Tag: Saudi

  • Saudi Arabia to ‘expedite’ $5 billion investment in Pakistan

    Saudi Arabia to ‘expedite’ $5 billion investment in Pakistan

    The Kingdom of Saudi Arabia has pledged to accelerate the first wave of a $5 billion investment package in Pakistan, stated in the joint statement of the Prime Minister of Pakistan and the Crown Prince of Saudi Arabia Mohammed bin Salman (MBS) released by the office of the Spokesperson of the Ministry of Foreign Affairs on Monday.

    PM Shehbaz and Crown Prince MBS held an official meeting on April 7 at Al-Safa Palace in Makkah Al-Mukarramah.

    At the outset, MBS congratulated the premier on assuming the office and expressed warm wishes for his tenure.

    Meanwhile, Prime Minister Shehbaz expressed his gratitude and re-affirmed Pakistan’s commitment to bolstering bilateral ties and economic cooperation.

    Both parties agreed to expedite the first phase of the investment package worth billions.

    Analyst Mosharraf Zaidi pointed out that Saudi investments have not materialized in the past few years and even the pledges have gotten smaller.

  • Gen Asim Munir, Saudi Prince Muhammad Bin Salman discuss military cooperation

    Gen Asim Munir, Saudi Prince Muhammad Bin Salman discuss military cooperation

    Chief of Army Staff (COAS) General Asim Munir met with Saudi Crown Prince Mohammed bin Salman bin Abdulaziz on Wednesday to discuss military cooperation between both countries.

    Inter-Services Public Relations (ISPR) issued a press release saying that the army chief met with the Saudi prince during an official visit to the Gulf Kingdom.

    “Wide-ranging issues of mutual interest, including regional peace and security and bilateral defence and security cooperation, came under discussion,” the ISPR statement read.

    During the meeting, the prince stressed that Saudi Arabia and Pakistan shared strong and brotherly relations with each other, adding that they stood for each other. 

    After that, the COAS thanked the Saudi prince for his warm sentiments and support towards Pakistan.

    According to state-run Saudi Press Agency, Saudi Minister of Defence Prince Khalid bin Salman bin Abdulaziz, National Security Advisor Dr Musaed bin Mohammed Al-Aiban, Chief of General Intelligence Khalid bin Ali Al-Humaidan, Chief of the General Staff Lieutenant General Fayyad bin Hamed Al-Ruwaili, and Saudi Ambassador to Pakistan Nawaf Al-Malki attended the meeting.

  • Iran’s President Raisi ‘welcomes’ invitation by Saudi king to visit Riyadh

    Iran’s President Raisi ‘welcomes’ invitation by Saudi king to visit Riyadh

    Little over a week after the two nations decided to reestablish diplomatic ties, Iran claims Saudi Arabia has extended an official invitation to Iranian President Ebrahim Raisi to pay a state visit.

    The Saudis have not officially confirmed the invitation, which is claimed to have arrived in a letter from King Salman.

    The conflict between the two countries has dominated the Middle East’s recent history.

    A senior Iranian official, Mohammad Jamshidi, tweeted regarding the invitation to visit Riyadh, saying Mr Raisi had welcomed it and “stressed Iran’s readiness to expand co-operation.”

    Furthermore, Hossein Amir-Abdollahian, the foreign minister of Iran, informed reporters that the two nations had agreed to conduct a meeting at the level of the foreign ministers and that three potential venues had been suggested.

    He did not specify the locations or the potential dates for the meeting.

    According to Bloomberg, the recent thaw in bilateral relations, which came as a surprise after days of negotiations mediated by China, appears to be gaining significant pace.

    Both have declared they will reopen their embassies and resume their economic and security relations within two months.

    With the failure of earlier attempts at reconciliation, many, including the US and the UN, warily welcomed this progress.

    In January 2016 after protesters surrounded its embassy in Tehran, Saudi Arabia broke ties.

    That came after Sheikh Nimr al-Nimr, a well-known Shia Muslim cleric who had been found guilty of crimes related to terrorism, was executed by Riyadh.

    Since then, there have frequently been high levels of tension between the Sunni- and Shia-led neighbours, with each seeing the other as a dangerous force vying for supremacy in the region.

    They have taken opposing sides in a number of local conflicts, including as the civil wars in Yemen and Syria.

    Mr. Amir-Abdollahian said that Iran hoped measures would be taken to strengthen ties with Bahrain, a close Saudi ally that cut off diplomatic ties with Tehran in 2016 after Riyadh did the same.

    “We hope that some obstacles between Iran and Bahrain will be removed and we will take basic steps to reopen the embassies,” he said.

    Bahrain hasn’t reacted to the remarks, but it did earlier applaud the Saudi Arabia-Iran decision to reestablish diplomatic ties.

    Moreover, Iran has shown a desire to restart or strengthen ties with other adversaries in the Arab world, such as Jordan and the United Arab Emirates.

  • ‘Pakistan is not going to default’: Miftah Ismail

    ‘Pakistan is not going to default’: Miftah Ismail

    The pressure on the Pakistani rupee will “vanish” in a few weeks, according to Finance Minister Miftah Ismail, who also stated that Pakistan is not going to default.

