Houthi fighters seen outside the residence of Yemen’s former president Ali Abdullah Saleh in Sanaa in 2017 as the group announced his killing. AFP
Houthi fighters seen outside the residence of Yemen’s former president Ali Abdullah Saleh in Sanaa in 2017 as the group announced his killing. AFP

2004 - The Houthi insurgency in Yemen

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Updated 20 April 2025
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2004 - The Houthi insurgency in Yemen

2004 - The Houthi insurgency in Yemen
  • Emerging from a remote region of Saada, the Houthis have evolved over the past two decades into a formidable force, challenging Yemenis, regional powers, and even the US

Al-MUKALLA, YEMEN: In September 2004, Yemen’s largest state-run newspaper, Al-Thawara, published a front-page story declaring that the nation’s army had killed Hussein Badruddin Al-Houthi, leader of the newly established Houthi movement, in the northwestern province of Saada, strangling his revolt at birth.

It reported that President Ali Abdullah Saleh had thanked his military and security forces for “completely” defeating the Houthi revolt only months after it began.

More than two decades later it is clear that both the newspaper and Saleh spoke too soon. The Houthis now have control of central and heavily populated northern areas that are home to 70 percent of Yemen’s people.

The Houthis have evolved from a tiny group confined to a range of steep mountains in Saada to a force fighting not only fellow Yemenis and neighboring nations but even the US, with weaponry capable of striking targets as distant as Israel.

A decade before his death, Al-Houthi and his father, along with other Zaidi religious figures, had established Al-Haq, the Party of Truth. In the mid-1990s, Al-Houthi represented the party in the Yemeni parliament. He had also joined the Believing Youth Forum, another Zaidi religious advocacy group, in the early 1990s.

He subsequently abandoned both organizations and dropped out of higher education in Sudan because of his beliefs, which placed him at odds with many fellow Yemenis, including his co-religionists.

How we wrote it




Arab News’ front page covered the 2004 killing of Houthi leader Hussein Badruddin, seen as the group’s end at the time.

In 2002, Al-Houthi devised his movement’s slogan — “God is great! Death to America, death to Israel! Curse the Jews! Victory to Islam!” — and urged his followers to express it in Saada’s mosques and elsewhere in the country, angering the Yemeni authorities.

President Saleh accused Hussein of attempting to “turn back the clock” and restore the imams who had dominated northern Yemen for generations, and of killing troops, harassing people and robbing public funds.

When the Yemeni army killed Al-Houthi in 2004, he was succeeded by his brother, Abdul Malik Al-Houthi, who carried on where his sibling had left off. The conflict with the Yemeni government in Saada continued, on and off, until 2010, leaving much of the province in ruins, hundreds of people dead and many more displaced.

In 2011 the Houthis took advantage of the turmoil in Sanaa, the capital, that followed the Arab Spring-inspired demonstrations against Saleh’s regime, to take full control of Saada province.

Despite a declared commitment to the peaceful pursuit of their goals during their participation in anti-Saleh protests and the UN-brokered National Dialogue Conference that brought together major shareholders in Sanaa to agree a road map for a post-Saleh Yemen, the reach of the Houthis expanded from their Saada heartland.

They launched incursions into Amran, Hajjah and Al-Jawf governorates, attacking public facilities and military bases, and looting weapons to boost their arsenal.

Key Dates

  • 1

    President Ali Abdullah Saleh’s government begins arresting hundreds of Houthi members and issues a bounty for Hussein Badruddin Al-Houthi’s arrest.

    Timeline Image June 18-20, 2004

  • 2

    After months of fighting, Yemeni security forces report Al-Houthi has been killed.

  • 3

    Fighting between the Houthis, now led by Hussein’s brother, Abdul-Malik Al-Houthi, and government forces surges, leaving hundreds dead. Fighting ceases after sides reach an agreement.

  • 4

    Demonstrations calling for an end to Saleh’s 33-year rule begin. Protests spread despite his promise not to seek reelection.

  • 5

    Saleh hands power to his deputy, Abed Rabbo Mansour Hadi, after a year of protests.

