Oil Updates — prices decline amid rising US crude inventories, Sino-US tariff war
Brent crude futures were down 39 cents, or 0.51 percent, at $75.81 a barrel by 7:27 a.m. Saudi time.
Short Url
https://arab.news/w77u3
Updated 05 February 2025
Reuters
Oil Updates — prices decline amid rising US crude inventories, Sino-US tariff war
Updated 05 February 2025
Reuters
SINGAPORE: Oil prices slid on Wednesday as rising stockpiles in the US and market worries about a new Sino-US trade war offset President Donald Trump’s renewed push to eliminate Iranian crude exports.
Brent crude futures were down 39 cents, or 0.51 percent, at $75.81 a barrel by 7:27 a.m. Saudi time. US West Texas Intermediate crude (WTI) lost 26 cents, or 0.36 percent, to $72.44.
Oil on Tuesday traded in a wide range, with WTI falling at one point by 3 percent, its lowest since Dec. 31, after China announced tariffs on US imports of oil, liquefied natural gas and coal in retaliation to US levies on Chinese exports.
Prices rebounded, however, after Trump restored the “maximum pressure” campaign on Iran to curtail its nuclear program he enacted in his first term that cut Iranian crude exports to zero.
Weighing down the market on Wednesday was the higher-than-expected US crude inventories data overnight, said Jun Rong Yeap, a market strategist at IG.
Crude stocks rose by 5.03 million barrels in the week ended Jan. 31, according to market sources, citing American Petroleum Institute figures.
Gasoline inventories rose by 5.43 million barrels, and distillate stocks fell by 6.98 million barrels, the API reported, according to the sources.
Official US government oil inventory data is due to be released at 6:30 p.m. Saudi time on Wednesday.
Rising crude and fuel stockpiles in the world’s biggest oil consumer signal consumption weakness, adding to investor worries about the impact of tarrifs on the global economic and energy demand outlooks.
The impact of China’s retaliatory tariffs on US energy imports will be limited “given that neither global supply nor demand of these commodities are changed by China’s tariffs,” analysts at Goldman Sachs said in a note on Tuesday.
Both countries will be able to find alternative markets, the note said.
As for Iran, Trump on Tuesday restored his “maximum pressure” campaign on Iran that includes efforts to drive its oil exports down to zero in order to stop Tehran from obtaining a nuclear weapon.
While Trump said he was open to a deal with Iran, he signed a presidential memorandum re-imposing Washington’s tough policy on Iran. The plan could impact about 1.5 million barrels per day of oil that the country exports, analysts at ANZ said on Wednesday, citing shiptracking data.
“The clampdown on Iran may be what is needed to stabilize bearish sentiments for oil prices for now and there may room for further recovery, at least in the near term,” said IG’s Yeap.
’s transportation boom opens doors for private investment
Private entities expected to contribute around 80% of targeted investments in the sector
Updated 09 August 2025
Nirmal Narayanan
’s transportation boom opens doors for private investment
RIYADH: ’s rapidly expanding transportation sector is unlocking new investment opportunities for private players, both local and global, experts have told Arab News.
Central to the Kingdom’s Vision 2030 strategy, transportation development is seen as a key enabler for economic diversification and the drive to position as a global logistics, tourism, and business hub.
With a growing emphasis on public-private partnerships, Minister of Transport and Logistic Services Saleh Al-Jasser announced during the third PIF Private Sector Forum, held in Riyadh in February, that private entities are expected to contribute around 80 percent of the targeted investments in the country’s transport and logistics sector.
He added that the total value of projects offered to the private sector — through privatization and other models — could reach SR240 billion ($63.95 billion).
Joseph Salem, executive at Arthur D. Little, Middle East. (Supplied)
Joseph Salem, partner and travel, transportation and hospitality practice lead at Arthur D. Little, Middle East, told Arab News that public-private partnerships are at the core of this strategy.
“Privatization of key transport infrastructure, such as ports and airports, is creating new opportunities for private investment,” he said, adding: “The development and management of cargo terminals through PPP agreements are attracting private efficiency and capital. The construction and engineering sectors are also benefiting, with numerous megaprojects like the Riyadh Metro and Neom’s mobility network.”
