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India.com
4 days ago
- Politics
- India.com
Pakistani Pilgrims Face Hardship In Mecca: Broken Suitcases, Inedible Food And Neglect
In yet another major embarrassment for Pakistan Prime Minister Shehbaz Sharif, two prominent Members of National Assembly (MNA) on Thursday shared harrowing experiences of pilgrims from the country who are currently undertaking the annual Haj pilgrimage in Saudi Arabia. Making statements in the National Assembly, Shagufta Jumani and Shahida Rehmani from the Pakistan People's Party exposed the claims being made by Sharif government of ensuring a smooth and seamless Haj pilgrimage for all Pakistanis. "The food being served to the Haj pilgrims from our country is inedible and same throughout the day. Which companies have been allotted these contracts and on whose recommendations? The people at the helm of affairs have completely destroyed the system. I sincerely appeal to you in the name of God to have mercy on the Haj pilgrims," said Jumani. Rehmani too highlighted the gross official negligence, severely criticising the government machinery. "Seven people from my family are undertaking the pilgrimage this time. They are facing major health issues due to the food that is being served. The suitcases given to them broke at the airport, even before they began their journey to Mecca. Things are in such bad shape and there is nobody to take care of Pakistanis in Mecca. They have been put in faraway locations and there is nobody to look after them, " said Rehmani. Last month, the Haj organisers had called on PM Sharif to ensure improved coordination with the Saudi authorities this time. Saudi Arabia allocated Pakistan 179,210 Haj slots this year which was evenly divided between government and private schemes. However, only 14,000 private applications were successful, leaving thousands unable to complete their spiritual journey. A few weeks ago, Saudi Arabia's Interior Ministry had also issued a strong warning to Islamabad, stating that strict penalties will be imposed on Pakistani citizens found violating Haj permit regulations this year. The warning came at a time when Pakistan formally commenced its Haj flight operations with the first batch of 442 pilgrims departing from Islamabad to Madina under the Makkah Route Initiative. The Saudi ministry stated that penalties up to SR20,000 will be applicable till June 10 on any Pakistani performing or attempting to perform Haj without a valid permit. The penalty includes all types of visa holders, including those entering and staying in Mecca. Moreover, a fine of up to SR100,000 will be imposed on anyone who applies for a visit visa on behalf of individuals attempting to perform Haj without a permit, or anyone who facilitates their entry or stay in the restricted areas, adding that the fines may multiply based on the number of individuals involved. It also made it clear to Pakistan that a penalty of SR100,000 will be imposed on those individuals who transport, shelter, or assist visit visa holders in accessing the holy sites, which includes concealment of their presence or providing accommodation in any form in hotels, shelters, private homes, or Haj-designated housing, warning that any and all illegal infiltrators, including residents and overstayers, who are caught attempting to perform Haj without a permit will be instantly arrested, deported and banned from entering in Saudi Arabia for at least 10 years. Saudi Arabia's strict warning to Pakistan is a result of an alarming number of beggars, illegal visitors, and citizens travelling for Haj without permits, every year. The Kingdom has deported at least 4,700 Pakistani beggars in the past three years, urging Islamabad to put the names and passports of these deported individuals on its no-flier list. "Their ever-increasing population is tarnishing the country's image abroad," admitted Pakistan's Defence Minister Khawaja Asif.
Gulf Business
5 days ago
- Business
- Gulf Business
MENA M&A activity surges in Q1 2025 with $46bn in deals: EY
Image: Getty Images/ For illustrative purposes Mergers and acquisitions (M&A) in the Middle East and North Africa (MENA) region surged in Q1 2025, with 225 deals valued at $46bn, according to EY's latest MENA M&A Insights 2024 report. This marks a 31 per cent increase in deal volume and a 66 per cent rise in deal value compared to Q1 2024. Cross-border transactions remained the key driver of M&A activity, accounting for 117 deals worth $37.3bn — 52 per cent of total volume and 81 per cent of total value. This represents the highest quarterly cross-border activity in both value and volume in the past five years, as companies seek growth and diversification outside their domestic markets. 'The MENA region continues to exhibit a robust influx of M&A transactions in 2025,' said Brad Watson, MENA EY-Parthenon leader. 'This is supported by regulatory reforms, policy shifts, and a favorable macroeconomic outlook, including easing interest rates and improved investor sentiment.' Watson added that the steady rise in domestic M&A activity — 48 per cent of total deal volume in Q1 2025 — aligns with the IMF's projection of 3.6 per cent GDP growth for the region. 'Companies are realigning their strategies to better accommodate the need for diversification, digital transformation, and the integration of emerging technologies,' he said. The UAE maintained its position as the top MENA target country, with 63 deals totaling $20.3bn in Q1 2025. Kuwait followed with$2.3bn in deal proceeds, bolstered by two major transactions in the Diversified Industrial Products and Power & Utilities sectors. Canada attracted the highest outbound MENA deal value at $6.4bn, while the US remained the most popular outbound destination by volume. Sovereign Wealth Funds (SWFs) such as ADIA, PIF, and Mubadala, alongside other government-related entities (GREs), were key M&A players in the quarter, aligning with national diversification strategies. Domestic M&A shows 20 per cent rise Domestic M&A also showed strong growth, with a 20 per cent rise in volume and deal value jumping to $8.7bn from $1.69bn in Q1 2024. The technology sector led domestic activity, contributing 37 per cent of value and 27 per cent of volume. The largest domestic transaction was Abu Dhabi-based G42's $2.2bn acquisition of a 40 per cent stake in Intraregional deals involving the UAE, Kuwait, and