Latest news with #AhmadFarooq
Arab News
25-05-2025
- Entertainment
- Arab News
Pakistani ambassador to Saudi Arabia meets with CEO of Diriyah Gate Development Authority
RIYADH: Ahmad Farooq, Pakistan's ambassador to Saudi Arabia, met with Jerry Inzerillo, CEO of Diriyah Gate Development Authority in Riyadh. The meeting focused on strengthening Saudi-Pakistani ties in the field of heritage and culture, the Pakistani Embassy wrote in a post on X on Sunday. The ambassador presented Inzerillo with a painting from his own Diriyah-themed series, created to celebrate the Kingdom's history and heritage. He also presented him with a made-in-Pakistan FIFA-standard football 'symbolizing Pakistan's craftsmanship and the mutual spirit of friendship.'
Leaders
30-01-2025
- Business
- Leaders
Textiles and Agriculture Key Exports to Saudi Arabia: Pakistan Envoy
Pakistan's Ambassador to Saudi Arabia, Ahmad Farooq, has emphasized textiles, agriculture, and red meat as pivotal sectors. He urged Pakistani businesses to focus on these areas to enhance exports to the Kingdom. During his visit to the Karachi Chambers of Commerce and Industry (KCCI), he met with leading businesspersons and industrialists. The ambassador noted a 40% increase in Pakistan's exports to Saudi Arabia during 2023-24. Notably, the information technology sector witnessed an impressive 50% growth. Strengthening Trade Relations with MoUs Last year, Pakistan and Saudi Arabia signed 34 agreements worth nearly $3 billion. Memorandums of understanding worth $700 million have already entered the implementation stage. Ambassador Farooq encouraged large businesses to connect with local distributors in Saudi Arabia to facilitate exports. He requested a list of key exporters in these sectors to strengthen trade relations. Pakistani textile, agriculture, and meat products have already seen remarkable growth in the Saudi market. The Kingdom offers vast opportunities for Pakistani businesses. The ambassador's visit aimed to discuss business opportunities with the Karachi business community. He also updated them on how Pakistan's embassy can support access to the Saudi market. Addressing Skilled Manpower Demand Regarding the rising demand for skilled manpower, more than 3 million Pakistanis currently reside in the Kingdom. However, 97% of them are blue-collar workers. Saudi Arabia is developing its public service sectors, such as health, education, infrastructure, recreation, and tourism, as part of Vision 2030. This strategic framework aims to diversify the Kingdom's economy beyond oil. Ambassador Farooq emphasized the need to enhance vocational training for Pakistani workers to meet the standards required for upcoming projects. Strengthening Bilateral Relations Pakistan and Saudi Arabia are close regional partners. The Kingdom remains the largest source of remittances to Pakistan, contributing $7.5 billion in the last fiscal year. Saudi Arabia has also regularly provided Pakistan oil on deferred payments and offered direct financial support to help shore up Pakistan's forex reserves. KCCI Senior Vice President Zia-ul-Arfeen stressed the need to enhance joint ventures between the two countries. He urged Islamabad to further improve the ease of doing business for foreign investors. He also encouraged Saudi investors to consider Pakistan for investments, particularly in the food sector. Short link : Post Views: 75
Arab News
30-01-2025
- Business
- Arab News
Pakistan envoy identifies textiles, agriculture as key sectors to focus in exports to Saudi Arabia
KARACHI: Pakistan Ambassador to Saudi Arabia Ahmad Farooq on Wednesday identified textiles, agriculture and red meat as key sectors for Pakistani businesses to focus on in order to increase the country's exports to the Kingdom. Farooq identified the key sectors during his visit to the Karachi Chambers of Commerce and Industry (KCCI) on Wednesday, where he met with leading Pakistani businesspersons and industrialists, according to the KCCI. The ambassador highlighted that Pakistan's exports to the Kingdom had registered a 40 percent increase during 2023-24, with the information technology (IT) sector witnessing an impressive 50 percent growth. Pakistan and Saudi Arabia last year signed 34 agreements worth nearly $3 billion, of which, memorandums of understanding (MoUs) worth $700 million have already entered the implementation stage, according to Farooq. 'We want large businesses to connect with local distributors in Saudi Arabia to facilitate exports,' he was quoted as saying by the KCCI. 'A list of key exporters in these sectors should be shared with the [Pakistani] embassy so we can work together to strengthen trade relations.' Farooq said Pakistani textile, agriculture and meat (beef and mutton) products had already seen a 'remarkable growth' in the Saudi market, adding that the Kingdom offers vast opportunities for Pakistani businesses. 