Alessandro Tricamo, partner at Oliver Wyman’s transportation and services practice for India, the Middle East, and Africa, echoed similar sentiments and emphasized the importance of selecting suitable assets to attract investors.
“Globally, asset classes such as airports and seaports are typically considered bankable, with the potential to generate strong returns and attract private investment. Conversely, railways and public transport systems often require structured support from the government to become commercially viable,” said Tricamo.
Alessandro Tricamo, partner at Oliver Wyman’s transportation and services practice for India, the Middle East, and Africa. (Supplied)
He added: “In the Kingdom, there’s still a need to refine how these projects are structured and presented to the private sector, as expectations are sometimes misaligned with market realities. Clear, realistic frameworks will help unlock greater private sector involvement and broaden the Kingdom’s business landscape.”
The Kingdom’s logistics infrastructure is expanding rapidly. According to a report released by the General Authority for Statistics in December, the number of logistics facilities in the country has increased by 267 percent since 2021, with the Eastern Province leading in logistics hubs spanning 6.3 million sq. meters.
“Private companies are seizing opportunities in trucking, warehousing, freight forwarding, and e-commerce delivery services. Technology firms are also entering the market, offering solutions in AI, electric vehicles, and autonomous transport,” said Salem.
He added: “Overall, the transportation revolution in is creating a more diversified and competitive business environment. Private sector involvement is key to realizing the Kingdom’s ambitious Vision 2030 goals.”
Transportation as a growth enabler
Anthoine Barthes, vice president of Al-Futtaim Automotive, told Arab News that transportation infrastructure underpins nearly every pillar of Vision 2030, acting as a foundation for economic growth.
Anthoine Barthes, vice president of Al-Futtaim Automotive. (Supplied)'/
According to Barthes, transportation is not only about mobility but also about creating links between economic zones, facilitating trade, drawing investment, enhancing quality of life, and boosting tourism.
“A key objective is for to become a global logistics hub, and this requires state-of-the-art ports, efficient rail networks, extensive road infrastructure, and modern airports capable of handling significant cargo and passenger volumes,” said Barthes.
He also pointed to the Riyadh Metro — with its six lines spanning 176 km — as evidence of the Kingdom’s progress in developing effective public transport systems.
“These efforts, alongside continuous improvements to road infrastructure and the integration of smart city mobility solutions, are crucial for enhancing the quality of life, mitigating urban congestion, and fostering sustainable urban growth,” added Barthes.
Salem noted that infrastructure development supports the growth of multiple industries, including tourism and entertainment, with road upgrades linking key cities to rising destinations such as Qiddiya and Amaala.
He also highlighted how enhancements around Makkah and Madinah have improved accessibility for millions of religious visitors, reinforcing tourism and Umrah growth.
Integrated logistics backbone
Tricamo underlined that efficient logistics and supply chain management are fundamental to sustained economic development.
“A well-connected transport network that links urban and industrial centers and facilitates the smooth movement of goods and people is a key enabler of the Kingdom’s broader economic ambitions. It directly impacts the reliability, speed, and cost-effectiveness of supply chains,” said Tricamo.
Arthur D. Little’s Salem believes that infrastructure modernization and the integration of advanced technologies are strengthening the Kingdom’s global supply chain footprint. He pointed to ’s rise in the World Bank’s Logistics Performance Index, climbing 17 spots to rank 38th globally in 2023.
“Vision 2030 also focuses on expanding multi-modal freight capacity. The rail network will grow from 3,650 km to 8,000 km, enhancing logistics. Air cargo capacity is set to increase to over 4.5 million tonnes annually by 2030, while Saudi ports will handle up to 40 million TEUs,” said Salem.
He added: “Additionally, 40 new logistics centers across 100 million sq. meters will attract global companies, positioning as a logistics hub. These efforts are expected to reduce logistics costs, improve reliability, and grow the sector to $57 billion by 2030.”
Impact on the business landscape
Barthes said ongoing advancements in the Kingdom’s transport infrastructure are expected to reshape the business environment.
He noted that reduced logistics costs, quicker deliveries, and agile supply chains will benefit a wide range of industries.
“A world-class infrastructure is a primary magnet for foreign direct investment. International companies are more willing to establish operations, knowing they can efficiently move goods and people,” said Barthes.
