ISLAMABAD: Pakistan and the United Arab Emirates have agreed to foster their bilateral cooperation in trade, investment, energy and other sectors, the Pakistani foreign office said late Friday, amid Pakistan’s efforts to revive its $350 billion economy.
The statement came after Deputy Prime Minister Ishaq Dar’s meeting with his Emirati counterpart Sheikh Abdullah bin Zayed Al-Nahyan in Abu Dhabi, at which the two leaders engaged in discussions to further strengthen Pakistan-UAE fraternal ties.
The UAE is Pakistan’s third-largest trading partner after China and the United States, and a major source of foreign investment valued at over $10 billion in the last 20 years, according to the UAE’s foreign ministry.
Both countries have stepped up efforts in recent years to strengthen their economic relations. In Jan. 2024, Pakistan and the UAE signed multiple agreements worth more than $3 billion for cooperation in railways, economic zones and infrastructure.
“They explored avenues to enhance bilateral cooperation across key sectors, including trade, investment, energy, defense, and people-to-people connections,” the Pakistani foreign office said, following the meeting between DPM Dar and his Emirati counterpart.
“The two leaders agreed to maintain regular high-level engagements and consultations to further solidify bilateral ties and coordinate on regional and international issues of mutual concern.”
The development comes amid Islamabad’s efforts to forge closer ties, especially in trade and investment, with several Central Asian and Gulf nations as Pakistan treads a tricky path to economic recovery since avoiding a default in June 2023.
Policymakers in Pakistan consider the UAE an optimal export destination due to its geographical proximity, which minimizes transportation and freight costs while facilitating commercial transactions. It is also home to more than a million Pakistani expatriates, making it the second-largest Pakistani expatriate community worldwide and a major source of foreign workers’ remittances for Pakistan.
During the meeting, Dar reaffirmed Pakistan’s commitment to deepening its multifaceted partnership with the Emirates and highlighted the pivotal role of the Pakistani diaspora in the UAE, describing them as a bridge between the two nations.
“In response, Sheikh Abdullah bin Zayed Al-Nahyan reiterated the UAE’s steadfast commitment to strengthening its strategic relationship with Pakistan,” the Pakistani foreign office said.
“He acknowledged Pakistan’s significant contributions to regional stability and expressed appreciation for the positive role played by the Pakistani community in the UAE’s development.”
Pakistan, UAE resolve to foster cooperation in trade, investment, energy and other sectors
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Pakistan, UAE resolve to foster cooperation in trade, investment, energy and other sectors
- The UAE is Pakistan’s third-largest trading partner after China and the US, and a major source of foreign investment
- Policymakers in Pakistan consider the Gulf country an optimal export destination due to its geographical proximity
IFC to provide $400 million loan for Pakistan’s copper-gold Reko Diq mine
- The loan adds to a $300 million commitment announced in April, bringing the total to $700 million
- Reko Diq, one of the largest undeveloped copper-gold deposits, is being developed by Barrick Gold
ISLAMABAD: The International Finance Corporation will provide a $400 million subordinated loan for Pakistan’s Reko Diq copper-gold mine, according to an IFC disclosure on Friday.
The loan adds to a $300 million commitment announced in April, bringing IFC’s total financing for the project to $700 million. The estimated cost of the mine is $6.6 billion, to be funded through a mix of debt and equity from a consortium of lenders.
“The estimated total Project cost is $6.6bn, and it will be financed using a combination of debt and equity,” the disclosure said, adding that other parallel lenders will provide the remaining debt financing.
This type of loan, known as subordinated debt, is typically repaid after other senior loans and helps absorb more risk, making it easier for other lenders to invest.
Other financiers, including the US EXIM Bank, Asian Development Bank, Export Development Canada, and Japan’s JBIC, are also expected to join the financing package, project director Tim Cribb told Reuters in April.
Term sheets are expected to close by early in the third quarter. IFC chief Makhtar Diop said earlier this year that the institution was “doubling down” on Pakistan, with a focus on infrastructure, energy and natural resources.
Reko Diq, located in Balochistan, is one of the world’s largest undeveloped copper-gold deposits. It is being developed by Barrick Gold, which holds 50 percent, with the remainder split between Pakistan’s federal and provincial governments.
Production is expected to begin in 2028. Barrick has projected the mine will generate up to $74 billion in free cash flow over its estimated 37-year life.
Pakistan stocks drop over 1,900 points amid Israel-Iran tensions
- Analysts cite fears of broader regional escalation following Israeli strikes on Iran
- Israel struck Iran, claiming Tehran was “close” to developing a nuclear weapon
KARACHI: The Pakistan Stock Exchange (PSX) plunged more than 1,900 points on Friday, as investor sentiment soured following Israel’s strikes on Iran, triggering fears of wider regional escalation.
The benchmark KSE-100 index fell 1,949.56 points, or 1.57 percent, closing at 122,143.56, down from the previous close of 124,093.12.
Shares traded largely in the red, mirroring losses across regional and global markets after the Israeli attacks shook investor confidence, according to a market review by Pakistani brokerage Topline Securities.
“Geopolitical tensions after Israel’s attack in Iran weighed down on world equities, including the KSE100,” Raza Jafri, Head of Intermarket Securities, told Arab News. “In particular, if a geopolitical risk premium gets added to international oil prices on a prolonged basis, it could negatively affect the outlook for the current account deficit and inflation, given more than 25 percent of Pakistan’s import bill comprises of petroleum products.”
