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Saudi Arabia asks Shehbaz to perform Umrah, so he anticipates meeting MBS.

Published

4 weeks ago

Farwa

According Pakistani reports, Saudi Arabia has extended an invitation to Prime Minister Shehbaz Sharif to perform Umrah because it anticipates that during his visit, he will meet Crown Prince Mohammed bin Salman.

The invitation is extended at a time when Pakistan is in dire need of foreign investment to boost its faltering economy, which has been severely impacted by the depreciation of the currency, ongoing inflation, and historically high interest rates.

The sources claim that once the prime minister’s meeting with the Saudi crown prince, who serves as the de facto ruler of the oil-rich Gulf State, is finalized, he will depart for Saudi Arabia.

The two presidents will discuss a number of these endeavors as talks to formally define several projects for Pakistan are already under way.

According to the sources, a delegation from Barrick Gold recently visited Pakistan and spoke with Shehbaz and other high-ranking officials. As a result, it is anticipated that Saudi Arabia will spend $1 billion in the Reko Diq project in the coming weeks.

50% of Reko Diq is owned by Barrick, with the remaining 50% being jointly held by the province of Balochistan and the Pakistani government.

Chief Executive Officer of Barrick, Mark Bristow, has earlier praised Saudi Arabia’s participation in the billion-dollar Reko Diq project, one of the largest undeveloped ventures with enormous deposits of gold and copper.

In the meantime, Saudi Arabia and Pakistan are already investigating methods to strengthen cooperation in fields other than mining and energy, such as agriculture. It is anticipated that Pakistan will benefit from several development initiatives as a result of the prime minister’s visit.

Any investment from Saudi Arabia will help the country’s stocks and investors’ spirits, as the Pakistan Stock Exchange is once again setting new records following a strong decrease in inflation that reignited expectations for early interest rate reduction.

However, Riyadh, led by Mohammed bin Salman, usually referred to as MBS, has been focusing on economic diversification in an effort to lessen the kingdom’s reliance on fossil fuels and establish itself as a hub for entertainment, sports, and tourism in addition to manufacturing.

As a result, Saudi Arabia is not only drawing in international capital for a variety of industries, but it has also been sending billions of dollars abroad, a move that will strengthen its position as a major player in the world economy.

However, the World Bank noted in a recent report that Pakistan must simultaneously implement reforms and remove obstacles to draw in foreign investment on a consistent and long-term basis by attracting investors in a variety of industries.

Latest News

Lahore, PP-161: LHC deems the ECP recounting order null and invalid

Published

2 days ago

Farwa

Farrukh Javed, the victorious candidate, filed a petition against the Election Commission of Pakistan’s order to recount the votes in PP-161 before a single bench of the high court, led by Justice Shahid Karim, was formed.

The bench dismissed the ECP’s order to recount the votes in the constituency and accepted the petition.

The PML-N candidate Umar Sohail filed a petition for a vote recount with the electoral commission, according to Unmute Farrukh Javed MPA’s court plea.

Per the petitioner, the electoral commission issued a notice of vote recount after granting the second-place candidate’s request.

In his view, the election process was not yet over when the ECP issued the order for a vote recount.

The ECP’s order for the recounting of ballots in provincial constituency PP-161 was revoked by the bench after it allowed the petition.

Latest News

The LHC has issued a summons regarding the policy on wheat procurement.

Published

2 days ago

Farwa

The court was considering a petition filed by the Punjab farmers challenging the province government’s decision to decline purchasing wheat from them.

The petitioner alleged that the government is legally obligated to procure wheat from farmers at the designated price and had publicised a policy to purchase wheat from farmers at Rs 3,900 per maund. However, the government has failed to put this policy into effect.

The Punjab government was scheduled to commence the procurement of wheat from farmers on April 22. However, there has been no progress thus far in the wheat purchase, thereby exposing farmers to the risk of selling their harvests at reduced prices as a result of rainfall.

The petitioner implored the court to mandate the government’s procurement of wheat from farmers and to initiate measures against the mafia.

Punjab farmers have filed a petition with the Lahore High Court (LHC) to challenge the government’s decision to not purchase their wheat.

Following an initial hearing on the case, Justice Shahid Karim, the judge of the LHC, requested a documentation of the Punjab government’s choices pertaining to wheat purchase.

Punjab’s farmers are currently protesting the government’s decision to postpone the purchase of wheat from them.

Yesterday, insiders from the Food Department disclosed that the Punjab government has not yet made a decision regarding the procurement of wheat.

Latest News

Lahore experiences a winter-like ambiance following rainfall.

Published

2 days ago

Farwa

Lahore’s maximum temperature has significantly decreased due to recent rainfall in the province capital over the past 24 hours.

Jail Road saw a rainfall of 8.5 millimeters, Gulberg received 10 millimeters, and Lakshmi Chowk received 14 millimeters of rainfall. In addition, Upper Mall received a rainfall measurement of 5 millimeters, Mughalpura received 3.5 millimeters, and Tajpura received 3 millimeters.

In addition, Nishtar Town received a rainfall of 1 millimeter, Pani Wala Talab received 12 millimeters, Farukh Abad received 4 millimeters, Gulshan Ravi received 20 millimeters, Iqbal Town received 6 millimeters, Samanabad received 8 millimeters, and Johar Town received 1 millimeter.

The city’s electricity transmission infrastructure has been significantly affected by the rain, resulting in the tripping of over 100 Lesco feeders. Multiple localities had power outages as a result of tripped feeders and other technical malfunctions.

Power outages have resulted in substantial discomfort for people in several localities, including as Manawan, Batapur, Sabzazar, Gulshan Ravi, Samanabad, Pir Nasir, Mughalpura, Shalimar, Mustafa Abad, Baghbanpura, Ferozpur Road, Islampura, Qila Gujjar Singh, and Walton Road.