Salem emphasized how transportation development enhances the ease of doing business and improves trade connectivity through upgraded logistics hubs.
“The growth of tourism, retail, and real estate sectors is another benefit. Better transportation networks make it easier for people to travel and for goods to be delivered, driving demand in these industries,” said the Arthur D. Little partner.
He added that modernized ports, roads, and rail corridors are boosting trade volumes, while domestic improvements in connectivity are helping to meet growing internal demand across agriculture, retail, and construction.
Technology-driven transformation
Tricamo highlighted the vital role of digital innovation in shaping ’s future transport ecosystem.
“Digital solutions — from smart ticketing and real-time tracking management systems — will be essential for building a future-ready, user-centric transport ecosystem,” he said.
Salem echoed these views, noting the Kingdom’s strong push for smart infrastructure, digital logistics, and electric mobility.
He added that electric vehicles are reshaping transportation, supported by investments in thousands of fast-charging points across 1,000 locations by 2030. The goal is to have 30 percent of vehicles in Riyadh electrified by then.
“Smart cities like Neom are integrating IoT sensors, AI-driven traffic management, and predictive congestion systems to optimize transportation. These technologies improve traffic flow, reduce accidents, and enhance the overall commuter experience. In logistics, automation and AI are being used to streamline freight operations, reduce errors, and optimize delivery routes,” said Salem.
Overcoming challenges
Salem acknowledged that the Kingdom faces hurdles such as overreliance on road transport, the country’s vast geography, regulatory bottlenecks, skill shortages, and climate-related challenges.
He emphasized that the government is proactively addressing these with targeted initiatives.
“To reduce reliance on roads, is investing heavily in rail and public transit projects like the Riyadh Metro. The vast size of the Kingdom is being addressed by extending transportation networks to remote areas, ensuring equitable access to modern infrastructure,” said Salem.
He added that regulatory reforms, including the establishment of the National Center for Privatization, are streamlining approval processes and attracting private sector investment.
“Through partnerships with global firms, is transferring knowledge and building local expertise to overcome skills gaps,” said the Arthur D. Little partner.
Tricamo pointed to the scale of investment as the primary challenge facing transport infrastructure expansion.
“In , the ambitious scope and accelerated timeline of Vision 2030 add further complexity, requiring multiple high-value infrastructure projects to be developed simultaneously. The private sector can play a key role in easing this burden,” he said.
The Oliver Wyman partner concluded by emphasizing the need for careful asset selection to balance commercial viability and government support.
Kingdom aims to localize 50 percent of its military spending by the end of the decade
Updated 09 August 2025
MOHAMMED AL-KINANI
JEDDAH: ’s military equipment manufacturing sector is undergoing a significant expansion, emerging as a pivotal element of the Kingdom’s Vision 2030 economic diversification strategy to boost domestic industrial capacity.
Supported by robust government backing, strategic global partnerships, and growing local innovation, the defense industry is becoming a critical contributor to national security and a promising source of non-oil revenue.
Under Vision 2030, aims to localize 50 percent of its military spending by the end of the decade. The sector’s regulator, the General Authority for Military Industries, reported notable progress, with localization rising from 4 percent in 2018 to 19.35 percent in 2024 — reflecting steady advances toward self-sufficiency in defense manufacturing.
The Kingdom’s military expenditure reached $75.8 billion in 2024, according to official estimates, representing 3.1 percent of global defense spending. Using its own methodology, the Stockholm International Peace Research Institute estimates the figure slightly higher at $80.3 billion.
The country has allocated about $78 billion for the military sector in its 2025 budget — 21 percent of government spending and 7.2 percent of gross domestic product — supporting its goals to diversify the economy and reduce oil dependence.
GAMI is driving efforts to attract investment, support small and medium-sized enterprises, and develop a strong defense industry spanning aerospace, armored vehicles, and missile systems, as well as electronic warfare, and UAVs — boosting both national security and long-term industrial growth.
Global defense spending hits $2.7tn
According to its April 2024 report Trends in World Military Expenditure, SIPRI said global military spending exceeded $2.7 trillion in 2024, marking a decade of continuous annual growth and a 37 percent increase between 2015 and 2024.
