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UAE, Pakistan sign agreements in mining, railways, banking during Abu Dhabi crown prince’s visit

Special UAE, Pakistan sign agreements in mining, railways, banking during Abu Dhabi crown prince’s visit
Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan meeting with Pakistan Prime Minister Shehbaz Sharif in Islamabad, Pakistan, on February 27, 2025. (Photo courtesy: @CMShehbaz/X)
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Updated 28 February 2025
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UAE, Pakistan sign agreements in mining, railways, banking during Abu Dhabi crown prince’s visit

UAE, Pakistan sign agreements in mining, railways, banking during Abu Dhabi crown prince’s visit
  • Sheikh Khaled bin Mohamed bin Zayed Al Nahyan arrived on first official visit to Islamabad
  • Analyst advises seeking joint ventures in agriculture, pursuing mining, tourism investments
Updated 28 February 2025
Ismail Dilawar
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KARACHI: Pakistan and the United Arab Emirates signed key agreements to boost cooperation in mining, railways, banking and infrastructure sectors, the Prime Minister’s Office (PMO) said, as Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan arrived on his first official visit to Islamabad on Thursday. 
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 Gulf country’s foreign ministry. 
The crown prince’s visit came as Pakistan pursues economic diplomacy with several Gulf and Central Asian nations and treads a tricky path to economic recovery while being bolstered by a $7 billion IMF bailout loan.




Pakistan Prime Minister Shebaz Sharif receives Abu Dhabi Crown Prince and Chairman Abu Dhabi Executive Council Sheikh Khaled bin Zayed Al Nahyan at the Nur Khan Airbase in Rawalpindi on February 27, 2025. (PMO)

Sheikh Al Nahyan was accompanied by a high-level delegation of ministers, senior officials and business leaders during his day-long trip to Pakistan. He witnessed the signing of agreements between the two sides with Sharif.
“The MoUs/agreements were signed in the fields of Banking, Mining, Infrastructure development and Railways,” Sharif’s office said in a statement. 




Officials from UAE (left) and Pakistan (right) exchange MOUs as Prime Minister Shebaz Sharif and Abu Dhabi Crown Prince and Chairman Abu Dhabi Executive Council Sheikh Khaled bin Zayed Al Nahyan attend the ceremony at the Prime Minister Office in Islamabad on February 27, 2025. (PMO)

Sharif’s office said that the Pakistani prime minister informed the crown prince of his discussions on the Uzbekistan-Afghanistan-Pakistan Railway Line in Tashkent this week. 
“He further said that the project will benefit the ports of Gwadar and Abu Dhabi and would prove to be a game changer for the whole region,” the PMO said. 
Sharif praised the UAE’s support for Pakistan in various fields, the PMO said, adding that he appreciated UAE’s “keen interest” in expanding its investment portfolio in Pakistan.  




Abu Dhabi Crown Prince and Chairman Abu Dhabi Executive Council Sheikh Khaled bin Zayed Al Nahyan (first, left) and Pakistan Prime Minister Shehbaz Sharif (first, right) lead Pakistan and UAE delegation during a meeting at the Prime Minister Office in Islamabad on February 27, 2025. (PMO)

The crown prince had arrived in Islamabad on Thursday afternoon where he was received by the premier and President Asif Ali Zardari.
President Zardari later conferred Pakistan’s highest civilian award, the Nishan-e-Pakistan, on the Abu Dhabi crown prince in a ceremony attended by Sharif and top government officials. 
Sheikh Al Nahyan left after witnessing the signing of the agreements with Sharif. He was seen off by the Pakistani prime minister. 
Speaking to Arab News, an analyst and former government official described the visit as a “positive” development.
“If a high level official like the crown prince is visiting Pakistan that means they must be bringing something important in hand for our country,” Ashfaq Tola, Pakistan’s former state minister for resource mobilization, said.
He advised that Pakistan seek joint ventures with the UAE in its agro-based economy and encourage investment in Pakistan’s export-related sectors to improve the South Asian country’s forex earnings. He also said investors from the Gulf state could benefit from mining sector projects like the Reko Diq gold and copper reserves, along with the oil exploration and tourism sectors.

 


Pakistan and the UAE have stepped up efforts in recent years to strengthen economic relations. Last year the two countries signed multiple agreements exceeding $3 billion for cooperation in railways, economic zones, and infrastructure development.
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.
The UAE 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.

