The towers of the World Trade Center pour smoke shortly after being struck by two hijacked commercial airplanes in New York on Sept. 11, 2001. Getty Images
The towers of the World Trade Center pour smoke shortly after being struck by two hijacked commercial airplanes in New York on Sept. 11, 2001. Getty Images

2001 - The 9/11 attacks by Al Qaeda

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Updated 19 April 2025
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2001 - The 9/11 attacks by Al Qaeda

2001 - The 9/11 attacks by Al Qaeda
  • The horror that unfolded live on TV led to the ‘war on terror’ that defined our era 

LONDON: The enormity of the events that unfolded in New York on that late-summer Tuesday in 2001 can be measured by the fact that few of the millions who witnessed the horror unfolding live on news broadcasts around the world will ever forget where they were that day. 

I was in the small port of Playa de San Juan on the Spanish island of Tenerife, making last-minute adjustments to the 7.5-meter boat in which I was about to set out in a rowing race across the Atlantic to the Caribbean island of Barbados. 

It was a beautiful day, with the sunlight shimmering on the surface of the gently undulating ocean. Ignorant of the events unfolding at that very moment 5,000 kilometers away across the Atlantic, I was strolling along the picturesque waterfront, heading back to my rented apartment from the small fishing harbor where the race fleet had been assembled, when a shout from one of the other rowers cut into my thoughts. 

He was standing on the other side of the road, in the doorway of a small restaurant that had become our unofficial race headquarters. He called me across and I went inside, blinking as my eyes adjusted to the sudden darkness. The bar was unusually busy for the time of day but no one was sitting at the tables. Instead they were standing, grouped in a semi-circle, staring up in near-silence at a TV suspended above the bar. 

It took a few moments to make sense of what I was seeing. There on the screen were the Twin Towers of the World Trade Center, the establishing shot familiar to anyone who had ever seen a movie set in New York. Unfamiliar, though, was the sight of smoke billowing out of both towers. The image was difficult to comprehend. Could both buildings possibly have caught fire at the same time? 

How we wrote it




Arab News’ multi-page coverage captured the devastation of 9/11, a tragedy that reshaped the world.

Then came the replay of the second strike, as United Airlines Flight 175 flew into the second, South Tower, slicing through the structure as though it were made of paper and disintegrating in a ball of orange flame, instantly destroying all hope that New York was in the grip of some kind of terrible but accidental calamity. 

Over the next few hours and days in Playa de San Juan, there was much discussion about whether it would be appropriate for the race, which all of us recognized to be an essentially frivolous exercise, to go ahead in the shadow of the disaster. 

Some of the rowers, including my teammate, argued for it to be scrapped. In the end, the race went ahead but my teammate’s heart was not in it, and after a week at sea he dropped out and boarded one of the two yachts shadowing the fleet as rescue boats. 

Others, including me, subscribed to the “if we change our way of life the terrorists will have won” argument, although to be honest my motive for pressing on was much more personal and selfish. 

I had trained insanely hard and had taken a leave of absence from my job as a journalist at The Times in London to take part in this race, in a boat I had spent the best part of a year building myself. To not go ahead was unthinkable. 

Key Dates

  • 1

    CIA’s daily presidential briefing, headlined “Bin Laden determined to strike in US,” warns of “suspicious activity in this country consistent with preparations for hijackings.”

  • 2

    American Airlines Flight 11 hits North Tower at 8:46 a.m.; United Airlines Flight 175 hits South Tower at 9:03 a.m.; American Airlines Flight 77 hits Pentagon at 9:37 a.m.; United Airlines Flight 93 crashes near Stonycreek Township, Pennsylvania, at 10:03 a.m.

    Timeline Image Sept. 11, 2001

  • 3

    US Defense Secretary Donald Rumsfeld announces Operation Enduring Freedom, the imminent invasion of Afghanistan and the beginning of the “War on terror.”

    Timeline Image Sept. 25, 2001

  • 4

    Saudi Arabia cuts diplomatic ties with Afghanistan’s Taliban government.

  • 5

    FBI identifies all 19 hijackers: 15 Saudis, two Emiratis, one Lebanese and their leader, Mohammed Atta, from Egypt.

  • 6

    America attacks Afghanistan to overthrow Taliban and dislodge Al-Qaeda.

    Timeline Image Oct. 7, 2001

  • 7

    Taliban insurgency begins in Afghanistan.

  • 8

    US-led coalition invades Iraq.

