Issuu

In partnership with

Profit

PAKISTAN, KYRGYZSTAN SET $200M TRADE TARGET, SIGN MAJOR ACCORDS TO DEEPEN STRATEGIC TIES Thursday, 3 September, 2026 | 20 Rabiul Awwal, 1448

PM SHEHBAZ SAYS BILATERAL TRADE TO RISE FROM $16M TO $200M IN TWO YEARS

PAKISTAN, KYRGYZSTAN SIGN WIDE-RANGING ACCORDS ON TRADE, SECURITY, EDUCATION, HEALTH

LEADERS VOW TO TURN LONGSTANDING FRIENDSHIP INTO RESULT-ORIENTED ECONOMIC PARTNERSHIP

BISHKEK

TRANSIT DEAL TO BOOST CONNECTIVITY BETWEEN SOUTH AND CENTRAL ASIA

Organization in 2025–26, noting that Pakistan had supported the Kyrgyz candidacy. He praised Kyrgyzstan’s economic progress and development under President Japarov’s leadership, including the expansion of public services and support for vulnerable communities.

saLeeM Jadoon

AKISTAN and the Kyrgyz Republic on Wednesday agreed to raise bilateral trade from the current roughly $16 million to $200 million within the next two years, as Prime Minister Muhammad Shehbaz Sharif and Kyrgyz President Sadyr Japarov vowed to translate their longstanding friendship and brotherly ties into a more practical and resultsoriented economic partnership. Addressing a joint press stakeout alongside President Japarov following a ceremony where the two countries signed a substantial package of agreements and memoranda of understanding across trade, health, education, science and technology, defence, security, environment and other sectors, the prime minister said the existing trade volume was far below the potential of bilateral relations. Noting that bilateral trade currently stood at only around $16 million, Prime Minister Shehbaz said the figure “is not a patch on our friendship, our brotherhood and our very strong relations.” He said the two sides had agreed on a comprehensive plan to gradually increase bilateral trade, improve trade mechanisms, promote joint investment, strengthen industrial cooperation and expand business-to-business contacts. The prime minister said the target of increasing bilateral trade to $200 million within two years was achievable and urged closer engagement between Pakistani and Kyrgyz business communities

and financial institutions. Going beyond the memorandum of understanding on trade signed during the ceremony, Prime Minister Shehbaz proposed that the document be converted into a full-fledged bilateral agreement, expressing hope that President Japarov would agree to the proposal. Speaking in the Kyrgyz capital against the backdrop of the Tien Shan mountains, the prime minister thanked President Japarov as well as the Kyrgyz government and people for the warm hospitality extended to him and his delegation. He conveyed Pakistan’s greetings to the people of Kyrgyzstan on their Independence Day and congratulated the country on hosting the World Nomad Games, noting that he had attended the opening ceremony two nights earlier.

Petrol price hiked by Rs2.29, HSD by Rs1.11 per litre for Sept 3 ISLAMABAD

staff report

The federal government on Wednesday increased the price of petrol and high-speed diesel (HSD) by Rs2.29 and Rs1.11 per litre, respectively, for September 3. According to a notification issued by the Petroleum Division, the price of petrol was fixed at Rs346.16 per litre, while HSD would cost Rs372.03 per litre for September 3. The latest revision comes a day after the government increased the price of petrol and HSD by Rs1.08 and 51 paisas per litre, respectively, for September 2. On July 17, the government announced a new pricing mechanism under which petroleum product prices would be reviewed and notified on a daily basis, replacing the weekly pricing mechanism, as renewed tensions between the United States and Iran continued to drive volatility in global oil markets and raise concerns over fuel supplies. According to the Pakistan Economic Survey 2024-25, petroleum products constitute one of the country's largest import categories, making the economy highly vulnerable to changes in global crude oil prices. Domestic refineries satisfy only part of national demand, while the remainder is met through imports of crude oil and refined petroleum products. Consequently, every increase in international oil prices raises Pakistan's import bill, pressures foreign exchange reserves, and contributes to inflation. Pakistan previously exercised significant government control over petroleum pricing through subsidies and administrative interventions. While these measures temporarily protected consumers, they imposed substantial fiscal costs. During periods of elevated global oil prices, successive governments delayed passing price increases to consumers, creating financial pressures for oil marketing companies, refineries, and the national budget. Large fuel subsidies widened fiscal deficits, increased public borrowing, and weakened macroeconomic stability.

CONTINUED ON PAGE 03

Rs 20.00 | Vol XVII No 159 | 8 Pages | Islamabad Edition

CONNECTIVITY CENTRAL TO SHARED VISION OF LINKING SOUTH AND CENTRAL ASIA: Prime Minister Shehbaz said connectivity was central to the shared vision of Pakistan and Kyrgyzstan to link South and Central Asia, welcoming the signing of a transit trade agreement aimed at facilitating trade and improving logistics. He said the two sides had also reaffirmed the importance of effectively implementing the quadrilateral agreement on traffic and transit and agreed to simplify transport, customs and administrative procedures. The prime minister also congratulated Kyrgyzstan on its election as a nonpermanent member of the United Nations Security Council for the 2027– 28 term and on its successful chairmanship of the Shanghai Cooperation

CASA-1000 ANOTHER KEY PILLAR OF PARTNERSHIP: On energy cooperation, the prime minister described it as another key pillar of the bilateral partnership and reaffirmed the importance of timely completion of the CASA-1000 electricity transmission project. He welcomed the establishment of a joint working group on energy to advance cooperation in electricity, hydropower, renewable energy and energy infrastructure, and specifically thanked President Japarov for his efforts in completing the Kyrgyz segment of CASA-1000. Prime Minister Shehbaz said bilateral cooperation had also expanded in education, science, technology, health, culture and tourism. He welcomed the new sister-city relationship between Osh and Lahore, describing the two cities as ancient centres whose landmarks and cultural heritage — from sites associated with Solomon in Osh to Lahore Fort and the Badshahi Mosque — reflected a shared history. He said security and defence cooperation featured prominently in the talks, with both sides reaffirming their resolve to jointly combat terrorism, extremism and other contemporary threats.

CONTINUED ON PAGE 03

Pakistan pledges continued diplomacy despite latest US-Iran escalation ISLAMABAD Mian abrar

Pakistan remains optimistic about a peaceful resolution to the escalating tensions between the United States and Iran and will continue its efforts to promote dialogue and diplomacy, Foreign Office spokesperson Tahir Andrabi said on Wednesday. The FO spokesperson said Islamabad had not abandoned hopes for a diplomatic solution despite the recent escalation between Washington and Tehran. Pakistan has played an active role in efforts to facilitate a peaceful resolution. In June, it helped mediate the Islamabad Memorandum of Understanding, while Islamabad had earlier brokered a ceasefire between Washington and Tehran in April. The April truce halted the most intense phase of fighting, but intermittent attacks, particularly around the Strait of Hormuz, have since complicated efforts to reach a lasting peace agreement. Giving details of Pakistan’s diplomatic engagement, the FO spokesperson said Prime Minister Shehbaz Sharif had met Iranian President Masoud Pezeshkian on the sidelines of the Shanghai Cooperation Organisation (SCO) summit to discuss the evolving regional situation. The prime minister reiterated Pakistan’s support for resolving disputes through restraint, dialogue and diplomacy, while describing the Islamabad MoU as the most practical route towards durable peace and stability in the region, Andrabi said. He added that Deputy Prime Minister and Foreign Minister Ishaq Dar had also held discussions with Iranian Foreign Minister Abbas Araghchi. The two officials had previously exchanged views on the situation in the Middle East and the Gulf during the Makkah summit in Istanbul. Andrabi also referred to Field Marshal Asim Munir’s recent visit to Tehran as part of Pakistan’s diplomatic initiative. Discussions during the visit focused on facilitating the reopening of the Strait of Hormuz, reducing regional tensions and pursuing a

JI calls for nationwide strike over fuel prices today ISLAMABAD

staff Correspondent

Jamaat-e-Islami (JI) will hold a nationwide shutterdown strike today (Thursday) demanding the withdrawal of the levy and taxes and a reduction in petrol prices. Speaking at a press conference at Idara Noor-e-Haq, Hafiz Naeem said the party would hold a countrywide strike and appealed to people to support its campaign and make the protest successful. He claimed that more than Rs17 billion had been paid to several independent power producers for electricity that, according to him, was never generated. He urged the people of Pakistan to stand with his party in its struggle and fully support Thursday's strike. Hafiz Naeem said the party would also hold protests at five locations in Peshawar. He said there was an option to hold and expand sit-ins in Islamabad and Rawalpindi but stressed that Jamaat-e-Islami would continue its protests peacefully. He accused what he called the sugar, IPP, tax and sugarcane mafias of benefiting at the expense of ordinary people. He said the sugar industry benefited whether sugar was exported or imported, while the public was left struggling with rising prices. The Jamaat chief said inflation had increased by 11.2 percent but complained that major journalists had failed to give proper coverage to the public sit-in during the previous 18 days. He also criticised a newspaper report which, he said, claimed that petrol prices had been increased because of Jamaat-e-Islami's protest. He said such reporting did not meet the standards of journalistic responsibility. Hafiz Naeem said that, in contrast, electricity prices had been reduced by Rs16 following the sit-in. He argued that this development should also have been reported in the same context. Turning to political issues, he questioned whether those associated with Form-45 would be able to create new administrative units. However, he said any division of the country into new provinces or administrative units must follow the constitutional process. He also warned against creating conflict between Sindhis and Muhajirs, saying such divisions should not be encouraged. Hafiz Naeem further questioned which political side the Pakistan Peoples Party was serving, saying Jamaat-eIslami knew what he described as its “A team”. He added that he would have become mayor if Jamaat-eIslami had been aligned with the PPP. He also criticised Pakistan Tehreek-e-Insaf officials, saying those holding positions in the party were themselves damaging PTI. The government has formed a committee to hold talks with Jamaat-e-Islami over the party's ongoing sit-in, according to sources. A government delegation will meet Jamaat-e-Islami officials at Mansoorah in Lahore tomorrow, sources said.

Pakistan Navy begins major maritime exercise SEASPARK-2026 KARACHI

negotiated settlement. “These were among the main issues discussed during the visit,” the spokesperson said. On the Indus Waters Treaty (IWT), FO spokesperson said that India cannot selectively accept or reject international decisions, asserting that the recent ruling by the international arbitration court in The Hague strongly supports Pakistan’s position on the Indus Waters Treaty. Andrabi said Pakistan welcomed the ruling and maintained that India’s rejection of the decision amounted to disregard for international law and the sanctity of agreements. “The decision on the Indus Waters Treaty is very clear,” the spokesperson said, adding that India could not choose which international rulings to follow according to its convenience. FO spokesperson also briefed on the trilateral cooperation mechanism established under the Makkah Agreement. A meeting of the committee formed under the agreement was held in Istanbul on August 31, where Pakistan, Saudi Arabia and Türkiye agreed to work jointly on matters of mutual interest. The secretariat of the cooperation mechanism will be established in Saudi Arabia, while Pakistan will hold the secretary general’s position for three years, he said. Clarifying reports about the agreement’s name, Andrabi said it had not been changed. The issue related only to how the agreement is referred to in different languages, including Turkish, Arabic and English.

staff report

Pakistan Navy’s major maritime exercise SEASPARK2026 began in Karachi on Wednesday, aimed at testing the force’s combat readiness against conventional and emerging maritime threats, the military’s media wing said. In a statement issued by Inter-Services Public Relations (ISPR) said that Chief of the Naval Staff Admiral Naveed Ashraf presided over the opening briefing of the exercise, flanked by senior officers from across Pakistan’s Armed Forces. "The exercise rigorously tests Pakistan Navy’s combat readiness against conventional and emerging maritime threats, integrating Ships, Submarines, Aircraft, Unmanned Systems, Marines, Special Forces and joint Army and Air Force elements," ISPR said. The statement said that the naval chief visited Pakistan Navy Fleet units and reviewed “ongoing operations”. "Addressing officers and men, he stressed that the evolving security environment demands uncompromising readiness, enhanced tri-service integration, adaptability and effectiveness across physical and information domains,” the statement added. According to ISPR, SEASPARK2026 focused on rehearsing “multi-domain operations” by integrating “maritime, air, land, cyber and spaceenabled capabilities”. "The exercise also incorporated operations in the information environment to secure a decisive advantage in the information battlespace, in lockstep with kinetic operations at sea,” it said.

PM orders health minister, secretary to oversee PIMS reforms in person ISLAMABAD

staff report

Prime Minister Shehbaz Sharif on Tuesday directed the health minister and health secretary to be physically present at the Pakistan Institute of Medical Sciences (PIMS) on alternate days to personally oversee implementation of measures aimed at improving the hospital’s facilities, reiterating that no leniency would be shown to officials found negligent in their duties in the deadly fire incident. Chairing an emergency meeting on health affairs and the fire at the gynaecology ward of Pims, the prime minister vowed that officials found guilty of criminal negligence

would face strict action. The premier was briefed on matters relating to the health sector, including a detailed update on the ongoing investigation into the hospital fire. Health Minister Mustafa Kamal, Minister for Economic Affairs Ahad Khan Cheema, Health Secretary Captain (retd) Muhammad Mahmood and Pims Executive Director Dr Muhammad Salman attended the meeting. As many as 14 infants were killed in the fire early last Wednesday, triggering widespread outrage and demands for accountability from lawmakers in both houses of parliament. Health Minister Mustafa Kamal

had also assured that those responsible would “not be spared”. The meeting was informed that, in light of the interim investigation report, steps were being taken to ensure implementation of the decisions taken by Prime Minister Shehbaz. The prime minister directed the authorities to ensure improved medical and treatment facilities at Pims and ordered that all necessary safety measures be fully implemented. He also directed that the process of health-sector reforms be expedited. Last Saturday, the inquiry committee constituted to investigate the deadly hospital fire submitted its interim report to Prime

Minister Shehbaz, following which the premier ordered the suspension of and criminal action against eight officials. The eight individuals named in the report are former Pims Executive Director Prof Dr Imran Sikandar, who was removed from his post after the incident; Prof Dr Sadia Riaz, head of neonatology at Children Hospital, PIMS; Dr Nagham, senior registrar in the neonatology department; Dr Mutahir Shah, joint executive director, MCH; Ch Waris Ali Raza, joint executive director (non-medical), Pims; Dr Nosheela Amjad, director, MCH; Dr Abdul Rehman, director general, CES, CDA; and Muhammad Usman, assistant director (security).

