Riyadh displeased with ‘issues' encountered by Al-Jomaih in KE
Sharing the details, Special Investment Facilitation Council (SIFC) has informed the concerned authorities that the ongoing delays have deeply disappointed Saudi officials. Prime Minister Sharif had assured resolution within a month during a meeting in October 2024—an assurance still unfulfilled.
In light of these concerns, Pakistan's Ambassador in Riyadh met with Saudi Assistant Minister of Investment Ibrahim Al-Mubarak on June 24, 2025. The meeting followed a virtual dialogue held on June 16, 2025, aimed at addressing Al-Jomaih's grievances.
Disclosures made to PSX: row deepens among indirect KE shareholders
Islamabad has also been informed that Al-Mubarak stressed that further delays are damaging Pakistan's investment credibility and could impact future Saudi commitments. He warned that unresolved issues could increase Pakistan's investment risk profile, elevate insurance costs, and reduce projected returns. He added that Al-Jomaih holds significant influence in the Saudi investment community, and any negative experience could deter others from entering the Pakistani market.
He also mentioned that 34 B2B Memoranda of Understanding (MoUs) were signed in October 2024 between Saudi and Pakistani companies—several of which are now under reconsideration due to the ongoing dispute.
In response, Pakistan's Ambassador reassured the Saudi side that internal consultations are underway and a follow-up meeting is expected by mid-July. He emphasized that Deputy Prime Minister Dar is personally leading the matter, citing the recent resolution of Makhdoom Logistics' case as a sign of progress, the sources added.
However, Saudi officials made it clear that a concrete resolution must precede Minister Musadik Malik's planned visit to the Kingdom. While reaffirming Saudi Arabia's interest in Pakistani sectors such as infrastructure, agriculture, energy, and mining, Al-Mubarak warned that persistent delays could derail future investments.
Copyright Business Recorder, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
40 minutes ago
- Express Tribune
Bilawal urges Indian youth to reject hate, war rhetoric from govt
Listen to article Pakistan Peoples Party (PPP) Chairman Bilawal Bhutto Zardari urged the people of India to avoid falling prey to disinformation and hate-mongering, stressing that it is easy for the current generation to talk about war. "I just want to tell the people of India that they must be they must avoid disinformation and hate mongerers. It is easy for this generation to talk about war and tell you that every Pakistani is a terrorist, every Pakistani is your enemy; that is not true," he appealed in an interview with Indian journalist Karan Thapar on Wednesday. Bilawal categorically rejected India's claims of Pakistani involvement in terrorism, labelling them as propaganda. "Pakistan does not willingly permit groups you mentioned or any group to conduct terrorist attacks outside of Pakistan but also within Pakistan," he asserted. Addressing the issue of terrorism within the country, the PPP chairman recalled the immense toll Pakistan has suffered, stating, "We have, as you're well aware, faced the brunt of terrorism over the past many decades. Pakistan is fighting and has been fighting the largest inland war against terrorism." He added, 'We've lost 92,000 lives altogether. Just last year, we lost more than 1,200 civilian lives in over 200 different terrorist attacks. At the rate at which terrorist attacks are taking place this year alone, if they continue at this pace, it will be the bloodiest year in Pakistan's history.' Bilawal acknowledged the emotional cost, saying, 'I, too, am a victim of terrorism. I feel the pain of the victims of terrorist attacks. I understand the trauma that their families are experiencing in a way more than many others can ever imagine.' Reflecting on Pakistan's efforts to combat terrorism, he noted the military actions taken in South Waziristan and later in North Waziristan over the years. 'Most recently, we went through a rigorous FATF process with the international community endorsing Pakistan's actions against said terrorist groups,' he shared. Bilawal reiterated Pakistan's offer for an international probe into the Pahalgam attack in India, saying, 'Immediately after that accusation by the Indian government, the prime minister of Pakistan publicly stated that Pakistan is willing to be part of any impartial international inquiry into the incident because our hands are clean.' However, he said, India rejected the offer. He stated the need for mutual cooperation between Pakistan and India on counter-terrorism, adding, "I'd like to see the day where India and Pakistan engage in comprehensive dialogue, which should also include the issue of terrorism so we can collectively combat this menace." The PPP chairman also recalled the 2007 Samjhota Express attack, where 40 Pakistani citizens lost their lives on Indian soil, questioning why there had been no convictions. "We can't ignore saffron terror on one side and then hold another standard by which Pakistan is judged," he said. Highlighting the role of India in fostering terrorism in Pakistan, he referenced the case of Kulbhushan Jadhav, an Indian spy arrested in Balochistan. 'Most recently, the Jaffar Express attack can be directly linked to facilitators in your intelligence agency," he remarked. Bilawal also raised concerns about India's plans to cut water supplies to Pakistan, calling it a violation of humanitarian principles. 'Indian Prime Minister and your government are threatening to cut off the water supply to 240 million people of Pakistan. This goes against everything it is to be Indian. It goes against the philosophy of Gandhi. It goes against all we've been taught about a secular India." Despite these challenges, he reiterated Pakistan's desire for peace. "We want peace. We can talk together and sort out all our issues," he concluded.