He noted that Pakistan was now “much more disciplined” economically, having avoided fuel subsidies and refrained from using foreign exchange reserves to support the currency. This, he said, would help the country better withstand a potential oil price shock than in the past.
Ahsan Mehanti, Chief Executive of Arif Habib Commodities Ltd, said stocks declined across the board in response to the strikes.
“Slump in global equities on geopolitical risks and weakening rupee played catalyst role in panic selling at PSX,” he said.
Israel launched strikes on Iran earlier on Friday, claiming Tehran was “very close” to developing a nuclear weapon. The attacks reportedly targeted nuclear facilities, scientists, and senior military commanders.
Pakistan stocks drop over 1,900 points amid Israel-Iran tensions
- Analysts cite fears of broader regional escalation following Israeli strikes on Iran
- Israel struck Iran, claiming Tehran was “close” to developing a nuclear weapon
KARACHI: The Pakistan Stock Exchange (PSX) plunged more than 1,900 points on Friday, as investor sentiment soured following Israel’s strikes on Iran, triggering fears of wider regional escalation.
The benchmark KSE-100 index fell 1,949.56 points, or 1.57 percent, closing at 122,143.56, down from the previous close of 124,093.12.
Shares traded largely in the red, mirroring losses across regional and global markets after the Israeli attacks shook investor confidence, according to a market review by Pakistani brokerage Topline Securities.
“Geopolitical tensions after Israel’s attack in Iran weighed down on world equities, including the KSE100,” Raza Jafri, Head of Intermarket Securities, told Arab News. “In particular, if a geopolitical risk premium gets added to international oil prices on a prolonged basis, it could negatively affect the outlook for the current account deficit and inflation, given more than 25 percent of Pakistan’s import bill comprises of petroleum products.”
He noted that Pakistan was now “much more disciplined” economically, having avoided fuel subsidies and refrained from using foreign exchange reserves to support the currency. This, he said, would help the country better withstand a potential oil price shock than in the past.
Ahsan Mehanti, Chief Executive of Arif Habib Commodities Ltd, said stocks declined across the board in response to the strikes.
“Slump in global equities on geopolitical risks and weakening rupee played catalyst role in panic selling at PSX,” he said.
Israel launched strikes on Iran earlier on Friday, claiming Tehran was “very close” to developing a nuclear weapon. The attacks reportedly targeted nuclear facilities, scientists, and senior military commanders.
Pakistan urges religious devotees to postpone travel to Iran, Iraq amid regional tensions
- A senior government official says currently there are an estimated 5,000 Zaireen in Iran
- Israel launched strikes against Iranian military and nuclear facilities earlier in the day
ISLAMABAD: Pakistan on Friday advised its citizens planning religious travel to Iran and Iraq to reconsider their plans, citing security concerns after Israeli strikes on Iranian military and nuclear facilities earlier in the day.
The advisory mentions Pakistani “Zaireen,” or Shi’ite Muslim pilgrims who travel to Iran and Iraq to visit sacred religious sites, particularly in Mashhad, Qom, Najaf and Karbala.
The region has seen heightened tensions following Israeli attacks on key installations in Iran, prompting fears of broader instability.
“In view of the evolving security situation in the region, the Zaireen from Pakistan are advised to reconsider their travel plans to Iran and Iraq,” the foreign office said in a brief statement issued in Islamabad.
According to a senior government official who spoke on condition of anonymity, the number of Zaireen traveling to Iran fluctuates, and most do not contact the Pakistani diplomatic missions.
“Currently, there are an estimated 5,000 Zaireen in Iran,” he said, adding that Pakistan’s embassy in Tehran and its consulates remain available to assist citizens.
“Any Pakistani requiring guidance or support is encouraged to contact our relevant diplomatic missions, which will, as always, provide necessary assistance and facilitate their return to Pakistan,” the official added.
While no evacuation plans have been announced, the authorities say they are closely monitoring the regional situation.
Pakistan’s Babar Azam to make Big Bash debut with Sydney Sixers in Australia
- Former Pakistan skipper says playing first-ever BBL match will be ‘something special’
- BBL is a Twenty20 cricket competition that features Australia’s eight city-based teams
ISLAMABAD: Former Pakistan captain Babar Azam has been picked by Sydney Sixers to debut in the upcoming 15th season of Australia’s Big Bash League (BBL), the club announced on Friday.
The BBL is a professional Twenty20 cricket competition in Australia that features eight city-based teams.
Launched in 2011, the league is held during the summer and features a mix of local and international players.
“The SCG [Sydney Cricket Ground] has been home to many legends. Now it’s home to the [king]. Welcome, Babar Azam,” the Sydney Sixers said in a post on X.
Azam said he was “super pumped” to join the team, highlighting that his BBL debut “will be something special.”
“Cannot wait to share the dressing room with my favorite batter Steve Smith and world class bowler Josh Hazlewood,” he was quoted saying in a video posted by BBL on X.
“So really excited and looking forward to getting over there and meeting my craziest cricket fans.”
Azam has featured in several major franchise leagues around the world.
Apart from competing in the Pakistan Super League, Azam has played for Guyana Amazon Warriors in the Caribbean Premier League, Sylhet Sixers and Rangpur Riders in the Bangladesh Premier League, and Somerset in England’s T20 Blast.
