Search form

You are here

  • Home
  • Gulf countries have identified $19 billion investment portfolio for Pakistan — planning minister


Gulf countries have identified $19 billion investment portfolio for Pakistan — planning minister

A man enters a foreign currency exchange shop in Islamabad on July 11, 2023. (AFP/File)
Short Url

https://arab.news/m2qsb

Updated 21 November 2024
Follow

Gulf countries have identified $19 billion investment portfolio for Pakistan — planning minister

  • Pakistan has been pushing for foreign investment in recent months in a bid to shore up its $350 billion economy
  • Rollovers, loans from Saudi Arabia, UAE, China have helped Pakistan meet external financing needs in the past
Updated 21 November 2024
Fatimah Amjad

ISLAMABAD: Planning Minister Ahsan Iqbal said on Thursday Gulf nations like Saudi Arabia and the UAE, among others, had identified a $19 billion investment portfolio for Pakistan, while China was now entering phase two of a multi-billion-dollar economic corridor project. 

Pakistan has been pushing for foreign investment in recent months in a bid to shore up its $350 billion economy as it navigates a tough reforms agenda mandated by the International Monetary Fund (IMF).

“The world, which was viewing Pakistan as a failed economy, is once more looking at Pakistan with hope,” Iqbal said as he addressed a ceremony in Islamabad. 

“China is extending its hand in the form of phase two of CPEC [China-Pakistan Economic Corridor]. Our friendly nations, Gulf countries, which include Saudi Arabia, UAE, Kuwait, Qatar, Azerbaijan, they have together identified a $19 billion portfolio under which they can invest in Pakistan. So, all these opportunities are once again knocking at our door.”

Rollovers or disbursements on loans from Pakistan’s long-time allies Saudi Arabia, the United Arab Emirates and China, in addition to financing from the IMF, have helped Pakistan meet its external financing needs in the past.

Last month, Pakistan and Saudi Arabia signed investment agreements worth $2.8 billion while Crown Prince Mohammed bin Salman has pledged to expedite a $5 billion investment portfolio for Islamabad.

The UAE committed this May it would invest $10 billion in promising economic sectors. Prime Minister Shehbaz Sharif also said this week Azerbaijan had pledged to invest $3 billion in multiple sectors of Pakistan’s economy. 

Pakistan and the IMF signed a $7 billion loan program in September. 

Pakistan’s economy has struggled for decades with boom-and-bust cycles, needing 23 IMF bailouts since 1958.

Topics: Pakistan Saudi investment in Pakistan

Pakistan says 30% of its vehicles will be electric by 2030

Updated 19 sec ago
Follow

Pakistan says 30% of its vehicles will be electric by 2030

  • Hybrid electric vehicle sales in Pakistan have more than doubled in past year
  • Global EV giant BYD Group has obtained manufacturing license in Pakistan
Updated 19 sec ago
Arab News Pakistan

ISLAMABAD: Privatization Minister Abdul Aleem Khan said on Thursday 30% of vehicles in Pakistan would be converted to electric by 2030, state media widely reported, as the South Asian country takes step to combat air pollution and other climate change effects. 

The minister was echoing the government’s New Energy Vehicle (NEV) policy released on Wednesday, which is aimed at transitioning 30 percent of all new vehicles — imported and locally manufactured — to electric power by 2030.

Hybrid electric vehicle sales in Pakistan have more than doubled in the past year. BYD Pakistan, a partnership between China’s BYD and Pakistani car group Mega Motors, said in September up to 50 percent of all vehicles bought in Pakistan by 2030 will be electrified in some form in line with global targets.

Warren Buffett-backed Chinese electric vehicle giant BYD announced its entry into Pakistan in August, making the nation of 250 million people one of its newest markets.

“Pakistan aims to convert thirty percent of its vehicles to electric by 2030,” Khan said as he addressed the “Transport and Digital Middle Corridor and Beyond” session at the ongoing UN COP29 summit in Baku.