The Prime Minister’s Office said the premier had specifically directed that those identified by the inquiry committee face not only departmental action but also criminal proceedings under the relevant laws. However, standing committees of both houses of parliament questioned the probe on Monday, raising concerns over incomplete CCTV footage and the disputed number of infants present in the nursery. The National Assembly Standing Committee on Health, chaired by MNA Mahesh Kumar Malani, expressed dissatisfaction with the report prepared by the inquiry committee.

CONTINUED ON PAGE 03

02 newS

EPZS MAY LOSE 20% DOMESTIC SALES FACILITY AS IMF CONDITION REMAINS UNRESOLVED

PROFIT

STAFF REPORT

HE government has failed to secure a withdrawal of the International Monetary Fund’s (IMF) condition requiring Pakistan to end domestic sales by Export Processing Zones (EPZs), with the matter expected to be discussed again during the Fund’s next review later this month, Business Recorder reported. Secretary Industries and Production Saif Anjum told a sub-committee of the Senate Standing Committee on Finance and Revenue that Pakistan is committed under the Extended Fund Facility (EFF) to comply with the condition by September 2026. The IMF condition seeks to end the existing facility allowing EPZ-based industries to sell up to 20% of their production in the domestic market. Anjum said EPZ-based industries contribute around $800 million in exports and argued that the domestic sales facility provides an important cushion for export-oriented manufacturers. The committee was also informed that, under the EFF conditionality, EPZs would

be phased out by 2035 to remove tax-related distortions and bring businesses operating in the zones under the broader tax regime. An FBR official said the EPZ matter was currently sub judice and that the IMF was not intervening in court proceedings, although the Fund could ask the government to pursue the matter. Regarding Special Economic Zones (SEZs), the official said there was time until 2035 to assess whether existing arrangements should be phased out or improved. The sub-committee, convened by Muhammad Talha Mahmood, recommended renegotiating the EPZ and SEZ conditions with the IMF while protecting Pakistan’s industrial and investment interests. The business community also opposed withdrawal of the existing 80/20 arrangement. Chairman Policy Advisory Board, FPCCI, Mian Zahid Hussain said the facility was important because manufacturing generates B-grade, C-grade and off-grade products and process wastage, which together account for nearly 20% of output. He said such materials can currently enter the domestic tariff area only after customs procedures, value-addition checks and

PSX sinks on fears of supply disruptions after renewed US-Iran strikes PROFIT

STAFF REPORT

Selling pressure gripped the Pakistan Stock Exchange (PSX) on Wednesday as an overnight exchange of strikes between the United States and Iran intensified concerns over potential supply disruptions and dimmed hopes of the Strait of Hormuz reopening. According to the PSX website, the market opened on a bearish note, with the benchmark KSE100 Index shedding more than 1,100 points in the early minutes of trading. The index remained under pressure throughout the trading session and settled at 174,776.59, down 1,690.40 points, or 0.96% from the previous close. Selling was witnessed across key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, oil marketing companies and power generation. On Tuesday, the PSX remained under pressure as renewed uncertainty over the US-Iran conflict and volatility in global oil prices weighed on investor sentiment. The benchmark KSE-100 Index fell 508.69 points, or 0.29%, to close at 176,466.99. Asian stocks also fell sharply on Wednesday after renewed US airstrikes on Iran pushed oil prices to five-week highs and drove the US 10-year Treasury yield to its highest level in nearly three years, extending a global bond market selloff. MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 2%, while South Korea’s KOSPI fell nearly 4% and Japan’s Nikkei 225 declined 2.9%. S&P 500 e-mini futures were down 0.1%. The losses followed a weaker session on Wall Street, where the S&P 500 declined 0.7% and the Nasdaq Composite lost 1% as rising government bond yields weighed on equities.

payment of applicable customs duty, sales tax and income tax. The committee also discussed banking difficulties faced by exporters and businesses and called for practical alternatives, including insurance guarantees instead of bank guarantees or cheques where permissible. On the Battery Energy Policy, the com-

mittee was informed that a policy promoting sodium and lithium battery production is under review by a committee headed by the Deputy Prime Minister and is expected to be finalised soon. The Ministry of Industries and Production also briefed the committee on the National Auto Policy and measures to promote electric vehicles. It was informed that Rs3

Oil prices hold near one-month high as US-Iran strikes stoke supply fears PROFIT

STAFF REPORT

Oil prices were little changed on Wednesday after climbing to more than one-month highs earlier in the session as traders weighed the risk of supply disruptions following overnight U.S. and Iranian strikes against signs that crude supplies continue to reach the market. Brent crude futures rose 9 cents, or 0.1%, to $94.74 a barrel by 0805 GMT and U.S. West Texas Intermediate crude futures lost 19 cents, or 0.21%, to $90.03. Brent crude and U.S. West Texas Intermediate crude earlier climbed to their highest levels since July 24, reaching session highs of $97.04 and $92.29 a barrel, respectively. "The market is facing a binary risk," said Saxo Bank head of commodity strategy Ole Hansen. "An announcement that a deal has been reached, or that progress is being made, could send prices tumbling, while any escalation would further undermine the prospect of a peace deal. That's why oil remains highly volatile, with a potential $5 move in either direction on fresh developments." The U.S. and Iran were back on a war footing on Wednesday after the most significant exchange of fire in weeks, with Washington threatening more devastating strikes. The Islamic Revolutionary Guard Corps said the

U.S. attacks would further restrict traffic through the Strait of Hormuz, a critical waterway that carried about one-fifth of the global oil consumed before the conflict and which Iran has effectively closed to commercial shipping. The latest exchange followed a weekend flare-up in hostilities, the first since July, and came after attacks on two tankers departing the Strait of Hormuz on Monday, causing further disruptions to oil supplies and forcing traders to seek alternative crude shipments. "Both Brent and WTI have traded above the $90 level this week, and a return toward $100 oil cannot be ruled out if the current escalatory phase continues," said Tim Waterer, chief market analyst at KCM. However, U.S. Secretary of Energy Chris Wright said on Tuesday that 17 million barrels of oil transited the Strait of Hormuz on Monday, saying it marked the highest level of crude oil to pass through the waterway since the Iran war had reduced flows. "We’ve seen oil flow through the Strait of Hormuz despite the stalemate between the US and Iran, but rising tensions clearly put crossings at risk," said ING analysts in a client note. Elsewhere, Russia carried out a "massive" missile and drone attack on energy infrastructure in Ukraine's southern region of Odesa overnight, transmission system operator Ukrenergo said on Wednesday.

OGDC, Baker Hughes sign deal to boost output from mature oil, gas fields PROFIT STAFF REPORT

Oil and Gas Development Company Limited (OGDC) has signed an agreement with US energy technology company Baker Hughes to deploy Mature Assets Solutions aimed at reviving ageing oil and gas wells and increasing Pakistan’s indigenous hydrocarbon production. The agreement was signed at OGDC Headquarters in Islamabad as part of the company’s Production Optimisation Drive.

Special Secretary Petroleum Mirza Nasiruddin Mashood Ahmad and US Chargé d’Affaires Natalie A. Baker attended the signing ceremony as chief guests. OGDC MD/CEO Ahmed Hayat Lak and senior officials from both companies were also present. Under the agreement, Baker Hughes will provide technical expertise, advanced technologies and integrated capabilities to help OGDC identify production opportunities in mature fields experiencing natural declines.

Lak said OGDC was engaging global service providers to optimise production and strengthen Pakistan’s energy security. Ahmad said the partnership would support efforts to maximise indigenous oil and gas production and contribute to the country’s energy security. Baker Hughes described the agreement as a milestone in the US-Pakistan energy partnership, saying collaboration in the energy sector would support the shared objective of strengthening Pakistan’s energy security.

Ghani Chemical to develop gas processing project at Jandran Field PROFIT

STAFF REPORT

Ghani Chemical Industries Limited (GCIL) has entered into a binding agreement with an unnamed third party to undertake the technical and financial execution of a proposed gas-processing project linked to the Jandran Field. According to a notice sent to the Pakistan Stock Exchange (PSX), the third party has received a Letter of Intent (LOI) from Oil & Gas Development Company Limited (OGDCL) for the proposed purchase of raw saturated gas from

the Jandran Field. The proposed transaction remains subject to the negotiation and execution of a definitive Gas Sale and Purchase Agreement (GSPA), completion of technical and commercial arrangements, and required corporate, contractual, regulatory and government approvals. Under its agreement with the third party, GCIL will be responsible for developing, installing, commissioning and operating the required gas-processing facilities. The project is also expected to cover the processing, transportation, marketing and sale

of gas from the field. GCIL said the project could be implemented directly by the company or through a special purpose vehicle (SPV), with the final structure, including its ownership and funding arrangements, to be determined and approved by its Board of Directors. The company said the project's capacity, capital expenditure, financing structure, implementation schedule, gas supply period, commercial terms and expected financial contribution would be determined after completion of technical studies, negotiations and definitive documentation.

SBP buys $7.3b from interbank market in 11MFY26 PROFIT STAFF REPORT

The State Bank of Pakistan (SBP) purchased $7.3 billion from the interbank market during the first 11 months of fiscal year 2026, slightly higher than the $7.2 billion bought in the same period a year earlier, according to central bank data. The SBP’s monthly purchases, however, fell sharply to $154 million in May from $635 million in April, marking the lowest monthly purchase since January 2025. The SBP typically purchases excess dollars from

the market to build foreign exchange reserves and support external debt-servicing requirements. The central bank’s foreign exchange reserves stood at $17.2 billion at the end of May. Higher remittances and a narrow current account deficit have supported the reserve position, while the SBP has continued to build its buffers through foreign exchange market interventions. Remittances from overseas Pakistanis exceeded $41 billion in FY26 and are projected to reach $44 billion in FY27. The SBP expects its reserves to exceed $21 billion during FY26.

Thursday, 3 September, 2026 | iSlaMaBaD

billion in viability gap funding is available for establishing 3,000 EV charging stations across Pakistan. The committee further discussed early market closures. The business community sought restoration of normal trading hours, while the Power Division warned that extending commercial timings could require an additional 600MW of electricity. Running HSD or furnace-oil plants could raise electricity generation costs by around Rs5 per unit, an official said. The Power Division also informed the committee that the country had only one day’s RLNG stock available, with the current power situation linked to disruptions in RLNG supplies and subsequent load management. The committee recommended a gradual restoration of normal business hours, initially proposing an extension of at least 30 minutes to existing market timings. The Securities and Exchange Commission of Pakistan (SECP) briefed the committee on illegal share transfers and disputes involving forged signatures, while the Competition Commission of Pakistan (CCP) outlined measures against cartelisation and other anti-competitive practices.

Farmers’ body seeks nationwide GMO ban after govt allows commercial GM corn cultivation PROFIT

STAFF REPORT

The Pakistan Kisan Rabita Committee (PKRC) has called for a nationwide ban on the cultivation, sale, import and commercial use of genetically modified organisms (GMOs), rejecting the government’s decision to permit the commercial cultivation of genetically modified (GM) corn. The demand follows an August 31 decision by the Committee on GM Corn, established by the prime minister, to commercialise the crop. The committee had presented the initiative as a step towards agricultural modernisation and the safe coexistence of GM and conventional crop varieties. Rejecting the rationale, the PKRC said in a statement that the decision could increase corporate control over Pakistan’s seed, agriculture and food systems. The farmers’ body argued that seeds were central to farmer independence and food security and had historically been developed and preserved through local seed-saving and community exchange practices. It raised concerns about corporate seed patenting models and cited the Seed Act Amendment 2015, the Plant Breeders’ Rights Act 2016, and the National Seed Policy 2024, arguing that such frameworks could increase farmers’ annual dependence on multinational seed suppliers. The PKRC also rejected the government’s position that GM and non-GM crops could safely coexist. It warned that cross-pollination could affect traditional crop varieties and local agricultural biodiversity. The organisation also raised concerns about the potential impact on exports to markets including the European Union, China, Australia and New Zealand, which it said maintain strict standards for non-GMO products. The PKRC called for an immediate and permanent prohibition on GMO releases, sales and corporate licensing across the country. It also demanded stronger legal protections for local seed varieties and farmers’ collective rights to save, exchange and re-sow indigenous seeds.

DG Tax Policy Office Najeeb Ahmad Memon resigns ahead of IMF review PROFIT

STAFF REPORT

Dr Najeeb Ahmad Memon, Director General of the Tax Policy Office (TPO) under the Finance Division, has resigned from the position with immediate effect, leaving the key post vacant ahead of the IMF review mission expected in Islamabad in the third week of September, The News reported. Dr Memon was appointed DG TPO on October 24, 2025, with the prime minister’s approval on a two-year contract under Special Professional Pay Scale (SPPS-1). The TPO, in coordination with FBR Member Dr Hamid Ateeq Sarwar, prepared tax proposals for the 2026-27 federal budget. A Ministry of Finance spokesperson confirmed that Dr Memon would not continue as DG TPO. Official sources said he had taken premature retirement before joining the TPO on a contractual basis. The Ministry of Finance has now advertised the DG TPO position under SPPS-1, with applications open until September 11, 2026. The position requires a master’s degree or higher in economics, public finance, public policy, taxation or tax policy, along with at least 12 years of leadership experience in tax policy, fiscal management or public finance. Candidates must also have experience leading transformative initiatives and engaging stakeholders across government, international organisations and the private sector. The ministry has also advertised a TPO adviser position at SPPS-1. The adviser will assist the finance minister and ministry on strategic tax policy matters and emerging domestic and international developments affecting taxation.

NEWS 03

Thursday, 3 September, 2026 | ISLAMABAD

PAKISTAN REFINING MARGINS SURGE TO $28.8 PER BARREL IN AUGUST

PROFIT

STAFF REPORT

EFINING margins in Pakistan averaged $28.8 per barrel in August 2026, up from $5.4 per barrel a year earlier, according to industry data. The latest reading kept refining margins above $20 per barrel for the second consecutive month. Analysts attributed the year-on-year increase mainly to stronger petroleum product prices amid the US-Iran war, which pushed up international energy prices and supported product cracks. The average, however, fell from $36.7

per barrel in July after the government capped high-speed diesel (HSD) cracks at $41.89 per barrel from August 20. The measure affected the final 10 days of August in the margin calculations. The improvement came despite higher crude costs. Dubai crude, the benchmark used to calculate Pakistan’s Gross Refining Margin (GRMs), averaged around $88 per barrel in August 2026, compared with $73 per barrel in August 2025. GRM calculations include product supplier premiums and freight charges over benchmark crack spreads, while the reported margins are calculated before duty differentials and inventory movements.

