Saudi Binladin Group Receives Multi-Billion Dollar Govt. Loans

The money will be used to prioritize work on projects deemed key to the government, as well as to pay staff and creditors. Saudi Arabia’s finance ministry has provided Saudi Binladin Group (SBG) with loans of around 11 billion riyals ($2.9 billion) to help turn around the fortunes of the construction giant, report Reuters citing […]

Iran to Replace US Dollar With Euro in Official Financial Reports

The Iranian rial has lost nearly two-thirds of its value to the US dollar over the last year; Amid currency crisis, the switch is aimed at circumventing restrictions on accessing US dollar and prevent market instability. April 20, 2018 — The government of Iran has announced plans to replace the US dollar with the euro […]

Russia Waiting for Formal Invitation to Join CPEC; Libya Wants Included in Belt and Road

Countries joining the BRI are likely to see their growth lifted over the next five years, according to a survey released in Washington on Wednesday. About 92 per cent of the survey respondents expect the BRI to bolster domestic growth in the next five years. Acting ambassador of Russian Federation on Monday said Russia was […]

Pakistan’s Social Media Usage Male Dominated, Females Lag Behind (Infographics)

Socializing isn’t all that Pakistanis do online. They are using digital technologies to make money and contribute to the country’s foreign reserves. An April 2017 report noted that online freelancing in Pakistan has grown to $1 billion. The latest digital ecosystem report by ‘We Are Social and ‘Hootsuite’ reveals some fascinating insights about Pakistan’s internet […]

China Explores Mediation in Business Disputes –in Non-Public Sector

Chinese chambers of commerce are being encouraged to set up mediation committees and hire mediators to settle business disputes in non-public sectors. The All-China Federation of Industry and Commerce (ACFIC) and Ministry of Justice have jointly issued a document to promote mediation of disputes by chambers of commerce, said an ACFIC press release Tuesday. The […]

Pakistani Expats ‘Own’ a $587Mln Organization Back Home Called ‘OPF’

Last month, OPF co-sponsored the ‘Pakistan Capital Investment Summit & Expo 2018’ in the capital. The well attended two-day event was held at the Pak-China Friendship Center. IRSHAD SALIM (Updated) — Pakistani expatriates collectively own a $587 million+ organization back home but were unaware until the newly appointed Chairman of the Overseas Pakistan Foundation (OPF) […]

Turkish Tea Company Caykur Opens Factory in Pakistan

“Although Pakistanis consume a lot of tea, they are importing tea; the idea of opening a factory came from Pakistan itself..” Turkey’s state-run tea company opened a factory in northern Pakistan on Monday with the aim to create niche for itself in the country’s very high growth-oriented tea consuming market. According to official data, Pakistan […]

CPEC Connectivity: China Linking Pakistan With World’s Fastest Internet Service

China is linking Pakistan with a new submarine cable system in order to provide one of the fastest internet services in the world. The latest initiative dovetails the $44m fiber optic cable being laid between Pakistan and China as part of the China Pakistan Economic Corridor net connectivity infrastructure. Named PEACE (Pakistan East Africa Cable […]

Pakistan Set to Raise Up to $1 Billion From Expats as Reserves Dwindle

Pakistan’s foreign exchange reserves falling fastest in Asia Irshad Salim — Pakistan’s economic managers have flagged off a long-awaited plan to raise as much as $1 billion from its diaspora in its latest effort to boost foreign-exchange reserves that have dropped close to the lowest in three years. The government now plans to launch an […]

Mongolia NGO Launches Communication App for Disabled People

A Mongolian non-governmental organization announced Monday that it has launched a special-purpose mobile portal for communication of disabled people in Mongolia for the first time. This app was created by Bird Developers (NGO), with the aim to facilitate communication of disabled people, protect their rights, support them, and provide inclusive education of children with disabilities. […]

Deloitte Undertakes Review of Abraaj Group’s Business, Troubled $1Bln Fund

Abraaj’s founder Arif Naqvi handed day-to-day running of the investment management business to two co-chief executives and the group was split into Abraaj Investment Management Ltd (AIML) and Abraaj Holdings in late February. Dubai-based Abraaj Group has hired Deloitte to examine its business, including its troubled $1 billion healthcare fund, after investors questioned an earlier […]