Saudi Arabia represented 83 per cent of total domestic deal value and 56 per cent of volume, highlighting ongoing regional integration in the technology, industrials, and real estate sectors. The region also continued to attract strong foreign direct investment (FDI), with inbound deal volume rising 21 per cent and value reaching $17.6bn — up sharply from $2.5bn a year earlier. The UAE captured 53 per cent of inbound deal volume and 99 per cent of value. Austria emerged as the top investor country, accounting for 94 per cent of total inbound value, led by a major chemicals sector transaction. Outbound M&A highlights Outbound M&A saw a 63 per cent increase in deal volume and totaled US$19.7bn, driven by investments from the UAE and Saudi Arabia, which together contributed 77 per cent of outbound volume and 94 per cent of value. While the chemicals and oil & gas sectors led in outbound deal value, the highest number of outbound transactions were in technology, industrial products, and professional services. The UK was the leading destination for outbound M&A by volume with 13 deals, while Canada and Peru together accounted for 50 per cent of outbound deal value. A key transaction was ADNOC and Austria's OMV AG's joint acquisition of Canada's Nova Chemicals for $6.3bn, through a new entity, Borouge International Group, in which both parties will hold a 46.94 per cent stake. 'The MENA deal markets remained resilient despite lack of clarity on two fronts: the impact of monetary policy on cost of capital and the ongoing tariff and trade discussions,' said Anil Menon, 'With AI expected to drive material shifts in fundamental value, significant capital allocation in technology is likely.'
Zawya
5 days ago
- Business
- Zawya
UAE leads MENA M&A boom with 63 deals in Q1-25
DUBAI - The MENA region witnessed 225 mergers and acquisitions (M&A) activity deals in Q1 2025, up from the 172 deals recorded in Q1 2024, reflecting a 31% increase in deal volume when compared year-on-year, according to the latest EY MENA M&A Insights 2024 report. Total deal value rose by 66% to US$46 billion in Q1 2025, when compared to US$27.6 billion in Q1 2024. The United Arab Emirates remained the top target country with 63 deals totalling US$20.3 billion in Q1-2025. Kuwait ranked second in terms of deal proceeds, reaching US$2.3 billion, driven by two major transactions in the diversified industrial products, and power and utilities sectors. Cross-border deals were the primary driver of M&A activity in the MENA region, contributing 52% of total deal volume with 117 deals and 81% of total deal value at US$37.3b. Q1 2025 recorded the highest cross-border deal activity both in volume and value when compared to the same period in the past five years, as companies increasingly pursued growth and diversification beyond domestic markets. Brad Watson, MENA EY-Parthenon Leader, said: 'In 2024 we saw a steady flow of M&A deals and the MENA region continues to exhibit a robust influx of M&A transactions in 2025. This is supported by regulatory reforms, policy shifts and a favourable macroeconomic outlook, including easing interest rates and improved investor sentiment.' 'This growth is also reflected in the steady increase of domestic M&A activity, which contributed 48% of total deal volume in Q1 2025. The rise in domestic M&A transactions aligns with the International Monetary Fund (IMF) projection that MENA GDP will grow by 3.6% this year and is further supported by the strong global M&A momentum. Companies are realigning their strategies to better accommodate the need for diversification, digital transformation and the integration of emerging technologies.' During the first three months of 2025, Canada attracted the highest outbound deal value from MENA investors at US$6.4b, while the USA remained the preferred target destination in terms of deal volume. In Q1 2025, M&A activity in the MENA region witnessed a 20% increase in deal volume while deal value rose significantly reaching US$8.7b as compared to US$1.69b recorded in Q1 2024. The technology sector led domestic M&A activity in MENA in Q1 2025, contributing 37% of total domestic deal value and 27% of total domestic deal volume. The largest domestic deal during Q1 2025 was a US$2.2b acquisition where Group 42, an Abu Dhabi based AI and cloud computing firm, agreed to acquire a 40% stake in Khazna Data Centres, a digital infrastructure provider. Intraregional deals involving the UAE, Kuwait and the Kingdom of Saudi Arabia accounted for 83% of total domestic deal value and 56% of total domestic deal volume, highlighting strong intraregional M&A activity, particularly in the technology, industrials and real estate sectors. The MENA region continues to emerge as one of the most attractive destinations for foreign direct investment (FDI) during the first few months of 2025, with inbound deal volume surging by 21% and deal value reaching US$17.6b, when compared to US$2.5b in Q1 2024. The UAE remains the leading destination for FDI in the MENA region in Q1 2025, capturing 53% of total inbound deal volume and 99% of the total inbound deal value. Austria was the top investor country, accounting for 94% of total inbound deal value, largely driven by a major transaction in the chemicals sector. During the first three months of 2025, outbound deal volume increased by 63% when compared to Q1 2024, with a total deal value of US$19.7b, contributing 43% of overall deal value. The UAE and KSA led the outbound investment from the MENA region, accounting for 77% of total deal volume and 94% of total outbound value. Though chemicals and oil and gas dominated outbound deal value, outbound deal volume was primarily focused on technology, diversified industrial products and professional services. This trend reflects the region's broader diversification strategy into high-growth global sectors. Anil Menon, MENA EY-Parthenon Head of M&A and Equity Capital Markets Leader, said: 'The MENA deal markets remained resilient despite lack of clarity on two fronts: the impact of monetary policy on cost of capital and the ongoing tariff and trade discussions. The MENA deal book for the remainder of 2025 is promising and we can expect to see increased activity in consumer, technology, and energy sectors. In addition, with AI expected to drive material shifts in fundamental value, we can expect to see significant capital allocation in technology.'