The higher margins are expected to provide some relief to local refineries as policymakers seek to improve refinery economics, reduce reliance on imported petroleum products and encourage investment in refinery upgrades. Refinery industry representatives, however, said higher GRMs had not translated into substantial profits, arguing that net profit remained around 1% of total revenue. A senior refinery executive said that refinery-sector profits were negligible compared with those of the banking and fertiliser sectors, despite the intensive operations required to maintain the country’s energy supply chain. He said premiums on

crude oil imports for September cargoes had risen to $20 per barrel from the previous $7$12 range, which would put further pressure on refinery margins and profitability.

Pakistan, Kyrgyzstan set $200m trade target, sign major accords to deepen strategic ties CONTINUED FROM PAGE 01

The two leaders also discussed regional and international developments and agreed to deepen cooperation on climate and environmental challenges, while reaffirming their commitment to effective multilateralism and joint work at the United Nations and other international forums. ‘KYRGYZSTAN A VALUED PARTNER IN CENTRAL ASIA’ Calling Kyrgyzstan Pakistan’s valued partner in Central Asia, Prime Minister Shehbaz expressed the hope that his visit would mark the beginning of many more high-level interactions between the two countries. He invited President Japarov to visit Pakistan at a mutually convenient time, saying the Kyrgyz president had accepted the invitation. The prime minister concluded by expressing the hope that the friendship between the two nations would remain “as enduring as our mountains, as warm as the hearts of our peoples, and ever rising towards new horizons.” “Long live Pakistan-Kyrgyzstan friendship,” he said. ‘Pakistan a trusted and important partner of Kyrgyzstan’ Earlier, President Sadyr Japarov welcomed Prime Minister Shehbaz Sharif and his delegation to Kyrgyzstan and described Pakistan as “a trusted and important partner of Kyrgyzstan.” He thanked the prime minister for accepting his invitation and appreciated his repeated meetings with him in Bishkek following his state visit to Pakistan in December last year. President Japarov said Kyrgyz-Pakistani relations had gained “unprecedented momentum” within a short period of time. He noted that following his official visit to Pakistan, President Asif Ali Zardari paid an official visit to Kyrgyzstan in July this year. He said the high-level contacts between the two brotherly countries in such a short period were evidence of strong mutual trust and a shared commitment to taking bilateral relations to a new level. Amid rising international tensions, President Japarov stressed, strengthening friendship, deepening mutual understand-

PM orders health minister, secretary to oversee Pims reforms in person CONTINUED FROM PAGE 01

ergy sector, particularly through CASA1000, which connects Central Asia’s energy potential with the growing energy needs of South Asia. PEOPLE-TO-PEOPLE CONTACTS A STRONG FOUNDATION President Japarov described peopleto-people contacts as the strongest foundation of friendship between the two brotherly countries. “Today, thousands of Pakistani students are studying in Kyrgyzstan, mainly in medical fields. We see them as an important part of the humanitarian ties between our peoples,” he said. He expressed confidence that the students would become doctors, specialists and professionals who would help further strengthen ties between the two countries. He also highlighted Pakistan’s participation in the 6th World Nomad Games, saying cooperation in science, culture, tourism, youth exchanges and sports was an important component of bilateral relations. “Pakistan is taking part in the Games with a large sports delegation. We see this as a clear sign of respect for our shared efforts to preserve and promote traditional sports,” he said. The Kyrgyz president concluded by extending his wishes for peace, prosperity and continued development for the brotherly people of Pakistan. PAKISTAN, KYRGYZSTAN SIGN WIDE-RANGING BILATERAL ACCORDS Ahead of the press stakeout, Pakistan and Kyrgyzstan exchanged a substantial package of agreements and memoranda of understanding aimed at strengthening cooperation across multiple sectors. The two sides signed a diplomatic Programme of Cooperation between their foreign ministries for 2026–2027, besides an MoU between the Institute of Strategic Studies Islamabad and the National Institute for Strategic Initiatives of the Kyrgyz Republic to strengthen research collaboration. They finalized an agreement on transit trade to facilitate commercial movement and signed an agreement to promote cooperation in science and technology, besides a treaty on extradition. The governments also formulated a draft agreement on mutual legal assistance in criminal matters.

ing and developing cooperation had become more important than ever. “Today, Prime Minister Sharif and I held meaningful and productive talks in a friendly and brotherly atmosphere and discussed promising areas of cooperation. As a result of our talks, we signed a Joint Statement,” he said. He said the joint statement reflected the two countries’ shared vision for further development of bilateral relations and outlined key priorities for future cooperation. President Japarov said the joint statement was accompanied by a substantial package of bilateral documents covering a wide range of areas. He noted that Pakistan and Kyrgyzstan had traditionally maintained close cooperation at the United Nations, Shanghai Cooperation Organization, Organization of Islamic Cooperation and Economic Cooperation Organization, and expressed readiness to continue regular political dialogue and coordination at international platforms. He also felicitated Pakistan on assuming the chairmanship of the Shanghai Cooperation Organisation and expressed his readiness to provide support. TRADE, INVESTMENT, TRANSPORT AND ENERGY IN FOCUS President Japarov underlined that the economy should remain one of the main pillars of the Kyrgyz-Pakistani partnership. “Therefore, we agreed to take systematic steps to increase bilateral trade, expand the range of traded goods and attract investment. We expressed our readiness to implement joint projects in pharmaceuticals, agriculture, energy, light industry, tourism, the digital economy, virtual assets and other areas,” he said. Transport and logistics also received special attention during the bilateral talks, he added. President Japarov said Pakistan’s seaports provided Kyrgyzstan with a natural route to the markets of South Asia and, further, to global trade routes, while Kyrgyzstan could serve as an important transport bridge for Pakistan to the markets of Central Asia and the wider Eurasian region. He said the two sides had also agreed to further enhance cooperation in the en-

“We have called this meeting regarding the Pims tragedy because we are not satisfied with the report of the committee constituted by the prime minister,” Malani said. Health Minister Mustafa Kamal, however, defended the inquiry and invited committee members to raise their objections. Meanwhile, the Senate Standing Committee on Health, chaired by Senator Amir Waliuddin Chishti, reviewed the adequacy of medical, paediatric and emergency care, fire safety arrangements, administrative and systemic deficiencies, accountability measures, patient safety and measures to prevent similar incidents in the future. The committee also visited the Pims nursery and expressed serious concern over the absence of fire alarms and reports that emergency exits had been closed. DEADLY FIRE AT PIMS On August 26, 14 babies were killed after a fire erupted at the Mother and Child Healthcare Centre at Pims. According to a Pims statement, the incident was “initially caused by a spark inside the nursery at 06:38am”, after which a massive fire erupted within seconds due to oxygen points at each incubator. The statement said two doctors and two nurses on duty responded immediately and called security staff, who made two attempts to enter the nursery before a blast occurred and the ceilings collapsed. Witnesses, however, said they waited hours for emergency services and were forced to smash windows to reach the affected ward, while some alleged that doors were locked. The hospital and government later disputed claims of delays and locked emergency exits. Prime Minister Shehbaz Sharif subsequently formed a high-level inquiry committee to investigate the incident and removed Federal Health Secretary Muhammad Aslam Ghauri. The tragedy has since triggered widespread outrage and intensified calls for accountability, improved hospital safety and urgent reforms to prevent such incidents in the future.

An MoU between the interior ministries of Pakistan and Kyrgyzstan was signed to combat illicit trafficking of narcotic drugs, psychotropic substances and precursor chemicals. The Kyrgyz Health Ministry and Pakistan Medical and Dental Council signed an MoU on cooperation in medical education, while another MoU between the education ministries of the two countries was signed to promote cooperation in education. The Kyrgyz Ministry of Natural Resources, Ecology and Technical Supervision and Pakistan’s Ministry of Climate Change and Environmental Coordination signed an MoU to strengthen cooperation in environment and climate change. The National Defence University Pakistan and the National Institute for Strategic Initiatives of the Kyrgyz Republic signed an MoU covering academic research and cooperative activities. An MoU was also signed between the National Agency for Virtual Assets and Blockchain Technologies under the Kyrgyz President and the Pakistan Virtual Assets Regulatory Authority to promote cooperation in virtual assets. Pakistan and Kyrgyzstan signed an agreement establishing a sister-city relationship between Lahore and Osh. OJSC Kyrgyz Post and Pakistan Post reached a bilateral agreement for mutually beneficial cooperation in postal services and e-commerce, while another agreement was signed between the Chamber of Commerce and Industry of the Kyrgyz Republic and the Federation of Pakistan Chambers of Commerce and Industry to strengthen bilateral business ties. The two leaders also signed a joint statement encapsulating the discussions and shared objectives of Prime Minister Shehbaz Sharif’s visit. PM GIVEN GUARD OF HONOUR AT KYRGYZ PRESIDENTIAL PALACE Earlier, Prime Minister Shehbaz Sharif received a red-carpet welcome and guard of honour upon his arrival at Kyrgyzstan’s presidential palace, Yntymak Ordo (Palace of Unity), for a meeting with President Sadyr Japarov. The prime minister was warmly received by President Japarov at the venue of the formal welcome ceremony.

Punjab govt deploys anti-littering squads in Lahore, fines up to Rs500,000 PROFITS STAFF REPORT

The Suthra Punjab Authority (SPA) has launched an e-challan system to enforce cleanliness laws in Lahore, initially covering 200 commercial markets and major roads, with fines of up to Rs500,000 for certain violations. September will serve as a grace period, during which violators will receive warnings and awareness messages. Formal fines will be imposed from October 1. The initial coverage includes major roads and commercial areas such as The Mall, Jail Road and Ferozepur Road. Residential areas are not currently included in the echallan system, as the authority

plans to focus first on educating residents. The pilot project began on Tuesday with 25 teams issuing warnings to people found littering in designated areas, Lahore Suthra Punjab Authority CEO Shehryar Arif Khan said. The overall enforcement staff comprises 75 people, including 50 members divided into two field and supervisory teams. The system was formally launched at a ceremony at Liberty Chowk. Anti-littering squads have been deployed across roads, markets and commercial centres to monitor violations, raise awareness and educate citizens about the safe disposal and transfer of waste. Under the Punjab Local Gov-

ernment Act, 2025 and the Suthra Punjab Authority Act, 2026, littering in public places can attract fines ranging from Rs1,000 to Rs10,000. Failure to maintain cleanliness outside a house, shop or factory can result in fines of Rs1,000 to Rs50,000. Shops using prohibited plastic bags can be fined Rs1,000, while shopping malls can face a Rs2,000 fine. Burning waste carries a fine of Rs100,000 to Rs500,000 and imprisonment of up to two years. Burning tyres by an industrial unit or an individual can attract a fine of up to Rs500,000 and imprisonment of up to seven years. Officials said repeated violations would lead to legal action after the grace period.

Bank Makramah completes sale of Cullinan Tower for Rs12b PROFIT

STAFF REPORT

Bank Makramah Limited has received the remaining sale consideration for Cullinan Tower, formerly Summit Tower, in Karachi, completing the property transaction for a total consideration of Rs12 billion. The bank disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on September 2, 2026, in continuation of its earlier disclosure dated August 1, 2025. The property is located at Plot No. G-2, Block-2, Scheme-5, Clifton, Karachi. “In accordance with Section 96 of the Securities

Act, 2015 and Clause 5.6.1(a) of the PSX Rule Book, and in continuation of our previous disclosure on the subject dated August 1, 2025, Bank Makramah Limited (the Bank) hereby informs that it has received the remaining sale consideration, in respect of the sale of Cullinan Tower (formerly Summit Tower) situated at Plot No. G-2, Block-2, Scheme-5, Clifton, Karachi,” read the bank’s notice. Bank Makramah said receipt of the remaining amount completes the total sale consideration of Rs12 billion and brings the transaction to a close. The notice did not disclose the amount of the final instalment, the buyer’s identity or the date on which the remaining payment was received.

Analysts said the sustainability of margins would depend on global crude prices, product cracks, freight rates and government pricing policies.

Ghandhara Tyre appoints Ali Kuli Khan Khattak as chairman PROFIT

STAFF REPORT

Ghandhara Tyre and Rubber Company Limited has appointed Lt Gen (R) Ali Kuli Khan Khattak as chairman of its board and Mr. Hussain Kuli Khan as chief executive officer (CEO) for a threeyear term. According to a notice issued to the Pakistan Stock Exchange (PSX), the appointments were made following the election of directors. The company has also reconstituted its Board Audit Committee, with Syed Ahmed Iqbal Ashraf as chairman and Mr. Ahmad Kuli Khan Khattak, Mr. Muhammad Farooq Nasim, Lt Gen (R) Ali Kuli Khan Khattak and Mr. Manzoor Ahmed as members. The Board Human Resource and Remuneration Committee will be headed by Mr. Ikram-ul-Majeed Sehgal as chairman. Its members are Mr. Ahmad Kuli Khan Khattak, Syed Zafar Hussain Gardezi, Mr. Hussain Kuli Khan, Lt Gen (R) Ali Kuli Khan Khattak, Mr. Manzoor Ahmed and Mrs. Mehvish Waliany.

Petrol price hiked by Rs2.29, HSD by Rs1.11 per litre for Sept 3 CONTINUED FROM PAGE 01

Global geopolitical developments continue to pose significant risks. International oil prices are influenced by decisions taken by OPEC+, conflicts in the Middle East, sanctions on oil-producing nations, and disruptions in critical shipping routes such as the Strait of Hormuz and the Red Sea. Any interruption in these supply chains can immediately increase crude oil prices and freight costs. Since Pakistan imports the majority of its petroleum requirements, these developments quickly translate into higher domestic fuel prices. Brent crude prices were marginally higher in a volatile session on Wednesday, driven by renewed military strikes between the United States and Iran that have restricted world oil supply. Brent crude futures rose 25 cents to $94.90 a barrel by 10:48 am ET (1448 GMT), while US West Texas Intermediate crude futures were up 10 cents at $90.32. "While the increase in conflicts will slow transit through the Strait of Hormuz in the near term, the market has absorbed the fact that workaround crude oil supplies can still make it to the market eventually," said Dennis Kissler, senior vice president of trading at BOK Financial.