Express Tribune
4 hours ago
- Express Tribune
Nepra cuts power tariff by Rs4.03 for Karachi consumers
Listen to article The National Electric Power Regulatory Authority (Nepra) has slashed power tariffs under the monthly fuel cost adjustment, offering relief to both K-Electric users in Karachi and consumers across the rest of the country served by government-run distribution companies (DISCOs). According to a notification issued on Wednesday, the electricity tariff for K-Electric consumers has been reduced by Rs4.03 per unit, while a reduction of Rs0.50 per unit has been approved for consumers in other parts of the country. The separate notifications clarify that the relief will be reflected in electricity bills for July 2025. Nepra stated that the reduction for K-Electric applies to the monthly adjustment for April 2025, whereas the decrease for DISCO consumers is based on the adjustment for May 2025. K-Electric had requested a reduction of Rs4.69 per unit for April, while the Central Power Purchasing Agency (CPPA) sought an increase of Rs0.10 per unit for May on behalf of the DISCOs. However, the regulator approved a lower adjustment, granting relief instead. Read More: NEPRA cuts basic power tariff by Rs1.15/unit This announcement follows Nepra's earlier decision last week to reduce the national base power tariff by Rs1.15 per unit. The proposal has been forwarded to the federal government for final approval and implementation and is aimed at providing relief to domestic consumers facing increasing utility costs. According to the revised tariff structure, the maximum rate for domestic consumers using 100 to 500 units per month will now stand at Rs47.69 per unit. Meanwhile, lifeline consumers using up to 50 units per month will continue to be charged Rs3.95 per unit. For those consuming between 51 and 100 units, the tariff has been fixed at Rs7.74 per unit. Protected domestic consumers using 1 to 100 units will be charged Rs10.54 per unit, while those using between 101 and 200 units will pay Rs13.01 per unit. For non-protected consumers, the rate has been set at Rs22.44 per unit for usage between 1 and 100 units, Rs28.91 for 101 to 200 units, and Rs33.10 for 201 to 300 units. Those consuming between 301 and 400 units will be charged Rs37.99 per unit, while consumption between 401 and 500 units will cost Rs40.20 per unit. The rate increases to Rs41.62 for usage between 501 and 600 units, Rs42.76 for 601 to 700 units, and reaches the maximum of Rs47.69 per unit for consumers using more than 700 units per month.
Business Recorder
5 hours ago
- Business Recorder
Pakistan not a terror facilitator but victim: Bilawal
Pakistan People's Party (PPP) Chairman Bilawal Bhutto Zardari firmly refuted claims that Pakistan supports any terrorist organisation, stating in an interview with Indian media that 'Pakistan is a victim of terrorism, not its facilitator'. He emphasised that neither within nor beyond Pakistan's borders does the state permit terrorist activities. Over the past year alone, more than 1,200 civilians lost their lives to terrorism, with a total of 92,000 casualties sustained in the country's broader counter-terrorism efforts. Expressing condolences over the recent Pahalgam incident in Kashmir, Zardari stressed Pakistan's own struggle against terrorism. He dismissed allegations made by the Indian government blaming Pakistan for the attack, asserting he is open to transparent investigations, confident such inquiries would clear Pakistan's name. Bilawal urges Afghan govt to fulfil commitments under Doha Agreement Zardari noted that modern technology has not enabled India to identify the perpetrators, accusing Indian media of spreading 'false propaganda' and misleading the public . He also traced the origins of terrorism to Afghanistan, highlighting the role of Al-Qaeda and similar groups, some of which operated in Kashmir under the banner of jihad.