    Timeline Image March 19, 2003

  • 9

    Bin Laden admits responsibility for attacks.

  • 10

    US Navy SEALs kill Bin Laden in his hideout in Abbottabad, Pakistan.

    Timeline Image May 2, 2011

  • 11

    9/11 memorial completed at site of Twin Towers.

  • 12

    The US withdraws all remaining forces from Afghanistan, ending a 20-year war and effectively paving the way for the Taliban to re-establish control over the country.

In the end, most of us looked for moral guidance to the two Americans crewing the only US boat in the race, and they had no intention of backing out. 

In the days after the attacks, the US government told its citizens abroad to keep a low profile, advice to which one of the oarsmen, a native New Yorker, responded by going nowhere without the Stars and Stripes wrapped proudly around his shoulders. 

In the end, the race started as planned on Oct. 7, 2001. That same day, seemingly striking out in a blind rage, America attacked Afghanistan. The 9/11 attacks, Washington had concluded, were carried out by members of Al-Qaeda, a terror organization that was being sheltered by the Taliban, which had been in control of much of Afghanistan since 1996. 

Alone at sea, my mind was filled with the horrors that had unfolded, from the sight of trapped occupants of the Twin Towers, unable to face the fury of the flames, jumping to their deaths, to thoughts of the dreadful last minutes of the passengers on United Airlines Flight 93, struggling desperately to overcome the hijackers before their aircraft was flown into the ground near Stonycreek Township in Pennsylvania. 

Night after night, I lay flat out on the deck of the boat, exhausted after a day at the oars, gazing at the astonishing panoply of stars and wondering which of the aircraft I could see tracking west to east across the heavens was bearing America’s instruments of revenge. 




A man stands in the rubble, and calls out asking if anyone needs help, after the collapse of the first of the twin towers of the World Trade Center Tower in lower Manhattan, New York on September 11, 2001. AFP

When atmospherics allowed, I tuned into the Voice of America on the shortwave radio, and listened as the US launched its “war on terror” and the world slipped steadily toward a disaster that ultimately would cost many more lives than the approximately 3,000 lost on 9/11. 

Having ousted the Taliban government, the authority of which had been recognized by a number of countries, the US and its replacement Afghan Interim Administration found themselves facing a Taliban reborn as an insurgency. 

America had embarked on what would become the longest war in its history. That “forever war,” as President Joe Biden called it, lasted 20 years, only ending on Aug. 30, 2021, with the withdrawal of all remaining US forces in a deal that put the Taliban back in power. 

That entirely futile, 20-year circular excursion cost the lives of more than 7,300 US and allied troops and contractors, and 170,000 Afghan military, police, civilians and opposition fighters. More than 67,000 people in Pakistan also lost their lives. 

As for Osama bin Laden, the man who masterminded the attacks, he narrowly escaped US ground troops in Afghanistan in December 2001, and remained at large for almost a decade before American special forces found and killed him at his hideout in Abbottabad, Pakistan, in May 2011. 




Former US President George W. Bush, aboard Air Force One, speaks with New York Mayor Rudy Giuliani and Gov. George Pataki about the two planes that crashed into the World Trade Center and the one that hit the Pentagon. AFP

In the meantime, as another part of the “war on terror” announced by President George W. Bush in September 2001, a coalition of US-led forces invaded Iraq in March 2003, on the pretext that dictator Saddam Hussein possessed weapons of mass destruction. 

He did not. But the fallout from 9/11 settled over Iraq and the wider region like a black cloud of ash, smothering its economy, costing thousands of additional lives and, arguably, unleashing Al-Qaeda-allied Daesh and its ruinous bid to establish an extremist “caliphate” across vast tracts of the Middle East. 

It was only after my feet finally touched dry land again that I realized the full extent of how the events of 9/11 had altered the world and, crucially, the dynamic between West and East. To my surprise — not to say dismay — my only son had joined the UK’s Royal Marines, and in early 2003 he left for Kuwait prior to the invasion of Iraq. 

That spring, I spent many weeks huddled once again around a TV set, keeping my phone close and hoping not to receive the news that would devastate so many families, West and East, that year and for many more to come. 

Mercifully, my son survived. Not all of his companions did. After 9/11, nobody’s world would ever be quite the same again. 

  • Jonathan Gornall is a British journalist, formerly with The Times, who has lived and worked in the Middle East and is now based in the UK.  

