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Tag: UAE

  • Pakistan awaits financial support confirmation from Saudi Arabia and UAE to sign IMF agreement

    Pakistan awaits financial support confirmation from Saudi Arabia and UAE to sign IMF agreement

    The signing of the staff-level agreement (SLA) between Pakistan and the International Monetary Fund (IMF) is dependent on confirmation of financial support from the Kingdom of Saudi Arabia (KSA) and the United Arab Emirates (UAE). Once support confirmation is received from KSA and UAE, the SLA will be signed with the IMF.

    Finance Minister Ishaq Dar reportedly informed diplomats in Islamabad at an Iftar dinner on Sunday that the issues with the IMF will be settled soon. However, it has been 46 days since the IMF and Pakistan concluded review talks in Islamabad on February 9, and the staff-level agreement is yet to be secured.

    There have also been dissenting views within the Finance Ministry on the issue of cross-fuel subsidy. While some bureaucrats from the ministry have opposed the scheme, the government went public with it, which has caused concern.

    Officials who spoke on the condition of anonymity told The News, that such schemes would jeopardize the revival of the IMF program, and it remains to be seen how the ministry will satisfy the global lender on the subsidy. The status of the 10th and 11th reviews, which were due on February 3 and May 3, respectively, is also unknown at this time, even if the IMF program is revived.

    The situation highlights the importance of financial support from KSA and UAE to Pakistan, as well as the potential impact of domestic policy decisions on the country’s relationship with the IMF. Despite Finance Minister Dar’s assurances, it is unclear when the SLA will be signed, and how the subsidy issue will be resolved.

    As the reviews remain in question, the situation underscores the need for Pakistan to address economic challenges and seek support from its allies to maintain its financial stability.

  • China approves rollover of $2 billion SAFE deposits for Pakistan

    China approves rollover of $2 billion SAFE deposits for Pakistan

    China has given approval for the rollover of $2 billion State Administration of Foreign Exchange (SAFE) deposits for a year. Pakistan’s Finance Minister, Ishaq Dar, confirmed, stating that the rollover was a requirement of the International Monetary Fund (IMF).

    The IMF had requested the rollover of Chinese SAFE deposits to fulfill external financing needs and move towards a staff-level agreement. The agreement involves filling nine tables under the Memorandum of Economic and Financial Policies (MEFP), including a table related to the Net International Reserves (NIR) as an indicative target.

    This target cannot be met without incorporating the external financing needs of the program period until the end of June 2023. The IMF has asked Pakistan to bridge the gap of $6 billion to ensure its credibility and avoid default. This condition was put forth largely because representatives of Gulf countries on the Executive Board had made commitments before the approval of the seventh and eighth reviews for providing financial assistance to Islamabad in various forms.

    Now, the IMF is seeking the support of Saudi Arabia, the UAE, and Qatar to help Pakistan’s struggling economy. The Fund has warned Islamabad that its credibility would be at stake if the staff-level agreement is finalised, and Pakistan fails to materialize its commitment from the bilateral partners, which could lead to default.

    The IMF is investigating why Pakistan’s bilateral partners are not fulfilling their earlier commitments. China is the only country that has come forward to rescue Islamabad by fulfilling its commitments on the re-financing of its commercial loans as well as the rollover of its SAFE deposits.

  • UAE hints at acting as bridge between India and Pakistan

    UAE hints at acting as bridge between India and Pakistan

    United Arab Emirates (UAE) Ambassador to India, Abdulnasser Jamal Alshaali, in an interview with The Hindustan Times said that his country has played a role in the past in addressing tensions between India and Pakistan, though any future role it might play would be up to both neighboring countries. 

    Talking to Foreign Editor at The Hindustan Times, Rezaul Hasan Laskar about Pakistani Prime Minister (PM) Shehbaz Sharif’s remarks about asking the UAE to help build a bridge with India, the ambassador said his country has “played such a role in the past”, but future endeavours will depend on both India and Pakistan.

    He also talked about expanding the gulf country’s relationship with India, saying that UAE is engaged in technical discussions to finalise a rupee-dirham arrangement for trade as part of the efforts to build on the free trade agreement signed by the two countries last year.

