Leading Pakistani business figure meets Saudi minister, discusses investment in diverse sectors

Leading Pakistani business figure meets Saudi minister, discusses investment in diverse sectors
Azfar Ahsan, founder of the Pakistan’s Nutshell Group (left) in a meeting with Saudi Arabia’s Investment Minister Khalid Al-Falih in Riyadh, Saudi Arabia on March 7, 2024. (Photo courtesy: Nutshell Group)
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Updated 08 March 2024
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Leading Pakistani business figure meets Saudi minister, discusses investment in diverse sectors

Leading Pakistani business figure meets Saudi minister, discusses investment in diverse sectors
  • The meeting in Riyadh focused on investment prospects in mining, agriculture and food security sectors
  • Pakistan, Saudi Arabia enjoy strong ties and the Kingdom is largest source of remittances to Pakistan

ISLAMABAD: Azfar Ahsan, founder of the Pakistan’s Nutshell Group, on Thursday met with Saudi Arabia’s Investment Minister Khalid Al-Falih in Riyadh and discussed with him investment prospects in various sectors, including mining, agriculture and food security, Ahsan’s group said.

The Nutshell Group is a combination of Nutshell Communications, Nutshell Conferences and Nutshell Solutions, which has been providing proactive, perceptive and strategic solutions for nearly two decades.

In their meeting in Riyadh, Ahsan, who served as Pakistan’s investment minister in 2021-22, and the Saudi minister discussed possible opportunities for collaboration between both countries in future projects.

“The meeting focused on investment prospects across diverse sectors such as mining and agriculture. A project on food security was specifically discussed in the context of achieving stability and prosperity,” the Nutshell Group said in a statement.

“They emphasized the need for consistency in partnerships for navigating complex geopolitical dynamics and fostering regional stability.”

Both figures expressed optimism about the prospects for deeper cooperation and mutual prosperity.

“They emphasized the enduring strength of the relationship between the two countries aimed at unlocking untapped potential and fostering sustainable economic development,” the statement read.

Pakistan and Saudi Arabia enjoy strong trade, defense and brotherly relations. The Kingdom is home to over 2.7 million Pakistani expatriates and the largest source of remittances to the cash-strapped South Asian country.

Saudi Arabia has also frequently bailed Pakistan out of its economic crisis over the years.


Pakistan PM to attend World Governments Summit in UAE from Feb. 10-11 

Pakistan PM to attend World Governments Summit in UAE from Feb. 10-11 
Updated 09 February 2025
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Pakistan PM to attend World Governments Summit in UAE from Feb. 10-11 

Pakistan PM to attend World Governments Summit in UAE from Feb. 10-11 
  • Shehbaz Sharif to deliver keynote address, highlight Pakistan’s vision for economic growth and governance reforms at summit
  • Pakistani premier to meet world leaders, UAE leadership and CEOs of major multinational companies at summit, says foreign office 

Islamabad: Pakistan’s Prime Minister Shehbaz Sharif will visit the United Arab Emirates (UAE) from Feb. 10-11 to take part in the World Governments Summit (WGS), the foreign office said on Sunday, adding that the premier will engage in discussions with world leaders about the future of governance and international cooperation. 

According to the WGS’ official website, over 400 ministers and thousands of industry leaders, experts, and policymakers will head to Dubai for the summit which will be held from Feb. 11-13. As per the WGS, the event will also welcome more than 80 international, regional and intergovernmental organizations to join in the discussion on the future of governance, global challenges and their innovative solutions. 

This will be Sharif’s second visit to the UAE since assuming office in March last year, the foreign office said. He will be accompanied by a high-level delegation including Deputy Prime Minister and Foreign Minister Ishaq Dar and other key members of the federal cabinet. 

“During his visit, the Prime Minister will deliver a keynote address at the WGS, highlighting Pakistan’s vision for inclusive economic growth, digital transformation and governance reforms,” the foreign office said. 