 


Saudi Arabia steps up dugong conservation

Saudi Arabia steps up dugong conservation
Updated 6 min 37 sec ago
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Saudi Arabia steps up dugong conservation

Saudi Arabia steps up dugong conservation
  • Found in the country’s warm coastal waters, the species is considered an important marker of the health and stability of marine ecosystems
  • During Saudi Arabia’s Environment Week, the dugong featured prominently in events

RIYADH: The dugong, or Dugong dugon, a marine mammal classified as vulnerable, remains a key indicator of marine biodiversity in Saudi Arabia. 

Found in the country’s warm coastal waters, the species is considered an important marker of the health and stability of marine ecosystems, the Saudi Press Agency reported. 

During Saudi Arabia’s Environment Week, the dugong featured prominently in events, drawing attention to ongoing conservation efforts and the responsibilities shared by researchers, environmental advocates, and policymakers.

The National Center for Wildlife is leading initiatives to protect the dugong from further population decline. These efforts by the center include satellite tracking and scientific research to monitor its distribution in Saudi Arabia’s territorial waters. 

Additionally, national plans are in place to manage and rehabilitate the species’ natural habitats, supporting long-term sustainability and the conditions necessary for dugong reproduction and survival. 

On the international front, Saudi Arabia continues to strengthen global cooperation in marine conservation. 

In 2013, the Kingdom signed an agreement to protect dugongs and their habitats and has taken part in initiatives such as the Pacific Year of the Dugong, launched in 2011.

Throughout Environment Week, the center presented recent studies and carried out public outreach activities. 

Educational programs were provided to students, visitors, and marine life enthusiasts, emphasizing the dugong’s ecological role and the importance of preserving its habitat.

The center also showcased modern tracking technologies used to study the species and its movements, the SPA reported.


Pakistan praises Islamic Development Bank’s anti-polio efforts, with $587 million disbursed since 2013

Pakistan praises Islamic Development Bank’s anti-polio efforts, with $587 million disbursed since 2013
Updated 13 min 46 sec ago
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Pakistan praises Islamic Development Bank’s anti-polio efforts, with $587 million disbursed since 2013

Pakistan praises Islamic Development Bank’s anti-polio efforts, with $587 million disbursed since 2013
  • PM’s focal person for polio eradication, Ayesha Raza Farooq, meets IsDB delegation in Islamabad
  • IsDB is one of largest financiers of Pakistan’s anti-polio program, announced $587 million loan in 2023

ISLAMABAD: Pakistani prime minister’s aide on polio eradication, Ayesha Raza Farooq, on Tuesday acknowledged the Islamic Development Bank’s (IsDB) financial and strategic contributions to sustain its anti-polio program in the country. 

The IsDB has contributed over $587 million to eradicate poliovirus from Pakistan since 2013, making it one of the largest financiers of the country’s anti-polio program. It announced a loan of $100 million in December 2023 to support Pakistan’s polio eradication efforts. 

Farooq met a high-level delegation of the IsDB’s Regional Hub in Turkiye at the National Emergency Operations Center (NEOC) in Islamabad on Tuesday, the Pakistan Polio Eradication Programme said. 

“The Islamic Development Bank has been a pillar of strength for the Pakistan Polio Eradication Programme, especially during its most challenging phases,” Farooq was quoted as saying by Pakistan’s anti-polio program. 

“Your financial and strategic contributions have been instrumental in sustaining the program and ensuring that vaccination campaigns reach the most vulnerable children across the country.”

Pakistan is only one of two countries worldwide where polio remains endemic. The Pakistani government launched a seven-day nationwide campaign on Monday to vaccinate over 45 million children against the disease. 

Dr. Walid Mohamad Abdelwahab, director of the IsDB’s regional hub in Turkiye, reaffirmed the institution’s support for Pakistan in achieving a polio-free future, the statement said. He commended Pakistan for its efforts and collaboration in the fight against polio, it added. 

The delegation briefly visited the NEOC control room following the meeting, where they were informed about the national reach of the campaign. The IsDB delegation was told the campaign would cover over 45.4 million children through the efforts of more than 400,000 frontline health workers via door-to-door vaccinations.

“IsDB commended the Government of Pakistan’s relentless efforts and reaffirmed its support in reaching the last mile of polio eradication,” Pakistan’s anti-polio program said.

In 2024, Pakistan reported an alarming 74 polio cases. The country’s polio program, launched in 1994, has faced persistent challenges including vaccine misinformation and resistance from some religious hard-liners, who claim immunization is a foreign conspiracy to sterilize Muslim children or a guise for Western espionage. 

