Category: Islamabad

Islamabad: The Privatisation Commission (PC) of Pakistan and the Asian Development Bank (ADB) on Wednesday signed the Transaction Advisory Services Agreement (TASA).

Under the agreement, the ADB will serve as the Financial Advisor for the outsourcing of Islamabad International Airport said a press release.

The agreement was signed by Ms. Emma Fan, Country Director, Asian Development Bank, Pakistan Resident Mission, and Shahid Dayo, Director General, Privatisation Commission, on behalf of their respective organizations.

The signing ceremony was witnessed by Adviser to the Prime Minister on Privatisation and Chairman Privatisation Commission, Muhammad Ali; Secretary, Privatisation Commission, Usman Akhter Bajwa; Secretary, Privatisation Division, Hammad Shamimi; Syed Hussain Haider, Deputy Country Director, Asian Development Bank, Pakistan Resident Mission; and senior officials of the Privatisation Commission and the Asian Development Bank.

Under the Agreement, ADB will provide comprehensive transaction advisory services, including technical, financial, legal, environmental, and commercial expertise to support the structuring and implementation of the transaction in accordance with international best practices.

The advisory services will facilitate a transparent, competitive, and market-driven process aimed at attracting leading international airport operators and investors.

The signing of the agreement marks an important milestone in the implementation of the Government’s privatisation programme and reflects its commitment to enhancing the efficiency, service quality, and long-term sustainability of Islamabad International Airport through private sector participation while ensuring transparency, competitiveness, and value for the people of Pakistan.

Islamabad: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb and Pakistan’s Ambassador to China, Khalil Hashmi on Wednesday reviewed progress on Pakistan-China economic cooperation and discussed measures to attract greater Chinese investment through enhanced business partnerships and financial collaboration.

The Ambassador called on the federal minister here and discussed ways to strengthen business-to-business (B2B) collaboration, particularly for small and medium enterprises (SMEs), by facilitating partnerships with leading Chinese industrial platforms.

The finance minister appreciated Hashmi’s efforts in advancing Pakistan’s economic diplomacy in China and appreciated the embassy’s structured approach to investor engagement, including sector-specific outreach, advance project preparation, and closer coordination between prospective Chinese investors and Pakistani businesses to promote investment opportunities.

He emphasized that attracting quality investment, expanding exports, and promoting private sector collaboration remained central to the Government’s economic agenda.

Aurangzeb appreciated the progress achieved and underscored the importance of translating investment commitments into timely implementation.

He emphasized the need for effective coordination across government institutions to facilitate project execution, enhance investor confidence, and capitalize on emerging opportunities under the Pakistan-China economic partnership.

The discussions also covered expanding cooperation in capital markets, sovereign financing and emerging areas of financial innovation aimed at deepening bilateral economic and financial ties.

Earlier, Ambassador Khalil Hashmi briefed the minister on the embassy’s ongoing engagement with leading Chinese financial institutions and development partners, preparations for future investment roadshows, and opportunities to enhance collaboration with institutions such as the Asian Infrastructure Investment Bank (AIIB) and the Silk Road Fund in support of private sector investment and infrastructure financing.

The Ambassador briefed the Finance Minister on the progress of investment facilitation initiatived being undertaken by Pakistan’s Embassy in Beijing.

He informed that Memoranda of Understanding (MoUs) valued at over US$ 20 billion had been signed between Pakistani and Chinese entities, supported by a dedicated mechanism to monitor implementation.

He noted that a significant number of these commitments had already progressed into formal agreements and commercial arrangements, reflecting encouraging momentum in bilateral investment cooperation.

Ambassador Hashmi further highlighted growing Chinese private sector interest across manufacturing, logistics, pharmaceuticals, biotechnology, textiles, and industrial services.

He said, nine agreements had recently been concluded in the pharmaceutical and biotechnology sectors, while more than 150 Chinese companies were currently being engaged through the Embassy’s investment facilitation platform.

Progress on major Chinese investments in industrial manufacturing, logistics infrastructure, and export-oriented textile projects currently under implementation in Pakistan was also reviewed.

Ambassador Hashmi also apprised the Finance Minister of efforts to align technical and vocational training with new Chinese investments to help develop the skilled workforce required by emerging industries.

They also reviewed measures to strengthen institutional coordination and further improve investment facilitation between the two countries.

Pakistan’s efforts to deepen economic cooperation under the China-Pakistan Free Trade Agreement (CPFTA) were also review and both sides discussed avenues for expanding exports, promoting value-added manufacturing, improving market access for Pakistani products, and encouraging long-term industrial collaboration between the two countries.

Islamabad: The prices of gold witnessed a sharp decline in the local market on Tuesday, with the price of 24-karat gold per tola decreasing by Rs 5,600 to settle at Rs 424,136, according to rates issued by the All Pakistan Sarafa Gems and Jewellers Association.

Similarly, the price of 10 grams of 24-karat gold fell by Rs4,801 to Rs363,628, whereas the price of 10 grams of 22-karat gold declined by Rs4,401 to Rs 333,337.

In the international market, the price of gold decreased by US$ 56 to US$ 4,017 per ounce.

Meanwhile, the price of silver per tola dropped by Rs50 to Rs6,289, while the price of 10 grams of silver decreased by Rs 43 to Rs 5,391.

The price of silver in the international market also declined by US$ 0.50 to US$ 58.10 per ounce, the association reported.

Islamabad: Islamabad High Court has approved the merger of Telenor Pakistan (Private) Limited with Pakistan Telecommunication Mobile Limited (Ufone), ruling that the proposed scheme complies with legal requirements and is not against the public interest.

