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Cloud data firm Veeam to buy Pakistani-origin entrepreneur’s Securiti AI for $1.73 billion

Cloud data firm Veeam to buy Pakistani-origin entrepreneur’s Securiti AI for $1.73 billion
Traders work below screens announcing the acquisition of Pakistani-origin entrepreneur’s firm, Securiti AI, by US-based Veeam Software Group, at the New York Stock Exchange, in New York, US, on October 22, 2025. (Veeam)
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Updated 7 min 17 sec ago
Reuters

Cloud data firm Veeam to buy Pakistani-origin entrepreneur’s Securiti AI for $1.73 billion

Cloud data firm Veeam to buy Pakistani-origin entrepreneur’s Securiti AI for $1.73 billion
  • Deal will merge Securiti AI’s Data Command Center with Veeam’s recovery platform
  • Securiti AI CEO Rehan Jalil will be president of security and AI after the deal closes
Updated 7 min 17 sec ago
Reuters

Veeam Software has agreed to buy data privacy management software maker Securiti AI for about $1.73 billion, in a bid to tap customers seeking to safeguard and manage cloud data used in artificial intelligence applications.

The deal would integrate Securiti AI’s Data Command Center product, used to unify and secure data scattered across multiple cloud services, with Veeam’s backup and recovery software, the companies said last week.

Veeam aims to better compete with rivals such as Rubrik (RBRK.N), opens new tab and Commvault Systems (CVLT.O), opens new tab with the acquisition, as cybersecurity incidents surge.

Securiti AI Chief Executive Rehan Jalil will join Veeam as president of security and AI after the transaction closes, which is expected in the fourth quarter, the companies said.

Morgan Stanley advised Securiti AI on the transaction and JPMorgan provided financing to Veeam.

The companies said Veeam will continue to offer the San Jose, California-based Securiti AI’s Data Command Center product and plans to announce integrated capabilities soon.

In December last year, US private equity firm Insight Partners, which is the largest shareholder in Veeam, said it sold a $2 billion stake in the company in a secondary sale valuing the firm at $15 billion.

Veeam was acquired by Insight Partners for about $5 billion in 2020.

Veeam’s software helps customers quickly recover their data after cybersecurity incidents including ransomware attacks as well as accidental data loss.

Its core product supports immutable backups to prevent ransomware from modifying or deleting data, ensuring that clean copies remain available for recovery even if hackers encrypt files.

Topics: Pakistani entrepreneur Pakistan IT industry

Pakistan inflation to clock in at over 5% in Oct led by higher food prices — report

Pakistan inflation to clock in at over 5% in Oct led by higher food prices — report
Updated 10 sec ago

Pakistan inflation to clock in at over 5% in Oct led by higher food prices — report

Pakistan inflation to clock in at over 5% in Oct led by higher food prices — report
  • Key contributors to the food inflation are tomatoes (+27 percent), fresh vegetables (+25 percent), and onions (+10 percent)
  • A shift in global commodity prices remains a major variable that can alter inflation trajectory, it says
Updated 10 sec ago
Arab News Pakistan

ISLAMABAD: Pakistan’s headline inflation, measured by the Consumer Price Index (CPI), is expected to reach 5.25–5.75% in October year on year, a market research firm said on Tuesday.

This is in comparison with 5.61% inflation in Sept. 2025 and 7.17% in Oct. 2024, according to Karachi-based Topline Securities. On a month-on-month basis, inflation for Oct. 2025 is projected at +1.1 percent.

“Food segment is expected to show increase of 1.21% MoM,” the brokerage and research firm said on Tuesday. “The resurgence in food inflation is primarily on the back of supply side effect on food products due to floods and closure of Afghan Border in the country.”

The frontier was closed after days of cross-border strikes and skirmishes between the two countries, which began on Oct. 11, over a surge in militancy in Pakistan’s western regions that border Afghanistan.

Key contributors to food inflation are tomatoes (+27 percent), fresh vegetables (+25 percent), and onions (+10 percent), though fresh fruit and chicken are down 10% and 25 percent, respectively, according to the report.

The transport segment is expected to rise by 1.12% MoM, mainly due to a 2.1% rise in motor fuels, with petrol rising 1.7% and high-speed diesel (HSD) rising 2.5 percent.

In Pakistan, inflation has fallen sharply from a record 37.97% in May 2023, when global commodity shocks, energy price hikes and currency depreciation sent prices soaring.

By late 2024 and early 2025, headline inflation had fallen into single digits on monthly measures, aided by tight monetary policy, base effects and external stabilization efforts.

“With inflation expectations of 5.25-5.75% for Oct. 2025, real rates will surge to 525-575bps, higher than Pakistan’s historic average of 200-300bps,” the report read.

“A significant shift in global commodity prices remains a major variable that could alter the inflation trajectory moving forward.”

