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Tag: Saudi Arabia

  • Chartered plane booked for Nawaz Sharif’s return on October 21

    Chartered plane booked for Nawaz Sharif’s return on October 21

    Pakistan Muslim League-Nawaz (PML-N) head and former prime minister Nawaz Sharif will travel on a chartered plane to reach Pakistan from Dubai on October 21.

    According to a report filed by Geo News, the flight carrying Nawaz will be named ‘Umeed-e-Pakistan’. It can carry approximately 150 passengers.

    The former prime minister will leave Dubai for Pakistan on October 21, along with senior and close party members. Nawaz Sharif’s flight will land in Islamabad for a 30 minute long stay, with the PML-N supremo then flying to Lahore to address a gathering at Minar-e-Pakistan.

    Before the final leg of the journey, Nawaz Sharif will reach Saudi Arabia on Wednesday and perform Umrah there. He will stay in Saudi Arabia for a week and hold important meetings.

    Earlier, former finance minister Ishaq Dar said there is no chance of Nawaz’s arrest upon his arrival in the country.

    Dar also said that PML-N’s narrative will be about the economy, adding that, “recovery of the economy is the best revenge.”

  • SBP reports $112 million increase in workers’ remittances

    SBP reports $112 million increase in workers’ remittances

    In September 2023, Pakistan experienced a notable surge in workers’ remittances, marking a 5.3 per cent increase compared to August 2023.

    This uptick can be primarily attributed to a crackdown on the informal money transfer systems known as hawala and hundi.

    According to the State Bank of Pakistan (SBP), the country received remittances amounting to $2.206 billion in September 2023, up from $2.094 billion in August 2023, equating to a $112 million rise.

    The majority of remittance inflows for September 2023 were derived from several key sources, with Saudi Arabia contributing $538.2 million, the United Arab Emirates $400 million, the United Kingdom $311.1 million, and the United States of America $263.4 million.

    This increase in remittances can be linked to the fact that a substantial number of Pakistani expatriates resorted to using the Hawala/Hundi channels during the initial two months of the fiscal year, largely due to a significant disparity between official and unofficial exchange rates.

    Subsequently, strict enforcement measures against illegal currency dealers have curbed this volatility, leading to a gradual appreciation of the Pakistani rupee in both the interbank and open currency markets.

    In the last month, the rupee has rebounded by 9 per cent, recovering from its record low of 307.1 against the dollar on September 5. The crackdown on these illicit currency dealers has also contributed to the 5 per cent month-on-month increase in remittances for September.

    However, when examining the entire first quarter of fiscal year FY24, the overall home remittances to Pakistan have experienced a sharp decline of 20 per cent, totalling $1.57 billion. Home remittances for the July-September period of FY24 amounted to $6.33 billion, a decrease from $7.90 billion during the same period in the previous fiscal year, FY23.

    During this initial quarter, remittances from all major sources displayed a downward trajectory. Specifically, home remittances from Saudi Arabia decreased by 22 per cent to $1.516 billion for July–September in FY24, down from $1.946 billion in the equivalent period in FY23.

  • Four Pakistani beggars went to Saudi Arabia under guise of Umrah

    Four Pakistani beggars went to Saudi Arabia under guise of Umrah

    The Anti-Human Trafficking Circle Lahore of the Federal Investigation Agency (FIA) has arrested four suspects who went to Saudi Arabia to beg under the guise of Umrah.

    Among the four suspects were two women and two men.

    According to the spokesperson of FIA, the accused were offloaded by FIA Immigration at Lahore Airport. They had reportedly gone to Saudi Arabia, Iran and Iraq several times to beg, and were to be received by Pakistani agents on arrival in Saudi Arabia.

    Half of the money earned through begging was to be given to the agent.

    So far, a case against the accused and the agents has been registered while investigations are underway.

  • Saudi court orders media to publicly disclose identity of harasser doctor

    Saudi court orders media to publicly disclose identity of harasser doctor

    A Saudi court has sentenced a doctor to five years in prison after he was found guilty of harassing a nurse, ordering the media to publicise the case and expose the harasser.

    The doctor was reportedly a Syrian who sexually harassed a Filipino nurse.

    Hospital management sent the issue to Public Prosecution which led to an extensive investigation, proving the doctor guilty of misconduct.

    The arrest was made without any delay after solid proof against the doctor and legal proceedings were initiated right away.