04 COMMENT

Trump contemplates using nukes against Iran

Thursday, 3 September, 2026

Bishkek Declaration

India must end its weaponization of water

F Prime Minister Shehbaz Sused the platform provided by the Shanghai Cooperation Organization Summit in Bishkek to speak frankly about Indian weaponisation of water and warn that its unilateral and unwarranted suspension of the Indus Waters Treaty is destabilizing, India has only itself to blame. The SCO has as its purpose the region’s safety and security, as well as regional cooperation for development. It is not supposed to be a forum for the airing of bilateral problems. However, if those bilateral problems are posing a threat to the entire region, especially one in which both members are nucleararmed, then it will be impossible to stop the matter being raised. It was also opportune for Mr Sharif that the Summit was being held the very day after the Permanent Court of Arbitration had decided in favour of Pakistan on the IWT suspension, ruling that it remained in force and that India must limit ongoing hydroelectric dam construction in Kashmir. Mr Sharif’s words deserved wide attention, for apart from the Indian PM, the other heads of government, also know what it is to be an upper or lower riparian. All the members of the SCO, except Russia, have growing populations that make water increasingly stressed. They may well be aware that the IT does not really make any new law, all it does is codify existing customary law, and provide an adjudication mechanism. If India thinks suspending the IWT means it can esca[e the pre-existing customary law on riparian rights, it threatens the entire structure of water rights built over centuries, by reducing international customary law to a series of local arrangements. The SCO countries, except China, are favourably inclined towards India, and form part of the international chorus on which India depends, so that it can continue its bad behaviour. Unless the countries make a stand in favour of a rules-based order, India will continue on its present course of suppressing Kashmiris and depriving them of their right of selfdetermination, assassinating foreign citizens on foreign soil, and committing terrorism abroad. The IWT suspension is something the SCO members have an interest in, as much as in other security matters, as it is not just an issue that could threaten the peace of the region. It would directly affect the perception of how these countries are themselves situated.

Nearing the edge

Qamar Bashir

HE USA and Israel presented the war against Iran as an urgent campaign to prevent nuclear proliferation. Six months later, that justification has collided with an extraordinary move by the Pentagon: US officials are seriously discussing using nuclear weapons against Iranian targets. Former Representative Marjorie Taylor Greene has claimed that nuclear use was discussed in strategy meetings, while Tucker Carlson, America’s most influential and resourceful journalist and podcaster has disclosed that nuclear options against Kharg Island and Pickaxe Mountain appeared in Pentagon slide presentations. The contradiction at the centre of the war is difficult to ignore. Washington and Israel argued that Iran could not be trusted with nuclear weapons because their possible use would be intolerable. If the same governments are now contemplating a nuclear attack to force Iran’s submission, they risk destroying the moral and strategic distinction on which their original case for war rested. The USA and Israel began their campaign against Iran on February 28. Trump initially suggested it would take approximately four or five weeks. By August 28, however, it had reached the six-month mark, with no permanent settlement and no clear definition of victory. Hostilities in Lebanon continued, negotiations stalled and Washington shifted its strategy toward blockades, sanctions and threats against countries doing business with Tehran. US President Donald Trump now says he has no timetable for ending the conflict. The costs are substantial. The Pentagon has acknowledged more than 750 wounded, while reporting cited by lawmakers puts the number of US deaths at 18. Defense Secretary Pete Hegseth told a Senate hearing that the war had cost approximately $37.5 billion by July, he demanded another $78 billion as supplementary grant whereas the defence budget has been increased from $900 billion in 2025 to $1.5 Trillion in 2026. These figures do not include every indirect economic cost, replenishment expense or loss sustained by regional partners. Yet the USA and Israel have also failed to achieve any of their declared objectives. Iran’s government remains in power. Tehran has not surrendered, accepted permanent disarmament or abandoned its regional influence. Preventing an opponent from achieving its central objectives can itself constitute strategic success. By that measure, Iran’s survival and continued resistance expose the limits of overwhelm-

Dedicated to the legacy of late Hameed Nizami

Arif Nizami (Late) Founding Editor

ing military superiority. The tactical-nuclear controversy did not arise in a vacuum. The Pentagon has acknowledged that it is reviewing US nuclear strategy and seeking a broader range of options for regional conflicts. Undersecretary of Defense for Policy Elbridge Colby has spoken of providing more credible or “rational” nuclear choices. Adm Richard Correll, commander of US Strategic Command, has discussed an escalation spectrum that includes the possibility of a limited nuclear exchange. After conventional military operations failed to compel Tehran’s submission and depleted important US weapons stockpiles, the search for broader nuclear options strongly suggests that Iran is a principal— perhaps the immediate— scenario driving the discussion. The troubling implication is that nuclear weapons are being reconsidered because conventional force failed to accomplish Washington’s objectives. Pickaxe Mountain must be understood in the context of Iran’s struggle to preserve its military and technological capabilities against vastly more powerful adversaries. The deeply buried complex near Natanz is commonly portrayed as evidence of sinister intentions, though no public evidence proves that Iran has stored a nuclear weapon there— or that it possesses a nuclear weapon at all. Iran’s decision to place sensitive infrastructure underground is not, by itself, proof of a weapons programme. After years of sabotage, assassinations and threatened or actual airstrikes, dispersing and hardening military and nuclear facilities is also unsurprising. Had Iran left every important asset exposed, US and Israeli air power could have destroyed much of its defensive capacity and potentially enabled regime change. This discrepancy strikes at the foundation of the war’s stated rationale. US intelligence had not established that Tehran possessed a nuclear weapon or had made a final decision to build one. Uranium enrichment, including Iran’s claimed right to peaceful enrichment under the Nuclear Non-Proliferation Treaty, is not identical to manufacturing a bomb. The danger is that Washington may now be considering nuclear means to accomplish objectives its conventional campaign failed to achieve. The term “tactical nuclear weapon” should not disguise that. “Tactical” describes an intended military role; it does not make the explosion humane, limited or reliably controllable. Such a weapon can still cause mass death, radiation exposure, environmental contamination and escalation beyond the region. Iran’s underground construction would then appear not as proof that war was necessary, but of why a weaker country believed concealment and hardening were essential to survival.

Operation Sindhoor and the Politics of Self-Declared Victory M. A. Niazi

Babar Nizami

Editor Pakistan Today

Editor Profit

Falsifying history

NomeeN Kassi

year has passed, but even today India lives in the shadows of the May 2025 episode. It seems India refuses to accept the harsh reality and her defeat against Pakistan in Marka-e-Haq, where India lost several air jets. Yet again, India is doing what it has always been good at: propagating false narratives and mutilating history. Instead of conceding defeat in a failed venture, India has decided to colour history in her preferred hues by producing a highly dramatized and factually inaccurate documentary on Operation Sindhoor that lacks nuance and seriousness, and ISPR calls it “a tragedy and a comedy”. For a state like India, the Pahalgam incident itself creates doubts about it being a responsible state, let alone this non-factual and Bollywood-style documentary. The documentary “100 Percent Mission Success” is designed to create an emotional and selectively charged narrative of the conflict instead of an objective account. It tries to weave a narrative by deliberately contrasting an address by the Chief of Army Staff of Pakistan on 16 April 2025 with the Pahalgam incident on 22 April 2025, and it presents a conspiracy without any supporting evidence. The documentary’s title alone should make you wonder whether its premises are valid. What can be termed as “100 percent mission success”, if India has lost multiple military aircraft? More importantly, India subsequently stated that the three “suspects” in the Pahalgam attack were identified and killed on 28 July 2025, 82 days after the launch of Operation Sindoor. The documentary, however, paints Operation Sindoor as retaliation against the perpetrators of Pahalgam. If the alleged perpetrators were eliminated by the Indians on 28 July, then it should explain who the Indians punished on 7 May 2025. Moreover, the documentary’s account of the end of the war is also noteworthy. The ending of the hostilities is admitted by its own telling, to result from “communication” between the two Directors General of Military Operations and an agreed “suspension of military action”.

This is not in line with the attempt to paint Operation Sindoor as purely an Indian military success. When military-to-military talks reach an agreement to stop fighting, with help from diplomats such as the USA, it cannot be considered proof of an unconditional Indian victory. The documentary also presents inconsistencies in the escalation picture. It continuously reminds you of surprise, hitting with accuracy, long dives, and superiority in the escalation. Simultaneously, it says that India “deliberately held back” and gave Pakistan an “exit window.” The different stories in the documentary make it hard to believe that it is meant to be an objective military evaluation; instead, it seems to be a story carefully crafted for domestic consumption to instill a specific perception of the war in the reader. Furthermore, Indians need to realize that the documentary does not furnish a complete record and independent verification of the events; rather, the documentary seems to be put together from a limited selection of military footage, statements, and hindsight conclusions to show a military event as a clear triumph. However, cinematic reconstruction can’t change the order of events, wipe out reported aircraft loss, cause confusion among casualties and re-

move actual military engagements. Neither can the retrospective narration alone make an outcome of a battle that was fought, and lost, become an uncontested victory. The people of India must realize how a false narrative is being projected for them to celebrate a defeat. On the other hand, the creation of a narrative on ‘Marka-e-Haq’ is not necessary for Pakistan. What happened is determined from the operational record, the development of the battle, the diplomatic exchanges and the statements which followed on both sides. Pakistan has always been committed to regional peace and tranquility and has always ensured that it is capable and willing to safeguard its sovereignty, territorial integrity and national interests. A future battle would have serious repercussions for everyone involved. In the end, it is impossible to recreate the war in film that will replace actual evidence that can be verified or remove the ambiguities and conflicting results of the war.

Ms. Nomeen Kassi is a Research Assistant at Balochistan Think Tank Network (BTTN), Quetta. She is also an MS-IR scholar with keen interest in Emerging Technologies and South Asian politics.

The first wartime nuclear detonation since Nagasaki would transform international security. It could erode the already fragile norm against nuclear use and encourage other nuclear-armed states to describe their weapons as practical instruments of conventional warfare. India and Pakistan have repeatedly confronted one another while possessing nuclear arsenals. North Korea has developed weapons capable of threatening South Korea, Japan and potentially the USA. Russia has issued nuclear threats during its confrontation with Ukraine and NATO. If Washington normalized limited nuclear employment against a nonnuclear adversary, every one of these governments would gain a precedent with which to justify its own conduct. A nuclear strike might also produce precisely the proliferation pressure the war was supposed to prevent. Governments could conclude that only a deliverable nuclear arsenal protects them from coercion or regime change. The lesson would not be that nuclear weapons are too dangerous to possess; it would be that countries without them remain vulnerable to countries with them. Harvard professor Stephen Walt told Carlson that the postwar world could be “substantially more dangerous.” He pointed not only to great-power competition among the USA, China and Russia, but also to the deterioration of restraints governing force, assassination and escalation. Once powerful states treat exceptional measures as ordinary, weaker states inevitably adapt. Ending the war would require acknowledging that military power cannot guarantee every political objective. That may be uncomfortable for a president whose public identity depends on winning. But accepting an imperfect settlement is less humiliating than turning a strategic disappointment into a nuclear catastrophe. Regional governments also have agency. States hosting US forces would face retaliation and possible contamination if their territory suffered a nuclear attack. They should demand binding assurances that their bases will not be used to initiate nuclear hostilities. Their interests are not identical to those of Israel, Iran or Washington. The broader international community should insist on renewed negotiations, independent nuclear inspections, protection for civilian infrastructure and compliance with international law by every participant. Diplomatic pressure must apply consistently, whether the alleged violator is Iran, Israel or the USA. A war launched in the name of preventing nuclear danger must not become the event that makes nuclear warfare normal again.

The writer retired as Press Secretary the President, and is former Press Minister at Embassy of Pakistan to France and former MD, Shalimar Recording & Broadcasting Company Limited

Editor’s mail

Send your letters to: Letters to Editor, Pakistan Today, 4-Shaarey Fatima Jinnah, Lahore, Pakistan. E-mail: letters@pakistantoday.com.pk Letters should be addressed to Pakistan Today exclusively

Brains in bureaucracy

THERE are fewer than 10,000 people in Pakistan who hold PhD degrees — an alarmingly low number in a population of nearly 247 million. This highlights the country’s lack of emphasis on growth based on research and knowledge. If Pakistan aspires to build a knowledge economy, prioritising higher education and advanced research are imperative. The Federal Public Service Commission (FPSC) is said to be planning extensive civil service reforms. This is the right time to ensure the representation of highly qualified professionals, including PhD holders, in Pakistan’s civil service. Traditionally, civil servants retire with only a bachelor’s or master’s degree, which limits innovative policymaking. Recruiting PhD holders into the civil service would encourage more individuals to pursue advanced studies, thereby fostering nationwide intellectual growth. Incorporating PhD holders into government departments can enhance governance, improve decisionmaking, and develop well-researched solutions to the pressing challenges various sectors have been faced with. Their expertise can drive progress in economic planning, technological advancement, as well as social development. For Pakistan to compete globally and strengthen its institutions, it must embrace a research-driven culture. The inclusion of highly qualified professionals in the civil service will be a concrete step towards better governance, which is, indeed, essential for the country’s future. NABEEL BADR ISLAMABAD

Borrowed strength

On the other hand, the creation of a narrative on ‘Marka-eHaq’ is not necessary for Pakistan. What happened is determined from the operational record, the development of the battle, the diplomatic exchanges and the statements which followed on both sides. Pakistan has always been committed to regional peace and tranquility and has always ensured that it is capable and willing to safeguard its sovereignty, territorial integrity and national interests.

