A GALLUP Pakistan poll released on Feb. 15, 2013 shows 92 percent of Pakistanis disapprove of US leadership. Similarly, a recent report by the Pew Research Centre said roughly three out of four Pakistanis consider the United States an enemy — up from 69 percent last year and 64 percent three years ago.
If polls and perceptions are to be believed, Pakistan and the United States seem worlds apart when it comes to how to tackle the question of war and peace because a trust deficit dominates their tense bilateral ties. However, when ordinary Pakistanis and Americans meet, they bring down many stereotypes about each other, narrating stories that are different than the popular perceptions. This is also the story of Arasalan Asad, a senior producer and reporter with Pakistan Television (PTV).
When Asad applied to “study and take an active part in journalism as practiced in the US,” he was clear how he wanted to spend his four weeks. He wanted to explore the opportunity of working in a Western media outlet to understand the different facets of American life and how they relate to the question of Pakistan.
Under the program for Journalists, announced by the United States Educational Foundation in Pakistan and implemented by the International Center for Journalists (ICFJ), more than 74 journalists across Pakistan spent four weeks in US newsrooms in 2011 and 2012. Set to continue for another two years, a total of 160 Pakistani journalists will have the opportunity to work in the United States.
Similarly, American journalists visited Pakistan for a two-week program to “learn the realities of Pakistani journalism and national life,” according to ICFJ.
Today when Asad narrates his work and impressions during the one-month stint with Bloomberg TV in New York, he sometimes feels like an odd man out. Though his friends jokingly call him an “American agent,” he understands that his narration of American life, completely at odds with popular anti-American impressions in Pakistan, is the reason for the unwelcoming sobriquet.
“The first shock was that ordinary Americans are not worried about Pakistan. Most didn’t know where the country was on the map and those who made a guess placed it in Middle East,” says Asad. “They are more concerned and worried about their local issues.”
He remembers the day he worked alongside with American journalists at Wall Street wearing traditional Pakistani dress, Shalwar Kameez, with a small replica of the green and white Pakistani flag on his chest. “A number of people inquired about the flag’s colors. When I told them that white represented minorities of Pakistan, they were pleasantly surprised.” By interacting, Americans came to know a Pakistan beyond the headlines.
After a few days in the Bloomberg TV studio, Asad made a beeline for Coney Island to explore the lives of Pakistani Americans. “It is rightly called a mini Pakistan. With restaurants serving traditional Pakistani meals, billboards in Urdu, women with head scarves; you feel you are roaming in Rawalpindi or Lahore.” It was quite different from the perception that Pakistanis have difficulty living in the United States.
Narrating these impressions, Asad encounters naysayers who point to the United States’ “policy of expansion” — Iraq, Pakistan, and the so-called “endgame” in Afghanistan as American troops plan a pullout.
“Relations between states are complex and driven by a number of varying economic and geographical interests. But when people meet people, they understand life is not all about ‘them versus us’,” says Asad.
He adds when American journalists visit Pakistan, they also go through a learning curve. “They come to know that Pakistan is much more than terrorism and fundamentalism.
They are fascinated by its diversity of culture, its natural beauty and the hospitality of the people.”
When he had an opportunity, Asad frankly discussed with American officials where their policies went wrong in “our part of world and how people in Pakistan and Afghanistan have suffered.” For him this may not be a game changer when it comes to US policy, but at least a different view was conveyed.
Knowing that the uneasy relations between Pakistan and the United States will continue to ebb and flow as American troops prepare to leave Afghanistan, he thinks that people-to-people contact is the only way out of the practice of demonizing each other.
US-Pakistan ties: Need to plug trust deficit
US-Pakistan ties: Need to plug trust deficit
Saudi Arabia dominates Forbes’ 2025 list of MENA’s most valuable banks
RIYADH: Saudi Arabia dominated Forbes’ “30 Most Valuable Banks 2025” ranking, with 10 entries boasting a combined market value of $269 billion.
According to the business-focused media outlet, financial institutions from the Kingdom made up nearly a third of the total $600.8 billion market capitalization of the listed banks.
The UAE followed with seven facilities valued at $153.4 billion, while Qatar contributed six banks worth $76.7 billion. Morocco and Kuwait placed three and two banks on the list, with market values of $23.7 billion and $68.4 billion, respectively.
The Middle East and North Africa region’s banking sector remains resilient and is set for strong growth in 2025, driven by economic diversification, favorable financial conditions, and a projected 3.5 percent economic expansion fueled by infrastructure projects and rising non-oil activity, according to a recent report by Ernst & Young.
In a statement announcing its latest rankings, Forbes said: “This year’s list features banks from seven countries, with 26 entries being Gulf-based. Saudi Arabia represents a third of the list with 10 entries, with an aggregate market value of $269 billion.”
The media firm noted that the total market value of the 30 banks increased by 3.4 percent year over year, rising from $581.1 billion in February 2024 to $600.8 billion as of Jan. 31, 2025.
Al-Rajhi Bank holds the top spot
Al-Rajhi Bank retained its position as the region’s most valuable bank, leading with a market capitalization of $105.6 billion — representing 17.6 percent of the total market value of the 30 banks.