    He predicted that dollar inflows into Pakistan will exceed dollar outflows soon, creating a “stable exchange rate”. Additionally, he said that within three months, imports will “organically” decline, and exports will soar as a result of the government’s impending strategic plan.

    “It’s no fun going to the world, to the International Monetary Fund (IMF), to the Chinese, to the Saudis, asking for money,” said Miftah Ismail in an interview with Mosharraf Zaidi, CEO of advisory services firm Tabadlab.

    According to Miftah, the IMF loan influx will be completed within weeks.

    “The only thing is that from August 1 to August 15, the directors of the IMF are on vacation. That’s why the meeting is starting a little later than I’d prefer,” he added.

    The finance minister defended the government’s policy of limiting imports to stop the dollar from leaving the country during the discussion. “Nobody is happy with the surgery, but sometimes it’s necessary,” he added.

    Without mentioning the country, Miftah stated that Pakistani authorities had requested a “friendly country” to shore up foreign exchange reserves through dollar-denominated deposits but it turned down Islamabad’s request, saying the latter never returned the deposits.

    The friendly nation subsequently expressed interest in purchasing shares of publicly traded government-owned companies under a buyback arrangement, giving Islamabad the option — but not the obligation — to repurchase the same ownership at a 5 per cent higher price.

    In addition to stating that “there’s not even (a question of) price discovery,” the minister stated that the country “tried to help Pakistan and is giving a great deal”.

    =Earlier today, the Pakistani rupee again fell to a record low versus the US dollar. During intraday trading on Wednesday at 1:00pm, the US dollar reached Rs239.

  • Israeli President visits Turkey to mend ties, Turkey calls it a ‘turning point’

    Israeli President Isaac Herzog met with his Turkish counterpart Recep Tayyip Erdogan on Wednesday for a one-day rare visit to Turkey in an effort to mend fractured ties between the two countries.

    Erdogan described the Israeli president’s visit as “historic” and “a turning point” in Turkish-Israeli relations. He said the country is ready to cooperate with Israel in the energy sector, revealing that the Turkish foreign and energy ministers will soon visit Israel.

    In a statement in Hebrew, Herzog said it is a great honour for both countries to lay the foundations of developing friendly relations between them.

    It is pertinent to mention that Ankara has close ties with Hamas. Despite the rare visit, Turkey has ruled out abandoning its commitment to supporting Palestinian statehood.

    Talking about Palestine, Erdogan said, “I underlined the importance we attach to the historical status of Jerusalem and the preservation of the religious identity and sanctity of Masjid Aqsa.” In response, the Israeli president said, “We must agree in advance that we will not agree on everything, that is the nature of relations with a past as rich as ours.”

    This is the first visit of the Israeli president to Ankara since 2007. In 2018, Ankara recalled its diplomats and ordered Israel’s envoy out of the country.

    The visit was made after Saudi Crown Prince Mohammed bin Salman’s interview in which he called Israel a “potential ally” of the Kingdom.

    In 2020, two Gulf countries— Bahrain and the United Arab Emirates normalised ties with Israel.

  • In Saudi Arabia, women riders debut in camel beauty contest

    In Saudi Arabia, women riders debut in camel beauty contest

    For the first time in the kingdom, Saudi women paraded camels in a beauty pageant for the “desert ship”.

    “I hope today to reach a certain social standing, InshaAllah (God willing),” said Lamia al-Rashidi, 27, who participated at the weekend contest in the Rumah desert northeast of the capital Riyadh.

    Part of the famous King Abdul Aziz Festival, this event was previously a men-only event.

    “I’ve been interested in camels ever since I was little,” said Rashidi, whose family owns 40 camels.

    “Once this event was opened to women, I decided to participate,” said the young woman, wearing a black face covering and with a colourful shawl over her shoulders.

    The top five in the field of about 40 participants in the women’s event returned home with a total prize pool of one million riyals (about $ 260,000).

    The beauty of a camel is judged by several criteria, but the shape and size of the lips, neck and hump are the main attributes.

    Since Crown Prince Mohammad bin Salman came to power in 2017, Gulf countries have lifted some restrictions on women as the country is opened up with radical reforms.

    This shift allows women to grab the steering wheel and participate in a mixed gender environment.

    “Women have always been an integral part of Bedouin society. They owned and looked after camels,” said Mohammed al-Harbi, a manager of the festival.

    Women´s participation was in keeping with “the historical heritage” of Saudi Arabia, he told AFP.

    Munira al-Mishkhas, another participant, chimed in: “Camels have been a part of us for a long time, but staging a contest for us (women) is a big step forward.”

    At just seven years old, Maras Binto Enad was the youngest contestant and her animal finished third. Her proud father, a 35-year-old camel dealer who said he had more than 200 beasts, was very pleased with the admission of the female.

    “This will increase enthusiasm for the festival and increase the value of the camels,” said Enad bin Sultan, clad in traditional costume and red-and-white keffiyeh headdress.

    The 40-day festival, which kicked off last month, is an annual Bedouin event that lures breeders from across the Gulf with total prize money of up to $66 million.