Lahore – Ph: 042-36300938, 042-36375965

Karachi – Ph: 021-32640318 I

Islamabad – Ph: 051-2204545

IN the wake of recent Pakistani success over India in the limited armed conflict, social discussion invariably veers towards China’s help. Although some quarters would like to attribute Pakistan’s success to indigenous effort only, it is universally known that both Pakistan and India fought with fighter jets and other war machinery bought from third countries; France and China, basically. The mainstay of Pakistan’s air attack was a combination of Chinese-made J-10Cs, JF-17s, drones and missiles. There is no doubt that China helped us in the limited war, much more than it has ever helped us in all our previous wars and skirmishes with India. On some occasions, the Chinese had, in fact, plainly advised Pakistan to avoid going to war with India. This time it was different. Whatever the official position may be, the man on the street is very proud of the help that China provided in the war, and is certain that a new normal, in the shape of an all-out Chinese help, has been established. People seem to have taken it for granted that the same level of help, if not more and beyond, would be available in all future conflicts with India. However, when it comes to international relations, history tells us that there are no permanent enemies, and no permanent friends, only permanent interests. So, the million-dollar question that begs an answer is: will China be as helpful in a future conflict as it was this time? Will the emerging sense of Chinese assertiveness in the region guarantee similar support to us in the future? It will be prudent that as a nuclear power, we develop our capacity to deal with any foreign aggression on our own instead of depending solely on any foreign power. AKBAR JAN MARWAT ISLAMABAD

Web: www.pakistantoday.com.pk

Email: editorial@pakistantoday.com.pk

Thursday, 3 September, 2026

COMMENT 05

An insight into CPEC performance 2.0 promises to achieve even more

MuhaMMad Zahid rifat

HE great gamechanger, the ChinaPakistan Economic Corridor, which was launched in its first phase in 2013 has since emerged as a flagship initiative of strategic significance, regional connectivity, fostering economic growth and socio-economic development while reinforcing the enduring partnership between Pakistan and China. Over the past decade, CPEC has transitioned from a vision of connectivity into a comprehensive development framework delivering tangible progress across key sectors and contributing to Pakistan’s economic transformation. After successful completion of the first phase, brisk preparations are underway in Beijing and in Islamabad at the appropriate high levels under leadership of Chinese President Xi Jinping and Pakistani Prime Minister Muhammad Shehbaz Sharif for formally launching CPEC 2.0. According to the information gathered from the official sources concerned, on the Long Term Plan, the 14th ICC formally agreed to review the CPEC Long-Term Plan (201730) in the light of the Memorandum of Understanding (MoU) on alignment of the CPEC’s five corridors with National Economic Transformation Plan (URAAN Pakistan) and the action plan to foster an even closer China-Pakistan community. The 14th I CC had further directed adoption of the action plan for fostering an even closer China-Pakistan community with a shared future in the new era (20252029), signed in September 2025, The 14 ICC had also further directed adoption of the action plan as the guiding document or CPEC 2.0, and an action matrix accordingly has been prepared by the official quarters concerned and shared with the ministries and divisions of the Federal Government. Inter-agency consultations on the revised Long Term Plan (LTP) were underway. As regards socio-economic development, about 15 out of 17 approved projects have since been quite successfully completed, while two remaining projects were reported to be at an advanced stage of execution and were expected to be finalized soon. Furthermore, seven new development initiatives have been proposed under the third batch and submitted to the China International Development Cooperation Agency for consideration and approval. These projects include

provision of modern agricultural machinery and equipment for agro-mechanization, supply of fiberglass fishing boats to coastal communities, construction of a fish landing jetty at Gwadar to strengthen the fisheries value chain, establishment of integrated cold chain systems for horticulture and perishable products, and other livelihood -oriented interventions aimed at enhancing local productivity, food security, employment generation, and export potential underserved regions. During the year, efficiency improvement measures were taken in the power sector for enhancing operational performance, improving grid stability, and optimizing utilization of existing generation and transmission infrastructure. Stakeholder consultations were also conducted for addressing issues related to bulk electricity supply for Special Economic Zones (SEZs), aimed at facilitating industrialization and investment under CPEC 2.0. A major achievement of the sector was the continued utilization of indigenous Thar coal resources which contributed towards reducing dependence on imported fuels, strengthening energy security, conserving foreign exchange reserves and ensuring reliable base-load electricity supply for industrial and domestic consumers. As regards the transport infrastructure, the upgradation of the Main Line-1 (ML-1) railway project, spanning approximately 1872 KMs from Karachi to Peshawar, remained a strategic priority under bilateral cooperation. During the reporting period, third party financing by Asian Development Bank (ADB) and Asian Infrastructure Investment Bank (AIIB) discussions advanced for the KarachiRohri section, while detailed financing and implementation proposals were also developed for the remaining sections up to Peshawar in close coordination with the Chinese side .Once completed, ML-1 was expected to substantially enhance Pakistan Railways’ operational efficiency by increasing train speeds from 65-105 km/h to nearly 160 km/h, improving freight handling capacity, reducing transit times, and strengthening north-south

economic connectivity across the country. Significant headway was also achieved on the Realignment of Karakoram Highway (KKH-Phase 11) Project under the Government to Government framework. Both sides have operationalized a phased implementation strategy and reached broad consensus on an 85:15 ratio financing agreement. In Gwadar, operationalization and consolidation of strategic infrastructure projects continued to gain momentum. The East Bay Expressway, a 19-km six-lane corridor connecting Gwadar Port with the Makran Coastal Highway, continued to improve port accessibility, reduce cargo transit time, and enhance logistics efficiency for commercial and port-related traffic. Further progress has also been achieved on Phase-11 initiatives aimed at connecting Gwadar Port with the New Gwadar International Airport, including discussions on grant financing modalities and finalization of the draft Framework Agreement to strengthen integrated sea-air connectivity among Gwadar Port, Gwadar Free Zones, and the airport. Gwadar Port and the Free Zones have made further progress toward operational maturity through improved infrastructure provision, enhanced utilities connectivity, investor-friendly fiscal incentives, and continued policy facilitation measures by the Pakistan Government. Increased focus has also been placed on attracting industrial relocation, export-oriented manufacturing, warehousing, fisheries processing, and logistics-related investments in Gwadar Free Zone. Parallel progress has also been achieved on multiple road infrastructure projects, including strategic expressways and motorways, through the mechanisms of the Joint Working Group (JWG) on Transport Infrastructure and the Joint Technical Working Group (JTWG), thereby reinforcing Pakistan’s long-term objective of developing an integrated multimodal transport and logistics network under CPEC. Mining cooperation has also emerged as

In joint research, 101 proposals were placed under review and 707 met eligibility criteria across priority areas including climate change, agriculture, health, and artificial intelligence. Capacity building milestones included the development of 32 Science, Technology, Engineering and Mathematics ( STEM ) modules, establishment of 31 STEM laboratories, and training of 200 teachers.

Gulf states struggle to recover economically

a major new pillar of CPEC 2.0, thereby reflecting the shared commitment of both the countries to unlock Pakistan’s. vast untapped mineral potential through bilateral cooperation, technology transfer, industrial cooperation, and investment partnership. During the period under review here, both sides have agreed to undertake a joint feasibility study for the proposed Mining Corridor connecting Nokundi with Gwadar Port. The proposed initiative was expected to substantially reduce transportation costs, improve supplychain efficiency, and facilitate large-scale movement of copper, gold, rare earth elements, chromite, and other strategic minerals. The corridor would also complement ongoing developments in the Reko Diq and other mining regions, while also laying the foundation for transforming Balochistan into a major mining processing, and export-oriented economic hub. The last year has also witnessed quite a significant progress in industrial cooperation under CPEC, with continuous development of Special Economic Zones (SEZs), expeditious provision of basic utilities especially electricity. Phase-1 of Rashakai SEZ has been successfully operationalized, while development works at Allama Iqbal Industrial City (AIIC) and Bostan SEZ were advancing steadily, with approximately 30 industrial plots have been allotted to domestic and international investors at AIIC and 17 enterprises have been registered at Bostan SEZ .Dhabeaji SEZ continued to make progress on key enabling infrastructure including natural gas, electricity, and water supply. In the mining sector, a Sub-Mining Working Group has been established under the JWG on Industrial Cooperation, and Siah Diq Copper Mine identified as an early harvest project, and China Minmetals Corporation has already initiated work on a feasibility study for a non-ferrous metals industrial park in Pakistan. Pakistan and China Information Technology (IT) has witnessed institutional progress. A defining milestone was the signing of two Memorandum of Understanding (MoU) in September 2025; (i) jointly build-

RESPONSIBLE STATECRAFT GiorGio Cafiero

HE Persian Gulf’s extraordinary wealth has long rested on an assumption of stability. The past six months of war have shattered that certainty, exposing a fundamental weakness in Gulf economic models: producing oil and gas is only half the equation when infrastructure and access to global markets can be disrupted. Ports, airports, power grids, desalination plants, financial centers, and tourism hubs are all vulnerable to the same regional shocks. The energy sector is particularly exposed, with damaged oil and gas facilities potentially taking months or longer to repair. Yet restoring production may prove easier than restoring confidence that Gulf exports can reliably reach global markets. Each Gulf Cooperation Council (GCC) state enters this new era from a different starting point. Qatar, Kuwait and Bahrain are particularly exposed because of their reliance on Gulf maritime routes, including the Strait of Hormuz. Saudi Arabia has greater flexibility thanks to its East-West pipeline, as does the United Arab Emirates because of its oil export hub at Fujairah, which lies on the safe side of the Strait. Oman is also well-insulated, with its key export infrastructure beyond the Strait. In search of resilience, these states are now building alternative export routes, expanding overseas production, strengthening strategic inventories, and dispersing critical infrastructure.

BOTTOM OF FORM: “The war doesn’t change the fact that the Gulf’s huge low-cost oil and gas reserves are the world’s most profitable,” Jim Krane, the Wallace S. Wilson Fellow for Energy Studies at Rice University’s Baker Institute for Public Policy, told RS. “But the war signals to investors, including local national oil companies, that they may be prevented from moving cargoes to market.” Iran’s ability to close Hormuz adds a new layer of political risk, increasing the attractiveness of producers such as Algeria, Brazil, Mozambique, and the United States, which don’t have constraints on access to open seas, Krane noted.

RESTORING CONFIDENCE: Tourism and aviation face different challenges. Gulf hubs can restore flights, reopen airports, and offer incentives relatively quickly. Rebuilding the reputation for safety and reliability on which their business models depend is harder. Dubai, Abu Dhabi, and Doha spent decades turning geography into a competitive advantage through highly connected airports, hotels, business services, and predictable environments for travelers and expatriates. The war has challenged that proposition. Demand for hotels in Dubai, the most prominent tourist destination in the GCC, fell to 7-14% of pre-war levels throughout the first few months of the conflict, with the industry achieving a “gradual recovery” back to 20-30% of pre-war levels this summer. In the first week of the war alone, hotel reservation cancellations in Dubai exceeded 80,000 as hotels across the Gulf slashed rates

to keep rooms filled. Gulf destinations are rolling out travel incentives and visa reforms to revive tourism, but these have produced “mixed results,” according to Joseph Kechichian, a senior fellow at the King Faisal Centre in Riyadh. “Practically speaking, the Arab Gulf region’s reputation as a safe and reliable destination for tourists, businesses, and expatriate workers will only be fully restored after the war ends,” Kechichian said. This comes down to individual perceptions, making the restoration of consumer confidence an “uphill struggle” for Gulf states, explained Rob Geist Pinfold, who teaches International Security at King’s College London. “This is one reason why they are so keen for the U.S. to make a deal with Iran, even one that is on Iran’s terms. There is a feeling that recovery can’t happen while the guns are still firing,” he said. “Ultimately, the decisive factor will not be marketing but a sustained period without attacks, airspace closures or sudden disruptions, because tourists, multinational companies, insurers and expatriate workers need to believe that the Gulf has once again become insulated from regional conflict.” The issue of expatriates is especially important. “The Gulf’s economies depend on attracting highly mobile international labor. Executives, engineers, and professionals will tolerate considerable geopolitical risk if salaries are attractive and daily life remains predictable,” observed Andreas Krieg, an associate professor at the Defence Studies Department of King’s College London. “They become much less tolerant once children’s schooling, family security, air travel, and access to basic services become uncertain.”

SIX STATES, DIFFERENT PATHS TO RESILIENCE: Saudi Arabia appears well-positioned to turn the crisis into strategic advantage. Its scale, geographic depth, Red Sea coastline, and East-West oil pipeline offer options unavailable to most neighbors. Yet Riyadh faces a difficult fiscal balance: Vision 2030 — the country’s ambitious plan to reorient its economy away from fossil fuels — requires massive investment even as defense, infrastructure protection, and economic resilience demand more resources. The likely result is reprioritization, with economically and strategically valuable projects advancing while some prestige initiatives are delayed or scaled back. The UAE possesses vast financial resources and a strategic advantage in Fujairah, which provides Indian Ocean access while bypassing Hormuz. But its broader economic model depends heavily on the Gulf’s reputation as a safe, reliable place to do business, making it vulnerable to prolonged disruption. Its priority will be to preserve the perceptions of seamless global connectivity that underpin the Emirati economy. Qatar, meanwhile, enjoys enormous sovereign assets and substantial financial buffers, but its economy remains highly dependent on uninterrupted LNG production and exports. Doha has also taken steps to shore up confidence in its financial system. “Doha recently repatriated an estimated $13 billion from Western holdings to shore up domestic liquidity and back local banks,” as Kechichian explained. The move helped offset non-resident deposit out-

flows, providing an additional buffer for the banking system as Qatar absorbs the economic shock. Qatar’s production center at “Ras Laffan has been restoring capacity, but even fully repaired liquefaction facilities do not solve the strategic vulnerability if LNG carriers cannot move predictably through Hormuz,” said Krieg. Doha has used Golden Pass (a U.S.-based LNG project owned largely by Qatar’s state-run gas giant) and cargo swaps (commercial agreements between parties to exchange or redirect contracted LNG shipments in order to bypass logistical bottlenecks) to compensate for some lost gas exports, but these measures cannot replace Qatar’s domestic production base. The crisis is likely to accelerate Qatar’s efforts to expand overseas energy investment and geographic diversification. “I would expect physical capacity to recover much faster than export normality,” Krieg said. Kuwait has substantial financial capacity to absorb a prolonged shock, but its geographic exposure to the Gulf limits that resilience. Damage to the Mina Al-Ahmadi refinery and reliance on Gulf maritime routes highlight the vulnerability of concentrated export infrastructure. The crisis is also prompting Kuwait to accelerate diversification of its domestic energy supply. As Li-Chen Sim of the Middle East Institute noted, “Kuwait is accelerating the phased deployment of the Al Shagaya renewable energy complex, which had been held hostage to politics for years.” Kuwait can finance reconstruction, but executing such reconstruction with the speed and institutional agility of Saudi Arabia or the UAE is a challenge. Oman is arguably the sole GCC state whose strategic position has improved since February. With its export infrastructure outside Hormuz, Oman is relatively insulated from rising chokepoint risk, while Duqm and other Indian Ocean-facing assets could gain importance as firms seek logistics, energy, and industrial platforms less exposed to Gulf disruption. Muscat’s diplomatic role may also grow as GCC members seek workable arrangements with Iran. Bahrain is most vulnerable. Limited fiscal space, high debt, and small territory leave it highly exposed to the crisis. The archipelago nation lacks both strategic depth and the sovereign financial buffers needed to absorb prolonged disruption. But the crisis is also pushing Manama to reconsider its energy vulnerabilities: Bahrain is “now fast-tracking studies into offshore wind and cross-border solar projects,” including subsea connections to generation assets in Saudi Arabia, according to Sim. Its resilience will depend on support from larger GCC partners and a return to stability. The longer-term test may therefore be whether the crisis strengthens confidence within the Gulf itself. As Kechichian said, what may be required is “an acceleration of entrepreneurial efforts to encourage capable Arab Gulf minds to invest at home, trust their own populations, and applaud the creation of wealth across the board.” The goal, ultimately, is not simply to restore the prewar economy, but to convince domestic and foreign investors that the Gulf remains a place where capital can be deployed with confidence. Ultimately, the past six months have left the GCC members facing different levels of risk. None can simply abandon hydrocarbons or the globalized economic strategies that have made the Gulf prosperous. Instead, the defining question of the post-war period will be whether they can make those strategies resilient enough to survive the next disruption. Giorgio Cafiero is the CEO and founder of Gulf State Analytics, a geopolitical risk consultancy based in Washington, DC. He is also an Adjunct Assistant Professor at Georgetown University, and an Adjunct Fellow at the American Security Project.