“Significant steps are underway to support the widespread adoption of electric vehicles in Pakistan … the government is actively working on infrastructure development for EVs, including the installation of charging stations.”

Local media reported in August that standards for EV charging stations had been drafted by the power ministry, with the government considering offering them affordable electricity.

Under the new EV policy, the government has introduced subsidies of Rs50,000 for electric motorcycles and Rs200,000 for three-wheelers like rickshaws, with a total allocation of Rs4 billion. These subsidies will be distributed through auctions. So far, two companies have been granted licenses, and 31 more applications are under review.

The policy also incorporates a reduction in the policy rate from 22 to 15 percent, with financing available at a 3 percent Kibor (Karachi Interbank Offered Rate) and the government covering the financial cost. Consumers will pay monthly installments of around Rs9,000 over two years, an amount lower than their projected fuel savings.

A Credit Loss Guarantee managed by the Finance Division will ensure no financial burden on the Ministry of Industries or consumers.

Additional initiatives include offering free electric bikes or scooters to 120 high-achieving students and reducing duties on EV components to encourage local manufacturing. The government is also set to establish a New Energy Fund and a New Energy Vehicle Center to support these measures.

BYD Pakistan is collaborating with two oil marketing companies to establish a charging infrastructure network and aims to establish 20 to 30 charging stations within the initial phases concurrent with the rollout of its cars.

BYD Pakistan will initially sell fully assembled vehicles, which are subject to higher import charges than vehicles shipped in parts and assembled locally. Dewan Motors is also set to launch its EVs under the completely knocked down (CKD) license.

Topics: EV Pakistan

Pakistan voices ‘deep regret’ as US vetoes UN Security Council resolution on Gaza ceasefire

Updated 21 November 2024
Follow

Pakistan voices ‘deep regret’ as US vetoes UN Security Council resolution on Gaza ceasefire

  • 15-member UN council voted on a resolution put forward by 10 non-permanent members 
  • Only US voted against, using its veto as permanent council member to block resolution
Updated 21 November 2024
Arab News Pakistan

ISLAMABAD: Pakistan on Thursday expressed “deep regret” over the United States vetoing a UN Security Council resolution for a ceasefire in Gaza, which has drawn criticism of the Biden administration for once again blocking international action aimed at halting Israel’s war in the besieged enclave. 

The 15-member council voted on a resolution put forward by 10 non-permanent members that called for an “immediate, unconditional and permanent ceasefire” in the 13-month conflict and separately demanded the release of hostages. Only the US voted against it, using its veto as a permanent council member to block the resolution.

“We deeply regret that even now a resolution calling for an immediate and unconditional ceasefire has been vetoed by the sole negative vote of a permanent member of the Council,” Pakistan’s Permanent Representative to the UN, Munir Akram, told the state APP news agency. 

Robert Wood, deputy US ambassador to the UN, said Washington had made clear it would only support a resolution that explicitly called for the immediate release of hostages as part of a ceasefire.

“A durable end to the war must come with the release of the hostages. These two urgent goals are inextricably linked. This resolution abandoned that necessity, and for that reason, the United States could not support it,” he said.

Wood said the US had sought compromise, but the text of the proposed resolution would have sent a “dangerous message” to Hamas that “there’s no need to come back to the negotiating table.”

Israel’s campaign in Gaza has killed nearly 44,000 people and displaced nearly all of the enclave’s population at least once. It was launched in response to an attack by Hamas fighters who killed 1,200 people and captured more than 250 hostages in Israel on Oct. 7, 2023.

With inputs from Reuters

Topics: Pakistan UN US Gaza ceasefire Arab News Pakistan

Two new species of cobia fish found off Gwadar coast in northern Arabian Sea

Updated 21 November 2024
Follow

Two new species of cobia fish found off Gwadar coast in northern Arabian Sea

  • New study published in the peer-reviewed academic journal Zoologischer Anzeiger
  • Research team found species during study of commercially popular black king cobia 
Updated 21 November 2024
Arab News Pakistan

ISLAMABAD: Two newly identified species of the cobia fish have been found off Pakistan’s Gwadar coast in the northern Arabian Sea, according to a new study published in the peer-reviewed academic journal Zoologischer Anzeiger, whose latest edition came out this month.