 

Topics: Pakistan UAE ties Abu Dhabi Crown Prince Mohamed bin Zayed

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Pakistan slams Indian PM’s ‘bullet’ warning to citizens, says his remarks violate UN Charter

Pakistan slams Indian PM’s ‘bullet’ warning to citizens, says his remarks violate UN Charter
Updated 6 sec ago
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Pakistan slams Indian PM’s ‘bullet’ warning to citizens, says his remarks violate UN Charter

Pakistan slams Indian PM’s ‘bullet’ warning to citizens, says his remarks violate UN Charter
  • Modi asked Pakistanis to rid their country of ‘the disease of terrorism’ or prepare themselves for his ‘bullet’
  • The foreign office says India’s escalating rhetoric is posing a risk to regional stability, efforts for lasting peace
Updated 6 sec ago
SAIMA SHABBIR

ISLAMABAD: Pakistan on Tuesday condemned Indian Prime Minister Narendra Modi’s warning to its citizens to eliminate terrorism or face his “bullet,” calling it a violation of the United Nations Charter, which urges member states to settle disputes peacefully and refrain from threats or the use of force.

Tensions have remained high between the two nuclear-armed neighbors since an April attack on tourists in Indian-administered Kashmir, which New Delhi blamed on Pakistan. Islamabad denied any involvement, but the situation escalated into a four-day military conflict before a US-brokered ceasefire was announced.

The US administration said both countries had agreed to meet at a neutral venue to discuss their outstanding issues. Pakistan has expressed readiness for a “composite dialogue” on all matters, though talks have yet to take place amid domestic criticism in India over accepting international mediation.

“Pakistan has taken note of the recent remarks by the Prime Minister of India, delivered in Gujarat with the theatrical flourish of a campaign rally rather than the sobriety expected of the leader of a nuclear-armed state,” the foreign office said in a statement issued early Tuesday.

“Such statements blatantly violate the fundamental principles of the United Nations Charter, which obliges member states to resolve disputes peacefully and to refrain from the threat or use of force against the sovereignty or political independence of other states,” it added.

Islamabad called the remarks “a reckless provocation” and accused India of trying to deflect attention from what it described as rights abuses and demographic changes in Indian-administered Kashmir.

Modi said during the rally the people of Pakistan, especially its youth, must step forward to rid their country of “the disease of terrorism.”

“Live a life of peace, eat your bread or else my bullet is always an option,” he added, drawing applause from the crowd.

Responding to his comment, the foreign office said: “Pakistan’s record as a leading contributor to UN peacekeeping and its consistent cooperation in global counter-terrorism efforts speak louder than any hostile soundbite.”

It noted if extremism was truly a concern for India, it should focus on rising religious intolerance and the marginalization of minorities under what it called “the increasingly brutal Hindutva ideology.”

While reaffirming its commitment to peace based on mutual respect and sovereign equality, Pakistan warned any threat to its security or territorial integrity would be met with “firm and proportionate measures,” citing Article 51 of the UN Charter.

The foreign office also urged the international community to take “serious note” of India’s escalating rhetoric, saying it posed a risk to regional stability and efforts toward lasting peace.

Topics: Narendar Modi Pakistan foreign office Pakistan India ceasefire

Pakistan stocks brace for ‘bumpy ride’ amid fears of tax-heavy, IMF-driven budget

Pakistan stocks brace for ‘bumpy ride’ amid fears of tax-heavy, IMF-driven budget
Updated 41 min 30 sec ago
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Pakistan stocks brace for ‘bumpy ride’ amid fears of tax-heavy, IMF-driven budget

Pakistan stocks brace for ‘bumpy ride’ amid fears of tax-heavy, IMF-driven budget
  • Small investors urge government to exempt dividends from taxes, cut brokers’ commission
  • Some analysts say the government seeks to offer investor relief but needs IMF approval
Updated 41 min 30 sec ago
Ismail Dilawar

KARACHI: Pakistan’s stock market is expected to experience a “bumpy ride” in the coming days due to what some analysts on Monday described as a challenging new budget the South Asian nation is set to announce next month in line with recommendations from the International Monetary Fund (IMF).

Prime Minister Shehbaz Sharif’s administration has been in talks with the IMF over its new fiscal plan, though the Fund’s team left Pakistan last week without reaching an agreement on key issues, including higher defense spending and the proposed taxation of agricultural income.

As a result, the benchmark KSE-100 Index remained largely flat in recent days and slipped 0.7 percent to 118,221 points on Monday, following rumors that the government planned to raise the Capital Gains Tax (CGT) on share trading income.

“Given the new measures that have been IMF-driven and that are impacting sentiment at the stock exchange, we are expecting some bumpy rides and [do] not [expect] a clean ride up like we saw in the prior year,” Ahsan Mehanti, chief executive officer at Arif Habib Commodities, told Arab News in an interview.

Finance Minister Muhammad Aurangzeb is expected to present the new budget on June 10 in Pakistan’s National Assembly, the parliament’s lower house, after the government postponed its earlier budget date of May 2 by nearly a week.