“The 9.4 percent increase in 2024 was the steepest year-on-year rise since at least 1988. The global military burden — the share of the world’s GDP devoted to military expenditure — increased to 2.5 percent in 2024. Average military expenditure as a share of government expenditure rose to 7.1 percent in 2024, and world military spending per person was the highest since 1990, at $334,” the report added.
The US, China, Russia, Germany, and India are the top five military spenders, making up 60 percent of global defense expenditure. The US leads with $997 billion — more than three times China’s $314 billion, while Russia’s spending rose 38 percent to $149 billion. Germany and India spent $88.5 billion and $86.1 billion, respectively.
SIPRI estimated Middle East military spending at $243 billion in 2024, up 15 percent from 2023.
led the region with $80.3 billion, ranking seventh globally, just $1.5 billion behind the UK.
“Its spending was 1.5 percent higher than in 2023 but 20 percent lower than in 2015 when its oil revenues peaked,” the independent institute said.
Sector key to economic diversification
Khaled Ramadan, chairman of the International Center for Strategic Studies in Cairo and an economic expert, described the Saudi military industries sector as a cornerstone of the country’s economic diversification efforts and a vital pillar of Vision 2030.
“Localizing military industries reduces reliance on imported weapons,” Ramadan said, emphasizing the sector’s role beyond defense. “It also supports advanced industries such as electronics, telecommunications, aviation technology, and advanced manufacturing, contributing broadly to non-oil economic growth.”
Khaled Ramadan, chairman of the International Center for Strategic Studies. (Supplied)
amadan projected the military manufacturing sector will contribute SR14 billion ($3.7 billion) to the Kingdom’s GDP by 2030, with military exports expected to reach $666 million. “This will boost non-oil revenues and create more job opportunities for Saudi youth,” he said.
He also said the sector had 300 licensed firms by 2024, reflecting rising investor interest, with 40,000 jobs expected by 2030, mainly in technical fields like engineering and electronics.
“This is in addition to skills development through specialized training programs conducted in partnership with global institutions to enhance competencies in technologies such as artificial intelligence and cyber warfare,” he said, adding the sector’s growth boosts demand in manufacturing and tech, supports private jobs, cuts unemployment, and promotes hiring of young Saudis.
Qualitative partnerships and technology transfer
In May, produced its first THAAD missile components with US-based aerospace and defense company Lockheed Martin, while agreements with Turkish firms Baykar, Fergani Space, and Aselsan will boost UAV, space, and defense electronics capabilities.
Moreover, the launch of BAE Systems Arabian Industries, formed by merging BAE Systems Saudi Development and Training with the Saudi Maintenance and Supply Chain Management Co., aims to accelerate localization in maintenance and technical services.
Highlighting how vital global collaborations are to ’s military manufacturing goals, Ramadan pointed to partnerships with leaders like Lockheed Martin for THAAD missile components, Boeing for aircraft support, and France’s CMN for HSI32 fast interceptor boats, providing access to advanced technologies and expertise.
“These partnerships are examples of a balanced strategy combining foreign technology acquisition with domestic capacity building,” he said.
This approach is supported by the establishment of 21 research centers focused on developing military technologies, especially in electronic warfare and drones, targeted for 2030.
Ramadan said local and foreign investments in military manufacturing are projected to reach SR37.5 billion by 2030, with SR6 billion allocated by GAMI specifically for research and development.
He added that domestic military procurement has already reached SR13 billion, with local production covering drones, defense systems developed by sustainability-focused firms, and fast interceptor boats.
Despite this progress, Ramadan said that achieving localization goals will require intensified investments and overcoming legal and technical obstacles.
Talent development and inclusion
Launched by n Military Industries in 2024, the Women in Defense program supports sector growth by empowering Saudi females through training and leadership initiatives. Overall, the military industries sector is expected to generate 60,000 indirect job opportunities by the end of the decade, supporting broader economic diversification goals.
Saudi women soldiers participate in a celebratory march past during the Saudi National Day celebrations in Riyadh on September 23, 2021. (Reuters/File)
The economic expert described this initiative as part of SAMI’s broader collaboration with international universities to enhance national expertise in engineering and advanced manufacturing.