Militant groups have also repeatedly targeted and killed polio vaccination workers during nationwide drives.


Saudi Arabia tops emerging markets’ venture capital funding, overtakes Singapore 

Saudi Arabia tops emerging markets’ venture capital funding, overtakes Singapore 
Updated 16 min 26 sec ago
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Saudi Arabia tops emerging markets’ venture capital funding, overtakes Singapore 

Saudi Arabia tops emerging markets’ venture capital funding, overtakes Singapore 

RIYADH: Saudi Arabia has overtaken Singapore as the premier destination for venture capital funds across emerging markets after it secured $391 million in the first quarter of 2025.

The 53 percent year-on-year rise helped propel the Kingdom to becoming the highest-performing country across the Middle East, Africa, Pakistan, Turkiye, and Southeast Asia in terms of total funding during the three-month period, as revealed in the latest analysis by venture data platform MAGNiTT. 

While the standout $160 million series E round by fintech unicorn Tabby contributed significantly to the overall figure, the broader investment ecosystem showed resilience with non-MEGA deal funding, which are transactions below $100 million, rising 9 percent quarter-on-quarter. 

“This consistency signals a strengthening pipeline backed by sovereign LPs (limited partners) like SVC (Saudi Venture Capital), a growing cohort of accelerators, and successful exits like Rasan’s IPO (initial public offering),” according to MAGNiTT’s report. 

Saudi Arabia leads MENA funding and deal activity 

Saudi Arabia led the EVMs and continued its dominance in the Middle East and North Africa region. 

The Kingdom captured 58 percent of all MENA venture funding and accounted for 41 percent of transactions, far outpacing regional peers. 

According to MAGNiTT, the Kingdom achieved an 87 percent year-on-year increase in non-mega deal funding and a 437 percent rise in series A and B rounds, supported by sizable transactions such as those by Ula.me and Merit Incentives, each raising $28 million. 

The rise in Saudi venture capital investment comes amid a broader rebound in the MENA region. 

Total funding across MENA reached $678 million in the first quarter of 2025, a 58 percent increase year on year, despite a 21 percent decline in deal count to 133 transactions. 

The surge was supported by improved investor sentiment following late 2024 interest rate cuts across the Gulf, along with sustained sovereign fund activity and flagship ecosystem initiatives such as LEAP 2025. 

In terms of historical share, Saudi Arabia’s ascent has been significant. It expanded its share of MENA venture funding to 58 percent in the first quarter of the year, up from 39 percent in 2024 and 51 percent in 2023. 

This upward trajectory has positioned the Kingdom as the central engine of regional VC activity, reversing a period during which the UAE held the lead. 

The ecosystem shift also reflects a structural change in capital allocation. The first quarter saw non-mega deals rise for the fourth consecutive quarter, and early-stage investments in series A and B rounds increased by 50 percent quarter-on-quarter. 

In contrast, Southeast Asia reported its weakest early-stage quarter in seven years, with Singapore’s funding falling by 61 percent year on year to $377 million. 

The gap signals a shift in global investor preference as capital increasingly flows toward markets like Saudi Arabia, where macroeconomic stability, proactive policy, and institutional backing provide a conducive environment for venture growth. 

With 54 deals completed, the Kingdom reported the smallest year-on-year decline in deal count among the region’s top three markets, supported by a robust early-stage pipeline. 

Fintech dominates sector activity 

Fintech remained the most active and well-funded sector across MENA, particularly in Saudi Arabia, contributing 30 percent of all deals and capturing 57 percent of total regional funding. 

The sector saw a 362 percent year-on-year increase in funding, totaling $384 million, driven by Tabby’s $160 million MEGA round and strong underlying demand for digital finance solutions. 

Notably, 35 percent of all fintech deals in the first quarter of 2025 were in the $5 million to $20 million range, up 24 percentage points from the same period last year, demonstrating increasing maturity and scalability across the sector. 

Enterprise Software was the second most transacted and funded vertical, propelled by activity in Saudi Arabia and the UAE, accounting for 75 percent of all sector deals. 

Within this segment, the productivity apps sub-sector achieved record performance with six deals, including Merit Incentives’ $28 million and Qeen.ai’s $10 million rounds. The enterprise category posted a 112 percent annual growth in funding to reach $61 million. 

Saudi Arabia drives top-tier transactions and investor participation 

While deal volume across MENA dropped 21 percent year on year to just 133 transactions — one of the lowest quarterly figures in five years — Saudi Arabia defied the trend, maintaining strong early-stage momentum.