'The purpose of my visit is to discuss business opportunities with the Karachi business community and update them on how Pakistan's embassy can support them in accessing the Saudi market,' he added. Speaking about the rising demand for skilled manpower, the Pakistani envoy said more than 3 million Pakistanis were currently living in the Kingdom, however, 97 percent of them were 'blue-collar workers.' Saudi Arabia is currently developing its public service sectors such as health, education, infrastructure, recreation and tourism as part of a strategic framework, Vision 2030, which aims to diversify the Kingdom's economy beyond oil. The Kingdom's ambitious plan coincides with Pakistan's efforts to boost trade and foreign investment to revive its fragile economy. 'Saudi authorities have advised us to improve vocational training for Pakistani workers to meet the standards required for upcoming projects,' Ambassador Farooq said, stressing the need to enhance training programs to equip these workers with modern technical skills. Pakistan and Saudi Arabia are close regional partners, and the Kingdom remains the largest source of remittances to the South Asian country, contributing $7.5 billion in the last fiscal year (July 2023-June 2024), according to KCCI President Jawed Bilwani. Saudi Arabia has also regularly provided Pakistan oil on deferred payments and offered direct financial support to help shore up Pakistan's forex reserves. KCCI Senior Vice President Zia-ul-Arfeen stressed the need to enhance joint ventures between the two countries, urging Islamabad to further improve the ease of doing business for foreign investors. 'Saudi investors should consider Pakistan for investments, particularly in the food sector,' he added.
Arab News
30-01-2025
- Business
- Arab News
Next two years ‘crucial' for Pakistan to expand presence in key Saudi business sectors— envoy
KARACHI: Pakistan's Ambassador to Saudi Arabia Ahmad Farooq this week said that the next two years are crucial for Pakistani entities to expand their presence in key Saudi business sectors, urging them to capitalize on Riyadh's ambitious measures to make its economy less dependent on oil. Saudi Arabia is consolidating its economy on modern lines under the Vision 2030 program, which is a strategic development framework intended to cut the Kingdom's reliance on oil. It is aimed at developing public service sectors such as health, education, infrastructure, recreation and tourism. Pakistan has pushed for greater trade and economic ties with the Kingdom in recent months. In October 2024, the two countries signed business agreements worth $2.8 billion. Saudi Arabia is also home to over two million Pakistani expatriates, serving as the largest source of foreign workers' remittances for the South Asian nation. Farooq visited the Karachi Chamber of Commerce and Industry (KCCI) on Wednesday to engage with Pakistani businesspersons and industrialists, a statement from the KCCI said. 'Pakistan's Ambassador to Saudi Arabia Ahmad Farooq, while highlighting the massive transformation in Saudi Arabia under Vision 2030 focused on diversifying the economy beyond oil, emphasized that the next one to two years will be crucial for Pakistan in expanding its presence in Saudi Arabia,' the KCCI said. Farooq noted that the there would be 'abundant opportunities' in Saudi Arabia's construction, information technology, health care and hotels & hospitality sectors in the next two years. He stressed the need for Pakistan to impart skills to its workforce so that they can secure employment in the Kingdom. 'If we do not claim our share immediately, it will be taken by competitors but to achieve this, Pakistan needs to focus on improving its workforce by imparting training as per Saudi requirements.' The Pakistani envoy stressed that Saudi Arabia aims to become a regional IT hub, creating a substantial demand for human resources and expertise. He said this presented Pakistan's IT companies a 'significant opportunity' to provide services and products to the rapidly growing sector. Farooq said Saudi Arabia will host four major international events in the next decade, namely the Asian Football Cup in 2027, the Asian Winter Games in 2029, the World Expo in Riyadh in 2030, and the FIFA World Cup in 2034. 'To support these events, Saudi Arabia is investing heavily in infrastructure, including the construction of 250 new hotels,' Farooq said. 'This expansion creates opportunities for Pakistan's home textile industry, food exports, and trained workforce in hospitality and housekeeping.' He said mega construction projects in Saudi Arabia, such as Neom City, also presented opportunities for Pakistani contractors. 'Companies from around the world are securing lucrative contracts, and Pakistan must also seize this opportunity,' Farooq said.