It was followed by Saudi National Bank at $54.7 billion, and the UAE’s First Abu Dhabi Bank, valued at $43.7 billion.
Beyond the top three, Qatar’s QNB Group and Kuwait Finance House ranked fourth and fifth, with market values of $41.2 billion and $38.3 billion, respectively.
They were followed by the UAE’s Emirates NBD Group at $28.9 billion and Kuwait’s National Bank of Kuwait at $27.1 billion.
Other notable banks in the ranking include Abu Dhabi Commercial Bank and Riyad Bank. The list also features banks from Morocco and Oman.
A resilient sector
MENA’s banking sector has shown stability over the past year, supported by higher interest rates and robust oil prices.
According to a Fitch Ratings report published in 2024, the economic environment in the region has sustained liquidity levels, profitability, and strong capital buffers for most Gulf Cooperation Council banks.
Forbes Middle East compiled the ranking based on reported market values of publicly listed banks across the Arab world as of Jan. 31, 2025. Subsidiaries of listed companies were excluded from the ranking, and currency exchange rates were taken as of the same date.
Pakistan announces three-day Eid Al-Fitr holiday from Mar. 31 to Apr. 2
- Eid Al-Fitr marks the end of the fasting month of Ramadan for Muslims worldwide
- Muslims offer prayers, spend time with loved ones and enjoy lavish meals on Eid
ISLAMABAD: The Pakistani government has announced a three-day holiday from Mar. 31 to Apr. 2 on account of the Muslim festival of Eid Al-Fitr, an official notification by the Cabinet Division said on Wednesday.
Eid Al-Fitr marks the end of the fasting month of Ramadan for Muslims worldwide. On Eid morning, Muslims offer special prayers and spend time with family and loved ones, enjoying lavish meals and engaging in recreational activities.
The country’s central moon sighting committee, the Ruet-e-Hilal Committee, spots the Shawwal moon and declares Eid dates in advance in the South Asian nation.
“It is notified that the Prime Minister has been pleased to declare public holidays (Monday to Wednesday) on the occasion of Eid-Al-Fitr,” the notification said.
Eid Al-Fitr is one of two major Muslim festivals, the other being Eid Al-Adha, which is marked by the slaughtering of animals such as sheep and goats. The meat is shared among family and friends and donated to the poor.
Pakistani home appliances giant targets $100 million exports in 2 years by tapping US market
- Pak Elektron Limited (PEL) announced this week it is expanding export operations to US
- PEL says company eyeing expanding its footprint to Saudi Arabia after tapping US market
KARACHI: Pakistani home appliances giant Pak Elektron Limited (PEL) plans to increase its exports to $100 million by the end of 2026, a senior official of the company said on Wednesday, days after announcing it had begun its export operations to the United States.
The Lahore-based manufacturer of home appliances has been one of the most-traded scrips at the Pakistan Stock Exchange (PSX) so far this week. It had the second-most traded stock on Wednesday, registering a 3.2 percent gain and over 36 million volumes.
On Monday the company announced it has expanded its global footprint and will be now exporting its products to the US. PEL’s new American client is Maddox Industrial Transformer LLC, which supplies new and remanufactured power transformers to commercial and industrial clients in the US.
“We are exporting distribution transformers for now and the majority of our exports, say 90 percent, are going to the US,” Nadeem Asghar, the general manager of finance at PEL, told Arab News.
PEL plans to increase its exports up to $50 million this year by December and double the same to $100 million by the end of 2026, Asghar said.
The company’s current exports stand at $3 million, with most of its shipments going to the United Kingdom, Jordan and African countries.
PEL’s stock price appears to have increased steadily in recent days. Its recent announcement of beginning export operations to the US has contributed to a notable increase in its stock price, Sana Tawfik, the head of research at the Karachi-based brokerage firm Arif Habib Ltd., said.
“The stock price has witnessed a gain of 13 percent in the last three days,” Tawfik told Arab News.
The company has already sent its first consignment of distribution transformers to the US on Mar. 13 as part of its business expansion strategy to explore new international markets.
Asghar, meanwhile, said this is the first time that PEL has received a “major order” from the US.
“The majority of our products will be exported to America now,” he said, adding that PEL would keep increasing its exports even beyond $100 million after 2026 as “sky is the limit.”
PEL entered into a strategic partnership last month with Swedish giant Electrolux AB, a global leader in multi-category home appliances brands such as Electrolux, AEG and Frigidaire, to leverage its strength to drive sustainable growth.
In 2024 Electrolux Group had sales of Swedish Krona 136 billion and the company employed 41,000 people worldwide.
After tapping the US market, Asghar said the Pakistani company plans to expand its reach to the Middle East as well, particularly Saudi Arabia.
“We would look to tap the Saudi Arabian market where we see enough demand for our products,” Asghar said, adding that talks with the company’s potential clients from Saudi Arabia were underway. He did not mention their names.
“We will tap all these markets, the UK, Saudi Arabia and others. Our negotiations are ongoing with the Saudi Arabian clients,” Asghar added.