    In criminal court, the doctor was initially ordered to to pay SR5,000 in fine and sentenced to one year in prison but then the Court of Appeal increased the sentence to five years.

    In addition to the prison sentence, the Saudi court also issued an order to publicly disclose the doctor’s name.

  • MoU signed between Pakistan, Saudi Arabia to promote digital economy

    MoU signed between Pakistan, Saudi Arabia to promote digital economy

    Pakistan and Saudi Arabia have signed a Memorandum of Understanding (MoU) to work together in communication and information technology, in a bid to promote the digital economy.

    According to Saudi Arabia’s official news agency SPA, the purpose of the memorandum is to establish cooperation in the fields of communication and information technology for digital transformation, promotion of innovation and development of digital infrastructure.

    This memorandum of understanding was signed by Saudi Arabia’s Minister of Communications and Information Technology, Engineer Abdullah Bin Amir Al-Sawaha and Pakistan’s Caretaker Federal Minister for Information and Communication Technology, Dr. Umar Saif.

    Under the MoU, the two countries will establish innovation hubs, centres of excellence and university branches for advanced technologies, as well as strengthen cooperation in the systems of small and medium-sized enterprises and emerging companies.

    They will also work on policies, technologies, systems and legislation in the field of digitization and electronic manufacturing.

    Both sides have pledged to focus on e-governance, smart infrastructure, e-health and e-education, the use of emerging technologies such as artificial intelligence, robotics, cloud computing, games and more.

  • Pakistan’s forex reserves decline by $59 million to $7.64 billion due to debt payments

    Pakistan’s forex reserves decline by $59 million to $7.64 billion due to debt payments

    The State Bank of Pakistan (SBP) reported a weekly decrease in foreign exchange reserves, with a decline of $59 million, bringing the total to $7.64 billion as of September 22, according to data released on Thursday.

    The overall liquid foreign reserves of the country amounted to $13.16 billion, with commercial banks holding net foreign reserves of $5.52 billion.

    The central bank attributed this reduction in reserves to debt repayments, stating, “During the week ending on September 22, 2023, SBP’s reserves decreased by $59 million to $7,636.7 million due to debt repayments.”

    Notably, Pakistan’s central bank reserves had increased by $56 million the previous week, following four consecutive weeks of decline, during which SBP reserves had dwindled by a cumulative total of $416 million.

    In July, SBP’s reserves received a boost when Pakistan received approximately $1.2 billion as the first tranche from the International Monetary Fund (IMF), following approval of a new $3-billion stand-by arrangement. Additionally, inflows from Saudi Arabia and the UAE contributed to the increase.

    Despite these positive developments, the central bank’s reserves have come under pressure due to ongoing debt repayments, increased import payments following the easing of restrictions, and a lack of fresh inflows.

  • Israeli minister visits Saudi Arabia in a first

    Israeli minister visits Saudi Arabia in a first

    Israeli tourism minister, Haim Katz, visited Saudi Arabia for a United Nations (UN) conference. It is said to be the first public trip of an Israeli cabinet member to Saudi Arabia.

    Leading a delegation, Katz arrived in Riyadh to attend the UN event on Tuesday.

    “Cooperation in the field of tourism has the potential to bring hearts together, and economic progress,” Katz stated.

    The meeting has been held a few days after US President Joe Biden urged the establishment of formal ties between Israel and Saudi Arabia.

    “I think such a peace would go a long way first to advance the end of the Arab-Israeli conflict, achieve reconciliation between the Islamic world and the Jewish state, and advance a genuine peace between Israel and the Palestinians. This is something within our reach,” Israeli prime minister had said to Biden.

    On Tuesday, the same day as Saudi Arabia and Israel met, a Saudi delegation went to the occupied West Bank — first in three decades — to reassure Palestinians that despite the improving relationship with Israel, Saudi Arabia will continue to stand by Palestinians.

    “The Palestinian matter is a fundamental pillar,” said Naif bin Bandar Al Sudairi, head of the Saudi delegation and new ambassador to Palestine. He met with top Palestinian diplomat Riyad al-Maliki in Ramallah.

  • As Saudi Arabia gets closer to Israel deal, Pakistan reiterates support for Palestine

    Caretaker Foreign Minister Jalil Abbas Jilani has asserted that the establishment of a strong, independent and integrated Palestinian state is essential.