Ramadan said that the sector’s expansion is expected to create thousands of jobs, particularly in high-demand areas such as engineering and electronics, while driving the need for labor in related industries and strengthening private sector participation.
SAMI’s transformation as a catalyst
SAMI marked 2024 as a turning point, launching the Kingdom’s first combat management system, expanding its workforce to over 7,000, and securing global partnerships.
Echoing Ramadan’s insights, Youssef Saidi, research fellow at the Economic Research Forum and a member of the Saudi Economic Association, told Arab News that the Kingdom is undertaking ambitious and wide-ranging initiatives to attract foreign investment into the defense sector.
Youssef Saidi, research fellow at the Economic Research Forum. (Supplied)
“The n Military Industries is leading these efforts through strengthening strategic partnerships and joint ventures with major global companies,” Saidi said, adding that the Kingdom is firmly committed to technology transfer, local defense manufacturing, and investing in national talent and research and development as integral parts of international defense contracts.
He further said that GAMI is working to foster an attractive investment climate, support manufacturers, and leverage ’s considerable defense spending to position the Kingdom as both a regional hub and a global exporter of military products.
Reflecting on SAMI’s development, Saidi highlighted the company’s “profound transformation and rapid growth” since its establishment, which has made it a cornerstone of Vision 2030.
“SAMI has achieved remarkable growth in its revenues and contracts, expanded its employee base by 633 percent to reach 2,500 male and female employees by 2022, and successfully entered the list of top 100 global defense companies, advancing 19 places to rank 79 in 2023,” he said.
Saidi added that, supported by the Kingdom’s status as one of the world’s top defense spenders, these efforts have shifted from a major arms importer into an ambitious, self-reliant player and trusted partner, making it an “international prize” for global defense companies seeking strategic and profitable partnerships.
Startup Wrap — MENA tech raises over $84 million in a week
Startups continue to attract significant investor interest
Updated 10 August 2025
Nour El-Shaeri
RIYADH: Startups across the Middle East and North Africa region continued to attract significant investor interest this week, with funding rounds spanning sectors such as fintech, logistics, artificial intelligence, and digital infrastructure.
From to Egypt and Iraq, emerging ventures are scaling operations, launching new platforms, and forging strategic partnerships to address regional market gaps and support broader economic transformation.
Saudi-based e-commerce logistics company Salasa secured $30 million in a series B round led by Artal Capital, with participation from Saudi Venture Capital, Wa’ed Ventures, 500 Global, Alsulaiman Group, and other strategic investors.
The company, founded in 2017 by Abdulmajeed Al-Yemni and Hasan Al-Hazmi, offers end-to-end logistics services including warehousing, inventory management, last-mile delivery, bonded zones, and cross-border shipping.
The funds will be used to expand Salasa’s fulfillment network and integrate AI into its logistics operations to enhance predictive planning and automation.
“This funding marks a major milestone,” said Al-Yemni, co-founder and CEO. “We’re scaling across fulfillment, technology, and talent to become a tech-first logistics company.”
Al-Hazmi added, “We’re embedding AI across planning, inventory, and fulfillment to create predictive, self-optimising logistics.”
UAE’s Alaan raises $48m series A to scale B2B fintech
Alaan, a UAE-based B2B fintech startup, has raised $48 million in a series A funding round led by Peak XV Partners.
The round also saw participation from Pioneer Fund, 885 Capital, Y Combinator, 468 Capital, and angel investors.
Founded in 2022 by Parthi Duraisamy and Karun Kurien, Alaan offers solutions that allow businesses to issue cards and automate data extraction and financial consolidation. (Supplied)
Founded in 2022 by Parthi Duraisamy and Karun Kurien, Alaan offers solutions that allow businesses to issue cards and automate data extraction and financial consolidation.
Following its recent expansion into , Alaan plans to use the capital to broaden its regional footprint across MENA and enhance its product suite.
In 2023, the company closed a $4.5 million pre-series A round backed by Presight Capital and Y Combinator.
Deep.SA secures $1.2m pre-seed to develop AI for Saudi market
Saudi-based AI startup Deep.SA has raised $1.2 million in a pre-seed funding round led by Tam Development and Raed Ventures, with support from additional investors.
The capital will support Deep.SA’s efforts to enhance its AI capabilities and expand operations within .