ing the China-SCO (Pakistan ) Artificial Intelligence (AI) Application Cooperation Center, and (ii) enhancing AI cooperation between the Federal Ministry of Planning, Development & Special Initiatives, and China’s National Development and Reform Commission. Technical Working Groups were established comprising representatives from the CPEC Secretariat and relevant Federal Ministries, with the National Centre of Artificial Intelligence (NCAI) assuming a leading implementation role. The ICT Cooperation Action Plan (2026-2030) was also finalized, establishing 6 Sub-Working Groups, 62 KPIs, and a U S $ 320 million investment framework with a 65:35 contribution ratio between China and Pakistan, while preparatory work was also undertaken across digital infrastructure, cybersecurity, 5G readiness, and digital skills development. Pakistan-China Science, Technology, and Innovation (STI) cooperation also witnessed significant progress across multiple dimensions. Two sub-centres under the Joint Laboratories Framework became operational, four joint research projects were approved under the open fund mechanism, and the ChinaPakistan Joint Research Centre on Earth Sciences conducted eight international seminars while also establishing a hazard monitoring network at eight sites in northern Pakistan. In joint research, 101 proposals were placed under review and 707 met eligibility criteria across priority areas including climate change, agriculture, health, and artificial intelligence. Capacity building milestones included the development of 32 Science, Technology, Engineering and Mathematics ( STEM ) modules, establishment of 31 STEM laboratories, and training of 200 teachers. The Talented Young Scientists Programme (TYSP) facilitated 402 Pakistani scientists. for engagements in China, with 123 additional cases under process, while the first joint marine research cruise was successfully completed.

The writer is Lahore-based Freelance Journalist, Columnist and retired Deputy Controller (News) , Radio Pakistan, Islamabad and can be reached at zahidriffat@gmail.com

The decline in friendship leaves gen Z exposed Problems with housing, jobs and technology have dented young people’s confidence in the future and each other

THE GUARDIAN editorial

OPE, Raye told a crowd at Reading festival on Saturday, was the theme of a set inspired by her second album. Having established through a show of hands that most of the audience had just done their GCSEs, and after recounting her own rocky road to stardom, the 28-year-old singer led a series of upbeat chants of “it’s gonna be all right”. For anyone who thinks adolescence ought to be a time of optimism, it was a charming spectacle. But a new report from the Institute for Public Policy Research thinktank paints a much gloomier picture. Building on existing evidence of declining wellbeing, such as Alan Milburn’s report on young people who are not in education or work, the IPPR’s researchers found that 11- to 24-year-olds in England (gen Z and older members of gen Alpha) are increasingly lonely. They have fewer friends than young people in the past and are less contented with those they do have. One in 20 say that they have no friends at all. A series of interviews produced worrying evidence of their lack of confidence about the future. They also spoke about problems with concentration that they associated with social media. When asked what they do in their spare time, the most common answer was “doomscrolling”. But while the authors point to “deference to unaccountable tech oligarchs” as one way in which politicians have let younger generations down, their analysis goes wider. It includes housing costs, a shortage of entry-level jobs, student debt, austerity and the Covid-19 pandemic. They conclude that the social contract with youth is broken and needs fixing.

This is a deliberately broadbrush study that focuses on what the 10 million 11- to 24year-olds in England have in common. But it does not gloss over socioeconomic differences. The steepest falls in life satisfaction over the past decade have been in deprived areas; housing is a far more serious blockage on the route to independence for those without family wealth. Noting that the average deposit has risen to £78,000, the report states that “owning a home before your mid-30s has become close to an inherited trait”. With social housing all but impossible to access for most young adults, too many are either stuck with parents or in privately rented flats. Labour has already taken steps to boost the supply of new homes, but must do more to improve young people’s prospects. It is a national scandal that so many are locked out. Adolescence is a complicated time of life, and there is an echo of Sigmund Freud’s idea of “ordinary unhappiness” in the report’s reference to the “ordinary challenges” of growing up. It is hard to leave school and parents, and decide what to do next. This is one reason why supportive peer relationships are so important, and why research on friendship is worthwhile. But while gen Z and gen Alpha deserve attention, their problems should not be viewed in isolation. The weakening of the social fabric around them can be seen as part of a wider pattern that the IPPR rightly links to neoliberalism’s assault on collectivism. There is no single policy lever that can be pulled to mend the missing threads. But governments and councils are far from helpless. Housing, job-market reforms (including limits on AI in recruitment) and a stronger overall emphasis on generational fairness would all make the world a friendlier place for under-25s.

06 NEWS

ERDOGAN SAYS TURKIYE WOULD CONSIDER FULL MEMBERSHIP OF SECURITY BLOC LED BY CHINA ANKARA

AGENCIES

NATO member Türkiye would consider taking its relations with the China and Russia-led security bloc, the Shanghai Cooperation Organisation (SCO), to a higher level, President Tayyip Erdogan said on Wednesday. "Türkiye's prospect of (full) membership to the organisation does not imply a breakaway from any other bloc or from the West," Erdogan said, according to a transcript of remarks he made to journalists on his return flight from Kyrgyzstan. Erdogan attended a summit of the SCO, of which Türkiye is a "dialogue partner," in Bishkek on Tuesday. Türkiye's SCO membership perspective never means turning its back on West: Erdogan Türkiye's perspective of becoming a member of the SCO "never means turning its back on the West," President Recep Tayyip Erdogan said Wednesday. Speaking to reporters aboard the presidential plane while returning from the SCO Heads of State Summit in Bishkek, Kyrgyzstan, which he attended at the invitation of Kyrgyz President Sadyr Japarov, Erdogan said Ankara seeks to pursue a broad-based foreign policy. "Our goal is to increase our own weight with a 360-degree vision," he said. On the Russia-Ukraine war, Erdogan said both he and Russian President

Vladimir Putin want the conflict to end in peace as soon as possible. He also stressed the importance of the security of civilian maritime transportation in the Black Sea, saying the fighting must not reach a point that threatens the safety of civilians and commercial activity. Erdogan warned that the grain crisis is re-emerging, particularly in Africa, and said it would be beneficial to take an initiative before the problem grows further. F-35 PROGRAM, INDIGENOUS KAAN FIGHTER JET Turning to defence issues, Erdogan said Turkiye is continuing talks on rejoining the F-35 fighter jet program. "We are continuing our talks on Türkiye's re-inclusion in the program. Once the processes in the US are com-

pleted, this issue will be behind us," he said. At the same time, Erdogan stressed that Türkiye would continue developing its own defence capabilities. "We are not giving up on KAAN or developing our own air defence systems. We are increasing Türkiye's options. This is the roadmap of a strong Türkiye," he said. On the Makkah Defence Alliance, Erdogan said the pact was established to promote stability and security in the region. "We will continue on our path together with our brothers, growing stronger," he added. GREECE MUST REVERSE WRONG PATH Erdogan also called on Greece to reverse a "wrong path" and stop arming islands with demilitarised status. "History is a very good guide for

those who learn lessons from it," he said. "Greece must now understand this: Türkiye has no designs on anyone's territory, but it will not allow anyone to violate its rights," Erdogan added. ‘TERROR-FREE TÜRKIYE' PROCESS On the "Terror-Free Türkiye" initiative, Erdogan said Ankara sees the process as a matter of achieving its objectives rather than merely adhering to a timeline. "Of course, as a state, we have our roadmap, plan and schedule," he said. Referring to the framework legislation linked to the process, Erdogan said its implementation requires the PKK to lay down its arms and dissolve. "How the determinations and verifications will be made is clear. The process is moving forward step by step," he said. Erdogan said Türkiye would not tolerate approaches that damage the nation's sense of brotherhood or risk reactivating fault lines created by terrorism in the past. "We will strengthen the home front. With our differences, we will unite around the common denominator of Türkiye. We call this the Great Turkiye Consensus. We are moving forward knowing what we are doing," he added. SYRIA, DISSOLUTION OF SDF On Syria, Erdogan said Türkiye wants the country to be united with all its components, stressing that such unity is important for sustainable development and capacity building.

Xi Jinping calls on China, Egypt to enhance mutual support, deepen cooperation BEIJING

STAFF CORRESPONDENT

Chinese President Xi Jinping on Wednesday called on China and Egypt to support each other, deepen cooperation, and continue advancing the building of a ChinaEgypt community with a shared future amid a turbulent

international and regional landscape. Xi made the remarks during his talks with Egyptian President Abdel Fattah El-Sisi, noting that Egypt was the first Arab and African nation to establish diplomatic ties with the People's Republic of China in 1956. The older-generation leaders of the two countries led their peoples in fighting side by side for national in-

dependence and against imperialism and colonialism, forging an unbreakable bond of friendship, Xi said. Over the past seven decades, China-Egypt relations have weathered challenges and developed distinctive features of equality and mutual trust, friendship and mutual learning, solidarity and mutual support, as well as win-win cooperation, he said. Xi said the China-Egypt comprehensive strategic partnership has achieved leapfrog development in recent years under the guidance of the two heads of state. The two sides share similar views and have closely aligned strategies in pursuing development and revitalization, improving people's well-being, and upholding international fairness and justice, he added. Xi emphasized that China and Egypt should firmly support each other, maintain the momentum of highlevel exchanges, enhance exchanges and cooperation in all fields and at all levels, and strengthen exchanges and mutual learning on governance experience. Xi said the two sides should promote mutually beneficial cooperation, better align their development strategies, tap the potential for cooperation in traditional fields such as infrastructure development, power, agriculture and communications technology, and foster new highlights of cooperation in green energy, electric vehicles, aerospace, the digital economy and modern agricultural technology. The two sides should promote people-to-people exchanges, comprehensively expand exchanges and cooperation in culture, education, science and technology, health, sports and other fields, and facilitate personnel exchanges and enhance people-to-people bonds, Xi said. The two sides should strengthen security cooperation, jointly combat transnational crime, deepen international cooperation in anti-corruption, firmly support each other's anti-terror efforts, and safeguard their common security, Xi said.

Xi urges new Middle East security framework BEIJING

STAFF CORRESPONDENT

Chinese President Xi Jinping on Wednesday proposed a four-point framework for building a new security architecture in the Middle East, calling for a regional order based on common, comprehensive, cooperative, and sustainable security while stressing that the people of the region should remain masters of their own affairs. Xi made the proposal during talks with Egyptian President Abdel Fattah El-Sisi, who is on a visit to China, as Beijing stepped up its diplomatic engagement on Middle East security and conflict-resolution efforts. The Chinese president said the region needed a security framework driven primarily by its own countries rather than imposed from outside. China, he added, supported Middle Eastern states in developing good-neighbourly and friendly relations and strengthening dialogue on peace and security. Xi outlined four priorities for advancing common security in the region: unleashing internal drivers, adopting an integrated approach, strengthening the foundation of security through development, and enhancing international coordination. He said the first priority was to enable countries in the region to take greater responsibility for their own security and future. “People in the Middle East should remain masters of their own affairs,” Xi said, stressing that external interference should be rejected. China supports regional countries in strengthening dialogue on peace and security, exploring the establishment of a new security architecture and taking their future into their own hands, he said. The proposal comes against the backdrop of continuing conflicts and tensions across the Middle East, where multiple crises have become increasingly interconnected.

Thursday, 3 September 2026 | ISLAMABAD

CORPORATE CORNER

Meezan Bank approves over PKR 31.5b in Ghar Ho Tu Apna Financing for 4,400+ applicants KARACHI

STAFF REPORT

Meezan Bank has approved more than PKR 31.45 billion in housing finance across 4,424 applications under the Government of Pakistan’s Wazir-e-Azam Apna Ghar Programme – Ghar Ho Tu Apna (GHTA), reflecting strong demand for affordable, Shariah-compliant home financing across the country. The approved applications represent a substantial financing pipeline expected to translate into further disbursements as customers complete property selection, documentation and other procedural requirements. Against this growing pipeline, Meezan Bank has already crossed PKR 4 billion in cumulative disbursements under the programme, helping around 650 families move closer to owning their homes. Momentum accelerated sharply during August 2026, when the Bank disbursed approximately PKR 2.2 billion in a single month, accounting for more than half of its cumulative disbursements under the programme to date. Commenting on the development, Ahmed Ali Siddiqui, Group Head Consumer Finance, Meezan Bank, said, “The approval of more than PKR 31.5 billion in financing across over 4,400 applications demonstrates the significant demand for affordable and Shariah-compliant housing finance in Pakistan. With over PKR 4 billion already disbursed and 650 families supported, our focus is now on converting this strong approved pipeline into home ownership for thousands of additional customers.”

