Saudi Arabia, UAE invest $26.8 million in Pakistan in first quarter of current fiscal year

Saudi Arabia, UAE invest $26.8 million in Pakistan in first quarter of current fiscal year
A security guard stands outside a currency exchange shop in Rawalpindi on July 15, 2023. (AFP/File)
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Updated 05 November 2024
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Saudi Arabia, UAE invest $26.8 million in Pakistan in first quarter of current fiscal year

Saudi Arabia, UAE invest $26.8 million in Pakistan in first quarter of current fiscal year
  • Foreign investment surged by 48 percent in first quarter of current fiscal year
  • Pakistan, Saudi Arabia signed agreements worth $2.8 billion last month

ISLAMABAD: Pakistan’s foreign investment has surged by 48 percent during the first quarter of the current fiscal year, state-run media reported on Tuesday, with Saudi Arabia and the United Arab Emirates (UAE) contributing $26.8 million during the same period.

Pakistan formed the Special Investment Facilitation Council (SIFC), a hybrid civil and military body, in 2023 to fast-track decisions related to foreign investment in its key economic sectors such as agriculture, mining, minerals, tourism and others. The development took place as Pakistan grappled with a prolonged economic crisis that almost led the country to suffer a sovereign default before a critical $3 billion bailout by the International Monetary Fund (IMF) last year averted the crisis.

As per a breakdown shared by state broadcaster Radio Pakistan, China invested $404 million during the first quarter of the current fiscal year while Saudi Arabia’s investment was recorded at $ 1.8 million. The UAE, meanwhile, invested $25 million, Hong Kong $98 million, the United Kingdom $72 million and the United States $28 million in the same period, the state broadcaster said.

“A significant increase of forty eight percent has been seen in foreign investment in Pakistan in the first quarter of current fiscal year, reflecting the effective strategies of the Special Investment Facilitation Council,” Radio Pakistan said.

Pakistan’s Prime Minister Shehbaz Sharif visited Saudi Arabia and Qatar last week, where he held talks with the leadership of the two countries on enhancing cooperation in trade, investment and energy. Pakistani and Saudi businesses had signed 27 agreements and memorandums of understanding (MoUs) worth $2.2 billion in October. During Sharif’s visit to the kingdom last week, the two countries agreed to enhance that figure to $2.8 billion.

Meanwhile, the UAE is Pakistan’s third-largest trading partner after China and the United States. It is also an ideal export destination for the South Asian nation as the short distance between the two countries limits transportation costs and facilitates commercial exchanges.

Sharif has actively pursued economic diplomacy in the region in recent months, seeking more investments and enhancing trade and regional connectivity for Pakistan. The South Asian country has sought to leverage its position as a transit and trade hub connecting landlocked Central Asian countries with the rest of the world and also pushed for mutually beneficial economic partnerships with Gulf countries.


Pakistan to lock horns with Zimbabwe in first T20I in Bulawayo today

Pakistan to lock horns with Zimbabwe in first T20I in Bulawayo today
Updated 20 sec ago
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Pakistan to lock horns with Zimbabwe in first T20I in Bulawayo today

Pakistan to lock horns with Zimbabwe in first T20I in Bulawayo today
  • Pakistan beat Zimbabwe in a three-match ODI series 2-1 last month 
  • Salman Agha to lead Pakistan as Pakistan rest regular skipper Rizwan

ISLAMABAD: Pakistan will lock horns with Zimbabwe in the first of a three-match T20I series in Bulawayo today, Sunday, state-run media said, after completing a 2-1 ODI series victory over the hosts this week.
After losing the first ODI against Zimbabwe last month, Pakistan beat the hosts by convincing margins in the second and third ODIs in Bulawayo.
Skipper Salman Agha will lead his side in the T20 fixture against Zimbabwe on Sunday, with the next two matches to follow on Dec. 3 and 5.
“The first T20I match between Pakistan and Zimbabwe will start at 1:30 p.m. local time on Sunday,” the Pakistan Cricket Board (PCB) said in a statement on Saturday.
Pakistan announced late Friday that they were adding Saim Ayub, Aamer Jamal and Abrar Ahmed from the ODI squad into the T20I series following impressive showings over the past week.
The green shirts have rested Babar Azam, Naseem Shah and Shaheen Afridi from the tour while white-ball captain Mohammad Rizwan is also not part of the T20Is, with Agha taking his place as captain.
The match is scheduled to begin at 4:30 p.m. Pakistan Standard Time.