The cobia is a species of marine carangiform ray-finned fish, whose other common names include black kingfish, black salmon, ling, lemonfish, crabeater, prodigal son, codfish, and black bonito.

“This study describes two newly identified species, Rachycentron blochii sp. nov. and Rachycentron makranesis sp. nov. from Gwadar in the northern Arabian Sea,” said the study, authored by Dr. Sher Khan Panhwar and Dr. Imtiaz Kashani, professors at the Center of Excellence in Marine Biology at the University of Karachi.

“The newly discovered species differ significantly from their relatives in multiple morphological traits, such as head profile, mouth, pectoral fin, caudal fin, caudal peduncle, dorsal and anal fin bases, gill rakers, and body coloration.”

The recent finding increases the number of cobia species in the northern Arabian Sea, Pakistan, the study says, presenting information on the species’ biological and ecological aspects such as feeding habits, age assessment, habitat preferences and fishery-related details.

The research was financially supported by the Higher Education Commission of Pakistan through its National Research Programme for Universities project.

“At first glance, I thought it was another black king cobia but when I looked closer at the markings on its body, I knew it was different,” Dr. Panhwar told Pakistan’s Dawn newspaper, explaining that he was traveling with students on a routine survey of the Gwadar fish harbor last year when he spotted the new species. The team was there to study the black king cobia or Rachycentron canadum, a commercially popular large fish found around the world.

Fresh specimens weighing between 4 and 7 kg were immediately cooled in dry-ice and packed into ice boxes for transportation to the fisheries laboratory at the University of Karachi, some 650km away from the Gwadar harbor.

Back at the laboratory, Dr. Pan­hwar and his colleague Dr. Kashani analyzed the unusual cobias, examining their appearance, dissecting them, and comparing them with the typical species. 

The two new species have been named the Blotchy Cobia, a nod to the large gray markings found on its body as well as to the Balochi language spoken in the region. The other one will be called Makran Cobia, named after the Makran coast where it was found.

“At this time, these species of cobia have only been spotted in Pakistan,” Panhwar told Dawn.

Topics: Gwadar coast Arabian Sea Pakistan Cobia

After bail in state gifts case, new charges filed against Pakistan’s Imran Khan

Updated 21 November 2024
Follow

After bail in state gifts case, new charges filed against Pakistan’s Imran Khan

  • Khan has been named in case relating to alleged violence by his supporters during a rally in September 
  • Khan, who has been in jail since August 2023, says all cases against him are politically motivated 
Updated 21 November 2024
Hasaan Ali Khan

ISLAMABAD: Rawalpindi police said on Thursday they had filed fresh charges against former Pakistani Prime Minister Imran Khan related to violence at a party rally in September, a day after a court granted the ex-premier bail in a case involving the illegal sale of gifts from a state repository. 

On Wednesday, the Islamabad High Court granted Khan bail in the new Toshakhana case, filed in July and involving a jewelry set worth over €380,000 gifted to the former first lady by a foreign dignitary when Khan was prime minister from 2018-2022. The couple is accused of undervaluing the gift and buying it at a lesser price from the state repository.

Before the new case was filed, Khan, who has been in jail since last August, was convicted in four cases. Two of the cases have since been suspended, including an original one relating to state gifts, while he was acquitted in the remaining two.

“A case has been registered for arson, stone pelting, resisting the police, damage to government property and other incidents,” Rawalpindi Police announced on X, reading the charges against Khan in connection to a protest held by his Pakistan Tehreek-e-Insaf (PTI) party in September. 

“Investigation team headed by SSP Investigation is investigating Imran Khan. Khan will be produced in court to obtain physical remand.”

Charges have also been filed in the case against Khyber Pakhtunkhwa Chief Minister Ali Amin Gandapur and a number of PTI leaders, including Seemabia Tahir, Amir Mughar and Aliya Hamza.