The startup aims to create advanced AI solutions tailored to local business needs, in line with the Kingdom’s Vision 2030 objectives of technological innovation and digital transformation.
RIFD lands strategic investment from Antler to scale SME securitization
RIFD, the first Saudi-born fintech enabling institutional securitization of SME trade receivables, has received strategic investment from global venture capital firm Antler.
The investment will help RIFD build the country’s first Shariah-compliant securitization infrastructure and scale its offering across and the wider region.
“SME credit in surpassed SR351.7 billion in Q4 2024, growing over 27.6 percent year-on-year. Yet, receivables-based financing still accounts for less than 6 percent,” said Abdulrahman Al-Dakheel, CEO of RIFD.
“With Antler’s backing, we are poised to scale our vision across and the wider region.” RIFD was recently selected by the Ministry of Communications and Information Technology for its Tech Champions 5 program.
Abdulrahman Al-Dakheel, chief executive officer of RIFD. (Supplied)
Suplyd raises $2m pre-series A to expand Egypt’s HORECA tech
Cairo-based digital procurement startup Suplyd has closed a $2 million pre-series A round led by 4DX Ventures, Camel Ventures, and Plus VC, with participation from Seedstars and existing investors.
Founded in 2022, Suplyd helps hotels, restaurants, and cafes digitize supply chain procurement and order directly from suppliers.
Suplyd claims to have seen 20 times growth since its $1.6 million pre-seed round, and is now serving over 5,000 restaurants.
The company plans to use the new funds to expand its offerings beyond procurement and deepen its presence across Egypt’s restaurant ecosystem.
Iraq’s Boxy raises $1.5m pre-seed to unify last-mile logistics
Iraq-based logistics aggregator Boxy has raised $1.5 million in a pre-seed round led by EQIQ, as part of the firm’s venture-building efforts to enhance Iraq’s digital infrastructure.
Founded in 2024 by Ahmed Baqer and Mehrshad Pezeshk, Boxy aims to streamline the fragmented last-mile delivery sector by integrating couriers into a single, intelligent shipping platform.
The investment will allow Boxy to leverage EQIQ’s network and resources as it builds real-time, optimized delivery solutions for merchants in Iraq.
F6 Ventures launches $90m fund to support early-stage startups
F6 Group, in partnership with Flat6Labs, has launched F6 Ventures, a new seed-stage venture capital firm with over $90 million in assets under management.
The fund will invest in early-stage startups across the Middle East and Africa, addressing gaps at the pre-seed and seed funding levels.
Co-founded by Dina El-Shenoufy and Ramez El-Serafy, F6 Ventures will launch region-specific funds in Africa, the GCC, and the Levant.
The firm aims to raise $200 million and back over 200 startups within five years.
Wuilt raises $2m to expand no-code website builder to GCC
Egypt-based Software-as-a-Service startup Wuilt has raised $2 million in a new funding round led by Flat6Labs and MTF VC, with participation from Hub71, JIMCO, Purity Tech, and angel investors.
Founded in 2019 by Ahmed Rostom and Mahmoud Metwaly, Wuilt enables users to create websites and e-stores without coding.
The company will use the funding to launch a free platform in the UAE by the fourth quarter of 2025, followed by expansion into the GCC and Turkiye in early 2026. Wuilt previously raised a $535,000 seed round in 2020.
Wamda and Inc. Arabia partner to amplify MENA entrepreneurship coverage
Wamda and Inc. Arabia have announced a strategic collaboration aimed at enhancing journalistic coverage of the Middle East and North Africa startup ecosystem.
The partnership brings together Wamda’s regional network and insights with Inc. Arabia’s editorial reach, offering broader access to stories about founders, innovation, and ecosystem enablers.
The initiative aims to highlight the ideas and individuals shaping the region’s entrepreneurship landscape through inclusive and accessible media.
becomes first regional host of OpenAI models via HUMAIN-Groq partnership
has become the first country in the region to host OpenAI’s publicly available models, gpt-oss-120B and gpt-oss-20B, through a local deployment by HUMAIN and Groq.
The models are hosted within HUMAIN’s sovereign data centers and powered by Groq’s high-speed inference infrastructure.