Express Tribune
29-01-2025
- Business
- Express Tribune
'Govt must capitalise on Saudi need for HR'
Listen to article KARACHI: Pakistan's Ambassador to Saudi Arabia, Ahmad Farooq, has stated that the next two years will be crucial for Pakistan in terms of expanding its presence in Saudi Arabia which offers abundant opportunities in construction, IT, healthcare, and hospitality sectors. Pakistan must focus on diversifying Saudi Arabia's economy under Vision 2030, moving away from fossil fuels, he said. "If we do not claim our share immediately, it will be taken by competitors. But to achieve this, Pakistan needs to focus on improving its workforce by imparting training as per Saudi requirements," he said while speaking at a meeting during his visit to the Karachi Chamber of Commerce and Industry (KCCI). He highlighted Saudi Arabia's goal of becoming a regional IT hub with multibillion-dollar investments, leading to a rising demand for human resources and expertise. Farooq also pointed to Saudi Arabia's focus on cultural and tourism development, which has led to massive growth in the hospitality and hotel sectors. Over the next decade, Saudi Arabia will host four major international events: the Asian Football Cup (2027), the Asian Winter Games (2029), the World Expo in Riyadh (2030), and the FIFA World Cup (2034). "To support these events, Saudi Arabia is investing heavily in infrastructure, including the construction of 250 new hotels. This expansion creates opportunities for Pakistan's home textile industry, food exports, and trained workforce in hospitality and housekeeping." Farooq noted that the construction sector in the Kingdom is booming, driven by mega-projects such as Neom City and extensive infrastructure developments. He said that Pakistani contractors have a great opportunity to participate, as Saudi Arabia faces a shortage of reputable contractors. "Companies from around the world are securing lucrative contracts, and Pakistan must also seize this opportunity," he said. Demand for building materials, including furniture, marble, electrical cables, and others, is soaring in Saudi Arabia. The healthcare sector is also evolving, providing openings in pharmaceuticals, surgical equipment, and medical tourism. Farooq highlighted a significant 40% increase in exports to Saudi Arabia during 2023-24, with the IT sector witnessing an impressive 50% growth. "The embassy's primary focus is on promoting trade and investment. Last year, two major Saudi business delegations visited Pakistan, which led to the signing of 34 Memorandums of Understanding (MoUs) worth $3 billion. Of these, MoUs worth $700 million have already entered the implementation stage, marking the beginning of a promising economic collaboration." He also emphasised the rising demand for skilled manpower, with over 3 million Pakistanis currently residing in Saudi Arabia. However, 97% of them are blue-collar workers. KCCI President Jawed Bilwani said that Saudi Arabia remains Pakistan's largest source of remittances, contributing $7.5 billion in FY24, while the extension of a $3 billion deposit to Pakistan's State Bank has further stabilised the economy. Meanwhile, leading property magnate and Olympic Group Chief Operating Officer Abdul Kareem Adhia, who conducts business in IT, hotels, and transport in Saudi Arabia, urged Pakistanis to leverage the opportunities available there. He mentioned that Saudis highly regard Pakistanis for their strong reputation in business matters and support many Pakistani startups without any interest rate. "If a Pakistani presents an appealing startup idea that strikes the Saudis, they will back it," he said. Pakistani investors shared some challenges in Saudi Arabia with the Express Tribune, including the mandatory requirement for a large paid-up capital for non-natives.
