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Hajj 2024: A crucial update for Pakistani pilgrims

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Ninety thousand Pakistani pilgrims will undertake the Hajj through private businesses, while 70,000 official pilgrims will be hosted by the Pakistan Hajj Mission.

He told the media that “55,284 pilgrims reached Makkah through 214 flights under the official Hajj scheme.”

He said that more than 30,000 pilgrims are participating in the private Hajj program in Saudi Arabia. “Hajj flight operations will persist until June 9,” the representative declared.
Tuesday’s virtual Council of Ministers meeting was presided over by King Salman, the custodian of the Two Holy Mosques.

At the beginning of the meeting, the King was told that all the plans and preparations for the Hajj season this year are finished. The efforts, resources, and initiatives undertaken by several government departments to improve pilgrims’ comfort and well-being were briefed to him.

In serving the Two Holy Mosques and their guests, King Salman conveyed the pride that Saudi Arabia, its authorities, and its people take in their work. He beseeched God Almighty to hear the pilgrims’ prayers and accept their good acts, and to grant them the ability to complete the Hajj rituals.

The Cabinet was briefed on the contents of the messages that King Abdullah of Jordan and President Abdel Fattah El-Sisi of Egypt sent to the Monarch, as well as the message that the president of Somalia sent to Crown Prince and Prime Minister Mohammed bin Salman.

After the meeting, Minister of Media Salman Al-Dosary made a statement to the Saudi Press Agency stating that the Cabinet was pleased with the outcome of the second Saudi-Kuwaiti Coordination Council meeting. This meeting emphasized the two countries’ strong ties to one another and their shared commitment to strengthening regional and international coordination while also deepening their cooperation in all areas.

The Gulf Cooperation Council (GCC) and the Arab League meetings in which the Kingdom has recently participated were examined by the Council. Within the context of current fraternal connections and deep historical links, it expressed hope for future advancement in cooperative initiatives and wider collaboration.

The 37th OPEC and non-OPEC Ministerial Meeting produced positive results, which the Cabinet praised. The statement stated that the choice made by Saudi Arabia and seven other members to prolong the voluntary production cutbacks that were reached upon in Riyadh is consistent with the continued endeavors of OPEC+ nations to preserve equilibrium and stability in the worldwide oil market.

The Kingdom of Saudi Arabia is recognized for its leadership in environmental activities and the promotion of sustainable development on a local, regional, and global scale, as seen by its observance of World Environment Day, which falls on June 5.

The latest developments in the regional and international spheres were examined by the Council together with the ongoing efforts to address them. It underscored the Kingdom’s commitment to promoting a more developed and affluent world for all people, and it restated the Kingdom’s commitment to supporting international initiatives targeted at ensuring regional security and stability.

Regarding the internal front, the Cabinet examined the Kingdom’s latest economic results, emphasizing the steady expansion of non-oil sectors. The annual inflation rate, which is still below the global target, has stabilized at 1.6%, according to the report. Acknowledgments of positive credit rating forecasts were also made.

Minister Al-Dosary stated that the following decisions were made by the Cabinet:

The Ministry of Culture’s publishing and translation commission, museums, heritage commission, film commission, libraries commission, architecture and design arts commission, music commission, theater and performing arts commission, visual arts commission, culinary arts commission, and fashion commission regulations were approved by the Cabinet.

The Council decided that live animal consignments from May 19, 2024, until the end of the current Hajj season will be subject to state taxes and customs duties. The Monitoring Law of Finance Companies was also amended with its support.

The draft Memorandum of Understanding (MoU) for energy cooperation between Venezuela and the United States was approved by the Cabinet for discussion and signature by the minister of energy or his deputy. Two agreements were approved by the Council: one was between the governments of Saudi Arabia and Kosovo, regarding the mutual exemption of holders of diplomatic, official, and special passports from the requirements for a short-term residence visa. The other concerned political consultations between the Ministry of Foreign Affairs of Saudi Arabia and the Ministry of Foreign Affairs of Côte d’Ivoire. The Ministry of Culture or its deputy may negotiate and sign a draft Memorandum of Understanding for collaboration in the cultural sphere with the Ministry of Tourism, Culture, and Arts of Benin, as approved by the Cabinet.

Approval of an agreement to safeguard the environment between the Ministry of Environment, Water and Agriculture of Saudi Arabia and the Ministry of Environment of Tunisia, as well as an agreement to exchange information on radiation protection and nuclear safety between the Saudi Nuclear and Radiological Regulatory Commission and the Nuclear Safety Council of Spain, are among the other decisions made by the Cabinet.

The Saudi Arabian and Dominican Republican governments reached an agreement on air transport services, which was ratified by the Council.

The Minister of Industry and Mineral Resources, as well as the Chairman of the Board of Directors of the Saudi Export Development Authority or his deputy, were given permission by the Cabinet to negotiate and sign a draft Memorandum of Understanding with Kuwait in order to increase exports.

It authorized an agreement on copyrights and related rights between the Ministry of Culture, Sports, and Tourism of Korea and the Saudi Authority for Intellectual Property, as well as an agreement on training and administrative development between the General Secretariat of the Gulf Cooperation Council and the Saudi Institute of Public Administration.

Prior to now, the Saudi Ministry of Hajj and Umrah made it clear that foreign pilgrims’ Umrah visas are valid for 90 days, beginning on the day they enter Saudi Arabia.

