Comments - Pakistan Now: Darkest Before Dawn? - PakAlumni Worldwide: The Global Social Network 2024-03-29T10:49:21Zhttp://www.pakalumni.com/profiles/comment/feed?attachedTo=1119293%3ABlogPost%3A424205&xn_auth=noSIFC focuses on 5 sectors for…tag:www.pakalumni.com,2023-09-08:1119293:Comment:4267662023-09-08T17:27:42.059ZRiaz Haqhttp://www.pakalumni.com/profile/riazul
<p><span>SIFC focuses on 5 sectors for investment - Business - DAWN.COM</span><br></br><br></br><span><a href="https://www.dawn.com/news/1774316" target="_blank">https://www.dawn.com/news/1774316</a></span><br></br><br></br><span>KARACHI: In continuation of its efforts to improve the country’s business climate, the Special Investment Facilitation Council (SIFC) has asked Karachi’s business community to exploit huge investment potential in agriculture, livestock, information technology, mining and energy…</span></p>
<p><span>SIFC focuses on 5 sectors for investment - Business - DAWN.COM</span><br/><br/><span><a href="https://www.dawn.com/news/1774316" target="_blank">https://www.dawn.com/news/1774316</a></span><br/><br/><span>KARACHI: In continuation of its efforts to improve the country’s business climate, the Special Investment Facilitation Council (SIFC) has asked Karachi’s business community to exploit huge investment potential in agriculture, livestock, information technology, mining and energy sectors.</span><br/><br/><span>---------------</span><br/><br/><span>Special Investment Facilitation Council</span><br/><br/><span>Interaction with Business Community by Special Investment Facilitation Council (SIFC)</span><br/><br/><span>As part of outreach strategy, SIFC arranged an interaction with Business Community of Karachi on 5 September 2023.</span><br/><span>SIFC’s Team led by Dr Jehanzeb Khan made detailed presentations encompassing various aspects of SIFC Initiative. Pakistan's latent potential and investment opportunities in the key sectors of Agri/ Livestock, IT, Mining/ Minerals and Energy were highlighted along with ongoing efforts to improve business climate in the country.</span><br/><span>Business Community was taken on board to attract investments in Pakistan and be part of valuable projects. SIFC ensured to extend its facilitative role in realising such endeavours by domestic investors.</span><br/><span>At the end, an interactive session provided Business Community with the opportunity to share their investment-related feedback and suggestions. Business Community also displayed keen interest in asking questions related to various investment opportunities and investment environment in general.</span><br/><br/><br/><span><a href="https://twitter.com/PTVNewsOfficial/status/1699042739479019660?s=20" target="_blank">https://twitter.com/PTVNewsOfficial/status/1699042739479019660?s=20</a></span></p> Pakistan's interim PM says Sa…tag:www.pakalumni.com,2023-09-04:1119293:Comment:4266552023-09-04T23:53:46.865ZRiaz Haqhttp://www.pakalumni.com/profile/riazul
<p><span>Pakistan's interim PM says Saudi Arabia to invest $25 bln over next five years</span><br></br><br></br><br></br><span><a href="https://www.reuters.com/world/asia-pacific/pakistans-interim-pm-says-saudi-arabia-invest-25-bln-over-next-five-years-2023-09-04/" target="_blank">https://www.reuters.com/world/asia-pacific/pakistans-interim-pm-says-saudi-arabia-invest-25-bln-over-next-five-years-2023-09-04/</a></span><br></br><br></br><span>By Gibran Naiyyar Peshimam</span><br></br><br></br><br></br><span>ISLAMABAD, Sept 4…</span></p>
<p><span>Pakistan's interim PM says Saudi Arabia to invest $25 bln over next five years</span><br/><br/><br/><span><a href="https://www.reuters.com/world/asia-pacific/pakistans-interim-pm-says-saudi-arabia-invest-25-bln-over-next-five-years-2023-09-04/" target="_blank">https://www.reuters.com/world/asia-pacific/pakistans-interim-pm-says-saudi-arabia-invest-25-bln-over-next-five-years-2023-09-04/</a></span><br/><br/><span>By Gibran Naiyyar Peshimam</span><br/><br/><br/><span>ISLAMABAD, Sept 4 (Reuters) - Saudi Arabia will invest up to $25 billion in Pakistan over the next two to five years in various sectors, Pakistan's caretaker Prime Minister Anwaar-ul-Haq Kakar said on Monday, adding his government would also revive a stalled privatisation process.</span><br/><br/><span>The South Asian nation is embarking on a tricky path to economic recovery under a caretaker government after a $3 billion loan programme, approved by the International Monetary Fund (IMF) in July, averted a sovereign debt default.</span><br/><br/><span>Kakar, speaking to journalists at his official residence, said Saudi Arabia's investment would come in the mining, agriculture and information technology sectors, and was a part of a push to increase foreign direct investment in Pakistan.</span><br/><br/><span>There was no immediate response to a Reuters request to the Saudi Arabian government for comment on Kakar's remarks.</span><br/><br/><span>If confirmed, a series of investments worth $25 billion would be the biggest ever by the kingdom in Pakistan.</span><br/><br/><span>A longtime ally of Riyadh, Pakistan is dealing with a balance of payments crisis and requires billions of dollars in foreign exchange to finance its trade deficit and repay its international debts in the current financial year.</span><br/><br/><span>Kakar did not specify projects Riyadh was looking at for investment, but last month Barrick Gold Corp (ABX.TO) said it was open to bringing in Saudi Arabia's wealth fund as one of its partners in Pakistan's Reko Diq gold and copper mine.</span><br/><br/><span>Pakistan's untapped mineral deposits are conservatively valued at about $6 trillion, said Kakar, whose government is meant to be an interim set up to oversee national elections scheduled for November but are expected to be delayed by months.</span><br/><br/><span>Barrick considers the Reko Diq mine one of the world's largest underdeveloped copper-gold areas and it owns a 50% stake, with the remaining 50% owned by the governments of Pakistan and the province of Balochistan.</span><br/><br/><span>Kakar also said his government would push to complete two privatisation deals, probably for state-run power sector entities, in the next six months, and would also look to privatise another government owned enterprise outside the energy sector.</span><br/><br/><span>Pakistan's state owned enterprises have long been an area of concern with bleeding financials adding to financial stress. Recently Pakistan added struggling state-run Pakistan International Airlines to the privatisation list again.</span><br/><br/><span>The privatisation process has largely stalled in the country with selling of state assets a politically sensitive issue that many elected governments have shied away from.</span><br/><br/><span>Reporting by Gibran Peshimam; Additional reporting by Aziz El Yaakoubi in Riyadh; Editing by William Maclean</span></p> SIFC to continue working for…tag:www.pakalumni.com,2023-08-19:1119293:Comment:4263212023-08-19T17:59:07.461ZRiaz Haqhttp://www.pakalumni.com/profile/riazul
<p>SIFC to continue working for fast-track foreign investment: PM<br></br><br></br><a href="https://www.pakistantoday.com.pk/2023/08/16/sifc-to-continue-working-for-fast-track-foreign-investment-pm/" target="_blank">https://www.pakistantoday.com.pk/2023/08/16/sifc-to-continue-working-for-fast-track-foreign-investment-pm/</a><br></br><br></br>Lauds vision of Saudi leadership, saying KSA can always count on Pakistan as trusted partner<br></br>Says looking forward to working with UAE on advancing cooperation in…</p>
<p>SIFC to continue working for fast-track foreign investment: PM<br/><br/><a href="https://www.pakistantoday.com.pk/2023/08/16/sifc-to-continue-working-for-fast-track-foreign-investment-pm/" target="_blank">https://www.pakistantoday.com.pk/2023/08/16/sifc-to-continue-working-for-fast-track-foreign-investment-pm/</a><br/><br/>Lauds vision of Saudi leadership, saying KSA can always count on Pakistan as trusted partner<br/>Says looking forward to working with UAE on advancing cooperation in various fields<br/>ISLAMABAD: Caretaker Prime Minister Anwaarul Haq Kakar on Wednesday said that the recently-instituted Special Investment Facilitation Council (SIFC) would continue to work as before to lay the foundations to fast-track foreign investments, particularly from Saudi Arabia.<br/><br/>The prime minister, in a meeting with Saudi Ambassador Nawaf bin Saeed Ahmad Al-Malkiy, who called on him, highlighted energy, infrastructure, agriculture, IT and manpower as potential sectors of cooperation.<br/><br/>The Saudi ambassador congratulated the prime minister on assuming office and conveyed the best wishes and greetings on behalf of the Custodian of Two Holy Mosques, as well as Crown Prince Mohammed Bin Salman, and the people of Saudi Arabia.<br/><br/>The prime minister said that Pakistan and Saudi Arabia enjoyed historic and deep-rooted ties.<br/><br/>He thanked the Saudi government for its consistent support for Pakistan’s economic stability and development.<br/><br/>He particularly mentioned the large number of Pakistanis working in Saudi Arabia and requested the Saudi side to continue to extend all possible facilitation to them.<br/><br/>Prime Minister Kakar lauded the vision of the Saudi leadership and said that Saudi Arabia could always count on Pakistan as its trusted and reliable partner.<br/><br/>Ambassador Nawaf reiterated that Saudi Arabia and Pakistan were bound together in a fraternal relationship, which was characterized by mutual trust and understanding, and close cooperation on all bilateral and regional issues of common interest.<br/><br/>Looking forward to advancing trade, investment ties with UAE<br/><br/>Meanwhile, Caretaker Prime Minister Anwaar-ul-Haq Kakar on Wednesday said that he looked forward to working with the United Arab Emirates (UAE) on advancing bilateral cooperation in various fields, especially trade, investment and energy.<br/><br/>The prime minister, in a meeting with the UAE Ambassador Hamad Obaid Ibrahim Salem Al-Zaabi, who called on him here, expressed gratitude for the UAE’s support for Pakistan’s economic and financial stability.<br/><br/>The ambassador conveyed the greetings of the UAE leadership to the prime minister on his assumption of office.<br/><br/>Prime Minister Kakar thanked the UAE government for the warm congratulatory messages and said that Pakistan and UAE enjoyed historic and deep-rooted fraternal ties.<br/><br/>He also wished the UAE success in hosting the COP28 Summit later this year.<br/><br/>The prime minister also emphasized the important role played by the Pakistani diaspora in the UAE and sought the UAE government’s continued support to them.</p>
<p class="comment-timestamp"></p> Pakistan’s army is back in ch…tag:www.pakalumni.com,2023-08-11:1119293:Comment:4261582023-08-11T23:20:39.163ZRiaz Haqhttp://www.pakalumni.com/profile/riazul
<p><span>Pakistan’s army is back in charge of politics</span><br></br><br></br><span><a href="https://www.economist.com/asia/2023/08/10/pakistans-army-is-back-in-charge-of-politics" target="_blank">https://www.economist.com/asia/2023/08/10/pakistans-army-is-back-in-charge-of-politics</a></span><br></br><br></br><span>The jailing of Imran Khan heralds a period of tighter military control</span><br></br><br></br><br></br><span>Mr Sharif’s indulgence of the army is explained by the state of the economy. He secured a $3bn imf…</span></p>
<p><span>Pakistan’s army is back in charge of politics</span><br/><br/><span><a href="https://www.economist.com/asia/2023/08/10/pakistans-army-is-back-in-charge-of-politics" target="_blank">https://www.economist.com/asia/2023/08/10/pakistans-army-is-back-in-charge-of-politics</a></span><br/><br/><span>The jailing of Imran Khan heralds a period of tighter military control</span><br/><br/><br/><span>Mr Sharif’s indulgence of the army is explained by the state of the economy. He secured a $3bn imf emergency agreement last month to ward off the possibility of default. But the price is steep: higher energy tariffs, high interest rates and a market exchange rate, none of which is popular with voters. The later the election, the more time Mr Sharif and his allies will have to put distance between themselves and unpopular decisions.</span><br/><br/><span>Yet Mr Sharif may be tempting fate. Nine months into the job, newly victorious in his battle with Mr Khan and his supporters, General Asim Munir, who heads the armed forces, is growing assertive. He is spearheading a new economic council and is busy touting Pakistan’s investment potential to Gulf states that have grown tired of doling out cash to Pakistan. More than their money, he may be eyeing their political support. “We are probably moving towards a new political order, a controlled democracy where civil liberties are curtailed in the name of economic development,” says Ahmed Bilal Mehboob, president of the Pakistan Institute of Legislative Development and Transparency. In perennially chaotic Pakistan, order can seem attractive to an ambitious general.</span></p> Pakistan’s army is back in ch…tag:www.pakalumni.com,2023-08-11:1119293:Comment:4260842023-08-11T23:19:42.715ZRiaz Haqhttp://www.pakalumni.com/profile/riazul
<p><span>Pakistan’s army is back in charge of politics</span><br></br><br></br><span><a href="https://www.economist.com/asia/2023/08/10/pakistans-army-is-back-in-charge-of-politics" target="_blank">https://www.economist.com/asia/2023/08/10/pakistans-army-is-back-in-charge-of-politics</a></span><br></br><br></br><span>The jailing of Imran Khan heralds a period of tighter military control</span><br></br><br></br><br></br><span>Fifty miles—and five years—separate Imran Khan’s greatest political triumph and the nadir, for…</span></p>
<p><span>Pakistan’s army is back in charge of politics</span><br/><br/><span><a href="https://www.economist.com/asia/2023/08/10/pakistans-army-is-back-in-charge-of-politics" target="_blank">https://www.economist.com/asia/2023/08/10/pakistans-army-is-back-in-charge-of-politics</a></span><br/><br/><span>The jailing of Imran Khan heralds a period of tighter military control</span><br/><br/><br/><span>Fifty miles—and five years—separate Imran Khan’s greatest political triumph and the nadir, for now, of his political career. At one end is Parliament House in Islamabad, where the assembly that elected him prime minister of Pakistan in 2018 wrapped up its term on August 9th, with power due to be handed to a caretaker administration. At the other is the district jail in Attock in Punjab province, where Mr Khan began a three-year prison term for “corrupt practices” on August 5th.</span><br/><br/><br/><span>Mr Khan denies wrongdoing and has unsuccessfully appealed the conviction. He says the charges are politically motivated, which the government denies. The conviction, which comes with a five-year ban from politics, is the culmination of a campaign by Pakistan’s powerful army to remove Mr Khan and his party, Pakistan Tehreek-e-Insaf (pti), from the political fray. It also heralds a period of more active involvement in politics by the generals.</span><br/><br/><span>The case has exposed a taste for cash and bling that is at odds with Mr Khan’s idea of himself as a pious anti-corruption crusader. Yet the nature of the conviction, for violating electoral laws that are rarely enforced, hints at the former prime minister’s true crime: challenging Pakistan’s army. Like many Pakistani politicians before him, Mr Khan started out as a general’s favourite. Yet the army eventually tired of his political grandstanding and his mismanagement of Pakistan’s faltering economy. In April 2022 he was removed from office in a vote of no confidence.</span><br/><br/><br/><span>Unlike some of his predecessors, Mr Khan refused to go quietly, attacking the generals in a series of rallies across the country and claiming that they tried to assassinate him last November. After he was briefly arrested in early May, his supporters smashed up military installations. The army, unused to and enraged by such displays of defiance, dismantled his party and rounded up his supporters. Eventually, Mr Khan was nabbed for good.</span><br/><br/><span>Mr Khan’s forced exit from politics heralds more ambitious plans. Assisted by the outgoing prime minister, Shehbaz Sharif, and a pliant parliament, the army has rearranged Pakistan’s hybrid system decisively in its favour. Among the scores of laws tweaked or introduced before parliament’s lights were switched off, several granted sweeping new powers to the armed forces and intelligence agencies, alarming civil-rights groups. The incoming caretaker government has been given the power to negotiate with the imf and sign foreign investment deals. It may also stick around for longer than the 90 days prescribed by the constitution. The day Mr Khan was arrested the government ratified a new census which could require a fresh demarcation of electoral constituencies. The outgoing law minister says this could delay elections by at least five months. The caretakers will in effect report to the army until then.</span></p> The Special Investment Facili…tag:www.pakalumni.com,2023-08-11:1119293:Comment:4261572023-08-11T18:18:24.898ZRiaz Haqhttp://www.pakalumni.com/profile/riazul
<p>The Special Investment Facilitation Council’s Role in Pakistan’s Economic Resurgence<br></br><br></br><br></br><a href="https://thediplomat.com/2023/08/the-special-investment-facilitation-councils-role-in-pakistans-economic-resurgence/" target="_blank">https://thediplomat.com/2023/08/the-special-investment-facilitation-councils-role-in-pakistans-economic-resurgence/</a><br></br><br></br>The SIFC’s mandate is far-reaching, extending from agriculture and energy to telecommunications and infrastructure. Its…</p>
<p>The Special Investment Facilitation Council’s Role in Pakistan’s Economic Resurgence<br/><br/><br/><a href="https://thediplomat.com/2023/08/the-special-investment-facilitation-councils-role-in-pakistans-economic-resurgence/" target="_blank">https://thediplomat.com/2023/08/the-special-investment-facilitation-councils-role-in-pakistans-economic-resurgence/</a><br/><br/>The SIFC’s mandate is far-reaching, extending from agriculture and energy to telecommunications and infrastructure. Its “single window” approach to cooperation with GCC countries signals a proactive stance toward attracting FDI. Notably, the SIFC holds the authority to summon regulatory bodies and government representatives when bureaucratic bottlenecks hinder investment operations. Moreover, the council can recommend regulatory relaxations or exemptions, ensuring they align with existing legal provisions. This flexibility could expedite investment procedures, enhancing Pakistan’s appeal to potential investors.<br/><br/>The inclusion of military officers in the SIFC’s apex and implementation committees sparks concerns about potential overreach and diminishing civilian oversight. While an “institutionalized” army role in economic decision-making can offer stability, it also poses challenges to democratic governance. The delicate interplay between civilian and military spheres demands meticulous management to prevent undue military influence over crucial economic policies.<br/><br/>While the military’s involvement in the SIFC might alleviate immediate investor concerns, it is not a panacea for Pakistan’s economic challenges. The council’s focus on Gulf investments and its goal of achieving high FDI targets could offer short-term relief, but sustained economic stability demands comprehensive policy reforms. A closer look at India’s 1990s reforms provides valuable lessons in addressing deep-rooted economic issues and driving long-term growth.<br/><br/>The Special Investment Facilitation Council’s establishment signifies Pakistan’s commitment to economic resurgence and foreign investment attraction. However, as the nation treads this uncharted territory, it must strike a delicate balance between ensuring policy predictability and safeguarding democratic governance. While the military’s involvement can potentially bolster investor confidence, the long-term stability of Pakistan’s economy hinges on holistic policy reforms that address structural challenges. The SIFC can serve as a stepping stone toward economic growth, but the ultimate key lies in Pakistan’s ability to cultivate a business-friendly environment, foster sustainable growth, and uphold democratic principles in its pursuit of prosperity.</p>
<p class="comment-timestamp"></p> The Special Investment Facili…tag:www.pakalumni.com,2023-08-11:1119293:Comment:4260822023-08-11T18:17:27.650ZRiaz Haqhttp://www.pakalumni.com/profile/riazul
<p><span>The Special Investment Facilitation Council’s Role in Pakistan’s Economic Resurgence</span><br></br><br></br><br></br><span><a href="https://thediplomat.com/2023/08/the-special-investment-facilitation-councils-role-in-pakistans-economic-resurgence/" target="_blank">https://thediplomat.com/2023/08/the-special-investment-facilitation-councils-role-in-pakistans-economic-resurgence/</a></span><br></br><br></br><span>The SFIC has to strike a balance between including military decision-makers to raise investor…</span></p>
<p><span>The Special Investment Facilitation Council’s Role in Pakistan’s Economic Resurgence</span><br/><br/><br/><span><a href="https://thediplomat.com/2023/08/the-special-investment-facilitation-councils-role-in-pakistans-economic-resurgence/" target="_blank">https://thediplomat.com/2023/08/the-special-investment-facilitation-councils-role-in-pakistans-economic-resurgence/</a></span><br/><br/><span>The SFIC has to strike a balance between including military decision-makers to raise investor confidence and upholding democratic governance.</span><br/><br/><span>By Shabbir Ahmed</span><br/><br/><span>The inception of the Special Investment Facilitation Council (SIFC) represents a pivotal juncture in Pakistan’s economic evolution. Intended to attract foreign investments and invigorate economic growth, this pioneering initiative has captured national attention. Nevertheless, as the SIFC emerges as a distinctive amalgamation of civil and military entities, it ignites discussions surrounding the nuanced equilibrium between safeguarding policy coherence, upholding the principles of democratic governance, and managing the military’s active role in shaping economic decisions.</span><br/><br/><span>This convergence of interests and authority prompts an exploration of how this “hybrid” forum can effectively navigate its responsibilities, engender investor confidence, and ensure that the military’s involvement aligns harmoniously with the broader democratic fabric of the nation.</span><br/><br/><span>The SIFC’s creation is rooted in a dire need for economic rejuvenation, particularly in the face of bureaucratic hurdles and regulatory complexities that deter foreign direct investment (FDI). By providing a platform to streamline cooperation with Gulf Cooperation Council (GCC) nations, the SIFC aims to unlock investment opportunities across sectors ranging from agriculture to information technology. Nonetheless, the inclusion of military officials in key roles raises questions about the balance between civilian and military authority, reflecting both opportunities and challenges.</span><br/><br/><span>Prime Minister Shehbaz Sharif’s proclamation of the SIFC as a “unified approach” toward economic challenges underscores the value of collective insight. Undoubtedly, cooperative endeavors that engage both civilian and military leadership hold the promise of establishing policy steadiness and instilling confidence among foreign investors. Yet, the crux of the matter resides in harmonizing the military’s role with, rather than eclipsing, civilian authority. This equilibrium is essential to safeguarding the tenets of democracy, upholding accountability, and preventing the erosion of democratic values. The success of this collaborative venture hinges on the delicate choreography between these two distinct spheres, facilitating an environment wherein policy predictability is fortified without compromising the essence of democratic governance</span><br/><br/><span>The decision to entrust the SIFC with a substantial military presence emerges from a broader context of geopolitical considerations and the desire to instill investor confidence. The involvement of Saudi Arabia, Qatar, and the United Arab Emirates in pressing for military-backed guarantees highlights a lack of confidence in Pakistan’s political stability and its ability to honor business agreements across government transitions. The army’s engagement in the SIFC could offer a sense of continuity, but it also underscores the need for comprehensive, long-term policy reforms to address underlying structural challenges.</span></p> #Arab Gulf Nations (#SaudiAra…tag:www.pakalumni.com,2023-08-11:1119293:Comment:4262032023-08-11T02:41:00.413ZRiaz Haqhttp://www.pakalumni.com/profile/riazul
<p>#Arab Gulf Nations (#SaudiArabia, #Qatar, #UAE) Poised to Invest Billions in #Pakistan.<br></br>#Islamabad’s powerful #military has sought to ease the path for oil-rich monarchies to acquire stakes in #mining (#copper, #gold) & #energy (#refinery)…</p>
<p>#Arab Gulf Nations (#SaudiArabia, #Qatar, #UAE) Poised to Invest Billions in #Pakistan.<br/>#Islamabad’s powerful #military has sought to ease the path for oil-rich monarchies to acquire stakes in #mining (#copper, #gold) & #energy (#refinery) <a href="https://www.wsj.com/articles/gulf-nations-poised-to-invest-billions-in-pakistan-as-it-seeks-infusion-of-foreign-currency-9dfbb2ad" target="_blank">https://www.wsj.com/articles/gulf-nations-poised-to-invest-billions-in-pakistan-as-it-seeks-infusion-of-foreign-currency-9dfbb2ad</a> via @WSJ<br/><br/>Riyadh has ambitions to turn Ma’aden into a global company, but it is wary of the security risks at the Pakistani mine. In July, Saudi Arabia said it would buy a $2.5 billion stake in Brazilian mining company Vale, also through the same fund and Ma’aden.<br/><br/>For Islamabad, there are strategic advantages to tying Saudi Arabia in, while Barrick has joined with Saudi Arabia elsewhere too. Barrick and Ma’aden didn’t respond to requests for comment. The Public Investment Fund declined to comment.<br/><br/>The Saudis are the most interested in the mining opportunities, say officials and experts, while the U.A.E. is looking most keenly at agriculture, clean energy and logistics.<br/><br/>Just ahead of the launch of the Gulf initiative, the U.A.E. swooped in early, acquiring a 50-year lease in June to operate part of the container terminal at Karachi port. The financial terms weren’t disclosed for the deal, which was awarded without an open bidding process. Many coming transactions are also not expected to involve competitive bidding, Pakistani officials say. That approach could open the divestments up to domestic controversy.</p>
<p class="comment-timestamp"></p> #Arab Gulf Nations (#SaudiAra…tag:www.pakalumni.com,2023-08-11:1119293:Comment:4260782023-08-11T02:40:27.823ZRiaz Haqhttp://www.pakalumni.com/profile/riazul
<p>#Arab Gulf Nations (#SaudiArabia, #Qatar, #UAE) Poised to Invest Billions in #Pakistan.<br></br>#Islamabad’s powerful #military has sought to ease the path for oil-rich monarchies to acquire stakes in #mining (#copper, #gold) & #energy (#refinery)…</p>
<p>#Arab Gulf Nations (#SaudiArabia, #Qatar, #UAE) Poised to Invest Billions in #Pakistan.<br/>#Islamabad’s powerful #military has sought to ease the path for oil-rich monarchies to acquire stakes in #mining (#copper, #gold) & #energy (#refinery) <a href="https://www.wsj.com/articles/gulf-nations-poised-to-invest-billions-in-pakistan-as-it-seeks-infusion-of-foreign-currency-9dfbb2ad" target="_blank">https://www.wsj.com/articles/gulf-nations-poised-to-invest-billions-in-pakistan-as-it-seeks-infusion-of-foreign-currency-9dfbb2ad</a> via @WSJ<br/><br/>Egypt and Pakistan offer big populations, large tracts of arable land and huge armies, all attributes lacking in the Gulf, said Faisal Aftab, founder of Pakistan-based Zayn Venture Capital.<br/><br/>“This is a last chance for Pakistan,” said Aftab. “It needs to leverage in investment.”<br/><br/>Iqbal, the planning minister, said Pakistan was hoping for deals worth around $25 billion, including in solar energy and information technology. Pakistan’s defense industries are also open for investment, and the country is prepared to offer uncultivated government land on long leases for agriculture.<br/><br/>The Gulf nations haven’t put figures in recent weeks on how much they might spend. In January this year, the Saudis said they were willing to invest $10 billion, after Pakistan’s army chief visited.<br/><br/>Economic crises in Egypt and Pakistan, which have been buffeted by higher fuel and food prices from the Russia-Ukraine war and seen their currencies plummet, mean that assets are potentially available on the cheap. But Riyadh has still balked at prices in Egypt, meaning fewer deals than anticipated have materialized so far. Pakistan will also have to manage competition between Gulf nations for assets, already being felt, especially between Saudi Arabia and U.A.E., which have strained relations.<br/><br/>Among the first contracts likely to attract interest, from both U.A.E. and Qatar, is a tender announced this week, by open bidding, to run terminal services at Islamabad airport. The two Gulf countries fiercely competed for the contract to run Kabul airport in Pakistan’s neighbor Afghanistan, a contest won last year by the U.A.E. Islamabad is also looking for investors to take on its national carrier, Pakistan International Airlines.<br/><br/>Musadik Malik, Pakistan’s departing petroleum minister, said that a deal for a Saudi refinery was “very close.” Saudi Aramco, the company named by Pakistani officials as its partner for the project, declined to comment. The refinery would likely be located at Gwadar, the port developed by China on the Arabian Sea, and the centerpiece of Beijing’s investment program in ally Pakistan. Riyadh is moving closer to Beijing, at the expense of its relationship with Washington.<br/><br/>Officials from both sides are aiming for a final deal on the refinery—which would be the country’s biggest—by the end of this year, with construction to begin early in 2024.<br/><br/>Malik said that he anticipated a series of mining deals that would be much bigger in value than the refinery contract.<br/><br/>“We have enormous untapped resources just sitting there,” he said.<br/><br/>The obvious prize is copper, a metal needed in the transition to cleaner energy. One of the world’s biggest new copper mines is expected to begin production in 2028. The Reko Diq mine is a joint venture between Barrick Gold and the government of Pakistan, in a remote part of the country hit by two violent insurgencies.<br/><br/>Talks are under way for the Saudis to buy into the Reko Diq mine. The Saudi sovereign-wealth fund, Public Investment Fund, would team up with Saudi mining company Ma’aden, to acquire part of the 50% stake in the mine owned by Pakistan, according to people involved. In addition, the Saudis could be given exploration rights in other parts of the copper-rich area.<br/><br/></p>
<p class="comment-timestamp"></p> #Arab Gulf Nations (#SaudiAra…tag:www.pakalumni.com,2023-08-11:1119293:Comment:4262022023-08-11T02:39:42.667ZRiaz Haqhttp://www.pakalumni.com/profile/riazul
<p><span>#Arab Gulf Nations (#SaudiArabia, #Qatar, #UAE) Poised to Invest Billions in #Pakistan.</span><br></br><span>#Islamabad’s powerful #military has sought to ease the path for oil-rich monarchies to acquire stakes in #mining (#copper, #gold) & #energy (#refinery)…</span></p>
<p><span>#Arab Gulf Nations (#SaudiArabia, #Qatar, #UAE) Poised to Invest Billions in #Pakistan.</span><br/><span>#Islamabad’s powerful #military has sought to ease the path for oil-rich monarchies to acquire stakes in #mining (#copper, #gold) & #energy (#refinery) <a href="https://www.wsj.com/articles/gulf-nations-poised-to-invest-billions-in-pakistan-as-it-seeks-infusion-of-foreign-currency-9dfbb2ad" target="_blank">https://www.wsj.com/articles/gulf-nations-poised-to-invest-billions-in-pakistan-as-it-seeks-infusion-of-foreign-currency-9dfbb2ad</a> via @WSJ</span><br/><br/><span>The Saudis are in talks to buy into a copper mine being developed at a cost of $7 billion by Canada’s Barrick Gold in western Pakistan, according to people familiar with the project. Separately, negotiations are at an advanced stage to set up a Saudi oil refinery in Pakistan, which could cost up to $14 billion, according to Islamabad and Gulf officials.</span><br/><br/><span>For the Gulf states, the deals represent a shift from when they provided loans or grants to poorer countries in the region, such as Pakistan or Egypt, to a new focus on acquiring assets for their sovereign-wealth funds.</span><br/><br/><span>Pakistan, a nuclear-armed nation of 240 million, has been racked by an economic crisis and political instability. It reached an agreement with the International Monetary Fund in June on another bailout.</span><br/><br/><span>Its powerful military, which has clamped down on political freedoms in recent months, is seeking to ease the path for investment by streamlining the deal-making process for Gulf investors, who had complained about red tape and political indecision in the past.</span><br/><br/><span>Mining, energy infrastructure, farmland and privatizations of Pakistani government businesses could all be part of the planned selloff to Saudi Arabia, the United Arab Emirates and Qatar, which are increasingly competing for assets in struggling political allies.</span><br/><br/><span>This summer, Islamabad established the Special Investment Facilitation Council, which includes the army chief, to smooth the bureaucratic path for Gulf investment.</span><br/><br/><span>“Pakistan is strategically located, at the junction of the engines of growth in Asia, between south Asia, central Asia, China and the Middle East,” said Ahsan Iqbal, Pakistan’s departing planning minister, who also heads the executive committee of the Special Investment Facilitation Council. “There is a very big opportunity for investors to come here, as long as we can give them assurance that there will be continuity of policy for their investment.”</span><br/><br/><span>The Saudi deputy mining and foreign ministers visited Islamabad this month for talks about the investment initiative.</span><br/><br/><span>Pakistan Prime Minister Shehbaz Sharif said Wednesday that Parliament would dissolve, ahead of elections that are likely to be delayed into next year. The installment of a nonpolitical caretaker government in Islamabad in the next few days, to oversee the period up to the next election, is expected to kick-start the deals. New powers have been given to the caretaker administration, which will likely be under even greater influence of the military, to enable it to make major economic decisions.</span><br/><br/><span>The army is Pakistan’s dominant institution, a permanent power in a country where no prime minister has completed a term in office. The Gulf has long dealt directly with Pakistan’s army, the sixth largest in the world, which has provided a contingent of troops to Saudi Arabia for decades. The first overseas trip for Pakistan’s current army chief, Gen. Asim Munir, was to Saudi Arabia, where he met Crown Prince Mohammed bin Salman in January.</span><br/><br/><span>A splurge in Pakistan is expected to come from government-owned entities in the Gulf, which in recent years have invested in Egypt, a country also in the midst of an asset sale, as well as Sudan, Ethiopia and elsewhere in the Horn of Africa.</span><br/><br/><span>“For the Gulf, Pakistan and Egypt are a regional security priority,” said Karen E. Young, a researcher at Columbia University’s Center on Global Energy Policy. “They absolutely cannot afford to see a failed state in Egypt or Pakistan.”</span></p>