    He also said that UAE is keen on revisiting the arrangement for flights to India and introducing flights to more Indian destinations to help bring down airfare.

    He said: “If you check the price of a ticket today, it’s more than 50 per cent higher than it used to be a few years back or it used to be pre-Covid. That’s already a market signal that we need to pay attention to because we are talking about this entire relationship and aviation is a crucial point in expanding this relationship.”

    When asked about UAE’s plans to invest in food parks and renewable energy in India under the I2U2 framework, Jamal said the conversation between the Gujrat government and UAE is going on.

    In recent times, both countries have grown close. In November 2022, UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan visited India to further strengthen its bilateral relationship with India.

  • Ishaq Dar says Pakistan’s foreign exchange reserves will strengthen soon

    Ishaq Dar says Pakistan’s foreign exchange reserves will strengthen soon

    Pakistan’s foreign exchange reserves, which currently stand at $10 billion, will strengthen very soon, according to Finance Minister Ishaq Dar.

    Dar recalled the economic achievements made by the PML-N government from 2013 to 2018, saying that during that time, the GDP of the nation increased from $244 billion to $356 billion.

    He said, “Pakistan reserves stood at a total of $10 billion — $4 billion of the State Bank of Pakistan and $6 billion of commercial banks. Pakistan is repaying its loans on time, and the foreign exchange reserves will soon boost.”

    The finance minister announced that an IMF group would soon be in the nation and that he would be seeing IMF representatives at the Geneva summit.

    The coalition administration plans to seek money at the International Conference on Climate Resilient Pakistan on January 9 in Geneva, Switzerland, in order to recover from the disastrous floods.

    Dar informed the media outlet that he will travel to the United Arab Emirates (UAE) for a three-day official tour after his visit to Geneva comes to an end.

    “Funds from Saudi Arabia and other friendly countries will soon be received,” the finance minister said, who told journalists earlier this week that he expects inflows from China “in a few days.”

  • Fact check: UAE DOES NOT deny visas to Pakistanis belonging to certain cities

    Fact check: UAE DOES NOT deny visas to Pakistanis belonging to certain cities

    Claim: A poster which stated that United Arab Emirates (UAE) has banned visas for people belonging to various cities in Pakistan, has gone viral on social media. Some media outlets have also reported the news.

    The cities include Abbottabad, Attock, Bajaur Agency, Chakwal, Dera Ghazi Khan, Dera Ismail Khan, Hangu, Hunza, Quetta, Kasur, Kohat, Kotli, Khushab, Khurrum Agency, Larkana, Mohmand Agency, Muzaffargarh, Nawabshah, Parachinar, Sahiwal, Sargodha, Sheikhupura, Skardu and Sukkur.

    A warning on the poster stated, “Dont apply visa for a person who has been born in any of the above-mentioned cities, your visa will be rejected and the fee is non-refundable.”

    Fact: Speaking to Geo News, Consulate General of the UAE Karachi Bakheet Ateeq Al Remeithi denied the news and termed it fake.

    Remeithi said that Pakistani citizens can apply for a visit visa and visas of other categories.

    He also revealed that he has issued visas to citizens born or residing in the aforementioned cities, from the Karachi consulate.

    The consulate general also said that rumours like this are spread from time to time.

    Verdict: FALSE

  • Arshad Sharif’s murder ‘planned and targeted assassination’, says fact finding team report

    Arshad Sharif’s murder ‘planned and targeted assassination’, says fact finding team report

    The fact-finding team (FFT) probing the murder of journalist Arshad Sharif has concluded that his killing was a case of planned and targeted assassination.

    The finding was disclosed in the report of the two-member fact team (FFT) from a committee comprising of the Federal Investigation Agency (FIA) Director Dr Athar Wahood and Intelligence Bureau Deputy Director General Omer Shahid Hamid.

    In its 592-page report, the team learned that Arshad Sharif, who had been compelled to leave UAE and seek refuge in Kenya, wanted to return to the Emirates but found his way back blocked, losing his life in the African country.

    The report stated that some of the FIRs which compelled Arshad Sharif to leave Pakistan were filed at the behest and under pressure of the ISI according to the policemen who filed them.

    The report said per testimonies provided by his former colleagues and employer, Arshad Sharif had been forced out of UAE after he reportedly met with UAE security officials in his hotel lobby in mid August.

    Arshad Sharif had left the UAE even though he had a valid visa for the country.

    Arshad Sharif FFT reportDownload

    The FFT report further said that his departure from UAE came after consultations with the Dubai based team of his employer.

    The report stated that Waqar – who sponsored and hosted the journalist – was connected to Kenya’s National Intelligence Service (NIS) and other international agencies and law enforcement organisations.

    It further said that the fact that Waqar handed over Sharif’s personal cell phone and iPad to a NIS officer, rather than to the police, ‘established’ his link with the NIS.

    “His linkage with national and international agencies provides a scope of possibilities of transnational characters in this case,” the report states.

    The narrations presented by Khurram, who drove the vehicle prior to Sharif’s murder, regarding the sequence of events and the crime scene, were contrary to logic and facts, and that there were no penetration marks of a bullet on Sharif’s car seat, the report points out. It also highlights that the Kenyan police quickly declared the killing a case of “mistaken identity” without investigation. The post-mortem report in Pakistan identified that four fingernails of the slain journalist’s left hand were missing, giving rise to speculation that Sharif had been tortured before his death, says the report but adds that while the Kenyan post-mortem did mention “fingernails” taken as DNA samples, it did not mention how many fingernails were taken.

    “Keeping in view the apparent differences in the two post-mortem reports, there is no concrete evidence to establish that Arshad Sharif was tortured before the killing,” the report said.

  • Dubai-based watch company says they didn’t sell or buy Toshakhana gifts

    Dubai-based watch company says they didn’t sell or buy Toshakhana gifts

    Styleout Watches, a Dubai-based watch company, has rejected rumours about selling or buying Toshakhana gifts received by former Prime Minister (PM) Imran Khan.

    Referring to the recent controversy regarding the luxurious Graff set which was gifted to Khan by Saudi Crown Prince Mohammed bin Salman, Styleout watches released a statement, stating, “We certify that we never bought or sold the Graff Mecca Map diamond MasterGraff Tourbillon minute repeater watch along with diamond cufflinks and round diamonds gent’s ring, as well as rose gold pen set with diamonds to any person.”

    “We were approached by an undisclosed person, to market this watch using our Instagram page,” Styleoutwatches said, adding that any information about the watch being sold for USD250,000 is “incorrect and baseless”.

    The company said that they reserve the right to sue and take legal action against anyone using their name and their brand to sell and market the watch.

    “What we did do is we got it for promotion and marketing reasons,” they said, adding that they took the watch from an undisclosed person, took pictures and posted it on social media to create attention and hype in 2019.

    “Then, we returned the watch to the person and whatever happened before or after, we don’t know,” he clarified. The company requested the people to keep them out of the matter.

    Earlier, rumours were circulating on social media that Styleout watches had sold the watch for 250k USD in 2019.

    On Tuesday, Dubai-based businessman Umar Farooq Zahoor revealed to Shahzeb Khanzada how he had bought the Graff set from Khan. He had bought the branded set through former accoun­ta­bility minister Shahzad Akbar and Farah Khan, a close aide of Imran’s wife Bushra Bibi. He said on the show that he had paid the equivalent of $2 million in cash for the set.

  • Pakistan seeks to import 1.5 million tonnes of petrol from UAE at a negotiated price

    Pakistan seeks to import 1.5 million tonnes of petrol from UAE at a negotiated price

    In an attempt to begin the process of signing an intergovernmental agreement (IGA), Pakistan will write to the United Arab Emirates this week. The country is looking for a government-to-government contract to import 1.5 million tonnes of gasoline annually.

    According to The News, Pakistan would import 1.5 million tonnes of motor spirit (Mogas) over a five to eight-year period, or 30 cargoes. The nation would receive two to three shipments from the gulf nation each month.