    Timeline Image Feb. 27, 2012

  • 6

    Houthis take control of most of Yemen’s capital, Sanaa. The following month, they seize the Red Sea port city of Hodeidah.

    Timeline Image Sept. 21, 2014

  • 7

    After being placed under house arrest by the Houthis, Hadi resigns as president.

  • 8

    Hadi flees the presidential palace in Sanaa and escapes to Aden, where he rescinds his resignation, declares himself the legitimate president, and describes the Houthi takeover as a “coup.”

  • 9

    After repeated pleas from Hadi, Saudi-led coalition forces initiate Operation Decisive Storm in support of the ousted president.

    Timeline Image March 26, 2015

  • 10

    Saleh, the former president, formally announces an alliance with Houthi fighters for the first time. It falls apart 2 years later and he is assassinated by Houthi fighters.

    Timeline Image May 11, 2015

  • 11

    A 2-month, UN-brokered ceasefire agreement between the warring parties lapses.

  • 12

    Houthis hijack Israel-linked cargo ship and hold 25 crew members hostage, marking the beginning of attacks on international shipping in the Red Sea.

    Timeline Image Nov. 19, 2023

  • 13

    Israel strikes Hodeidah’s port in response to drone attack on Tel Aviv, the first in a series of attacks that continues throughout the year.

In February 2012, Abed Rabbo Mansour Hadi succeeded Saleh as president. On Sept. 21, 2014, the Houthis seized the capital, thwarting the transitional process and ushering in another cycle of bloodshed in the impoverished country that would result in the killing of thousands of Yemenis and the displacement of millions.

The ousted former president, Saleh, whose forces had killed the founder of the Houthis a decade previously, now sided with the group, using his continuing influence over the country’s military and security apparatus to facilitate a Houthi military expansion nationwide. He would pay a heavy price for breaking bread with the group.

Responding to Hadi’s pleas as the Houthis marched toward his new stronghold in the port city of Aden in March 2015, a Saudi-led military coalition launched Operation Decisive Storm in Yemen, tipping the balance of the war in Hadi’s favor and helping to contain Houthi military advances.

In December 2017, the uneasy alliance between the Houthis and Saleh fell apart and the former president was assassinated by the group’s fighters.

As the Arab coalition tightened its grip on Houthi weaponry and finances, Iran smuggled advanced drones and missiles to the group, providing the Houthis with the capacity to strike directly against Saudi Arabia and the UAE.

Despite a significant reduction in hostilities across the country under a UN-brokered truce, which came into effect in April 2022, Iran and its proxies in the region continued to smuggle weapons and military experts to the Houthis, who continued to launch deadly attacks on government-controlled areas, recruit fighters and conduct military exercises.




Newly recruited Houthi fighters in 2017 chant slogans as they ride a military vehicle in Sanaa to mobilize more fighters to battlefronts to fight pro-government forces in several Yemeni cities. AFP

In November 2023, the Houthis began to attack international shipping in the Red Sea using drones and missiles, ostensibly in support of the Palestinian people under attack by Israel in Gaza.

Houthi attacks on shipping lanes and against Israel prompted retaliatory strikes from the US, the UK and Israel, drawing the nation into an expanded conflict that exacerbated an already dire humanitarian crisis and pushed Yemen even further from peace.

The Houthis continue to occupy heavily populated areas, including vital locations in northern Yemen such as Sanaa, as well as a vast swath of territory on the western Red Sea coast in Hodeidah province.

The internationally recognized Presidential Leadership Council, led by Rashed Al-Alimi, controls the southern city of Aden, which was declared the country’s interim capital after the Houthis took over Sanaa, as well as southern and eastern provinces. It continues to compete with the Houthis for control of Hodeidah, Marib and Hajjah.

The council, established in 2022, consists of eight members who represent key political, tribal and geographical constituencies in the nation.

With the cessation of hostilities in Gaza under the truce between Hamas and Israel, Yemenis hope that UN-brokered peace talks will soon restart and bring an end to more than a decade of bloodshed and humanitarian disaster in their country.

  • Saeed Al-Batati is a Yemeni journalist based in the southern port city of Al-Mukalla who covers Yemen for Arab News.


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.