India Today
24-05-2025
- Politics
- India Today
Convoy of Pak President's daughter blocked amid canal project protests in Sindh
Pakistan's Member of the National Assembly Aseefa Bhutto Zardari faced violent protests while her convoy was passing through the Jamshoro toll plaza in Sindh province on Friday, local media reported. Several protesters have been arrested in connection with the cavalcade of Aseefa Bhutto Zardari, the daughter of President Asif Ali Zardari, was blocked and attacked by Sindh nationalists while she was en route from Kotri to Nawabshah in Sindh. Aseefa, along with a World Bank delegation, visited different areas affected by recent their way back, a bunch of angry demonstrators blocked Aseefa's convoy and raised slogans against a controversial canal project and corporate farming initiatives in the state, Pakistani media reported, quoting sources. In a video of the incident, protestors could be seen striking the vehicles in Aseefa Zardari's convoy with their hands and batons, prompting local security agencies to swiftly swing into action and keep the MNA out of harm's convoy was halted for less than a minute as Aseefa Zardari managed to escape unhurt, SSP Jamshoro Zafar Siddiq said, and promised stern action against the incident came against the backdrop of the ongoing protests in Sindh against corporate farming and the construction of canals in Punjab, as protesters allege that this is an attempt to divert the river two people were killed as police opened fire on protesters, angering the people, which resulted in violent protests, the report came as Sindh protesters attacked the house of a minister belonging to the Pakistan People's Party (PPP), blaming Punjab's domination for their water and Punjab are two of Pakistan's four provinces. Inhabitants of Sindh have held Punjab, which is the power centre of both the civilian and military establishments, responsible for putting it lower on the priority list.
Business Recorder
24-05-2025
- Politics
- Business Recorder
JI demands powers, funds for elected representatives
KARACHI: Jamaat-e-Islami (JI) Karachi chapter staged a 'protest march' from Khizra Mosque to the Sindh Assembly on Friday, demanding financial and administrative rights for elected local government (LG) representatives. Hundreds of LG representatives including chairmen, vice-chairmen, and councillors participated in the protest. Addressing on the occasion, JI Karachi Chief Monem Zafar accused the provincial government of systematically neglecting Karachi. He called for immediate release of Rs500 billion to address the megacity's urgent civic issues. He also demanded Rs2 billion per town and Rs2.5 million monthly for each union council. He criticised the government for withholding LG funds, despite the 18th Constitutional Amendment, and for favouring nepotism over fair distribution. He highlighted Karachi's critical role in the national economy, contributing 60 percent of the federal tax revenue and 96 percent of Sindh's budget. Referring to widespread protests across the megacity, particularly in Malir against K-Electric — the JI leader vowed to escalate its 'Karachi Rights Movement' after the Eid. However, Saifuddin Advocate, leader of the opposition in the city council, alleged that the PPP was a parasite, devouring Sindh's resources. He warned of a province-wide campaign if the government failed to restore LG powers and release funds. MPA Muhammad Farooq; however, emphasised that the constitution guarantees financial and administrative authority to LG representatives. He accused the Sindh government of violating these provisions. He noted that JI was the sole party opposing recent legislation about appointing bureaucrats as chairmen of educational boards. Pakistan Challenging election of Bilawal as MNA: LHC allows petitioner Ashaba to submit documents to remove objections RECORDER REPORT LAHORE: The Lahore High Court (LHC) on Friday allowed a petitioner Ashaba Kamran to submit documents to the registrar office to remove the objections raised on her petition challenging election of Bilawal Bhutto Zardari as Member National Assembly (MNA). Earlier, the petitioner's counsel contended that Bilawal at the same time was member of PPP and PPP parliamentary party. He contended that under the law a person could not become member of two different parties at simultaneously. He said the registrar office objected that some necessary documents were not attached with the petition. He, therefore, asked the court to allow him to submit the documents as demanded by the registrar office. Copyright Business Recorder, 2025