Topics: Pakistan economy inflation in Pakistan

Pakistan, agree to launch Economic Cooperation Framework to boost trade, investment ties

Pakistan, agree to launch Economic Cooperation Framework to boost trade, investment ties
Updated 12 min 23 sec ago

Pakistan, agree to launch Economic Cooperation Framework to boost trade, investment ties

Pakistan, agree to launch Economic Cooperation Framework to boost trade, investment ties
  • Framework aims to boost cooperation in energy, mining, IT, tourism and food security sectors
  • Development follows PM Shehbaz Sharif’s meeting with Crown Prince Mohammed bin Salman
Updated 12 min 23 sec ago
Waseem Abbasi

ISLAMABAD: Pakistan and agreed to launch an Economic Cooperation Framework to strengthen trade and investment ties, according to an official statement released in Islamabad on Tuesday, as both sides move to expand their decades-old partnership following the signing of a defense pact last month.

The development comes a day after Prime Minister Shehbaz Sharif met Saudi Crown Prince Mohammed bin Salman on the sidelines of the Future Investment Initiative summit in Riyadh.

Last month, the two countries signed a security agreement pledging that aggression against one would be treated as an attack on both. The move was widely viewed as formalizing longstanding military cooperation into a binding commitment aimed at bolstering joint deterrence.

“Prince Mohammed bin Salman ... and Shehbaz Sharif, Prime Minister of the Islamic Republic of Pakistan, agreed during their meeting held in Riyadh on Monday to launch an Economic Cooperation Framework between the Kingdom of and the Islamic Republic of Pakistan,” the Pakistani prime minister’s Office said in an official statement.

“This framework is based on the two countries’ shared economic interests and reaffirms their mutual desire to strengthen trade and investment relations to serve their common interests,” it added.

According to the statement, several strategic and high-impact projects will be discussed under the framework across economic, trade, investment, and development fields, adding both sides will focus on priority sectors including energy, industry, mining, information technology, tourism, agriculture and food security.

The two countries are also studying joint projects, including two new memorandums of understanding on electricity interconnection and energy cooperation.

The framework, Islamabad said, reflects the two nations’ shared vision to build a sustainable partnership across key economic and investment sectors.

The leaders also expressed hope that the next meeting of the Saudi-Pakistan Supreme Coordination Council, the highest forum for giving strategic direction to bilateral relations, would be convened soon to advance the agenda.

Pakistan and have long enjoyed close ties but have sought to broaden cooperation in recent years.

Last year, the two countries signed 34 memorandums of understanding worth $2.8 billion across multiple sectors.

The two nations share longstanding ties rooted in faith, mutual respect and strategic cooperation, with Riyadh remaining a key political and economic partner of Islamabad.

The Kingdom also hosts more than 2.5 million Pakistani expatriates, the largest source of remittances for Pakistan’s $407 billion economy.

Topics: Pakistan ties Pakistan trade

Pakistan’s growth forecast at 3 percent as World Bank calls for reforms, flood recovery measures

Pakistan’s growth forecast at 3 percent as World Bank calls for reforms, flood recovery measures
Updated 28 October 2025

Pakistan’s growth forecast at 3 percent as World Bank calls for reforms, flood recovery measures

Pakistan’s growth forecast at 3 percent as World Bank calls for reforms, flood recovery measures
  • World Bank says recent floods have imposed significant human costs and economic losses, dampening growth prospects
  • The bank calls for a broader tax base, enhanced privatization efforts and export diversification for inclusive and resilient growth
Updated 28 October 2025
Arab News Pakistan

ISLAMABAD: Pakistan’s economy is expected to grow by 3 percent in the current fiscal year, as recent floods weigh on agriculture and overall recovery, the World Bank said on Tuesday, urging the government to sustain economic reforms to ensure stability and inclusive growth.

In its “Pakistan Development Update: Staying the Course for Growth and Jobs,” the Washington-based lender said growth prospects remain subdued despite a rebound in industry and services, with ongoing fiscal tightening and monetary discipline helping anchor inflation and maintain current account and primary fiscal surpluses.

It noted the current economic outlook has been primarily been tempered by recent floods, which have resulted in significant impact on people and damage to urban areas and agricultural land.

“Pakistan’s recent floods have imposed significant human costs and economic losses, dampening growth prospects and adding pressure on macroeconomic stability,” said Bolormaa Amgaabazar, the World Bank’s Country Director for Pakistan. “Staying the course on reforms and accelerating job creation is critical to maintaining growth along with strengthening social safety nets and infrastructure that protects the most vulnerable.”

The report projected real GDP growth to stay at 3 percent in FY26 before edging up to 3.4 percent in FY27, supported by continued macroeconomic stability and structural reforms.

“Sustaining progress will require a balanced mix of revenue and expenditure measures to manage flood impacts while maintaining progress toward fiscal consolidation,” said Mukhtar Ul Hasan, the report’s lead author.

The World Bank urged Pakistan to broaden its tax base, strengthen revenue administration and reduce the state’s footprint through privatization of state-owned enterprises, while prioritizing climate-resilient infrastructure to mitigate disaster risks.

