Skip to content

February 2013

World’s tallest building to be built in Karachi

  • by

* Malik Riaz signs agreement with Abu Dhabi Group for $45 billion construction projects

ABU DHABI: Real estate magnate Malik Riaz Hussain has signed an agreement with Chairman of the Abu Dhabi Group, Union National Bank and United Bank Limited Nahyan bin Mubarak Al Nahyan, under which $45 billion will be invested in Pakistan for various construction projects, including contraction of the world’s tallest building in Karachi.

It would be the biggest and historical investment in Pakistan. The Abu Dhabi Group has previously made huge and successful investments in country with the establishment of Bank Alfalah, Warid Telecom and Wateen Telecom. Out of the total investment, $10 billion will be invested in Islamabad and Lahore, whereas $35 billion investment would be made in Sindh. Read More »World’s tallest building to be built in Karachi

Pakistan rupee sinks below 100 mark against dollar

  • by

KARACHI: The Pakistani rupee on Monday sank to an all-time low against the US dollar over forex reserve fears as the country repaid $146 million to the International Monetary Fund.

The rupee fell to 100.1 to the greenback in trading in Karachi, down from 99.30 on the open market Friday, and has now lost 39 percent of its value against the US currency since March 2008.

“We have traded the dollar at Rs 100.1, although there is a slight difference on the open market,” said currency dealer Mohammad Arshad.

The official inter-bank rate for the dollar is Rs 98, but Mohammad Sohail, who heads brokerage firm Topline Securities, confirmed it had crossed 100 on the open market.

Pakistan had a $10.7 billion IMF loan until September, but had drawn only about a third of it. The government has indicated it would not seek a new loan.Read More »Pakistan rupee sinks below 100 mark against dollar


  • by


AliSakhanverRecently a Bangladeshi judicial tribunal sentenced life imprisonment to Abdul Qader Mullah, a leader of Jamat-e-Islami, for his role during the independence war against Pakistan in 1971. According to the media reports, somewhere in 2010, the government of Prime Minister Sheikh Hasina initiated the process of trying those accused of committing crimes against humanity during the war, under an amended 1973 law. Last month, the tribunal sentenced another member of Jamat-e-Islami Abul Kalam Azad to death in the first war-crimes trial verdict. The hi-ups of Jamat-e-Islami say that all these charges are politically motivated because Jamat-e-Islami was a key partner in the former government of Khaleda Zia. The political opponents of Mrs. Sheikh Hasina, the present prime minister of Bangladesh, blame her of playing in the hands of Indian conspirators. Read More »MISUNDERSTANDINGS BETWEEN PAKISTAN AND BANGLADESH

ISLAMABAD: Fulbright scholarships open for 2014

The Fulbright Programme in Pakistan has started accepting applications for 2014.

The US government’s flagship scholarship programme awards full scholarships to deserving Pakistani students who wish to complete their Masters or PhD, in a field of their choice, in universities across the United States. These scholarships cover tuition fee, textbooks, airfare, a stipend and health insurance.Read More »ISLAMABAD: Fulbright scholarships open for 2014

Pakistan’s Debt Policy Statement 2012-13

Total external debt recorded at $66.2bn till Q1 FY13 

ISLAMABAD: The total external debt has been recorded at $63.8 billion and after including foreign exchange liabilities of $2.4 billion the total external debt and liabilities have been estimated at $66.2 billion till first quarter of fiscal year 2012-13.

This was revealed in the Debt Policy Statement 2012-13 released here on Monday.
Read More »Pakistan’s Debt Policy Statement 2012-13

Musharraf himself crossed LoC during Kargil mission

ISLAMABAD/NEW DELHI – In an explosive revelation, Colonel (r) Ashfaq Hussain has accused former president General (r) Pervez Musharraf of aggression against India in 1999, saying the former army chief had himself crossed the Line of Control (LoC).
Hussain, in his book Witness to Blunder, said the Kargil mission was masterminded by Major General Javed Hassan, General Mehmood and General Aziz. “They made Musharraf agree to the plans which later led to a limited conflict between India and Pakistan,” he wrote. Hussain claimed Musharraf had himself crossed the LoC and spent a night on the Indian-controlled side. “On March 28, 1999 General Pervez Musharraf crossed 11 kms beyond the LoC on a helicopter and was escorted by Colonel Amjad Shabbir at a location named Zakriya Mustakar.” He wrote Pakistan began its operation in Kargil on December 18, 1998 when Captain Nadeem, Captain Ali and Hawaldaar Lalak Jaan crossed the LoC to carry out a recce.Read More »Musharraf himself crossed LoC during Kargil mission