MAGNiTT noted that deal activity in the up to $1 million bracket declined 8 percentage points year on year to just 31 percent, while deals in the $5 million to $20 million and over $20 million brackets saw increases of 4 percentage points and 3 percentage points, respectively. 

This reallocation of capital reflects investors’ growing appetite for scale-ready startups in more advanced funding stages. 

Pre-seed to pre-series A activity in the Kingdom saw a 14 percent increase, highlighting the nation’s strengthening foundation for long-term growth. 

The shift in capital allocation patterns also reinforced Saudi Arabia’s strategic focus. 

The share of deals in the $1 million to $5 million range rose to 46 percent, the highest proportion in five years, mirroring a broader pivot across MENA toward larger, more scalable investment opportunities. 

Simultaneously, the lowest-value ticket size, $0 to $1 million, fell to 31 percent of deals, down 8 percentage points from the previous year. 

Five of the region’s 10 largest deals originated from the Kingdom, including Tabby’s round, the sole mega deal of the quarter, alongside significant rounds by Zension, with $30 million and Merit Incentives. 

According to MAGNiTT, this concentration of large-ticket transactions underscores the depth of investor confidence in the Saudi startup ecosystem.

Investor engagement in the Kingdom was also evident in the breakdown of top deals. The nation hosted more top-10 deals than any other MENA country, with fintech leading as the most represented industry. 

Blue Pool Capital and Hassana Investment Co. emerged as the most prominent backers, jointly deploying an estimated $53.3 million across key transactions, with fintech accounting for four of the top 10 deals. 

Exit environment strengthens on record M&A activity 

Saudi Arabia’s momentum was further underscored by a robust exit environment, with the MENA region recording 21 exits, up 163 percent year on year, marking the strongest quarter for mergers and acquisitions since MAGNiTT began tracking. 

The Kingdom’s IPO pipeline also improved, adding another layer of attractiveness to its startup ecosystem. 

While the regional rebound was attributed to easing inflation, improved liquidity, and pre-US tariff optimism, MAGNiTT emphasized that: “Saudi Arabia’s IPO and M&A momentum are now integral to the region’s exit environment.” 

Despite this surge, the median time to exit via M&A lengthened to six years, up from five in 2024, reflecting continued challenges for early-stage startup liquidity. 

Geopolitical risks introduce uncertainty to venture outlook 

Despite strong regional performance, MAGNiTT highlighted emerging risks that could disrupt momentum. 

“While Q1 2025 was a positive start to the year … that momentum is now under threat,” said Philip Bahoshy, CEO of MAGNiTT. 

He added that the new US tariff policies have created uncertainty in both the public and private markets over the last couple of weeks, which can create a challenge for decision-makers who are likely to be in a risk-off mindset.

“In venture capital, this uncertainty is likely to impact three areas: the deployment of capital from LPs to VCs, VCs’ willingness to make decisions in uncertain times, and finally, startups’ ability to raise funds,” said Bahoshy.

He noted that while global volatility persists, long-term fundamentals in EVMs remain strong. 

“Despite global headwinds, emerging venture markets continue to present compelling long-term opportunities. MENA, in particular, is uniquely positioned for sustained growth thanks to deep pools of local capital, pro-entrepreneurship policy, and active sovereign support,” Bahoshy added. 

“As global investors diversify beyond traditional markets, regions like MENA and Southeast Asia are poised to attract fresh capital — particularly in tech-led sectors that are strategically positioned and less exposed to tariff volatility,” the CEO said.


Bangladesh’s largest private airline starts Riyadh flights as demand grows

Bangladesh’s largest private airline starts Riyadh flights as demand grows
Updated 29 min 20 sec ago
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Bangladesh’s largest private airline starts Riyadh flights as demand grows

Bangladesh’s largest private airline starts Riyadh flights as demand grows
  • US-Bangla Airlines offers 5 weekly flights on Dhaka–Riyadh route
  • First private Bangladeshi carrier to operate flights to the Kingdom

DHAKA: US-Bangla Airlines, the largest airline in Bangladesh by fleet size, has launched direct flights from Dhaka to Riyadh amid increasing demand for travel to Saudi Arabia.

The inaugural flight from Hazrat Shahjalal International Airport to King Khalid International Airport took off on Monday, with 423 passengers on board.

The flights will run five times a week on an Airbus 330 aircraft, with plans to gradually expand to daily service.

