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News Satisfied with caregivers, yet major corporations advocate for their departure It is noteworthy that the entire business community in Pakistan presently refrains from endorsing the extension of the caretaker government’s tenure, despite recognizing the improved economic governance under Prime Minister Anwaarul Haq Kakar. The business community unanimously advocates for timely elections and a peaceful transfer of power to the next democratically elected government, emphasizing the importance of stability and progress. The current government’s efforts to combat smuggling, control power theft and line losses, and boost investor and consumer confidence have received praise from various private-sector forums. While concerns persist regarding high taxes, utility rates, and credit issues, the economic outlook appears less bleak than before, thanks to relative stability in the currency market, an upswing in the capital market, and sustained financial inflows from donors and some overseas investors. A shift in the private sector’s preference for lawfully elected governments over military rule is evident. However, the exact reason for this change remains uncertain. Several past presidents of the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) have distanced themselves from any suggestion of extending the current government’s tenure, stressing the importance of democracy and timely elections. Leading industrialists from various regions, including Mian Nasser Hayat Magoon, Chaudhry Muhammad Saeed, Arif Habib, Majyd Aziz, and Badruddin Kaker, have emphasized the need for timely elections and dismissed rumors of extending the current government’s term. Ehsan Malik, CEO of the Pakistan Business Council, has expressed support for comprehensive reforms under a government with a five-year mandate, stating that the caretaker government has set the country on the right path. However, the secretary-general of the Overseas Chamber of Commerce and Industry has refrained from commenting on the issue. Musadaq Zulqarnain, a respected businessman, has opposed any unconstitutional measures, citing historical evidence that unelected governments have exacerbated economic and geopolitical challenges in the past. During a recent meeting in Islamabad, discussions primarily centered around electricity and gas supplies and pricing, with no mention of elections or potential delays. Sindh Governor Muhammad Kamran Khan Tessori facilitated the meeting, which underscores the significance of these discussions within the business community.

News A Saudi initiative successfully removes 658 mines planted by Houthi forces in Yemen RIYADH: In the period spanning March 9 to 15, Saudi Arabia’s Project Masam successfully eliminated 658 mines in Yemen, which had been planted by the Houthi militia, as per a recent report. Managed by the Kingdom’s aid agency KSrelief, specialized teams within the project neutralized 573 pieces of unexploded ordnance along with 85 anti-tank mines. These explosives, scattered indiscriminately by the Houthis throughout Yemen, posed grave threats to civilians, including vulnerable groups such as children, women, and the elderly. Project Masam, initiated at the behest of King Salman, forms part of Saudi Arabia’s multifaceted efforts to clear pathways for humanitarian assistance to reach Yemeni citizens. The demining activities were conducted across various regions including Marib, Aden, Jouf, Shabwa, Taiz, Hodeidah, Lahij, Sanaa, Al-Bayda, Al-Dhale, and Saada. Since its inception in 2018, a total of 435,234 mines have been cleared under the guidance of Ousama Al-Gosaibi, the project’s director. This figure encompasses 276,980 unexploded ordnance, 143,760 anti-tank mines, 8,001 improvised explosive devices, and 6,493 anti-personnel mines. The initiative not only focuses on removing hazardous devices but also involves training local demining engineers and equipping them with state-of-the-art tools. Furthermore, it extends support to Yemeni individuals injured by these devices. The conflict in Yemen has displaced approximately 5 million people, with landmines being a significant factor contributing to displacement. Masam teams work diligently to clear villages, roads, and schools, ensuring the safe movement of civilians and facilitating the delivery of vital humanitarian aid. In June 2023, the project’s contract was renewed for another year, with a budget of $33.29 million allocated to sustain its critical efforts

News Standard Chartered Bank seeks to enhance economic connections between Saudi Arabia and China through strategic expansion Standard Chartered Bank China’s CEO, Jerry Zhang, highlighted the substantial growth potential for foreign banks in Saudi Arabia, particularly in meeting the burgeoning demand from Chinese clientele. Zhang emphasized the company’s commitment to bolstering its infrastructure and services to better cater to Chinese clients within Saudi Arabia, signaling confidence in the market’s prospects. The bank’s strategic approach involves hiring a corridor banker, fluent in Chinese, to serve as a local relationship manager for Chinese clients in Saudi Arabia. This move is a direct response to the increasing demand for services, showcasing the bank’s proactive stance towards meeting client needs. Moreover, Standard Chartered’s relatively recent entry into the Saudi market in 2022 hasn’t hindered its progress. The Middle East-China corridor already contributes significantly to the bank’s income and is poised for rapid expansion. Zhang expressed optimism about the region’s potential, foreseeing a substantial growth trajectory in the near future, especially within Saudi Arabia. The CEO emphasized the strategic alignment between Saudi Arabia and China, particularly in sectors such as infrastructure, new energy, technology, logistics, and e-commerce. These sectors are areas where Chinese companies excel, presenting opportunities for collaboration and growth. Furthermore, Zhang highlighted the bank’s support for the emerging new economy in China, which complements Saudi Arabia’s Vision 2030 objectives. This alignment underscores the strategic importance of the bank’s operations in both countries. In terms of economic outlook, Zhang pointed out China’s robust growth rate and its significant achievements in sectors like automotive and electric vehicles. These factors contribute to the bank’s optimism about the economic prospects of both China and Saudi Arabia. The relationship between Saudi Arabia and China has witnessed significant progress, with numerous agreements signed and initiatives undertaken to strengthen economic ties. Standard Chartered Bank is actively involved in fostering this relationship through various engagements and sponsorships. Mazen Bunyan, CEO of Standard Chartered Saudi Arabia, emphasized the historic relationship between the two countries and the bank’s role in facilitating business between them. He highlighted the bank’s commitment to supporting the objectives of Vision 2030 and investing in talent development within Saudi Arabia. In summary, Standard Chartered Bank plays a crucial role in facilitating economic cooperation between Saudi Arabia and China, leveraging its global network and expertise to support clients and foster growth in both markets.