SMALL INVESTORS

The prevailing uncertainty has kept small investors like Abdur Rauf and Jawed Khanani from buying stocks, fearing an unfavorable outcome from the ongoing budget talks between the government and the IMF.

“If the budget turns out negative for the market, our money will get stuck,” said Rauf, a 68-year-old retailer, who said his “investment level has come down to 25 percent due to the budget factor.”

He maintained the government, by taxing bonus shares, was discouraging listed companies from issuing them to shareholders.

“They [the companies] are now giving dividends, which too have been taxed at 15 percent for tax filers and 30 percent for non-filers,” he said, adding, “after deducting the dividend tax and members’ [brokers’] commission, the investor is left with little money.”

Due to heavy taxation, small investors, mostly households and retired salaried individuals, have almost disappeared from the equity market, while large investors are also operating under pressure.

“The government should exempt dividends [from taxes], reduce the [brokers’] commission and abolish the tax on bonus shares so that investors could get some relief from companies and fresh investments could come to the market,” Rauf told Arab News.

Khanani also expressed concern over rumors of increased tax on dividend income and hoped the new budget would bring down existing tax rates.

“People hope that the [existing] 15 percent CGT on non-filers [of tax] should be brought down to 12 percent or 10 percent,” he said, seated in a small trading booth at the Pakistan Stock Exchange’s main trading hall.

GROWTH-ORIENTED OR CHALLENGING BUDGET?

Meanwhile, big market players like Arif Habib, chairman of the Arif Habib Group, one of Pakistan’s leading business conglomerates, are optimistic the government will unveil a growth-oriented budget after stabilizing the economy over the past year.

“You see, after the [economic] stabilization, the market expectations are that the new policies would be for the growth in the economy,” he told Arab News in an interview.

Regarding high taxes, he said the government was “very much concerned that the taxation rates in Pakistan are high” and would aim to provide maximum relief to investors and the general public if the IMF agrees to its proposals.

Habib, who is believed to have close connections in policymaking circles, informed the IMF’s broader conditions hinge on the size of the budget deficit.

“The Pakistani side wants to have some aggressive approach,” he continued. “They wish that we may, in fact, incur some budget deficit, higher budget deficit, but give relief to the investors and to the general public.”

However, he noted this would depend on the IMF’s approval of a fiscal gap figure the Sharif government may be proposing for the next year.

“Now the number in fact being discussed in the market is about 5.1 percent or 4.9 percent,” he said.

Habib said he sees no “element of harshness” in the new budget but noted that the key question for the government is how much relief it can offer the market.

“Expectations are high,” he added. “And if those are not met, then the markets would not, in fact, be happy about it.”

Analyst Mehanti offered a contrasting view, saying higher taxes are likely for sectors listed on the PSX.

“It will be a very, you know, challenging budget,” he said. “We are expecting, you know, higher levies for oils, fertilizer, stock market and real estate.”

Topics: Pakistan Stock Exchange (PSX) IMF Pakistan Budget 2025-26

‘Posterity won’t forgive us’: Pakistan urges world powers to secure ceasefire for Gaza

‘Posterity won’t forgive us’: Pakistan urges world powers to secure ceasefire for Gaza
Updated 27 May 2025
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‘Posterity won’t forgive us’: Pakistan urges world powers to secure ceasefire for Gaza

‘Posterity won’t forgive us’: Pakistan urges world powers to secure ceasefire for Gaza
  • Israel’s military offensive has killed 53,900 Palestinians since Oct. 2023, according to Gaza health authorities
  • With food still critically short after nearly three-month blockade, Washington says it is working to restore ceasefire
Updated 27 May 2025
Kashaf Rehman

ISLAMABAD: Pakistani Prime Minister Shehbaz Sharif on Monday called on international powers to ensure a lasting and immediate ceasefire in Gaza, warning that “posterity will not forgive us” if Israel’s military offensive in the besieged enclave continued.

Fierce Israeli attacks are ongoing, including most recently on a school building where dozens of Palestinians sheltering inside were killed.

With food still critically short after a nearly three-month blockade, Washington says it is working to restore a ceasefire more than 19 months into the war, but progress is elusive.

“We condemn the untold stories of miseries and atrocities in the land of Gaza where more than 50,000 Palestinians have been martyred and as I speak this story of bloodbath continues,” Sharif said in Tehran at a joint press conference with Iran’s President Masoud Pezeshkian.

“It’s high time that international community uses its influence to bring ceasefire and lasting ceasefire in that part of the world, otherwise posterity will not forgive us.”

Israel launched its latest air and ground war in Gaza after a cross-border attack by the Hamas group on October 7, 2023, which killed 1,200 people by Israeli tallies, with 251 hostages abducted into Gaza. The war has killed more than 53,900 Palestinians since, according to Gaza health authorities, and devastated the coastal strip. 