Justice Khadim Hussain Soomro announced the verdict, stating that all assets, properties, rights and liabilities of Telenor Pakistan would stand transferred to Pakistan Telecommunication Mobile Limited upon the merger.

The court further ruled that Telenor Pakistan (Private) Limited would be deemed dissolved without any further legal proceedings following completion of the merger.

The judgment directed the petitioner to submit a certified copy of the court order to the Registrar of the Securities and Exchange Commission of Pakistan (SECP). It also instructed the registrar to take all necessary steps for implementation of the merger scheme in accordance with the law.

The court ordered the petitioner to ensure compliance with all legal, regulatory and financial requirements for the implementation of the scheme.

In its detailed order, the court observed that its role in sanctioning the arrangement was supervisory in nature and limited to determining whether the statutory requirements had been fulfilled.

After examining the proposed scheme and the record, the court held that the conditions laid down under the Companies Act, 2017 had been satisfied and found the merger to be fair, lawful and not contrary to the public interest. It accordingly sanctioned the merger under the relevant provisions of the Companies Act, 2017.

Islamabad: Federal Minister for Communications Abdul Aleem Khan on Tuesday paid tribute to the Pakistan Armed Forces for their sacrifices in defending the country, saying the armed forces remained the strongest symbol of Pakistan’s security, stability and defense.

In a special message issued here, the minister lauded the services and sacrifices of the Pakistan Armed Forces and national institutions, saying the nation would always remember the bravery and supreme sacrifices of the soldiers who laid down their lives in defence of the country’s borders.

Commencing his message with the famous poetic couplet of Allama Iqbal: “Shahadat hai matloob-o-maqsood-e-momin Na maal-e-ghaneemat na kishwar kushayi” (Martyrdom is the ultimate desire and goal of a believer, Neither the spoils of war, nor territorial conquest).

Strongly criticizing the elements targeting national institutions, Abdul Aleem Khan made it clear that provocative statements against national institutions and any conduct that strengthens enemy propaganda are entirely condemnable.

He emphasized that while national politics has its own place, respecting the guarding institutions of the country and the nation is a fundamental duty binding upon every citizen and political force. The minister further added that the Armed Forces of Pakistan are standing firm on the borders day and night to protect our country.

Whether it is the war against terrorism or combating natural disasters like floods and earthquakes, the Pakistan Army and security institutions have always played the role of a vanguard, standing by the nation and rendering countless sacrifices.

He reassured that the entire nation stands shoulder to shoulder with its brave armed forces and vehemently condemns and rejects any kind of negative propaganda against the defenders of the homeland.

At the conclusion of his message, Abdul Aleem Khan saluted the greatness of the Pakistan Armed Forces and paid a profound tribute to the martyrs who sacrificed their lives for the country.

Islamabad: The 10th Space Summer School (SSS-2026) kicked off at the Institute of Space Technology (IST) today, bringing together more than 70 students from over 30 schools across Pakistan for a week-long programme aimed at promoting space science, technology and innovation among young learners.

Organized by the Space Education Research Lab (SERL) under the National Center of GIS and Space Applications (NCGSA), the programme is designed for students from Grades 6 to 12 and seeks to cultivate scientific curiosity, critical thinking and practical STEM skills through expert lectures, laboratory sessions, interactive demonstrations and hands-on engineering activities.

Speaking at the inaugural ceremony, Chairman of the National Center of GIS and Space Applications (NCGSA) and Programme Director of the Space Summer School, Dr. Najam Abbas Naqvi, emphasized the importance of introducing space science and emerging technologies at the school level. He said empowering young learners through quality STEM education is essential for developing the scientific talent needed to drive Pakistan’s future space ambitions and technological progress.

He said initiatives such as the Space Summer School not only inspire curiosity but also equip students with the knowledge, skills and innovative mindset required to address national and global challenges through space science and technology.

The academic programme is structured around five thematic pathways-Astronomy and Astrophysics, Earth and Atmosphere, Aviation, Rocketry, and Satellite Technology-offering participants a comprehensive introduction to modern space sciences and their practical applications.

During the five-day programme, students will attend lectures on the creation of the Universe and the Solar System, telescopy and astronomical observations, solar observation, astronomical instruments, radio astronomy, Earth observation from space, solar physics, satellite imagery, climate science, principles of flight, helicopter aerodynamics, unmanned aerial vehicles (UAVs), RC aircraft design and flight, life in space, planetary habitability, principles of rocketry, satellite technology, satellite navigation, AI-driven urban aerial mobility and AI-based satellite tasking.

The programme also includes a wide range of practical learning activities, including solar observation, RC aircraft design and flight, Aqua Rocket design, development and launch, CanSat design, development and launch, and a screening of Jahan Aur Bhi Hain, Pakistan’s first space-themed telefilm.

Participants will also visit the IST Astronomical Observatory and the Propulsion Engineering, Research and Launch Laboratory (PEARL) to gain firsthand exposure to advanced space research and engineering facilities.

Since its launch in 2017, the Space Summer School has grown into one of Pakistan’s leading space education initiatives. Over the past decade, it has conducted 59 programme days, engaged more than 2,750 students from over 546 schools and colleges, delivered 173 interactive teaching hours and 117 learning hours, organized 94 space-based STEM activities comprising 195 hands-on activity hours, and brought together more than 228 national and international experts.

The initiative also contributes to several United Nations Sustainable Development Goals (SDGs), including Quality Education (SDG 4), Industry, Innovation and Infrastructure (SDG 9), Sustainable Cities and Communities (SDG 11), Climate Action (SDG 13), Life on Land (SDG 15), and Partnerships for the Goals (SDG 17), by promoting STEM education, technological innovation, environmental awareness and collaboration among academia, industry, government organizations and international experts.