Pakistan Hosts Best of ASCO 2026, Bringing the Latest Global Cancer Advances to Local Practice LAHORE

STAFF REPORT

The Society of Medical Oncology–Pakistan (SMO-P) hosted the officially licensed Best of American Society of Clinical Oncology (ASCO) 2026 Annual Meeting from August 28–30, 2026, at Lahore, bringing together leading national and international oncology experts to discuss the latest advances in cancer prevention, diagnosis and treatment. The conference was designed with an objective to bridge the gap between rapidly evolving global cancer science and its application in Pakistan. Pakistan faces significant challenges in cancer care, including inequitable access to specialists and innovative therapies. Bringing international experts and the latest evidence directly to Pakistani healthcare professionals provided an opportunity to strengthen education while discussing how these advances can realistically be translated into local practice. The meeting also addressed issues like equitable access to innovative cancer medicines, challenges in introducing new therapies, multidisciplinary cancer care, immunization in cancer patients, and translating advances in clinical research into everyday oncology practice. It also provided opportunities to Pakistani oncologists and other cancer-care professionals to critically evaluate practice-changing evidence and understand its implications for their patients. The conference also includes dedicated opportunities for interaction between experts and younger oncologists, including Meet the Experts, panel discussions, educational initiatives and the RECON ONCO-thon, reflecting SMO-P’s commitment to developing the next generation of oncology professionals.

Thursday, 3 September, 2026 | ISLAMABAD

CORPORATE CORNER

NEWS 07

ChAIRMAn CDA ConDuCTS DETAILED vISIT To SECToR C-14 AnD SAnGjAnI InTERChAnGE ISLAMABAD

STAFF REPORT

Eden by Eighteen — Where nature Draws the First Line ISLAMABAD

STAFF REPORT

Pakistan Eighteen, the landmark master-planned community redefining contemporary living in Pakistan, announces the introduction of Eden by Eighteen — Where Nature Draws the First Line. EDEN’s introduction comes at a significant moment for Eighteen, with direct entry and exit from the M-1/M-2 Link Road now open. This infrastructure milestone further enhances accessibility, connectivity, and convenience for Eighteen’s residents, visitors, and the wider community. Built on a vision of bringing a new, international way of living to Pakistan, Eighteen combines thoughtful design, world-class amenities, and a championship golf course within a secure, master-planned community. Rooted in the Twin Cities and shaped for a global mindset, Eighteen has evolved into a thriving destination where residents experience an elevated everyday lifestyle defined by security, sophistication, and community. Eden by Eighteen offers a selection of ½, 1, 2, and 4 Kanal residential plots, alongside commercial spaces. Rather than imposing a development onto the landscape, EDEN takes its cues from it, honouring the natural valleys, contours, and green spaces of the site to create a setting where nature becomes an integral part of the living experience.

Rs1m aid announced for families of Balochistan mine accident victims SWABI/SWAT

STAFF REPORT

On the special directives of Federal Minister for Overseas Pakistanis and Human Resource Development Chaudhry Salik Hussain, Secretary Workers Welfare Fund Zulfiqar Ahmed visited the residences of families of two workers who lost their lives in a mining accident at the Sourange Coal Mine in Balochistan and belonged to Jhando Islam Pura area of Swabi and Tal Dardiyal area of Tehsil Kabal, Swat. He offered Fateha and expressed heartfelt condolences and sympathy with the bereaved families. On the occasion, Secretary Workers Welfare Fund Zulfiqar Ahmed conveyed the condolences of Federal Minister Chaudhry Salik Hussain to the grieving families and delivered the Federal Minister’s special message of sympathy and solidarity. On behalf of the Workers Welfare Fund, cheques of Rs. 1 million each were also presented to the families of both deceased workers. It may be recalled that, as part of the initiative for immediate financial assistance to families affected by mining accidents in Balochistan, the Workers Welfare Fund had earlier provided relief cheques of Rs. 1 million each to 32 affected families from Shangla and Alpuri. Thus, the Workers Welfare Fund continues its efforts to reach affected families at their doorsteps and provide timely and practical assistance during difficult times. Secretary Workers Welfare Fund Zulfiqar Ahmed said that “the pain of workers is our pain” and that the Workers Welfare Fund stands firmly with its brothers and their families in every hour of difficulty.

naya nazimabad apartments REIT book building over subscribed 8 times KARACHI

STAFF REPORT

Naya Nazimabad Apartments REIT has received an overwhelming response from investors, with its book-building process oversubscribed by 8 times and attracting total bids of approximately PKR 4.5 billion, reflecting strong investor confidence in the offering and the underlying Naya Nazimabad development. The book-building process attracted significant demand, with the issue hitting the upper ceiling of PKR 23 per unit, representing a 28% increase over the floor price. The offering successfully raised PKR 1 billion in equity. Following the successful completion of the book-building process, the general public subscription is scheduled for September 7 and 8, 2026. The public portion represents 25% of the total offer, with the remaining 75% allocated through the book-building process. The strong participation marks an important milestone for Naya Nazimabad Apartments REIT and demonstrates growing investor interest in Pakistan’s REIT market and professionally managed real estate investment opportunities. Naya Nazimabad Apartments REIT is managed by Arif Habib Dolmen REIT Management Limited, with Arif Habib Limited acting as Lead Manager. Commenting on the successful book building, Shahid Ali Habib, CEO, Arif Habib Limited said, “The overwhelming response to Naya Nazimabad Apartments REIT is a strong endorsement of the confidence investors have placed in the offering. The eight-times oversubscription and demand at the upper price ceiling are particularly encouraging and reinforce our belief in the potential of well-structured real estate investment products in Pakistan. We are grateful to investors for their trust and participation.”

Chairman Capital Development Authority (CDA) and Chief Commissioner Islamabad conducted a detailed visit to Sector C-14 and Sangjani Interchange, where he reviewed ongoing development and construction activities, the pace of work, quality standards, and progress towards completion of various projects at both sites. Member Building, Member Estate, Member Administration, Director General Works, Director General Infrastructure, Chief Officer Metropolitan Corporation Islamabad (MCI), Deputy Commissioner Islamabad, and other senior officers concerned were also present during the visit. During his visit to Sector C-14, the concerned senior officers gave the CDA Chairman and Chief Commissioner Islamabad a detailed briefing on the development works completed as well as those currently underway in the sector. The Chairman was informed that the basic infrastructure development works in Sector C-14 have been completed, while work related to electricity provision has also

entered its final stage. The concerned authorities further informed him that the installation of light poles along the major roads of Sector C-14 has been completed, while the installation of signboards on the main roads and streets has also been completed. Meanwhile, landscaping and horticulture work along the main roads is progressing rapidly with the objective of making the sector modern, attractive, and conducive to a better residential environment for citizens. The briefing further revealed that, following the completion of develop-

ment works in Sector C-14, the process of handing over possession of developed plots to the allottees has formally commenced. The process of handing over possession of plots to the remaining allottees is also underway so that citizens can be facilitated and unnecessary administrative procedures and delays can be avoided. The CDA Chairman and Chief Commissioner Islamabad directed the concerned officers to complete all remaining development-related works in Sector C14 on a priority basis and remove all impediments hindering the development of

the sector without delay. He stated that, in accordance with the directions of the Prime Minister of Pakistan and the Federal Minister for Interior, meeting the residential needs of citizens in Islamabad remains among the top priorities of CDA. He emphasized that, alongside mega development projects, the timely development of new residential sectors is equally important for the planned growth and development of Islamabad. The CDA Chairman further directed that possession of plots be handed over to citizens at the earliest and that all necessary administrative and technical measures in this regard be expedited. He said that these initiatives would contribute significantly towards meeting the growing residential needs of citizens and providing them with improved urban facilities in Islamabad. He directed the concerned officers to further accelerate all necessary procedures relating to the remaining plots and ensure timely facilitation of the allottees. He emphasized that the objective of development projects is not merely the completion of infrastructure but also the practical provision of better residential facilities to citizens.

Akhund Forbes Launches Conclavity, Introducing Legal AI Grounded in Pakistani Law KARACHI STAFF REPORT

Artificial intelligence continues to reshape how professionals across every sector deliver their work, and the practice of law is no exception. On Wednesday, 2 September 2026, at the Mövenpick Hotel in Karachi, Rabel Akhund of the leading corporate law firm Akhund Forbes brought that evolution to the Pakistani legal sector with the launch of Conclavity, a legal intelligence platform built specifically for the practice of Pakistani law and grounded in Pakistani statute. The launch is understood to be the first of its kind in the country: a commercial legal AI tool developed in Pakistan, by Pakistani lawyers, around the body of law that Pakistani practitioners and businesses actually work with. The evening brought together members of the judiciary, in-house counsel, senior figures from banking and industry, and clients of the firm to consider the changing nature of legal practice and the role technology can play in supporting it. Proceedings opened with a keynote address by Mr Justice

Louis Dreyfus Company Inaugurates Grain Storage Facility in Multan, Pakistan Yousuf Ali Sayeed of the Sindh High Court, who spoke on the undeniable limitations of AI, eventually highlighting the potential of Conclavity to resolve a long-held ambition for accessible verified legal AI intelligence. This was followed by an introduction to Conclavity by Mr Rabel Akhund, Advocate the Founder of Conclavity and a demonstration of its capabilities, before Mr Nasim Beg of the Arif Habib Group delivered the closing remarks. The case for a platform of this kind rests on a simple observation. General-purpose AI tools have become remarkably capable, but they are trained on the internet at large, and the law they know best is the law of the jurisdictions most heavily represented there. For a

Mondelez Pakistan – Scores Big and bags 5 Dragons of Pakistan awards 2026 KARACHI

STAFF REPORT

Mondelēz Pakistan, makers of Cadbury and Tang, delivered a commanding performance at the Dragons of Pakistan 2026, securing five prestigious awards across its portfolio. The Cadbury Selections Valentine’s campaign led the charge with two Gold Dragons and one Black Dragon, making it one of the most decorated campaigns in Pakistan this year, while Cadbury Dairy Milk and Tang each earned a Black Dragon, showcasing the breadth of creative excellence across the company's iconic brands. Commenting on the achievement, Mamoon Javed, Managing Director, Mondelēz Pakistan, said: "This recognition is a proud testament to the strength of our global brands and the passion of our teams and partners who consistently find meaningful ways to connect with consumers. At Mondelēz Pakistan, our brands remain at the heart of consumers' lives, woven into the moments and celebrations that matter most and this milestone fuels our ambition to continue leading with purpose and consumerfirst innovation." The Dragons of Pakistan, part of the Dragons of Asia platform, is one of the country's most prestigious results-focused marketing communications awards, recognising creative excellence across agencies and brand owners for over 25 years.

Pakistani lawyer, this creates a familiar set of hazards: answers that borrow from English or American doctrine without saying so, citations to provisions that have since been amended or repealed, and, on occasion, authorities that do not exist at all. In a profession where a misplaced section number can change the advice, these are not minor inconveniences. Conclavity approaches the problem from the other direction. At its centre is a maintained database of Pakistani legislation, comprising statutes, ordinances, rules and regulations together with their amendments, which allows the platform to work with the law as it stands in force today rather than as it may once have appeared in a training set.

Tameer Trust, Dawood Foundation Partner to Expand STEM Education KARACHI

STAFF REPORT

Wafi Energy Pakistan Limited’s Tameer Trust has partnered with The Dawood Foundation (TDF) to support access to STEM (Science, Technology, Engineering and Mathematics) education and experiential learning for children from underserved communities through TDF’s MagnifiScience Centre. Under the partnership, students from underserved communities will be sponsored to visit and experience the MagnifiScience Centre, providing them with an opportunity to engage with science through interactive activities and hands-on learning. The partnership builds on Wafi Energy’s continued support for initiatives that provide young people with opportunities to learn and develop new skills. Commenting on the partnership, Zubair Shaikh, Chief Executive Officer, Wafi Energy Pakistan, said, “The future of Pakistan depends on how our young people are learning and developing today. Through this partnership, we want to help more children experience STEM learning in a different way and make it more engaging and enjoyable. We are pleased to continue our association with The Dawood Foundation and support initiatives that help young people learn and explore through experiences.”

MULTAN

STAFF REPORT

Louis Dreyfus Company (LDC) today announced the inauguration of its new grain storage facility in Multan, its first owned industrial site in Pakistan, adding approximately 40,000 metric tons of grain storage capacity in South Punjab to LDC’s logistics capabilities in the country. “Pakistan is an important market for grains and a key destination for LDC in South Asia, where growing populations and economies rely on strong, connected agricultural supply chains and trade flows,” said Rubens Marques, LDC’s Head of South & Southeast Asia. “This investment in Pakistan strengthens our presence in the domestic market as well as our ability to meet evolving customer needs in the region, in line with LDC’s global strategy to further reinforce its core merchandizing capabilities.” Pakistan is one of South Asia’s major agricultural markets, and among the world’s largest producers and consumers of wheat, with demand underpinned by a growing population of more than 250 million. Since establishing its presence in Pakistan in 2010, LDC has built up its position in the country’s cotton, grains, oilseeds, pulses, rice and sugar markets, including a strong position in wheat.

SBP fostering trusted, accountable digital financial ecosystem: M Ali KARACHI

STAFF REPORT

Deputy Governor State Bank of Pakistan Muhammad Ali Khan has said that the SBP is making efforts to foster a trusted and accountable digital financial ecosystem. “At the State Bank of Pakistan, our focus is not only on expanding digital access, but on building trust, strengthening regulation and accountability, and enabling digital financial services to translate into meaningful economic activity,” said Ali. He was speaking as the chief guest at the fourth edition of Pakistan Fintech Forum (PFF IV) hosted by Pakistan Fintech Network (PFN) on Wednesday to discuss the next phase of Pakistan’s evolving financial ecosystem. The event was also attended by senior representatives from the State Bank of Pakistan, Pakistan Digital Authority, Pakistan Virtual Assets Regulatory Authority, Raast Payments Pakistan and leading organizations from across the financial and technology sectors.

