Saudi EXIM Bank signs $15m deal with Pakistan’s Bank Alfalah to boost trade
Saudi EXIM Bank signs $15m deal with Pakistan’s Bank Alfalah to boost trade/node/2587296/pakistan
Saudi EXIM Bank signs $15m deal with Pakistan’s Bank Alfalah to boost trade
Representatives of Saudi Export-Import Bank and Pakistan’s Bank Alfalah sign an agreement at Saudi EXIM Bank’s headquarters in Riyadh, ֱ, on January 20, 2025. (SPA)
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Updated 21 January 2025
Reem Walid
Saudi EXIM Bank signs $15m deal with Pakistan’s Bank Alfalah to boost trade
Agreement designed to enhance Kingdom’s exporters access to Pakistani markets
In October, businesses from both countries signed agreements worth $2.8 billion
Updated 21 January 2025
Reem Walid
RIYADH: The Saudi Export-Import Bank and Pakistan’s Bank Alfalah have inked a $15 million financing agreement, designed to enhance Kingdom’s exporters access to Pakistani markets and foster stronger trade and economic ties.
The new credit line deal seeks to increase the flow and competitiveness of the Kingdom’s non-oil exports as well as unveil new trade horizons between the two countries, the Saudi Press Agency reported.
This falls in line with Pakistan’s efforts to strengthen trade and investment ties with the Kingdom, with the Saudi government reaffirming its commitment in September to fast-track a $5 billion investment package for the Asian country.
This also aligns with Saudi EXIM’s goal of diversifying the Kingdom’s economy by offering financing and insurance products for non-oil exports in support of Vision 2030.
“The agreement comes within the bank’s efforts to strengthen strategic relations with international banks and financial institutions to provide financing solutions that contribute to the development of Saudi non-oil exports and enhance their competitiveness in Pakistani markets, by encouraging importers from Pakistan to import Saudi products and services, which opens up broad prospects for the development of trade and investment between the two countries, and creates more promising trade and investment opportunities,” said General Director of the Finance Department at Saudi EXIM Bank Abdul Latif bin Saud Al-Ghaith.
The Group Head of Corporate, Investment Banking, and International Business at Bank Alfalah, Farooq Ahmed Khan, said: “The agreement between Saudi EXIM Bank and Bank Alfalah Ltd. is a milestone in strengthening trade relations between the Kingdom and Pakistan.”
He added: “The financing line will enable Pakistani companies to access high-quality products in the Kingdom and will also enhance the volume of trade exchange between the two countries.
“We at Bank Alfalah are proud to play a pivotal role in promoting trade and investment opportunities that are in line with the shared vision to strengthen and grow the economies of both countries.”
In October, Saudi businessmen expressed hope for successful collaborations in Pakistan, saying the country’s economic stability and improved regulatory framework had made it an attractive investment destination, following the signing of over two dozen deals between companies from both nations.
ISLAMABAD: A Pakistan Air Force (PAF) contingent has arrived in Azerbaijan to participate in a bilateral aerial combat exercise named “Indus Shield Alpha,” the military’s media wing said on Sunday, with the exercise set to focus on modern aerial warfare tactics.
The Pakistan contingent comprises JF-17 Thunder Block-III fighter jets accompanied by skilled air and ground crew, the Inter-Services Public Relations (ISPR), the Pakistani military’s media wing, said in a statement.
The PAF fighters arrived via a non-stop flight from their home base in Pakistan to Azerbaijan, the ISPR said, executing a “flawless in-flight air-to-air refueling operation.” The air-refueling was carried out with the PAF’s IL-79 aerial tanker, the military said, reaffirming the fighter jets’ long-range capability.
“Exercise Indus Shield Alpha aims to enhance mutual understanding, tactical coordination and interoperability between the two brotherly Air Forces,” the ISPR said.
“The exercise will focus on modern aerial warfare tactics, joint mission planning and execution in an environment shaped by rapid technological advancements and evolving airpower dynamics.”
The military’s media wing said Indus Shield Alpha will also serve as a “vital platform” to exchange operational insights and strengthen collaborative responses to emerging aerial defense challenges.
The PAF’s participation in the exercise reaffirms Pakistan’s enduring commitment to regional stability and global military cooperation, the ISPR said.
“It also demonstrates PAF’s unwavering resolve to continuously evolve and adapt to the demands of contemporary warfare, while maintaining its tradition of excellence in every domain of air operations,” the statement concluded.
Pakistan has historically enjoyed close defense and diplomatic ties with Azerbaijan. The two countries have grown closer and vowed to improve defense ties since Baku publicly proclaimed support for Pakistan during its four-day military confrontation with India in April. The confrontation between the nuclear-armed neighbors resulted in the killing of over 70 people in both countries.
The PAF said it shot down six Indian fighter jets during the skirmishes. While Indian officials acknowledged an unspecified number of fighter jets were shot down, they rejected Pakistan’s claims that six were brought down by the PAF.
