Pakistan, Türkiye conclude joint military exercise ‘Ataturk-XIII’ to bolster defense ties

ISLAMABAD: UAE’s Deputy Prime Minister and Foreign Affairs Minister Sheikh Abdullah Bin Zayed Al Nahyan is scheduled to arrive in Pakistan today, Sunday, on a two-day visit aimed at strengthening bilateral cooperation in various sectors, state-run media reported. 

Pakistan and the UAE have deepened their economic partnership in recent years. The UAE is Pakistan’s third-largest trading partner after China and the United States, and a major source of foreign investment, with over $10 billion invested in the last two decades.

“Deputy Prime Minister and Minister of Foreign Affairs of the United Arab Emirates, Sheikh Abdullah bin Zayed Al Nahyan, will undertake a two-day official visit to Pakistan from Sunday,” state broadcaster Radio Pakistan reported. 

It said the high-level visit reflects the deep-rooted, fraternal relations that Pakistan and the UAE enjoy.

“It also underscores the two countries’ shared commitment to strengthening bilateral cooperation across all areas of mutual interest,” the state broadcaster added. 

The UAE is home to over a million Pakistani expatriates — the second-largest overseas Pakistani community globally — and a major source of remittance inflows to Pakistan.

Policymakers in Islamabad view the UAE as an ideal export destination due to its geographic proximity, which lowers freight costs and facilitates smoother trade.

In recent months, the two countries have signed a series of agreements to boost economic ties.
In February, during the Abu Dhabi crown prince’s visit to Pakistan, the two sides signed accords in mining, railways, banking and infrastructure.

Last year in January, Pakistan and the UAE signed deals worth more than $3 billion covering railways, economic zones and infrastructure development.

The UAE has become an even more crucial partner for Pakistan amid Islamabad’s efforts to achieve sustainable economic growth after suffering from a prolonged macroeconomic crisis. 

KARACHI: The State Bank of Pakistan (SBP) on Saturday launched its “Go Cashless” campaign in the southern Karachi port city, aiming to promote digital payment solutions and accelerate the country’s transition toward a cashless economy.​
The initiative, inaugurated by SBP Deputy Governor Saleem Ullah at a local mall in the Clifton neighborhood, is part of broader efforts to enhance financial inclusion and document the economy through increased adoption of digital transactions.​
“This ‘Go Cashless’ campaign is not just an event,” he was quoted in a statement released by the central bank. “It is part of a broader vision to accelerate Pakistan’s transition toward a digital economy.
The campaign, organized in collaboration with 12 leading financial institutions, seeks to educate vendors and customers about the benefits of digital payments.
It is also designed to highlight the SBP’s preference for a cash-lite economy where digital payments become the preferred choice for all, from small vendors to large retailers.​
Pakistan has witnessed significant growth in digital transactions in recent years. The SBP statement informed its instant payment system, Raast, processed over 892 million transactions amounting to Rs20 trillion ($72 billion) since its launch in 2021. In the second quarter of fiscal year 2025 alone, Raast handled 795.7 million transactions worth Rs6.4 trillion ($23.04 billion).​
The central bank highlighted mobile and Internet banking have also witnessed substantial growth, with a 62 percent increase in the number of transactions.
Digital transactions grew by 35 percent in FY24, with volume increasing from 4.7 billion to 6.4 billion, and their value reaching Rs547 trillion ($1.97 trillion).​
The SBP’s efforts align with Pakistan’s broader economic reforms aimed at strengthening financial systems and increasing transparency.
By promoting digital payments, the central bank can also document the economy more effectively and bring more individuals and businesses into the formal financial sector.​