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ISLAMABAD: Pakistan is planning to double its manpower exports to �������� after the signing of a landmark defense deal between the two countries last month, officials told Arab News on Monday.

The country’s human resource exports to �������� have already witnessed a steady rise over the past five years, according to the Bureau of Emigration & Overseas Employment. Pakistan sent 1.88 million workers to �������� between 2020 and 2024, up 21 percent from 1.56 million in 2015–2019.

Remittances from the Kingdom rose from $7.39 billion in 2020 to $8.59 billion in 2024, reflecting steady demand for Pakistani labor. In contrast, inflows from the United Arab Emirates fluctuated between $5.8 billion and $6.8 billion during the same period, while those from Qatar remained below $1 billion annually, according to the State Bank of Pakistan.

In September, both countries signed a landmark defense pact that is meant to enhance joint deterrence and deepen decades of military and security cooperation. Top Pakistani government officials, including National Food Security Minister Rana Tanveer, have said Islamabad and Riyadh will sign a wide-ranging economic pact in the follow up of the defense deal.

“The Saudi-Pakistan defense pact will have a great impact on manpower export. Current average export is around half a million workers per year, and from next year, we hope to double it to one million,” said Gul Akbar, a senior director at the BEOE.

The BEOE is working with officials of Pakistan’s Special Investment Facilitation Council, a civil-military body formed to boost investment, particularly from the Middle East, to make it possible through a number of steps, according to the official. The draft will be shared with Saudi officials by their Pakistani counterparts in upcoming meetings.

The Pakistan government on Sunday constituted a high-level committee comprising ministers and officials to oversee bilateral economic engagements and negotiations with ��������.

Akbar said Pakistan has proposed setting up technical training institutes in both countries to improve skill certification and employability of local workforce.

“We are also proposing an e-visa system for Pakistani workers,” he added.

The Kingdom remains the largest destination for Pakistani workers and the biggest source of remittances that amounted to $736.7 million in Aug. out of a total inflow of $3.1 billion, according to the SBP.

Experts link the rise in number of Pakistani workers traveling to �������� to ongoing development projects in the Kingdom under its Vision 2030, which they say have created strong demand for skilled and semi-skilled foreign labor.

��������’s hosting of the 2034 FIFA World Cup is further fueling demand for foreign labor, amid construction of large stadiums, transport networks and hospitality infrastructure in the Kingdom.

Meanwhile, Pakistan’s human resource exports to the UAE declined sharply by 65 percent from 1.32 million to 463,000 from 2020 till 2024, while Qatar more than doubled its intake from 74,000 to 170,000 Pakistani workers, reflecting shifting labor dynamics across the Gulf region.

To meet ��������’s labor needs, Pakistan has partnered with Takamol, a Pakistani skill verification program, and its National Vocational and Technical Training Commission is certifying workers in 62 skilled categories, ranging from construction to technical services.

Speaking to Arab News, Masood Ahmad, CEO of M.Pak Makkah Manpower Services, said his firm alone dispatched 2,000 workers to �������� this year.

“The defense pact has boosted Saudi employers’ confidence in Pakistani workers as both countries deepen cooperation,” he said, highlighting a growing demand for health care professionals and delivery drivers.

Akbar dismissed concerns about “brain drain” and called overseas employment a “national achievement.” Pakistan’s surplus labor should be seen as an economic resource that brings home remittances, knowledge and technical skills, he added.

Remittances remain a cornerstone of Pakistan’s external finances, providing hard currency that supports household consumption, narrows the current-account deficit, and strengthens foreign exchange reserves.

In the last fiscal year, Pakistan recorded $38.3 billion workers’ remittances — an $8 billion increase from the previous year, surpassing the country’s $7 billion International Monetary Fund loan program.

RIYADH: ��������’s Tadawul All Share Index rose on Monday, gaining 76.61 points, or 0.66 percent, to close at 11,605.20.  

The total trading turnover for the main index stood at SR6.22 billion ($1.66 billion), with 307.7 million shares traded. A total of 149 stocks advanced, while 97 declined.  

The Kingdom’s parallel market Nomu also edged higher, climbing 64.55 points, or 0.25 percent, to 25,540.27, with 41 gainers and 52 losers.   

Meanwhile, the MT30 index, which tracks the performance of the top 30 companies by market capitalization, advanced 12.8 points, or 0.85 percent, to 1,514.75.  

The Power and Water Utility Co. for Jubail and Yanbu was the top performer of the day, with its share price rising 9.97 percent to SR43.24.

Other notable gainers included Saudi Reinsurance Co., which increased 6.83 percent to SR51, and ��������n Mining Co., which gained 4.62 percent to SR67.90.   

Saudi Automotive Services Co. also advanced 4.45 percent to SR59.90, while Saudi Aramco Base Oil Co. climbed 4.36 percent to SR93.40.  

Sport Clubs Co. recorded the steepest fall, dropping 3.04 percent to SR10.85, while National Shipping Co. of �������� eased 2.75 percent to SR29.04. Etihad Etisalat Co. declined 2.43 percent, closing at SR66.35. 

Arab National Bank slipped 2.40 percent to SR25.20, and Thimar Development Holding Co. decreased 2.10 percent to SR43.80.  

On the announcement front, Derayah Financial Co. said its board of directors approved the distribution of cash dividends totaling SR8.9 million for the third quarter of fiscal year 2025.   

The company stated that shareholders registered at the close of trading on Oct. 13 will be eligible, with distribution scheduled for Oct. 23.  

Derayah’s shares closed 1.59 percent higher at SR30.68.  

Jahez International Co. for Information System Technology announced the completion of the first phase of its acquisition of a 75 percent stake in Snoonu Corporation Holding LLC through the purchase of more than 7.9 million shares.   

Following the transaction, Jahez’s total ownership in Snoonu reached 76.56 percent, while the founder, Hamad Mubarak Al-Hajj, retained 23.44 percent.   

The company said the deal was financed through a mix of internal cash and treasury shares, with the financial impact to be reflected in Jahez’s 2025 year-end statements. 

Shares of Jahez closed 0.54 percent higher at SR22.52.