“He will also hold bilateral meetings with the UAE leadership as well as engage with Heads of State/Government from participating countries and leading CEOs of major multinational companies.”

The statement said Sharif’s visit underscores Pakistan’s unwavering commitment to further strengthening its ties with the UAE, fostering greater economic collaboration and exploring new avenues of partnership for mutual prosperity.

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.

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, as per the foreign office, and a major source of foreign workers’ remittances for Pakistan. 

Pakistan and UAE have stepped up efforts in recent years to strengthen their business and investment relations. In January 2024, Pakistan and the UAE signed multiple agreements worth more than $3 billion for cooperation in railways, economic zones and infrastructure, a Pakistani official said, amid Pakistani caretaker prime minister Anwaar-ul-Haq Kakar’s visit to Davos for the World Economic Forum’s summit.


Pakistan sends 23rd relief consignment for Palestine, Lebanon and Syria

Pakistan sends 23rd relief consignment for Palestine, Lebanon and Syria
Updated 09 February 2025
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Pakistan sends 23rd relief consignment for Palestine, Lebanon and Syria

Pakistan sends 23rd relief consignment for Palestine, Lebanon and Syria
  • Israel’s war in Gaza killed over 48,000 people and displaced millions of others, while thousands more have been affected in Lebanon, Syria
  • Pakistan has so far dispatched 1,803 tons of essential supplies for the war-affected people in the region, PM Shehbaz Sharif’s office says

ISLAMABAD: Pakistan’s National Disaster Management Authority (NDMA) has dispatched a 23rd relief consignment for the people of Palestine, Lebanon and Syria, Prime Minister Shehbaz Sharif’s office said on Sunday.
This consignment, comprising 50 tons of essential supplies, was sent by the NDMA in collaboration with Pakistani charity, Al-Khidmat Foundation, to provide humanitarian aid to people affected by Israeli military actions in the region.
Israel’s war in Gaza, which began after Oct. 2023 attacks by Hamas, has killed over 48,000 people, injured thousands more and displaced millions of people in the territory, whereas thousands of others have been affected by Israeli strikes on Lebanon and Syria.
The relief consignment was dispatched through a chartered flight from the Jinnah International Airport in Karachi to Jordan, according to PM Sharif’s office.
“The relief consignment included tin meat, powdered milk, hygiene kits, clothing, blankets, tents, and sleeping bags,” Sharif’s office said in a statement.
Pakistan does not recognize nor have diplomatic relations with Israel and calls for an independent Palestinian state based on “internationally agreed parameters.”
The South Asian country has also called on Israel to withdraw from Lebanese and Syrian territories, including Golan Heights, and allow United Nations (UN) peacekeepers to freely operate in the region to ensure compliance with international agreements.
“The Government of Pakistan continues to send relief supplies based on the needs of the war-affected populations of Lebanon, Syria and Palestine,” Sharif’s office said.
“In total, up till now, 1,803 tons of relief items have been dispatched.”


Pakistan seeks Saudi investment in tech sector with over 100 local firms joining LEAP 2025 in Riyadh

Pakistan seeks Saudi investment in tech sector with over 100 local firms joining LEAP 2025 in Riyadh
Updated 09 February 2025
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Pakistan seeks Saudi investment in tech sector with over 100 local firms joining LEAP 2025 in Riyadh

Pakistan seeks Saudi investment in tech sector with over 100 local firms joining LEAP 2025 in Riyadh
  • The fourth edition of the LEAP conference aims to expand business networking and investment opportunities in the global tech sector
  • IT minister says Pakistan, which recorded $348 million IT exports in Dec., offers ‘world-class’ digital services, investment opportunities

ISLAMABAD: State Minister for Information Technology (IT) Shaza Fatima Khawaja on Sunday invited Saudi businessmen to invest in Pakistan’s tech sector, highlighting the participation of over 100 Pakistani firms in the LEAP 2025 tech conference in Riyadh.

The minister expressed these views while addressing the Pakistan-Saudi Business Forum in Riyadh, a networking event jointly organized by the Pakistan Software Houses Association (P@SHA) and the Pakistan Software Export Board (PSEB), ahead of the four-day LEAP tech conference being held on Feb. 9-12.

This is the fourth edition of LEAP, recognized as Saudi Arabia’s award-winning global technology event for which entrepreneurs, investors and startups have converged in Riyadh to present their products to an anticipated audience of over 170,000 visitors. The latest edition follows last year’s record-breaking LEAP 2024, which saw $13.4 billion in investments and project commitments. Under the theme “Into New Worlds,” LEAP 2025 aims to expand business networking and investment opportunities in the tech sector.

Pakistan recorded the highest-ever monthly IT exports of $348 million in Dec. 2024, up by 15 percent year-on-year and 12 percent month-on-month, according to official data. The LEAP event offers Pakistani firms a platform to collaborate with stakeholders, explore business opportunities and showcase Pakistan’s diverse IT exports, including software development, artificial intelligence (AI), blockchain, fintech, gaming and robotics.

“Pakistan seeks strong partnerships in advanced technology under Saudi Vision 2030 and we invite Saudi investors to invest in Pakistan’s fintech, cybersecurity, and cloud computing sectors,” Khawaja said.

“Pakistan is making its largest participation in LEAP 2025, with over 100 tech companies and more than 1,000 participants.”

LEAP 2025 will debut Tech Arena, a platform for emerging innovations, featuring a ‘Live TV’ stage hosted by BBC Click’s Lara Lewington and Spencer Kelly. It is one of two new segments at LEAP 2025, alongside the SportsTech stage, supporting Saudi Arabia’s Vision 2030 for innovation and technological growth.

Visitors will explore AI, mixed reality, fashion tech, and brain-computer interfaces. Key highlights include Anouk Wipprecht’s Tech Couture exhibit, Adobe’s ‘Project Primrose’ digital dress technology, and Aramco-backed Terra Drone’s long-range medical delivery system. Saudi oil giant Aramco will also showcase SARA, an AI-driven assistant for decision-making. Engine VR will present its Golden Gloves VR boxing platform with live demos by UFC fighter Andrew Sanchez, while Alwaleed Philanthropies will showcase its Atlai AI program to support global deforestation monitoring. XPANCEO will introduce smart contact lenses with integrated computing.

Pakistan is providing world-class digital services and offering excellent opportunities for investors, according to Khawaja.

“We are not just participating [in LEAP 2025] but signing memorandums of understandings and making agreements for real economic growth through cooperation,” she said, adding that the Digital Cooperation Organization (DCO) was a key partner in the South Asian country’s digital growth.

The 16-member DCO, the world’s first standalone international intergovernmental organization, focuses on the acceleration of growth of an inclusive and sustainable digital economy. Pakistan is a key member of the organization.

Khawaja said the Digital Nation Act 2025 marked a new era in the Pakistani digital realm and provided a golden opportunity for digital investment and technological collaboration between Pakistan and Saudi Arabia. The act aims to align Pakistan’s economy, governance and services with global digital standards.

“The Digital Foreign Direct Investment (DFDI) Forum will soon be held in Islamabad, bringing together global investors, including from Saudi Arabia,” she added.


Pakistan’s commercial capital bars entry of dumper trucks in daytime amid rising accidents

Pakistan’s commercial capital bars entry of dumper trucks in daytime amid rising accidents
Updated 09 February 2025
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Pakistan’s commercial capital bars entry of dumper trucks in daytime amid rising accidents

Pakistan’s commercial capital bars entry of dumper trucks in daytime amid rising accidents
  • The announcement came hours after a dumper truck crushed three people to death in Ibrahim Hyderi area of Karachi
  • Accidents are common in Pakistan where traffic rules are rarely followed, roads and vehicles are in poor condition