ISLAMABAD: Pakistan’s Finance Minister Muhammad Aurangzeb this week stressed the need to operationalize the Loss and Damage Fund at the sidelines of the International Monetary Fund (IMF)-World Bank Annual Meetings in Washington, as Islamabad grapples with the costs of the recent devastating floods.
Ranked among the world’s most climate-vulnerable countries, Pakistan witnessed yet another devastating monsoon that led to massive flooding, killing more than 1,000 people and 22,000 livestock while washing away crops over 2.2 million acres since late June, as per the National Disaster Management Authority (NDMA).
The Fund for Responding to Loss and Damage (FRLD), established at the COP27 climate summit in Egypt in 2022 before being officially operationalized by 198 countries, aims to help developing and least developed countries (LDCs) cope with both economic and non-economic impacts of climate change, such as extreme weather events and slow-onset crises like sea-level rise and droughts.
The Pakistani finance minister left for Washington last week to attend the annual IMF-World Bank meetings, where he has met senior officials of international financial institutions to highlight Pakistan’s economic reforms and aspirations. On Saturday, he spoke at the 15th V20 Ministerial Dialogue, which comprises the finance ministers of countries most vulnerable to climate change effects, to highlight damages from floods in Pakistan.
“Senator Aurangzeb also underscored the need to operationalize the Loss and Damage Fund and called for fast-tracking decision-making processes at the Green Climate Fund (GCF) to ensure timely and effective climate action for vulnerable countries,” the finance ministry said on Saturday.
Aurangzeb highlighted the increasing frequency and intensity of floods in Pakistan during his speech, emphasizing that Islamabad continues to fund rescue and relief operations from its own resources, the finance ministry said.
While the fund was set up in 2022, developing and developed countries have been at odds over questions on which entity should oversee the fund, who should pay and which countries would be eligible to receive funding.
Pakistan, which is counted among the most vulnerable countries to climate change effects worldwide, has frequently called for faster payouts from the fund.
Pakistan has experienced increasingly erratic weather patterns in recent years, including heatwaves, droughts, cyclones and glacial melting.
In 2022, record monsoon rains triggered floods that killed over 1,700 people, affecting 30 million more and causing economic losses exceeding $30 billion.
ISLAMABAD: Mohammad Wasif stood on the track as the roar of turbocharged engines echoed across Shakarparian Parade Ground, with clouds of tire smoke billowing into the evening sky at a venue better known for military drills than motorsports.
The ground is playing host to Race Wars 2025, a three-day motorsports festival being held from Oct. 17-19 by the Islamabad administration. The event drew more than 300 participants from across Pakistan to compete in circuit, drag and drift races — a rare spectacle in a country with no dedicated racetracks.
For 24-year-old Wasif, who traveled from Faisalabad to compete, the festival represented years of automotive passion culminating in serious competition. His BMW E63, equipped with a W212R engine producing around 700 wheel horsepower, reflected the level of investment enthusiasts are making in their craft.
“Back in the day, I used to have my family car, I modified it and then I became a car enthusiast and switched multiple cars and ended up on this,” he told Arab News after being eliminated in the second round of head-to-head racing.
Cars drift at Race Wars 2025 in Islamabad, Pakistan, on October 17, 2025. (AN)
Pakistan lacks organized competitions for motorsport lovers, though young drivers are often seen drifting on empty roads late at night, a practice that raises safety concerns.
Syed Hamza Hamid, one of the event’s organizers, said such festivals provide a legitimate outlet for this passion.
“A lot of people are passionate, but they need a place where they can show their skills and grow,” he said.
Cars drift at Race Wars 2025 in Islamabad, Pakistan, on October 17, 2025. (AN)
The event featured three main disciplines: head-to-head circuit racing, drag racing and drift competitions, each testing different aspects of driving skill and machine performance.
In head-to-head circuit racing, two cars race simultaneously in a tournament-style elimination format that tests handling, braking, acceleration and a driver’s ability to perform under pressure. With nine different categories, the competition produced nine winners as racers battled wheel-to-wheel, with the car ahead claiming victory and the one behind heading home.
Drag racing offers a simplified version of head-to-head competition, stripping away the complexity to focus purely on acceleration along a straight line. Two cars launch simultaneously, and the faster machine wins the race.
However, drift competition brings an entirely different challenge. Beginners drift solo, while experts perform in tandem or trio runs, sliding in synchronized movements inches apart.
Cars drift at Race Wars 2025 in Islamabad, Pakistan, on October 17, 2025. (AN)
Judges award points based on how precisely drivers place their tires in designated zones on the track and how closely they maneuver near walls. Unlike circuit racing, being in front doesn’t guarantee victory in drifting: control, precision and style matter more than speed.
The cars on display at the festival ranged from modified Civics and Corollas to BMW, Mercedes, Ford and specialized builds like the TRA Kyoto Pandem.
Participants said modifications vary depending on competition type: drift cars require suspension geometry adjustments and limited-slip differentials for controlled slides, drag cars depend on engine upgrades and lightweight components for faster acceleration and circuit racers need balanced setups emphasizing both power and handling.