The police report of the case, which was filed on Sept. 28, the day of the rally, lists terrorism, attempted murder, vandalism, destruction of public and state property, and interference in government operations as the main charges. It says participants of the PTI rally created unrest, obstructed public access by burning tires and caused difficulties for citizens.

It also charges PTI leaders and supporters of raising anti-government slogans, hurling stones at the police and attacking them with iron rods during the protest.

Several police vehicles were damaged by PTI rallygoers and one police officer was injured, the report says.

Khan was in prison when the Sept. 28 rally took place. The former premier denies any wrongdoing, and alleges all the cases registered against him since he was removed from power in 2022 are politically motivated to keep him in jail.

Topics: Imran Khan PTI state gifts case Arab News Pakistan

Pakistani PM thanks King Salman, Gates foundations for global anti-polio efforts

Updated 21 November 2024
Follow

Pakistani PM thanks King Salman, Gates foundations for global anti-polio efforts

  • Pakistan, along with neighboring Afghanistan, remains last polio-endemic country in the world
  • This year, 50 cases have been reported in Pakistan so far, a majority in Balochistan province 
Updated 21 November 2024
SAIMA SHABBIR

ISLAMABAD: Pakistani Prime Minister Shehbaz Sharif on Wednesday met a delegation of the Polio Oversight Board in Islamabad and thanked the King Salman and Bill & Melinda Gates foundations, among others, in their global efforts for polio eradication.

Pakistan, along with neighboring Afghanistan, remains the last polio-endemic country in the world. The nation’s polio eradication campaign has hit serious problems with a spike in reported cases this year that has prompted officials to review their approach to stopping the crippling disease.

Poliovirus, which can cause crippling paralysis particularly in young children, is incurable and remains a threat to human health as long as it has not been eradicated. Immunization campaigns have succeeded in most countries and have come close in Pakistan, but persistent problems remain.

“The Prime Minister thanked the King Salman Foundation, Bill & Melinda Gates Foundation, Rotary Foundation, UNICEF and CDC, which are partners with the Government of Pakistan in the polio eradication campaign,” Sharif’s office said in a statement after the meeting. 

“The role of all these organizations reflects the global efforts in the polio eradication campaign.”

This year, 50 cases have been reported in Pakistan: 24 from Balochistan province, 13 from Sindh, 10 from KP and one each from Punjab and Islamabad. 

In the early 1990s, Pakistan reported around 20,000 cases annually but in 2018 the number dropped to eight cases. Six cases were reported in 2023 and only one in 2021. 

Pakistan’s polio eradication program began in 1994, and the number of cases has declined dramatically since then. But efforts to eradicate the virus have for years been undermined by vaccine misinformation and opposition from some religious hard-liners, who say immunization is a foreign ploy to sterilize Muslim children or a cover for Western spies. Militant groups also frequently attack and kill members of polio vaccine teams. 

In July 2019, a vaccination drive in Khyber Pakhtunkhwa was thwarted after mass panic was created by rumors that children were fainting or vomiting after being immunized.

Public health studies in Pakistan have shown that maternal illiteracy and low parental knowledge about vaccines, together with poverty and rural residency, are also factors that commonly influence whether parents vaccinate their children against polio.

Pakistan’s chief health officer this month said an estimated 500,000 children had missed polio vaccinations during a recent countrywide inoculation drive due to vaccine refusals. 

Topics: King Salman Gates foundations anti-polio program

Latest updates

Pakistan says 30% of its vehicles will be electric by 2030
US envoy to meet Israel’s Netanyahu on Thursday: spokesman
Dozens feared dead in Gaza after Israeli strikes
Pakistan voices ‘deep regret’ as US vetoes UN Security Council resolution on Gaza ceasefire
Gulf countries have identified $19 billion investment portfolio for Pakistan — planning minister

Search form

Print Edition
Read pdf version Subscribe now
© 2024 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement.