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Pakistan, Saudi Arabia to ink $1bn oil sector agreement

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  • Agreement expected to be signed in next few days.
  • Agreement to be signed through SDF.
  • SDF also directed to study augmenting KSA’s investments.

ISLAMABAD: Pakistan and Saudi Arabia are expected to ink an agreement of over $1 billion in the oil sector, through the Saudi Development Fund, a Saudi news channel said on Wednesday.

“The coming days will witness the signing of an agreement between the Kingdom and Pakistan through the Saudi Development Fund (SDF), with an increase of one billion dollars for oil derivatives,” Nawaf Al-Maliki, Saudi Arabia’s ambassador to Pakistan was quoted as saying by the Saudi Al-Khabaria channel.

The Saudi Press Agency (SPA) earlier in a report mentioned that Crown Prince and Prime Minister Prince Mohammed bin Salman bin Abdulaziz Al Saud has directed to study augmenting the Kingdom’s investments in Pakistan, which have previously been announced on August 25, 2022, and were slated to reach $10 billion.

The SPA said the crown prince also directed the Saudi Development Fund (SDF) to study increasing the amount of the deposit provided by Saudi Arabia in favour of the State Bank of Pakistan (SBP). This has been extended on December 2, 2022, to hit a $5 billion ceiling, the agency said.

The Saudi official news agency said that the move strengthened the Kingdom’s position to support the economy of Pakistan and support its people. 

The report pointed out that the move followed communication between the crown prince and Prime Minister Shehbaz Sharif.

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Islamic Sukuk Bonds: Government Is Expected To Begin Bond Auction Next Week

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There is now more positive economic news for the people of Pakistan. The government is anticipated to begin the Sukuk Islamic Bond auction next week, after the central bank’s announcement of a large drop in the policy rate.

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SIFC Encourages Green Tourism: Reforming Visas to Increase Investment

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Enhancing investment in the tourism sector, Green Tourism Pakistan’s initiative has received backing from the Special Investment Facilitation Council.

Visa-On-Arrival for 126 countries, Visa-Free Entry for Gulf Cooperation Council nations, and 24-hour expedited visa processing are some of the main features of the Green Tourism Visa Policy.

It is anticipated that these endeavors will draw in about 80 million dollars in foreign direct investment and 8.3 billion rupees in domestic investment.

Green Tourism Private Limited has introduced hunting resorts in Naltar, Hunza, and Skardu, along with four- and five-star city hotels, to improve the tourism experience.

In the first phase of the project, 17 of the 78 areas have seen the start of development activity.

Approved is a central authority for Green Tourism that will supervise the growth of Air Operations.

To promote Religious Tourism, extra precautions have been taken to guarantee the security of visitors from all religions, including Sikhs and Buddhists.

Furthermore, in order to improve the quality of the tourist experience, the green guide quality program has been introduced to supply top-notch tour guides.

There is now a deluxe bus excursion from Islamabad to Peshawar that promotes local culture.

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July 2024 export data from Pakistan shows a significant rise.

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The Strategic Investment Facilitation Council (SIFC) has been instrumental in improving Pakistani products’ access to international markets, as seen by the significant surge in exports from the country at the start of the 2024–25 fiscal year.

With a 7.26% rise over the same month the previous year, July 2024 exports to the US were $476.017 million. After increasing by 7.74% annually, the United Arab Emirates emerged as the second-largest export destination.

The third and fourth places were occupied by exports to the UK ($183.303 million) and China ($60.100 million). A substantial increase in exports to Afghanistan was recorded in July of this year, rising from $46.262 million to $88.065 million, largely due to successful anti-smuggling efforts.

With a combined export volume of $553.951 million, more important export destinations included Germany, the Netherlands, Italy, Spain, Saudi Arabia, and Turkey.

A bright future for the national economy is suggested by the growing confidence major international markets have in Pakistani exports. Through the efforts of SIFC and the government, this greater access to global markets has been made possible.

Pakistan’s economy is predicted to remain stable as a result of the export growth that SIFC has enabled.

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