Pakistan hikes petrol price by Rs3.72 per liter for next fortnight

Pakistan hikes petrol price by Rs3.72 per liter for next fortnight
Updated 5 min 13 sec ago
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Pakistan hikes petrol price by Rs3.72 per liter for next fortnight

Pakistan hikes petrol price by Rs3.72 per liter for next fortnight
  • Government increases price after variations in petroleum products’ prices in international market, says Finance Division 
  • Pakistan revises petroleum prices every fortnight, which is also a key factor in increasing or reducing inflation in the country

ISLAMABAD: Pakistan has increased the price of petrol for the next fortnight by Rs3.72 per liter due to varying prices of petroleum products in the international market, the Finance Division said this week. 
Pakistan revises petroleum prices every fortnight. Petrol is mostly used in private transport, small vehicles, rickshaws and two-wheelers in Pakistan while any increase in the price of diesel is considered highly inflationary as it is mostly used to power heavy transport vehicles and particularly adds to the prices of vegetables and other eatables.
The price of petrol has increased from Rs248.38 per liter to Rs252.10 per liter after the Rs3.72 hike, the Finance Division said. 
“The Oil and Gas Regulatory Authority (OGRA) has worked out the consumer prices of petroleum products, based on the price variation in the international market,” it said on Saturday. 
According to the notification, the price of high-speed diesel has seen an increase of Rs3.29 per liter, raising its price to Rs258.43 per liter. 
Meanwhile, the price of kerosene oil has been reduced by Rs. 0.62 per liter, which means it is now being sold for Rs164.98. The price of light diesel oil has also seen a reduction of Rs0.48 per liter, lowering it to Rs151.73. 
Fuel prices in energy-starved Pakistan are instrumental in contributing to inflation. The South Asian country saw inflation reach a record high of 38 percent in May 2023. 
Pakistan’s finance ministry said this week that inflation, which was clocked at 7.2 percent in October, is expected to slow to 5.8-6.8 percent in November. 


Over 50 heritage automobiles draw crowds at vintage car show in Pakistan’s Peshawar

Over 50 heritage automobiles draw crowds at vintage car show in Pakistan’s Peshawar
Updated 16 min 8 sec ago
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Over 50 heritage automobiles draw crowds at vintage car show in Pakistan’s Peshawar

Over 50 heritage automobiles draw crowds at vintage car show in Pakistan’s Peshawar
  • The event, organized by KP’s Culture and Tourism Authority, has attracted car enthusiasts and families
  • The top tourism official promises more effort in future events, plans to expand them to historical sites

PESHAWAR: Over 50 heritage automobiles from 1935 to 1980 were displayed at the 15th Vintage and Classic Car Show at the Peshawar Services Club on Saturday, drawing car enthusiasts and their families to attend the event.
The show, arranged by the Khyber Pakhtunkhwa Culture and Tourism Authority (KPCTA) in collaboration with Classic Land Rover, featured prized vehicles from Karachi, Lahore, Islamabad, Faisalabad, Peshawar and other cities.
Visitors were also immersed in local culture through captivating performances of the traditional Khattak dance, known for its energetic movements and sword displays, and the soulful melodies of the rubab, a centuries-old stringed instrument native to the region.
“More effort will be made to organize similar events,” KPCTA Director General Tashfeen Haider said, according to an official statement. “The exhibitions would be expanded to historical sites in the future.”
Vehicles on display included iconic brands like Mercedes, Jaguar, Ford, Chevrolet, Mini, Land Rover, Mustang, Porsche, vintage Vespa motorcycles and more.
Haider said the show aimed to promote Peshawar as a hub of culture and tourism.
Participants and attendees praised the organizers for bringing such an event to Peshawar.
“The goal of the rally and car show is to send a message of peace from Khyber Pakhtunkhwa and to make Peshawar once again a city of flowers and joy,” the KPCTA official said, referring to KP’s provincial capital that witnessed militant violence for over two decades.
The official statement informed the participants of the show would drive their vintage vehicles to Swabi after the Peshawar exhibition to join the 12th Indus River Cross Jeep Race at the historic Hund point at the Indus River after passing through the Balahissar Fort.
Subsequently, they will continue through Faisalabad, Rahim Yar Khan, Moro and the Thar Desert before reaching Karachi.