KARACHI: Authorities in Pakistan’s southern Sindh province have barred entry of dumper trucks in the commercial hub of Karachi from 6am till 11pm, a senior official said late Saturday, amid a rise in fatal road accidents that involved heavy vehicles.
The announcement came hours after a dumper truck crushed three people to death in the city’s Ibrahim Hyderi area. It followed a similar incident in Gulistan-e-Jauhar, which claimed three lives a day ago.
Fatal road accidents are common in Pakistan where traffic rules are rarely followed and roads as well as a majority of vehicles are in poor condition. Road crashes have killed at least 96 people, including 71 men, 12 women and 13 children, and injured nearly 1,300 others in Karachi in the last two months, local media reports, citing police.
On Saturday, Sindh Chief Secretary Asif Haider Shah presided over a meeting of senior provincial officials and decided to introduce a Vehicle Inspection and Certification System (VICS) in the province among other measures to contain the rising number of road accidents.
“All vehicles in the city should have a certificate with a QR code from the Transport Department,” said a statement issued from the chief secretary’s office after the meeting, adding that authorities will conduct physical verification of all heavy vehicles and their drivers in the city.
The chief secretary directed inspection of all water tankers of the Karachi Water and Sewerage Board within a month, while the Sindh Solid Waste Management Board, which collects garbage with the help of dumper trucks, was ordered to shift operations to nighttime within 3 months.
“The main reason for accidents is the lack of implementation of the heavy traffic laws,” the chief secretary was quoted as saying.
“FIRs [police complaints] should be registered against those who drive recklessly along with a challan.”
The official urged motorcyclists to wear helmets and instructed traffic police to increase enforcement of traffic laws in the city.


Pakistan, UK discuss investment opportunities in energy, minerals and infrastructure

Pakistan, UK discuss investment opportunities in energy, minerals and infrastructure
Updated 09 February 2025
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Pakistan, UK discuss investment opportunities in energy, minerals and infrastructure

Pakistan, UK discuss investment opportunities in energy, minerals and infrastructure
  • Pakistan’s finance minister meets UK under-secretary for Afghanistan, Middle East and Pakistan in Portugal 
  • Cash-strapped Pakistan is eyeing investments in minerals, agriculture and energy to escape economic crisis

ISLAMABAD: Pakistan’s Finance Minister Muhammad Aurangzeb this week met British envoy Hamish Faulkner in Portugal where the two sides discussed bilateral investment opportunities in energy, minerals and infrastructure, the finance ministry said. 

The meeting between Aurangzeb and Faulkner, the British Under-Secretary for Middle East, Afghanistan and Pakistan, took place as cash-strapped Pakistan seeks investments from regional and other foreign allies to shore up its $350 billion economy.

The Pakistani government launched a hybrid civil-military government body, the Special Investment Facilitation Council (SIFC) in June 2023 to attract foreign investment from allies and other nations. The SIFC seeks to target investment in key economic sectors such as energy, mines and minerals, infrastructure, agriculture and livestock, among others. 

Aurangzeb is in Portugal where he attended the funeral ceremony of the late Prince Karim Aga Khan IV, the spiritual leader of the Ismaili community, on Saturday. 

“During the meeting, matters of mutual interest were discussed especially investment opportunities in the energy, minerals and infrastructure sectors in Pakistan,” the Ministry of Finance said. 

The Finance Minister expressed his desire to make relations between the two countries more sustainable, saying that warm ties between Pakistan and the UK were based on mutual trust and partnership. 

Earlier this month, a delegation of American investors led by Gentry Beach, a Texas hedge fund manager and businessman close to US President Donald Trump, arrived in Pakistan. 

Beach met Pakistani officials and spoke to media during his two-day visit to the country. He expressed his desire to invest in the country’s energy, minerals, real estate and infrastructure sectors. 

Pakistan and the UK have a long and multifaceted relationship, with the latter hosting a large Pakistani diaspora community. 

Pakistan is also a member of the Commonwealth, a voluntary association of 56 countries out of which the vast majority are former British territories.