HUMAIN, backed by the Public Investment Fund, said the deployment enables Saudi developers, researchers, and enterprises to access advanced AI tools under national data regulations.
“With the deployment of OpenAI’s most powerful open models, hosted right here inside the Kingdom, Saudi developers, researchers, and enterprises now have direct access to the global frontier of AI,” said HUMAIN CEO Tareq Amin.
KARACHI: The Pakistan Stock Exchange (PSX) has seen an increase of 3.08 percent on a week-on-week basis, a Karachi-based market research firm said on Friday.
The market this week crossed the 140,000-point barrier and closed the weekend session at 145,382.79 points on Friday, according to the PSX website.
The average daily traded volume and value during the week stood at 653 million shares and Rs47 billion ($165 million), respectively.
“This gain can be largely be attributed to buying by mutual funds on inflow of funds as equities performance continue to outshine other asset classes,” Karachi-based Topline Securities said in its weekly review.
Pakistan trade deficit for July clocked in at $2.8 billion, up by 44 percent year on year, according to the report. The country recorded remittance inflows of $3.2 billion last month, down 6 percent month on month and up 7 percent year on year.
Foreign exchange reserves held by the central bank decreased by $72 million on a weekly basis to reach $14.2 billion as of August 1, the central bank reported on Thursday.
KARACHI: Pakistan has begun work on a “National Agri Stack” to build digital infrastructure for its agriculture sector, aiming to boost farmer access to credit, subsidies and markets, the ministry of IT said on Friday.
Agriculture is the backbone of Pakistan’s economy, employing more than a third of the workforce and contributing around a fifth of gross domestic product. The sector faces persistent challenges, however, including low productivity, fragmented landholdings, water scarcity and climate shocks, while farmers often lack formal identification and credit histories needed to access finance.
The Agri Stack initiative, led by the Ministry of Information Technology and Telecommunication (MoITT) in collaboration with the Ministry of National Food Security and Research (MNFSR), the Land Information and Management System (LIMS) and the Special Investment Facilitation Council (SIFC), seeks to integrate land and farmer data, deliver targeted services and improve transparency in farm support.
In simple terms, the Agri Stack will create a “digital ID and online service hub” for every farmer in Pakistan. It will gather all key information — who the farmer is, what land they own or work on, what crops they grow — into one secure system. This means the government, banks and agri companies can deliver the right help directly to the right farmer, including subsidies, loans, crop insurance, weather updates and market prices.
The system is meant to cut out paperwork, reduce delays, stop resources from going to the wrong people and give farmers better tools to grow and sell their crops.
“The Agri Stack will enable verified farmer identities, land data integration, precision advisory, and efficient delivery of services like subsidies, crop insurance, and credit,” said Federal IT Minister Shaza Fatima Khawaja at a stakeholder consultation in Islamabad, according to a statement from the IT ministry.
“This is the architecture for an inclusive and tech-driven agricultural transformation under Prime Minister Shehbaz Sharif’s Digital Nation Pakistan, in collaboration with the Special Investment Facilitation Council (SIFC).”
LIMS Director General Maj Gen (R) M Ayub Ahsan Bhatti said the platform, also called PAKGROW, would “innovate the agricultural arena of Pakistan by transforming and improving the lives of small farmers and convening policymaking.”
The consultation endorsed forming a steering committee co-chaired by MoITT and MNFSR, a technical working group on data and cybersecurity, and pilot projects over the next 12–18 months. Priority areas include smart input subsidies, weather-indexed crop insurance, credit access through alternative data, and market linkages via LIMS.
Officials said the Agri Stack would combine satellite-driven crop intelligence, digital IDs, trusted payment systems and market platforms to create a “digitally empowered agricultural future.”
If implemented effectively, experts say a national Agri Stack could help Pakistan tackle some of its most entrenched agricultural challenges by giving farmers verified digital identities, streamlining subsidy and credit delivery, and providing timely, data-driven advice on crop management.
Integrating land records, satellite imagery, and market information into a single digital platform could reduce leakages in government support programs, expand financial inclusion for smallholders, improve resilience against climate shocks and connect rural producers more directly to buyers. This would ultimately boost productivity, transparency and rural incomes in a sector that underpins both the economy and national food security.