“Today, also, we are flying with full occupancy. There is always demand for destinations in the Middle East,” Kamrul Islam, the carrier’s general manager for public relations, told Arab News on Tuesday.

“We are receiving very good responses from the passengers ... The route will soon be served by daily flights.”

The airline is tapping into the growing market for Middle East travel. Flights to Saudi Arabia have been too few to accommodate the needs of some 3 million Bangladeshi workers in the Kingdom and hundreds of thousands of people traveling for the annual Hajj and Umrah pilgrimages.

In August last year, it launched daily flights to Jeddah, becoming the first — and so far the only — private Bangladeshi airline to fly to the Kingdom.

“Our aim is to start flight operations gradually in all the destinations where Bangladeshi migrants live,” Islam said.

“In the near future, we are planning to begin flight operations to Dammam and Madinah. Our plan is to begin these flights by the next year. It takes six to seven months of preparations to launch a new station.”

Founded in 2010, US-Bangla Airlines started as a domestic carrier and has lately expanded its routes to go international. The Riyadh route marks the airline’s 14th international destination and sixth in the Middle East.

“Every destination in the Middle East is a base for Bangladeshi migrants,” Islam said.

“We are currently operating also to other places in the region, like Dubai, Sharjah, Abu Dhabi, Muscat, and Doha.”

With its latest acquisition of new Airbus A330 and Boeing 737 aircraft last year, the carrier has become the largest airline in Bangladesh by fleet size.

With the additions, the US-Bangla fleet now consists of 24 aircraft, while the national flag carrier Biman has 21.


Pakistan looks to boost US imports, remove non-tariff barriers to escape Trump measures

Pakistan looks to boost US imports, remove non-tariff barriers to escape Trump measures
Updated 33 min 29 sec ago
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Pakistan looks to boost US imports, remove non-tariff barriers to escape Trump measures

Pakistan looks to boost US imports, remove non-tariff barriers to escape Trump measures
  • Pakistan’s government mulling options which range from importing crude oil from the US to abolishing tariffs on American imports
  • Islamabad is trying to appease the US to seek reprieve from the 29 percent reciprocal tariffs imposed by President Donald Trump last month

ISLAMABAD: Finance Minister Muhammad Aurangzeb told Bloomberg this week Pakistan is looking to buy more goods from the US and remove non-tariffs barriers to escape President Donald Trump’s high tariffs.

Pakistan’s government is mulling options, which range from importing crude oil from the US to abolishing tariffs on American imports, as Islamabad attempts to offset a trade imbalance that has triggered higher tariffs from Washington. 

“It’s a bigger canvas that we are looking at in terms of engaging the US,” Aurangzeb said in an interview with Bloomberg News on Monday ahead of the IMF-World Bank spring meetings in Washington. “We will constructively engage, and we will have a formal delegation coming in.”

Pakistan is looking to buy more cotton and soybean from the US, the finance chief said, adding that it is also in talks to tear down non-trade barriers to open its markets to more US products.

“We can also look at if there are any issues with respect to non-tariff discussion, whether there are any onerous inspections at our end for US products, we can obviously view that.”

Islamabad is trying to appease the US to seek reprieve from the 29 percent reciprocal tariffs imposed by Trump. While those levies are on hold until July, Pakistan has said it will send a trade delegation to Washington in the coming months to bridge the trade gap. 

The US is Pakistan’s largest export market with over $5 billion in annual exports as of 2024, while Pakistan’s imports from the US are about $2.1 billion.

The finance minister said the country is also open to foreign direct investments from US firms in its recently opened minerals and mining sectors.

Aurangzeb, a close aide of Prime Minister Shehbaz Sharif, is in the US for a nearly week-long trip to participate in the Spring Meetings of the International Monetary Fund and the World Bank. The former JPMorgan Chase & Co. banker said that the crisis-ridden nation will tap the international capital markets to secure more funds for a sustainable growth.

“What we are looking for is how we get away from a boom-and-bust cycle which Pakistan has gone through and get on to a sustainable growth path,” he told Bloomberg. 

Pakistan is preparing to debut its first-ever Panda bond in the range of $200 million to $250 million that will likely take place in the fourth quarter of this year, the minister added.

Authorities are trying to rebuild Pakistan’s tattered economy after it came close to a default in 2023. Last month, the South Asian nation won an initial nod for a $2.3 billion IMF loan that will give it funding visibility until 2027. 

Last week, Fitch upgraded Pakistan’s credit rating, citing confidence that the South Asian country will be able to sustain reforms under the IMF loan program.