    Caretaker Foreign Minister Jalil Abbas Jilani saif that Pakistan stands with Palestine and does not recognize Israel at all. The statement comes days after Pakistan’s ally Saudi Arabia confirmed that it is nearing a deal with Israel linked to normalisation of relations between the two countries.

    Minister Jilani clarified Pakistan’s position in the OIC Contact Group on September 19.

    Jalil Abbas Jilani said that by implementing the resolutions of the United Nations and the OIC, an independent Palestinian state should be established under international laws.

    Jilani’s comments were given after Israeli Foreign Minister Eli Cohen spoke about normalisa­tion of Israel’s relations with the Muslim states. Reported by Israeli media outlet Kan News, Cohen claimed that ‘six or seven’ Islamic nations would possibly establish ties with Israel after Sau­di Arabia’s possible inclusion in the Abraham Ac­cords. The declaration already includes the United Arab Emirates, Bahrain, Morocco, and Sudan.

    Recently, Saudi Crown Prince Mohammed bin Salman talked about ‘normalisation’ of his country’s relationship with Israel.

    MBS told Fox’s Special Report programme that the Palestinian issue was “very important” to Riyadh. “We need to solve that part,” he said when asked what it would take to get a normalisation agreement.

    “We got to see where we go. We hope that will reach a place, that it will ease the life of the Palestinians, get Israel as a player in the Middle East,” he said.

  • CAA gathers global players: Meeting in Dubai to discuss Islamabad airport outsourcing 

    CAA gathers global players: Meeting in Dubai to discuss Islamabad airport outsourcing 

    The Civil Aviation Authority (CAA) has convened a significant meeting in Dubai to address matters pertaining to the outsourcing of Islamabad airport. 

    Sources indicate that the CAA administration has scheduled this meeting for September 26 in Dubai, extending invitations to international companies interested in participating in the outsourcing of the airport. 

    This development follows the federal government’s issuance of tenders, soliciting applications for the outsourcing of Islamabad International Airport for a duration of 15 years. 

    According to ARY News, the Civil Aviation Authority has stipulated that interested bidders must submit their applications, along with a Rs5,000 fee, in favour of CAA by November 8. 

    Notably, the government recently made the decision to pursue the outsourcing of Karachi, Lahore, and Islamabad International Airports, drawing keen interest from the United Arab Emirates, Qatar, Turkey, China, and Saudi Arabia. 

    In response to this decision, CAA unions launched a protest movement, which has persisted despite attempts at negotiation by Aviation Minister Khawaja Saad. 

    The steadfast stance of CAA employees remains unwavering, with a spokesperson for the CAA Union asserting during a media address that the protest movement will persist until their demands are met. 

  • Saudi Arabia enters talks with Tesla for potential manufacturing facility in kingdom

    Saudi Arabia enters talks with Tesla for potential manufacturing facility in kingdom

    Saudi Arabia is engaged in preliminary discussions with the American electric vehicle manufacturer, Tesla, regarding the establishment of a manufacturing facility within the kingdom, as reported by The Wall Street Journal. 

    This development coincides with Turkish President Recep Tayyip Erdogan’s request to Tesla CEO Elon Musk to consider the construction of a vehicle production plant in Turkey. Furthermore, Elon Musk is scheduled to meet with Israeli Prime Minister Benjamin Netanyahu in California today.

    To incentivize Tesla, Saudi Arabia has been offering the company access to essential metals and minerals required for electric vehicle production, procured from various nations, including the Democratic Republic of the Congo. 

    This effort aligns with Saudi Arabia’s broader strategy to diversify its economy away from its dependence on oil. Notably, the kingdom’s sovereign wealth fund holds a majority stake in Lucid Group, an electric vehicle startup aiming to challenge Tesla’s market dominance.

    One proposal being explored by Saudi Arabia involves extending financial support to Trafigura, a prominent commodities trading company, for a struggling cobalt and copper project in the Congo. 

    This project could potentially serve as a source of crucial supplies for a prospective Tesla factory. Both Tesla and Trafigura have not yet provided responses to Reuters’ inquiries, while Saudi Arabia’s sovereign fund, the Public Investment Fund, has declined to comment.

    Elon Musk previously mentioned in May that Tesla was likely to select a location for a new factory by the end of the year. Presently, Tesla operates six factories worldwide and is in the process of constructing a seventh in Mexico as part of its ambitious global expansion strategy. 

    The company’s goal is to achieve annual vehicle sales of 20 million units by 2030, a significant increase from the approximately 1.3 million vehicles sold in 2022.