Tag: Saudi Arabia

  • Saudi opens ‘Riyadh Season’ with Shakira performance amidst harsh criticism for concerts during Palestinian genocide

    Saudi Arabia opened its exclusive entertainment event ‘Riyadh Season’ with a performance by Colombian-Lebanese artist Shakira. This was the fourth edition of the festival, with many celebrities including Portuguese football player Christiano Ronaldo, rappers Eminem and Kanye West.

    Pictures and videos of the event circulated on social media, causing an uproar. Questions were raised as to Saudia’s celebration of a festival when the Palestinians are being bombed in Gaza with more than 9000 killed in Israeli airstrikes.

    Many also expressed outrage after a man named Farkhan was removed from Tyson Fury vs Francis Ngannou event for waving the Palestinian flag.

  • Shell Pakistan’s domestic operations set for sale to Saudi company 

    Shell Pakistan’s domestic operations set for sale to Saudi company 

    On Wednesday, Shell Pakistan (SHEL.PSX) announced that its parent company’s subsidiary, Shell Petroleum Company, has entered into an agreement with Wafi Energy for the sale of its domestic operations. 

    The international branch of Shell (SHEL.L), known as Shell Petroleum Company, anticipates the completion of this sale by the fourth quarter of 2024, pending regulatory approvals. 

    Back in June, Shell Petroleum Company declared its intention to divest its 77 per cent ownership stake in Pakistan.  

    This decision follows a series of global operational updates by Shell and significant losses incurred by Shell Pakistan (SPL) in 2022.  

    These losses were primarily attributed to fluctuating exchange rates, the devaluation of the Pakistani rupee, delayed receivables, and the backdrop of a financial crisis and economic slowdown in the country. 

    According to Reuters, Wafi Energy, an entirely owned affiliate of Asyad Holding Group, a fuel retailer based in Saudi Arabia, is the acquiring party. 

    Shell Pakistan’s operations encompass more than 600 mobility sites, 10 fuel terminals, a lubricant oil blending plant, and a 26 per cent ownership interest in Pak-Arab Pipeline Company Limited. 

  • State Bank of Pakistan’s forex reserves dip by $220 million in weekly report 

    State Bank of Pakistan’s forex reserves dip by $220 million in weekly report 

    The State Bank of Pakistan (SBP) witnessed a notable decline in its foreign exchange reserves, with a weekly reduction of $220 million, bringing the total to $7.5 billion as of October 20th, according to the data released on Thursday. 

    The overall liquid foreign reserves of the country now stand at $12.6 billion, while the commercial banks hold net foreign reserves of $5.1 billion.  

    The decrease in SBP’s reserves was attributed to debt repayments during the week that ended on October 20, 2023, leading to a decrease of $220 million and bringing the total to $7,494.2 million. 

    Last week saw a modest increase of $67 million in Pakistan’s central bank reserves. Notably, Pakistan’s central bank received a significant boost to its reserves in July of this year.  

    This boost was a result of the initial installment of approximately $1.2 billion from the International Monetary Fund (IMF), following the approval of a new $3-billion stand-by arrangement by the IMF. Additionally, Pakistan received inflows from Saudi Arabia and the UAE. 

    Nevertheless, the central bank’s reserves have come under pressure due to a combination of factors, including ongoing debt repayments, increased import payments after the easing of restrictions, and a lack of substantial new inflows. 

  • Pakistan’s forex reserves surge by $67 million to reach $7.7 billion

    Pakistan’s forex reserves surge by $67 million to reach $7.7 billion

    The State Bank of Pakistan (SBP) reported a notable weekly surge in foreign exchange reserves, with an increase of $67 million, reaching $7.7 billion as of October 13, as per the latest data release on Thursday.

    In total, the nation’s readily available foreign reserves amounted to $12.9 billion, with commercial banks holding $5.2 billion in net foreign reserves. The central bank did not provide a specific explanation for this increase.

