former Pakistan premier, Imran Khan, threatened to launch civil disobedience by asking overseas nationals, who widely support his party, to stop sending remittances if the government does not implement his demands, including the release of political prisoners, by Dec. 22.

Khan himself remains incarcerated for over a year on charges that he says are politically motivated to keep him away from power. He has also demanded judicial commissions to investigate protests on May 9 last year and Nov. 26 this year in which the government says supporters of PTI partook in violence and caused vandalism.

The ex-premier has already established a negotiating committee to talk to the government.

“The [National Assembly] Speaker [Ayaz Saddiq] has contacted Prime Minister Shehbaz Sharif in this regard,” Rana Sanaullah, Sharif’s political adviser, told Geo TV in an interview. “My own sense is that there will be a breakthrough on this [setting up on the negotiating committee] in another day or two.”

The country has remained in the grip of political unrest and uncertainty since Khan’s ouster from power in a parliamentary no-confidence vote, which also led to economic hardships for Pakistan.

The country’s national economy heavily depends on remittances by overseas Pakistanis who contributed about $30 billion in fiscal year 2023-24.

Khan has also warned the government not to project the PTI’s offer for negotiations as a sign of “surrender.”

Sanaullah said during his interview negotiations could help both sides find a way out of the current political impasse.

However, he said it was premature to say which ones of the PTI’s demands would be met.

“If they force us to accept these demands before the talks, then what is the need for these negotiations,” he asked.

Topics: Imran Khan PTI

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