Pakistan’s Prime Minister Shehbaz Sharif has repeatedly said his government is prioritizing exports to ensure sustainable economic growth for the country’s fragile $350 billion economy. Sharif has recently said his government aims to increase Pakistan’s exports to $60 billion in five years.
Pakistan is trying to stabilize its economy through sustainable reforms agreed with the International Monetary Fund (IMF) in exchange for a financial bailout program.
Key Pakistan-Afghanistan border crossing reopens after nearly a month
- Pakistan closed Torkham crossing on Feb. 21, alleging Afghan authorities constructed trenches along border
- Hundreds of trucks containing perishable items remained stranded for weeks on both sides of border
PESHAWAR: The key Torkham border crossing between Pakistan and Afghanistan reopened on Wednesday after remaining closed for nearly a month, officials from both sides confirmed, paving the way for the resumption of trade between the countries.
Pakistan closed the border crossing on Feb. 21 after Afghan authorities initiated “construction of trenches and other development work” along the border, Pakistani forces had said. This led to the suspension of cross-border trade and movement between the two sides.
The Torkham border crossing is the main transit artery for travelers and goods between Pakistan and landlocked Afghanistan. Trade between the two countries was worth over $1.6 billion in 2024, according to Pakistan’s foreign office.
“The Torkham gate has been reopened for transport,” Naheed Khan, a senior police official in Pakistan’s northwestern Khyber district, told Arab News.
Hazrat Nabi Toor, an Afghan customs clearing agent, confirmed that the gate at the Torkham border had been opened for the movement of trucks to and from Afghanistan.
Hajji Hikmatullah, the Torkham gate commissioner in Afghanistan, told Arab News earlier that the reopening of the crossing would help trucks stranded on both sides of the border in reaching their destinations.
“The Torkham route between Pakistan and Afghanistan that remained closed will reopen today at around 4:00 p.m. while passengers’ movement through the border will start from Friday,” he added.
Hikmatullah urged both countries to work out a “comprehensive strategy” to separate politics from business to foster stronger economic ties.
Asghar Ali, a Pakistani customs clearing agent, told Arab News that upon hearing the news of the border reopening, hundreds of vehicles loaded with vegetables, fruits and other non-perishable items started moving toward the crossing point at the border.
“This border closure inflicted millions of dollars of losses on businessmen,” Ali said. “Trade should not suffer in diplomatic and political wars between the two countries.”
Border clashes between Pakistani and Afghan forces have led to the closure of key crossings like Torkham and Chaman in the past, severely disrupting trade and halting the movement of people between the two countries.
Last month, the Torkham closure escalated into a skirmish between the two border forces, leaving three Pakistani civilians wounded, a Pakistani police official said.
The development comes at a time of strained ties between Kabul and Islamabad over a surge in militant attacks in Pakistan’s western provinces that border Afghanistan.
Islamabad has frequently accused Afghanistan of sheltering and supporting militant groups that launch cross-border attacks. Afghan officials deny involvement and insist Pakistan resolve its security matters internally.
Khyber Pakhtunkhwa aims to become Pakistan’s first province with universal digital payment system
- Ali Amin Gandapur says initiative will enhance financial transparency, eliminate fraud and corruption
- ’Cashless Khyber Pakhtunkhwa,’ developed with mobile wallet service providers, will also work offline
PESHAWAR: The provincial administration of Khyber Pakhtunkhwa (KP) said on Wednesday it has prepared a strategy to roll out a universal digital payment system, making it the first province in Pakistan to introduce a cashless economy for business and financial transactions.
The “Cashless Khyber Pakhtunkhwa” initiative aims to modernize financial transactions by requiring all public and private payments, including small and large-scale business transactions, to be conducted digitally.
The strategy includes a phased implementation plan, with various government departments, institutions and district administrations assigned specific responsibilities under defined timelines.
The system, developed in partnership with mobile wallet service providers, will also work offline to ensure accessibility in remote areas.
“The province has decided to launch a universal digital payment system for all types of transactions and business payments,” the KP government said in a statement, adding that a detailed implementation strategy had been finalized.
The system will require all businesses — small and large — as well as private and government transactions to shift to digital payments.
As part of the initiative, the government will collect data on all commercial entities, including small shops, stalls and street vendors at the village council level, ensuring that they are integrated into the new digital framework.
The statement said Chief Minister Ali Amin Gandapur has issued directives for the immediate implementation of the system and instructed the Chief Secretary’s Office to oversee compliance.
“KP will be the first province in Pakistan to introduce a cashless system,” Gandapur said. “This initiative will help promote the digital economy, enhance financial transparency and eliminate fraud and corruption.”
Under the Cashless Khyber Pakhtunkhwa program, all businesses, public transport services and commercial establishments will be required to display QR codes for digital payments. A strong regulatory framework will be enforced to ensure effective implementation.
The KP administration has also planned public awareness campaigns, training programs and support services to help businesses and citizens transition to the new system.
Gandapur said the digital payment system will not only promote fintech solutions and improve economic security but also facilitate better tax collection and create a business-friendly environment in the province.
“The introduction of a digital payment system will encourage private investment and align KP with international digital financial standards,” he added.