    During the week concluding on October 13, 2023, the SBP’s reserves climbed by $67 million, reaching a total of $7,714.0 million, according to the SBP’s statement. This follows a previous week’s increase of $31 million.

    Notably, in July of this year, the central bank’s reserves received a significant boost when Pakistan received an initial disbursement of approximately $1.2 billion from the International Monetary Fund (IMF), following the approval of a new $3-billion stand-by arrangement. Additionally, inflows from Saudi Arabia and the UAE contributed to this increase.

    Nevertheless, the central bank’s reserves have faced pressure due to ongoing debt repayments, increased import expenditures following the easing of restrictions, and a lack of fresh inflows.

  • 12,000 fake passports recovered from Afghans in Saudi Arabia

    12,000 fake passports recovered from Afghans in Saudi Arabia

    The staggering number of 12,000 Pakistani passports have been found in the possession of Afghan nationals in Saudi Arabia, media reports have confirmed.

    The discovery comes as law enforcement agencies initiate a crackdown against people and groups involved in the issuance of fake citizen documents to illegal immigrants.

    According to reports by Geo News, the Pakistani embassy in Riyadh was informed of the passports by Saudi authorities.

    An investigation into the matter has been initiated by Director General Immigration and Passports Directorate Mustafa Kazi and the Federal Investigation Agency.

    The prime suspect, Umar Javed, has been arrested in Lahore for making fake passports.

    Earlier, a former officer and a serving grade-15 officer of the Passport Directorate were arrested and probed in regards to the issuance of fake documents.

    As reported by Azaz Syed on Geo news, an interior ministry official has asserted that a detailed investigation is underway and NADRA data is also being counterchecked.

  • Nawaz Sharif performs Umrah with son Hussain Nawaz

    Nawaz Sharif performs Umrah with son Hussain Nawaz

    Former prime minister and Pakistan Muslim League-Nawaz (PML-N) head, Nawaz Sharif, who was in London since the last three years in self-imposed exile, performed Umrah in Saudi Arabia on Thursday.

    The PML-N supremo travelled from London to Saudi Arabia with his son Hussain Nawaz and close friends, to perform Umrah together.

    Nawaz Sharif will go to Dubai from the Kingdom, where he will stay for three days. After that, the former president will fly to Pakistan on October 21 to address a gathering at Minar-e-Pakistan. He will also explain his agenda to the people of Pakistan for the upcoming general elections.

    Sharif was accompanied on the Saudi visit by his close friend Mian Nasir Janjua, aide Waqar Ahmed, Karim Yousaf, and a few others.

    According to a report filed by Geo News, the flight carrying Nawaz home will be named ‘Umeed-e-Pakistan’. It can carry approximately 150 passengers.

  • Pakistan’s foreign exchange reserves increase by $31 million, reaching $7.64 billion

    Pakistan’s foreign exchange reserves increase by $31 million, reaching $7.64 billion

    The State Bank of Pakistan (SBP) reported an increase of $31 million in its foreign exchange reserves on a weekly basis, reaching a total of $7.64 billion as of October 6, according to data released on Thursday.

    The overall liquid foreign reserves of the country amounted to $13.03 billion, with commercial banks holding net foreign reserves of $5.39 billion.

    The central bank did not provide a specific explanation for the increase in reserves.

    In its report, the SBP stated, “During the week ending on October 6, 2023, the SBP’s reserves rose by $31 million, reaching $7,646.7 million.”

    Notably, the previous week witnessed a decrease of $21 million in Pakistan’s central bank reserves.

    In July of this year, the SBP’s reserves received a significant boost when Pakistan received the first tranche of approximately $1.2 billion from the International Monetary Fund (IMF) after the approval of a new $3-billion stand-by arrangement. Additionally, inflows from Saudi Arabia and the UAE contributed to the growth of reserves.

    However, it’s worth mentioning that the central bank’s reserves have been under pressure due to ongoing debt repayments, an increase in import expenditures following the relaxation of restrictions, and a lack of fresh inflows.

  • Chartered plane booked for Nawaz Sharif’s return on October 21

    Chartered plane booked for Nawaz Sharif’s return on October 21

    Pakistan Muslim League-Nawaz (PML-N) head and former prime minister Nawaz Sharif will travel on a chartered plane to reach Pakistan from Dubai on October 21.

    According to a report filed by Geo News, the flight carrying Nawaz will be named ‘Umeed-e-Pakistan’. It can carry approximately 150 passengers.

    The former prime minister will leave Dubai for Pakistan on October 21, along with senior and close party members. Nawaz Sharif’s flight will land in Islamabad for a 30 minute long stay, with the PML-N supremo then flying to Lahore to address a gathering at Minar-e-Pakistan.

    Before the final leg of the journey, Nawaz Sharif will reach Saudi Arabia on Wednesday and perform Umrah there. He will stay in Saudi Arabia for a week and hold important meetings.

    Earlier, former finance minister Ishaq Dar said there is no chance of Nawaz’s arrest upon his arrival in the country.

    Dar also said that PML-N’s narrative will be about the economy, adding that, “recovery of the economy is the best revenge.”

  • SBP reports $112 million increase in workers’ remittances

    SBP reports $112 million increase in workers’ remittances

    In September 2023, Pakistan experienced a notable surge in workers’ remittances, marking a 5.3 per cent increase compared to August 2023.

    This uptick can be primarily attributed to a crackdown on the informal money transfer systems known as hawala and hundi.

    According to the State Bank of Pakistan (SBP), the country received remittances amounting to $2.206 billion in September 2023, up from $2.094 billion in August 2023, equating to a $112 million rise.

    The majority of remittance inflows for September 2023 were derived from several key sources, with Saudi Arabia contributing $538.2 million, the United Arab Emirates $400 million, the United Kingdom $311.1 million, and the United States of America $263.4 million.

    This increase in remittances can be linked to the fact that a substantial number of Pakistani expatriates resorted to using the Hawala/Hundi channels during the initial two months of the fiscal year, largely due to a significant disparity between official and unofficial exchange rates.

    Subsequently, strict enforcement measures against illegal currency dealers have curbed this volatility, leading to a gradual appreciation of the Pakistani rupee in both the interbank and open currency markets.

    In the last month, the rupee has rebounded by 9 per cent, recovering from its record low of 307.1 against the dollar on September 5. The crackdown on these illicit currency dealers has also contributed to the 5 per cent month-on-month increase in remittances for September.

    However, when examining the entire first quarter of fiscal year FY24, the overall home remittances to Pakistan have experienced a sharp decline of 20 per cent, totalling $1.57 billion. Home remittances for the July-September period of FY24 amounted to $6.33 billion, a decrease from $7.90 billion during the same period in the previous fiscal year, FY23.

    During this initial quarter, remittances from all major sources displayed a downward trajectory. Specifically, home remittances from Saudi Arabia decreased by 22 per cent to $1.516 billion for July–September in FY24, down from $1.946 billion in the equivalent period in FY23.

  • Four Pakistani beggars went to Saudi Arabia under guise of Umrah

    Four Pakistani beggars went to Saudi Arabia under guise of Umrah

    The Anti-Human Trafficking Circle Lahore of the Federal Investigation Agency (FIA) has arrested four suspects who went to Saudi Arabia to beg under the guise of Umrah.

    Among the four suspects were two women and two men.

    According to the spokesperson of FIA, the accused were offloaded by FIA Immigration at Lahore Airport. They had reportedly gone to Saudi Arabia, Iran and Iraq several times to beg, and were to be received by Pakistani agents on arrival in Saudi Arabia.

    Half of the money earned through begging was to be given to the agent.

    So far, a case against the accused and the agents has been registered while investigations are underway.