The report also highlighted that Pakistan’s export share had fallen from 16 percent of GDP in the 1990s to around 10 percent in 2024, leaving the economy heavily dependent on debt and remittance-driven consumption.

It called for deeper trade agreements, stronger trade finance and logistics and expanded digital and energy infrastructure to support export-led growth.

“The government has placed export growth at the center of its development agenda,” said co-author Anna Twum.

“However, tariff reforms alone will not suffice and must be complemented by broader measures to expand access to export markets.”

Pakistan has been a World Bank member since 1950, receiving over $48.3 billion in assistance to date.

The current World Bank portfolio comprises 54 projects worth $15.7 billion, while the International Finance Corporation (IFC), the bank’s private sector arm, has invested about $13 billion across renewable energy, infrastructure and financial inclusion.

Topics: Pakistan GDP growth GDP forecast World Bank

Pakistan says ready to extend assistance as 6.1 magnitude quake injures 22 in Turkiye

Pakistan says ready to extend assistance as 6.1 magnitude quake injures 22 in Turkiye
Updated 28 October 2025

Pakistan says ready to extend assistance as 6.1 magnitude quake injures 22 in Turkiye

Pakistan says ready to extend assistance as 6.1 magnitude quake injures 22 in Turkiye
  • Quake was centered in Sindirgi of Turkiye’s Balikesir province, says country’s disaster management authority
  • Turkiye sits on top of major fault lines, where earthquakes are frequent and often cause substantial damage
Updated 28 October 2025
Arab News Pakistan

ISLAMABAD: Pakistan’s Deputy Prime Minister Ishaq Dar on Tuesday offered humanitarian assistance and aid to Turkiye after a magnitude 6.1 earthquake struck the country’s western region, injuring 22 persons. 

The quake was centered in Sindirgi of Turkiye’s Balikesir province, according to the Disaster and Emergency Management (AFAD) agency. At least three unoccupied buildings and a two-story shop collapsed in Sindirgi, Interior Minister Ali Yerlikaya said.

No casualties were reported but 22 people were injured due to panic-related falls, which can occur because of the physical and psychological impact of earthquakes, according to Balikesir’s governor, Ismail Ustaoglu. 

“Pakistan stands in full solidarity with the people of Türkiye following the 6.1 magnitude earthquake today,” Dar, who also serves as Pakistan’s foreign minister, wrote on X. 

“Pakistan stands ready to extend humanitarian assistance and aid in search and rescue efforts.”

Turkiye sits on top of major fault lines and earthquakes are frequent.

In 2023, a magnitude 7.8 earthquake killed more than 53,000 people in the country and destroyed or damaged hundreds of thousands of buildings in 11 southern and southeastern provinces. Another 6,000 people were killed in the northern parts of neighboring Syria.
 

Topics: Pakistan Turkiye ties turkiye earthquake

Lahore tops global pollution index as Punjab cracks down on crop burning

Lahore tops global pollution index as Punjab cracks down on crop burning
Updated 28 October 2025

Lahore tops global pollution index as Punjab cracks down on crop burning

Lahore tops global pollution index as Punjab cracks down on crop burning
  • Lahore recorded an AQI of 196, placing it in the ‘unhealthy’ category and ahead of New Delhi
  • Punjab to seize vehicles lacking green stickers certifying emission compliance from Nov. 15
Updated 28 October 2025
Kashaf Rehman

ISLAMABAD: Lahore once again topped the list of the world’s most polluted major cities on Tuesday, according to Swiss air quality monitor IQAir, as the Punjab administration said it was taking stern action against farmers burning crop residue that worsens smog across the province each winter.

The smog season in Pakistan begins in late October, peaks from November to January and lasts through February.

It affects much of the eastern province of Punjab, which faces worsening air quality each year due to multiple factors, including vehicle emissions and industrial pollution, which threaten public health and daily life.

“In line with the Chief Minister’s directives, strict action is being taken against those burning crop stubble,” the provincial authorities said in a statement, adding that 27 cases had been registered and fines totaling Rs405,000 ($1,450) imposed in districts including Mandi Bahauddin and Hafizabad.

The Punjab administration also announced that vehicles without a valid “green sticker” certifying compliance with the province’s environmental standards would be seized after November 15.

Only those meeting emission norms will be allowed on the roads, according to an official statement.

Lahore recorded an AQI of 196 at around 1:30 p.m. local time, placing it in the “unhealthy” category and ahead of New Delhi (192) and Beijing (172).

The IQAir live ranking also listed Karachi as the seventh most polluted city globally, underscoring Pakistan’s persistent urban air quality crisis.

Smog can cause sore throats, eye irritation and respiratory illnesses, while long-term exposure increases the risk of stroke, heart disease and lung cancer.

Children are particularly vulnerable due to higher breathing rates and weaker immune systems.

Lahore, a city of around 14 million people, began using anti-smog guns, spraying fine water mist across major roads, for the first time this month in an effort to reduce airborne pollutants.

Topics: smog

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