According to Saudi Arabia’s ministry statement, in order to facilitate the seamless movement of pilgrims from all over the world to the holy cities of Makkah and Madinah for the yearly pilgrimage of Hajj, the pilgrims are required to depart the Kingdom by the deadline of Dhul Qadah 29, 1445.

In response to inquiries from multiple users via the ministry’s “Beneficiary Care” account on the social networking platform X, the ministry provided clarification.

The previous information stated that the Umrah visa’s validity is three months from the date of issuance rather than the date of admission into the Kingdom, and that the latest day for holders of such visas to enter Saudi Arabia this year was Dhul Qadah 15, 1445.

Business

The PSX has resumed operations, achieving a gain of 970 points.

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The optimistic close at the PSX was propelled by rumors preceding the International Monetary Fund (IMF) executive board meeting on September 25, at which the approval of a $7 billion Extended Fund Facility (EFF) is expected, stated Ahsan Mehanti of Arif Habib Commodities.

Strong economic indicators, such as increasing remittances, escalating exports, and a declining trade deficit, further bolstered investor confidence. Furthermore, the Asian Development Bank’s (ADB) commitment to a $2 billion yearly concessional loan until 2027, along with a robust rupee, significantly contributed to the market’s favorable performance, he stated.

Widespread purchasing at the PSX was noted among blue-chip stocks, with major players like Mari Petroleum (MARI), Engro Fertilizers (EFERT), United Bank Limited (UBL), Meezan Bank Limited (MEBL), and Fauji Fertilizer Company (FFC) recording substantial increases. According to Topline Securities, these stocks collectively resulted in a significant 682-point increase in the index.

Pioneer Cement Limited (PIOC) announced its fiscal year 2024 results, revealing a profits per share (EPS) of Rs 22.79 and a cash dividend of Rs 10 per share. This announcement contributed to the favorable sentiment in the market.

Trading volume surpassed 400.2 million shares, resulting in a total turnover of Rs15.9 billion. Worldcall Telecom Limited (WTL) topped the volume chart, transacting more than 32.2 million shares.

The Large Scale Manufacturing Index (LSMI) demonstrated a year-on-year (YoY) gain of 2.4% in July 2024. This expansion was propelled by multiple critical areas.

Tobacco experienced a significant increase of 90.2%, establishing it as the foremost contributor to the LSMI growth. Conversely, the automotive sector witnessed a substantial increase of 72.0%, indicating robust demand and output.

The transport equipment category experienced an 11.7% increase, signifying robust growth in the manufacturing of transport-related machinery and equipment. The other manufacturing sector experienced a gain of 10.7%, positively impacting the overall LSMI.

Nevertheless, not all industries exhibited strong performance. The leading decliner was the fabricated metal sector, which experienced an 18.4% decrease, signifying a contraction in metal product manufacturing. The electrical equipment industry experienced a substantial decline of 19.4%, indicative of reduced output levels.

In July 2024, the LSMI decreased by 2.1% on a month-on-month (MoM) basis. This fall signifies a minor contraction in manufacturing operations relative to the preceding month, although the favorable year-on-year growth.

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Microsoft and BlackRock are set to establish a $30 billion fund for artificial intelligence infrastructure.

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AI models, particularly those employed in deep learning and extensive data processing, necessitate considerable computer power, resulting in increased energy usage.

The computational demands of AI have compelled technology firms to interconnect thousands of chips in clusters to attain the requisite data processing capacity, resulting in a significant increase in the demand for specialized data centers.

The investment entity, termed Global AI Infrastructure Investment Partnership, seeks to improve AI supply chains and energy procurement, according to BlackRock and Microsoft.

MGX, the investment firm supported by Abu Dhabi, will serve as a general partner in the fund, while Nvidia (NVDA.O), a manufacturer of AI chips, will provide its expertise.

The collaboration is expected to generate a total investment potential of up to $100 billion, inclusive of loan funding, according to the corporations.

The investments will primarily be in the United States, with the remainder allocated to partner countries, as stated by the firms.

The Financial Times initially reported on the development.

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Pakistan ascends 14 positions in the UN E-Government Index 2024.

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This significant breakthrough signifies Pakistan’s shift from the “Middle EGDI category” to the “High EGDI category” for the first time, indicating considerable improvements in digital government capabilities.

The nation’s E-Government Development Index has risen to 0.5095, an increase from 0.42380 in 2022. Although Pakistan remains behind global leaders such as Denmark (0.9847) and regional leaders like Singapore (0.969) and the Maldives (0.6745), this enhancement is a significant accomplishment.

Minister of State for Information Technology Shaza Fatima Khawaja has reaffirmed the government’s dedication to establishing a digital Pakistan.

During an event in Islamabad on Wednesday, she underscored the necessity for collaborative endeavors to promote innovation among the youth.

She asserted that the private sector ought to have a pivotal role in realizing a digital Pakistan. Shaza Fatima said that the administration is endeavoring to deliver exceptional stable and rapid internet connectivity.

She emphasized that Pakistan’s position in the UN’s e-governance development index had ascended by fourteen points. She stated that we are one of two Asian countries that have advanced from the medium tier to the top tier of digital e-governance, characterizing this as a notable accomplishment.

The Minister of State further asserted that Pakistan has made significant advancements in cyber security, attaining a premier rank in this field.

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