Cars drift at Race Wars 2025 in Islamabad, Pakistan, on October 17, 2025. (AN)
Businessman Rehan Saleem brought his extensively modified 2006 BMW E90 to the event, equipped with a Japanese 1JZ-GTE engine typically found in a Toyota Supra, a heavy-duty gearbox and a reinforced engine block capable of handling extreme power.
“The future is bright, the new generation has a lot of interest and boys have even more,” he said as he prepared for the drag race.
The festival attracted a predominantly young crowd, mostly in their twenties and thirties, who watched from tiered stands as safety barriers kept spectators at a distance from the action.
Large screens displayed close-up views, while food stalls and music created a festive atmosphere extending from morning practice sessions through evening competitions.
For first-time motorsports spectator Iman Malik, a student, the experience exceeded expectations.
“I had no idea that this was happening here, but a friend told me and then we made a plan recently,” she said. “If there is a next show, I would like to participate.”
Behind the scenes, organizing an event of this scale required massive coordination. Hamid explained that four different teams, each comprising more than a hundred members, handled everything from race control and pit management to security and spectator services.
Participants paid Rs20,000 ($70) entry fees for head-to-head and drag racing, while drift competitors paid Rs10,000 ($35).
Despite the substantial investment and planning, organizers acknowledged motorsports events in Pakistan remain financially challenging ventures.
“One day maybe they are profitable, but now it’s too soon because sponsors don’t join,” Hamid said. “But if the drivers are happy, we are happy.”
ISLAMABAD: Pakistan’s national space agency has launched the country’s first Hyperspectral Satellite (HS-1) from the Chinese Satellite Launch Center, the foreign ministry said on Sunday, stressing the technology would help capture data to enhance capabilities in precision agriculture, urban planning and disaster management.
The foreign ministry said the HS-1 is equipped with advanced hyperspectral imaging technology that can capture data across hundreds of narrow spectral bands. It added that this capability will enable precise monitoring and analysis of land use, vegetation health, water resources and urban development.
“The satellite is expected to significantly enhance national capacities in areas such as precision agriculture, environmental monitoring, urban planning, and disaster management,” Pakistan’s foreign ministry said.
“Its high-resolution data will support improved resource management and strengthen Pakistan’s resilience to climate-related challenges.”
The ministry said HS-1 would also contribute to development initiatives, including the multi-billion-dollar China-Pakistan Economic Corridor (CPEC), an energy and infrastructure network of roads, railways and energy projects connecting China to Pakistan’s Gwadar port.
“HS-1 will contribute to development initiatives, including the China–Pakistan Economic Corridor (CPEC) by identifying geo-hazard risks and promoting sustainable infrastructure development,” the statement said.
The foreign ministry said scientists and technical teams from China and Pakistan worked on the HS-1 satellite technology.
“This achievement also highlights the long-standing collaboration between Pakistan and China in the peaceful exploration of space and its application for socioeconomic progress,” it said.
The new satellite joins Pakistan’s growing remote-sensing fleet, which includes PRSS-1 launched in 2018 and two Earth-observation satellites— EO-1 and KS-1— placed in orbit earlier this year.
ISLAMABAD: Pakistani authorities have vaccinated over 43.3 million children of up to five years of age in the first five days of its nationwide anti-polio campaign, state media reported this week amid Islamabad’s attempts to rid the country of the crippling disease.
Pakistan launched the week-long campaign this Monday, with officials aiming to reach over 45 million children across Pakistan amid its efforts to eradicate the paralytic disease. Pakistan is one of only two countries alongside Afghanistan where wild poliovirus still remains endemic.
State broadcaster Radio Pakistan said that as per statistics, over 22.9 million children have received the oral polio vaccine in Pakistan’s eastern Punjab province while approximately 10.2 million children have been immunized in southern Sindh. It said in Khyber Pakhtunkhwa (KP), over 6.1 million children have been vaccinated while in Balochistan, over 2.5 million have received the vaccine.
In Islamabad, around 443,000 children while in Gilgit-Baltistan nearly 294,000 and in Azad Jammu and Kashmir, over 733,000 have received the anti-polio vaccine.
“The ongoing national campaign aims to vaccinate over 45 million children and will continue uninterrupted until tomorrow [Sunday],” Radio Pakistan reported on Saturday.
It said that in southern KP, the campaign is scheduled to begin from Monday.
Polio is a highly infectious and incurable disease that can cause lifelong paralysis. The only effective protection is through repeated doses of the Oral Polio Vaccine for every child under five during each campaign, alongside timely completion of all routine immunizations.
Pakistan has made remarkable progress since the 1990s, when annual polio cases exceeded 20,000, bringing them down to just eight by 2018. However, the country recorded 74 cases in 2024 — a sharp increase from six in 2023 and only one in 2021.
Vaccine hesitancy fueled by misinformation and opposition from some religious hard-liners still hinder eradication efforts. In remote and volatile areas, vaccination teams often operate under police protection, though security personnel themselves have also been targeted and killed in attacks by militant groups.