Pakistan telecom regulator delays ban on unregistered VPNs after deadline passes — media

Pakistan telecom regulator delays ban on unregistered VPNs after deadline passes — media
Updated 30 November 2024
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Pakistan telecom regulator delays ban on unregistered VPNs after deadline passes — media

Pakistan telecom regulator delays ban on unregistered VPNs after deadline passes — media
  • Crackdown on VPNs can impact businesses that rely on unrestricted Internet access
  • PTA has not given a new deadline, says only 25,000 VPNs have so far been registered

ISLAMABAD: Pakistan’s telecom regulator has decided not to block unregistered Virtual Private Networks (VPNs) despite an earlier deadline expiring on November 30, media reported on Saturday.
The Pakistan Telecommunication Authority (PTA) had asked businesses, freelancers and information technology (IT) companies to register their VPNs by the end of November to ensure compliance with government regulations.
While the original deadline ended on Saturday, officials say there will be an extension, though it remains unclear what the new deadline will be.
“VPNs are not being blocked starting today, and the decision to extend the registration period is with the Ministry of Interior,” PTA Chairman Major General (Retd) Hafeez Rehman told Independent Urdu.
Another PTA official, speaking to the same publication, said blocking VPNs was not a viable idea for now.
In recent years, Pakistan has implemented measures to control online content, including social media restrictions, drawing criticism from digital rights activists, who argue that such policies suppress free speech and hinder access to information.
In February 2024, following the general elections, Pakistani authorities imposed a nationwide restriction on the social media platform X, formerly Twitter, citing national security concerns.
The move coincided with widespread concerns about alleged electoral fraud and vote manipulation.
The recent crackdown on VPNs has also impacted businesses, particularly in the IT sector, which rely on unrestricted Internet access.
The PTA chairman clarified on Saturday that VPNs were still operational, emphasizing the authority’s awareness of the IT industry’s reliance on them.
“So far, 25,000 VPNs have been registered, and those registered will continue to work,” he said.


Shahzaib Khan’s brilliant 159 powers Pakistan Under-19 to 43-run victory over India

Shahzaib Khan’s brilliant 159 powers Pakistan Under-19 to 43-run victory over India
Updated 30 November 2024
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Shahzaib Khan’s brilliant 159 powers Pakistan Under-19 to 43-run victory over India

Shahzaib Khan’s brilliant 159 powers Pakistan Under-19 to 43-run victory over India
  • Khan’s extraordinary performance anchored Pakistan’s innings, helped them post 281 for 7
  • In reply, India were bundled out for 238 in 47.1 overs despite a fighting 67 by Nikhil Kumar

ISLAMABAD: Opener Shahzaib Khan’s scintillating 159 powered Pakistan Under-19 to a 43-run victory over arch-rivals India in a Group A match of the ACC Men’s U19 Asia Cup at the Dubai International Cricket Stadium on Saturday.
Shahzaib’s knock, spanning 147 balls and featuring five fours and 10 sixes, anchored Pakistan’s innings as they posted 281 for 7 in 50 overs.
India, in reply, were bundled out for 238 in 47.1 overs despite a fighting 67 by Nikhil Kumar.
The Mansehra-born opener shared a 160-run stand with Usman Khan (60 off 94 balls), setting a solid platform. Their partnership came on the back of impressive recent form, with Shahzaib and Usman scoring 330 and 314 runs, respectively, in a tri-series against Afghanistan and the United Arab Emirates.
“There was a lot of seam movement, and the fast bowlers were getting good support,” Khan said after the match. “But after spending some time at the crease, when the spinners came on, I focused on dispatching deliveries in my range to the boundary.”
“By God’s grace, it worked out for me today,” he added.
Khan continued to dominate with a 71-run third-wicket stand with Muhammad Riazullah (27). Pakistan accelerated late in the innings, adding 74 runs in the last 10 overs, as captain Saad Baig’s decision to bat first paid off.
India’s Samarth Nagaraj was the pick of the bowlers with figures of 3-45, while Ayush Mhatre chipped in with 2-30.
India started their chase positively but lost early wickets. Abdul Subhan dismissed Mhatre (20) in the fourth over, while Ali Raza removed Vaibhav Suryavanshi in the next spell, leaving the team reeling at 28 for 2.
Usman Khan and Faham-ul-Haq continued to build pressure, reducing India to 81 for 4.
A 53-run partnership between Nikhil Kumar and Kiran Chormale (20) briefly revived India, but Faham broke the stand by dismissing Chormale.
Kumar’s valiant 77-ball 67 ended when he was caught off Naveed Ahmed Khan at 174, dashing India’s hopes of a recovery.
Ali Raza’s 3-36 led the bowling for Pakistan, with Abdul Subhan (2-45) and Faham-ul-Haq (2-41) providing crucial support.
Pakistan will next face the UAE on December 2 at the same venue.