    The IGA with Oman, Qatar, Saudi Arabia, and some other nations has already been signed by the energy ministry. UAE will receive the same contract. Both nations will begin negotiating the GtG deal for the import of petrol, crude oil, and jet fuel once the agreement is finalised.

    Leading representatives from both sides agreed to sign a GtG agreement for the import of petrol, crude oil, and jet fuel at the Abu Dhabi negotiations held in the first week of the current month.

    This will enable Pakistan to have a sufficient supply of petroleum products.

    ADNOC (Abu Dhabi National Oil Company), on behalf of the UAE, and Pakistan State Oil (PSO), on behalf of Pakistan, will begin negotiations for a commercial deal on a going-to-market basis after the IGA has been finalised and signed.

    Before December 31, 2022, Pakistan wants both IGAs and business agreements signed so that beginning in January 2023, oil imports from the UAE could begin on a GtG basis.

    Under the terms of the GtG agreement, PSO obtains diesel from KPC (Kuwait Petroleum Company) and pays significant premiums for gasoline purchased on the open market, which is determined by the costs of goods on the global market.

    Now, as part of the GtG agreement, PSO would purchase gasoline from ADNOC at a negotiated rate. Additionally, because the nation’s refineries typically meet jet fuel needs, PSO would also import it as needed.

  • Billionaire Mukesh Ambani buys Dubai’s most expensive villa for $163 million

    Billionaire Mukesh Ambani buys Dubai’s most expensive villa for $163 million

    India’s second-richest man is expanding his Dubai real estate portfolio with the acquisition of a new beachfront mansion, shattering his previous record for the most expensive residential real estate transaction in the city in a couple of months.

    According to reports, Mukesh Ambani purchased the Palm Jumeirah property from the family of Kuwaiti tycoon Mohammed Alshaya last week for approximately $163 million.

    Starbucks, H&M, and Victoria’s Secret have local franchises owned by Alshaya’s company. Ambani, whose net worth is $84 billion, is the chairman of Reliance Industries Ltd., the largest firm in India by market value.

    The tycoon has been buying up properties abroad and is increasingly searching for second residences in the west. According to Bloomberg, Ambani is looking into purchasing a home in New York and Reliance spent $79 million last year purchasing Stoke Park, a renowned country club in the United Kingdom.

    According to Bloomberg, the $80 million mansion that Ambani bought earlier this year is only a short stroll from his most recent purchase in Dubai. Until another mansion on the palm-shaped island sold for $82.4 million, that transaction represented the largest residential sale in the history of the city.

    This Thursday, the Dubai Land Department reported a $163 million real estate transaction in Palm Jumeirah without identifying the purchaser. Reliance’s spokesman declined to comment, and Alshaya’s representatives did not respond to calls for comment.

  • FIA books Imran Khan and others in ‘prohibited funding’ case

    FIA books Imran Khan and others in ‘prohibited funding’ case

    The Federal Investigation Agency (FIA) has booked Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan and other party leaders in a case pertaining to their party allegedly receiving prohibited funding.

    The case was filed by the state through FIA’s Corporate Banking Circle in Islamabad.

    In the First Information Report (FIR), the federal agency alleged that Abraaj Group transferred $2,100,000 to PTI account. In addition, the FIR states that the party received more financing from two bank accounts of Wotan Cricket Club.

    The complaint named Imran Khan, Sardar Azhar Tariq Khan, Saifullah Khan Nyazee, Syed Yunus Ali Raza, Aamer Mehmood Kiani, Tariq Rahim Sheikh, Tariq Shafi, Faisal Maqbool Shaikh, Hamid Zaman and Manzoor Ahmad Chaudhary as signatories/beneficiaries of the PTI account in question.

    The FIR alleged the branch’s operations manager had also failed to report these illegal transactions to the concerned authorities.

    In August, the ECP issued its verdict in the prohibited funding case — previously referred to as the foreign funding case — against the PTI, which stated that the party did indeed receive prohibited funding.

    The ECP said that the party, in violation of the Constitution, had received funds from 34 foreign entities. The party received funds from the United States, Australia, and the UAE. The ECP added that 13 unidentified accounts also surfaced during the probe in the PTI funding case.