Tameer Trust & Dawood Foundation Partner to Expand STEM Education KARACHI

STAFF REPORT

Engro, Lotte Chemical Sign Deal for Sale of Engro Polymer & Chemicals KARACHI STAFF REPORT

Engro Holdings Limited ("Engro Holdings") is pleased to announce that its wholly-owned subsidiary, Engro Corporation Limited ("Engro Corporation") has entered into a Share Purchase Agreement (SPA) with Lotte Chemical Pakistan Limited ("Lotte Chemical Pakistan") for the sale and transfer of its entire shareholding in Engro Polymer & Chemicals Limited ("EPCL"), representing approximately 56.19% of EPCL's issued and paid-up ordinary share capital, for a consideration of approximately PKR 19.7 billion, subject to the completion of regulatory approvals and other customary conditions. EPCL has been a core part of Engro Corporation's portfolio since 1997 and

has played an important role in the development of Pakistan's downstream petrochemicals sector. Over this period, Engro has expanded the business, helping establish EPCL as Pakistan's only integrated chlorvinyl complex and a key supplier to multiple downstream industries with products including PVC resin, caustic soda, and hydrogen peroxide, among others. Beyond its operational footprint, EPCL has contributed to the development of strong technical capabilities within Pakistan's manufacturing sector, becoming a training ground for engineering talent across the petrochemicals industry.

IHC OVERTURNS 2022 RULING DECLARING NAVAL FARMS, SAILING CLUB ILLEGAL NEWS

ISLAMABAD

Staff RepoRt

HE Islamabad High Court (IHC) on Wednesday set aside a 2022 judgment declaring Pakistan Naval Farms and the Pakistan Navy Sailing Club along Rawal Lake illegal, overturning a series of directions issued against the naval authorities and former naval chief Admiral (retd) Zafar Mahmood Abbasi. A division bench comprising Justice Inaam Ameen Minhas and Justice Shahrukh Arjumand allowed intra-court appeals filed by the Ministry of Defence, Admiral Abbasi and other affected parties against the single-bench judgment delivered by then-IHC chief justice Athar Minallah. The bench also annulled the order directing demolition of the sailing club and the initiation of misconduct and criminal proceedings against Admiral Abbasi

and other officers. It further set aside the direction to the Auditor General of Pakistan to determine the alleged loss caused to the national exchequer and recover the amount from the officers held responsible. The court also nullified the declaration that the transfer of Naval Farms to the Pakistan Navy was illegal, along with the direction to transfer the land to the headquarters office. During the hearing, counsel for the federation and Ministry of Defence Sardar Ahmed Jamal Sukhera argued that the original petition filed by Zeenat Salim primarily related to notices issued by Pakistan Naval Farms over alleged violations of building bylaws. He told the court that in 2020, the Directorate of PN Farms had itself informed the Capital Development Authority (CDA) that, under the NOC issued by the authority, Naval Farms was required to comply

Irish mountaineer's body recovered from Siran Valley forest MANSEHRA

Staff RepoRt

The body of Irish mountaineer Alexander, who went missing while descending the 13,500-foot Musa Da Musalla peak in Khyber Pakhtunkhwa’s Siran Valley, was recovered from a dense forest on Wednesday after a four-day search operation. The body was found in a gorge in the Paracha Khatta area by Forest Department officials and local residents taking part in the search for the missing climber. According to Deputy Inspector General of Police Nasir Mehmood Satti, who led the operation, Alexander appeared to have slipped while descending the mountain amid dense fog and heavy rain. The Irish national and his British companion, Alun David Cooper Cledwyn, had gone missing on Monday while returning from the summit. Police said the two climbers had arrived in Siran Valley on August 28 to scale Musa Da Musalla without obtaining a no-objection certificate from the police or other relevant departments. The search team, comprising police, Forest Department and Rescue 1122 personnel, along with local residents familiar with the difficult terrain, recovered Alexander’s body and brought it to Mandachucha, where a base camp had been established. A police official involved in the operation said it took around four hours to transport the body from the gorge to the base camp. It was subsequently shifted to a health facility for medico-legal formalities. “It would be premature to say what exactly caused the death,” the official said, adding that the body was found in a difficult and densely forested area. “It appeared that the mountaineer had slipped because of fog and rain.” Police also confirmed for the first time that a local guide had accompanied Alexander and Cledwyn during their expedition.

Refineries to sign upgrade agreements with Petroleum Division within 45 days

with applicable building bylaws. Following the communication, notices were issued to residents over alleged violations and the CDA was informed and requested to take appropriate action, the counsel said. He added that Naval Farms subsequently informed all residents that CDA building bylaws would be enforced at the farms with immediate effect. Sukhera argued that these measures had been taken in 2020, well before the 2022 judgment, meaning that the principal grievance raised in the original petition had already been addressed. He contended that the single-bench judgment nevertheless proceeded to make findings against the armed forces that were unsupported by the evidence on record. The counsel also cited Supreme Court precedents to argue that courts should not adjudicate matters beyond what is necessary for resolving the dispute before them. He challenged the maintainability of

PMD warns of heavy rains, urban flooding in Islamabad, Rawalpindi and upper regions ISLAMABAD

Staff RepoRt

The Pakistan Meteorological Department (PMD) on Wednesday forecast widespread rain and thunderstorms in the upper parts of the country from Thursday to Sunday, warning of heavy to very heavy falls, urban flooding, flash floods and landslides in vulnerable areas. According to a weather advisory issued at 3pm, monsoon currents were penetrating the upper regions while a westerly wave was affecting the area and was expected to strengthen on September 4 and 5. The advisory said rain, wind and thundershowers, with isolated heavy falls, were expected in several parts of Azad Kashmir from Thursday to Sunday, including Neelum Valley, Muzaffarabad, Rawalakot, Poonch, Hattian, Bagh, Haveli, Sudhanoti, Kotli, Bhimber and Mirpur. Similar weather was forecast in Gilgit-Baltistan, including Diamer, Astore, Ghizer, Skardu, Hunza, Gilgit, Ghanche and Shigar during the same period. In Khyber Pakhtunkhwa, rain, wind and thunderstorms with scattered heavy and, at times, very heavy falls were expected from the evening of September 3 to September 5.

The affected areas include Peshawar, Dir, Chitral, Swat, Kohistan, Malakand, Mardan, Nowshera, Charsadda, Swabi, Shangla, Battagram, Buner, Kohat, Hangu, Kurram, Bajaur, Mohmand, Khyber, Orakzai, Mansehra, Abbottabad, Haripur, Karak, Tank, Lakki Marwat, Dera Ismail Khan, Bannu and Waziristan. Islamabad and several parts of upper Punjab are also likely to receive rain and thunderstorms, with isolated heavy to very heavy falls, from September 3 to 5. The forecast covers Islamabad, Rawalpindi, Murree, Galliyat, Jhelum, Chakwal, Talagang, Attock, Lahore, Sialkot, Sheikhupura,

The federal cabinet has approved changes to the refinery upgrade policy, requiring existing refineries to sign agreements with the Ministry of Energy (Petroleum Division) within 45 days for their modernisation projects, The Express Tribune reported. The decision forms part of the amended “Pakistan Oil Refining Policy for Upgradation of Existing/Brownfield Refineries, 2023”, under which the government has also removed the Oil and Gas Regulatory Authority (Ogra) from the incentive mechanism and designated Inter State Gas Systems (ISGS) as the implementation agency. Under the revised arrangement, incremental incentives will be deposited into refinery upgrade accounts maintained by the Petroleum Division instead of Ogra’s escrow account. The cabinet ratified the decision of the Cabinet Committee on Energy (CCOE) taken on July 28, 2026, after the Cabinet Division submitted a summary for approval. The Petroleum Division told the cabinet that the $6 billion refinery modernisation programme was expected to save around $1 billion annually in foreign exchange. The upgrades aim to reduce furnace oil production, increase petrol and diesel output and minimise lower-value petroleum products. The amended policy is also expected to facilitate foreign investment in the refinery sector, with Saudi Arabia having expressed interest in investing in the industry. ISGS will open and manage refinery upgrade accounts, monitor modernisation projects, hire technical consultants and auditors, and make incentive payments from the accounts. The policy also provides for a Project Management Unit (PMU) comprising technical and financial experts to oversee implementation. The PMU may be assigned to another entity under the Petroleum Division, with its expenses funded from the refinery upgrade accounts. The Petroleum Division said the role of independent third-party consultants had been strengthened to provide independent certification and ensure that refineries failing to meet physical progress requirements or defaulting on upgrade agreements do not receive incentives until corrective action is taken. The brownfield policy, originally introduced in 2023, is aimed at modernising existing refineries, improving the quality of petroleum products, producing cleaner fuels and reducing reliance on outdated processing technologies.

Narowal, Mandi Bahauddin, Gujrat, Gujranwala, Wazirabad, Hafizabad and Kasur. From September 4 to 5, rain and thunderstorms were also expected in Okara, Nankana Sahib, Sargodha, Khushab, Mianwali, Noorpur Thal, Faisalabad, Jhang, Toba Tek Singh, Layyah, Bhakkar, Sahiwal, Dera Ghazi Khan and adjoining areas. Most parts of Sindh and Balochistan are expected to experience mainly hot and humid weather during the forecast period. However, rain and thunderstorms are likely in Zhob, Barkhan, Musakhel and adjoining areas.

Imran Khan's sister files new contempt petition over denied jail meetings

PROFIT

MonitoRing RepoRt

the petition after an amendment was allowed to introduce objections concerning the sailing club. According to him, publicinterest litigation could not be maintained where the petitioner had a personal interest in the matter, and the record indicated that Zeenat Salim had such an interest. In a separate appeal, Sukhera argued that the earlier judgment had been issued in violation of natural justice, due process and fair-trial principles. He submitted that the judgment had adversely affected the vested interests of more than 100 sailing club members, yet none had been issued notices or impleaded as necessary parties. The counsel also pointed out that no notice had been issued to the respondent in a petition filed by Nasir Ali, arguing that the judgment was therefore legally unsustainable. Former naval chief Admiral (retd) Zafar Mahmood Abbasi also produced additional evidence before the division bench in support of the appeals.

ISLAMABAD

Staff RepoRt

A fresh contempt of court petition has been filed in Pakistan's Supreme Court over the alleged denial of family meetings and phone calls to Pakistan Tehreek-e-Insaf founder Imran Khan at Adiala Jail. According to the channel report, Dr Uzma Khan, Imran Khan's sister, filed the petition after family members were re-

portedly prevented from meeting the former prime minister. The petition also includes additional documents in support of her case. The petition claims that an August 18 court order was not followed. It alleges that Imran Khan was not provided with the facility to make telephone calls to his sons and that his family was prevented from meeting him. Dr Uzma Khan, Aleema Khan and Qasim Zaman are among those who were allegedly stopped from meeting the PTI founder. The development follows a report that no family member or lawyer was allowed to meet Imran Khan at Adiala Jail on Tuesday, the scheduled day for meetings. Members of Bushra Bibi's family were also reportedly denied access. According to the report, Imran Khan's three sisters, Aleema Khan, Uzma Khan and Noreen Niazi, travelled to Adiala Jail to meet him but were not allowed to enter for the meeting. PTI founder's spokesperson Niazullah Niazi also reached the prison but was stopped by police at the Dahgal checkpoint. Several of Imran Khan's lawyers, including Khalid Yousuf Chaudhry, Ali Zaman and Khawaja Farooq Ahmed, also travelled to the jail to meet their client.

Published by Asad Nizami at Plot # 7, Al-Baber Centre, F/8 Markaz, Islamabad, for PT Print (Pvt) Limited. Ph: 051-2204545. Email: newsroom@pakistantoday.com.pk

Thursday, 3 September, 2026

pRayeR tiMingS FAJR SUNRISE

ZUHR

ASR MAGHRIB ISHA

5:37

1:30

5:05

Commission formed to probe Mir Raza murder case summons seven people for questioning 5:05

6:35

8:20

KARACHI

Staff RepoRt

The Judicial Commission formed to probe the murder of a Karachi youth, Mir Raza, on Wednesday called his two business partners, two friends, an online car driver, and two police officials tomorrow for questioning. Summons were issued to business partners Muhammad Ahmad and Abdullah, Abdur Razzaq and Haseem (friends), an online car driver, Ihsan, and SDPO Sharae Faisal and SHO Ferozeabad. The final medical and forensic report following the exhumation of Mir Raza's body had concluded that the available evidence regarding his death is inconsistent with the claim of suicide. According to the opinion of the exhumation board, a bullet entered Mir Raza's body from the back and exited through his chest. The bullet fractured his sixth rib, damaged a lung and ruptured his heart, resulting in severe internal injuries. The final medical findings concluded that Mir Raza died as a result of the gunshot wound and the subsequent rupture of his heart. The forensic examination also found bullet holes on both the back and front portions of his shirt. According to the report, a higher quantity of gunshot residue was detected around the hole on the back of the shirt. Gunshot residue was also detected in samples collected from both hands and the wounds, the forensic report said. Meanwhile, blood analysis revealed the presence of a small quantity of an anesthetic substance. However, no identifiable traces of other intoxicating or poisonous substances were found.

KP to move court for payment of arrears from Centre: CM Afridi PESHAWAR

Staff RepoRt

Khyber Pakhtunkhwa (KP) Chief Minister Sohail Afridi has said the province has the right to its resources, adding the provincial government will go to court for payment of arrears from the federation. A meeting was held under the chairmanship of CM Sohail Afridi regarding the ongoing projects and important matters of the Energy and Electricity Department. The CM said Khyber Pakhtunkhwa Hydel power, oil, gas and LPG resources are meeting a significant part of the country's needs. Khyber Pakhtunkhwa is providing more than 70 percent of the country's total hydel power generation to the national grid. Due to the lack of a provincial transmission line, Khyber Pakhtunkhwa is forced to sell the electricity it generates to the federation. On the other hand, NHP's arrears to the federation under the AGN Kazi Formula have exceeded 2300 billion. The briefing was informed that under the first interim arrangement, the federal government still has arrears of more than Rs 78 billion under the regular NHP. Despite generating more than 70 percent of the country's hydel electricity, Punjab is receiving more money than Khyber Pakhtunkhwa under the NHP. According to the briefing, in the last three years, Khyber Pakhtunkhwa received Rs87.7 billion in NHP, while Punjab received Rs160.8 billion. The CM said that the financial situation of Khyber Pakhtunkhwa was being affected due to delay and disproportion in the payment of NHP. The CM said that Khyber Pakhtunkhwa is establishing a provincial transmission and grid system for reliable electricity supply and industrial needs.