The entire 2.1 million population of Gaza is facing prolonged food shortages, with nearly half a million people in a catastrophic situation of hunger, acute malnutrition, starvation, illness and death, according to the World Health Organization. Food security groups say more than 93 percent of children in Gaza, about 930,000, are at risk of famine. Using satellite data, the United Nations estimated in February that 69 percent of the structures in Gaza have been damaged or destroyed.

With most of Gaza’s two million population squeezed into an ever narrowing zone on the coast and in the area around the southern city of Khan Younis by Israel’s military operation, international pressure to get aid in quickly has ratcheted up.

Israel’s initial blockade on Gaza, immediately following the October 7 attacks, prevented the entry of humanitarian aid for several weeks. As the war progressed, aid has been allowed in limited quantities.

Israel has recently announced that a new aid system, sponsored by the United States and run by private contractors, will soon begin operations from four distribution centers in the south of Gaza, but many details of how the system will work remain unclear. The UN has already said it will not work with the new system, which it says will leave aid distribution conditional on Israel’s political and military aims.

Israel says its forces will only provide security for the centers and will not distribute aid themselves.

Even as the aid has begun to slowly trickle in, the Israeli military has continued its intensified ground and air operation launched last week, which Prime Minister Benjamin Netanyahu said would end with Israel taking full control of the Gaza Strip.

Topics: Gaza Ceasefire

Pakistan’s moon sighting committee to meet today to determine Eid Al-Adha dates

Pakistan’s moon sighting committee to meet today to determine Eid Al-Adha dates
Updated 27 May 2025
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Pakistan’s moon sighting committee to meet today to determine Eid Al-Adha dates

Pakistan’s moon sighting committee to meet today to determine Eid Al-Adha dates
  • Eid Al-Adha is expected to fall on June 7 this year
  • Annual Hajj pilgrimage will commence on June 4
Updated 27 May 2025
Hasaan Ali Khan

ISLAMABAD: Pakistan’s moon sighting committee will meet in Islamabad today, Tuesday, to observe the crescent marking the beginning of the Islamic month of Dhul Hijjah and announce the dates for the Eid Al-Adha festival, the ministry of religious affairs said.

Dhul Hijjah is the twelfth and final month of the Islamic calendar, a sacred month during which the Hajj pilgrimage and Eid Al-Adha, the Festival of Sacrifice, take place. It is considered one of the four holy months in the Islamic calendar, with its first ten days particularly revered and considered the best days of the year for performing righteous deeds. 

Commemorating the willingness of Prophet Ibrahim to sacrifice his son on God’s command, Muslims mark the Eid Al-Adha holiday by slaughtering animals such as sheep, cows and goats. The meat is shared among family and friends and also donated to the poor.

Eid Al-Adha is observed on the 10th day of Dhul Hijjah.

“The meeting of Central Ruet-e-Hilal Committee for sighting the moon of Dhul Hijjah 1446 AH will be held in the evening of Tuesday, May 27, 2025, at Islamabad,” the ministry of religious affairs said in a notification. 

Meetings of the zonal and district committees would also be held at their respective headquarters in parallel, it added. 

The chairman of Pakistan’s moon sighting committee would subsequently announce a decision on the date for Eid Al-Adha based on testimonies received from different corners of the country about the sighting of the new crescent.

Eid Al-Adha is expected to fall on June 7 this year while the annual Hajj pilgrimage will commence on June 4.

Topics: Eid Al-Adha 2025 Hajj 2025 Moon sighting

Chinese official discusses security with delegation from Pakistan’s Balochistan

Chinese official discusses security with delegation from Pakistan’s Balochistan
Updated 26 May 2025
Reuters
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Chinese official discusses security with delegation from Pakistan’s Balochistan

Chinese official discusses security with delegation from Pakistan’s Balochistan
  • Chinese nationals have been in crosshairs of separatist militants in Balochistan where China has a strategic port and mining interests
  • Beijing has been pushing Pakistan to allow its own security staff to provide protection to thousands of Chinese citizens working there
Updated 26 May 2025
Reuters

BEIJING: China’s Assistant Minister of Foreign Affairs Liu Bin met with a delegation from Pakistan’s southwestern province of Balochistan on Monday, according to a ministry statement.

The two sides exchanged views on issues including security and cooperation between China and the province.

Chinese nationals have been in the crosshairs of separatist militants who believe Beijing is helping Pakistan exploit minerals in the underdeveloped province of Balochistan, where China has a strategic port and mining interests.

Beijing has been pushing Pakistan to allow its own security staff to provide protection to thousands of Chinese citizens working there, frustrated by the string of attacks on its citizens.

The push came after a bombing at the Karachi airport last October killed two Chinese engineers who were returning there to work at a power plant.

Topics: Pakistan China Ties

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