KARACHI: Pakistan’s foreign exchange reserves have more than tripled since early 2023, driven by a surplus in the external current account rather than fresh borrowing, the top central bank official said, according to a statement on Saturday, as the country targets $14 billion in reserves by June.
Pakistan’s forex reserves had touched critically low levels two years ago, giving it an import cover of less than a month. Faced with the threat of a sovereign debt default, the country secured a $3 billion short-term International Monetary Fund (IMF) bailout, tightened fiscal and monetary policies, restricted imports and allowed greater exchange rate flexibility.
Governor of the State Bank of Pakistan, Jameel Ahmad, told senior executives from global financial and investment institutions on the sidelines of the IMF-World Bank Spring Meetings in Washington the country’s external buffers had seen a “substantial qualitative as well as quantitative improvement” since then, as he briefed them about the current economic situation.
“Unlike previous episodes of reserve build-up, the ongoing rise in external buffers is not due to any further accumulation of external debt,” he said. “In fact, Pakistan’s public sector external debt, both in absolute terms and as a percent of GDP, has declined since June 2022.”
Ahmad added that the central bank had been able to strengthen reserves through foreign exchange purchases in the open market, supported by a current account surplus.
“The SBP is targeting to increase [forex] reserves to $14 billion by June 2025,” he said.
Ahmad said Pakistan had made tangible progress in stabilizing its economy, crediting a prudent monetary policy and sustained fiscal consolidation efforts for the improvement.
He informed that headline inflation had declined sharply over the past two years, reaching a multi-decade low of 0.7 percent in March 2025, while core inflation had also dropped from above 22 percent to a single digit and was expected to moderate further in the coming months.
KARACHI: Pakistan’s information technology (IT) sector expects exports to reach $4 billion in the current fiscal year and seeks regulatory reforms and a 10-year tax holiday to sustain growth momentum, said the country’s top software association on Saturday.
The IT sector is one of Pakistan’s priority industries as the country looks to boost export revenues and stabilize its external accounts.
Under the government’s “Uraan Pakistan” initiative, launched last year in December, Islamabad aims to raise IT exports to $10 billion by 2029.
Industry leaders say IT remains one of the few sectors capable of exponential growth despite the broader economic challenges.
“Muhammad Umair Nizam, Senior Vice Chairman of Pakistan Software Houses Association (P@SHA), has apprised that information technology has become the fastest growing export industry of Pakistan – and, the country is set to achieve $4 billion in its IT exports for the FY25,” the software association said in a statement, adding that Pakistan’s IT exports stood at $3.2 billion in the last fiscal year with the prospect for a 25% year-on-year growth.
However, P@SHA warned regulatory bottlenecks and inconsistent tax policies were hampering the sector’s expansion at a time when new tech sub-sectors were emerging.
The association said it had also submitted detailed budget proposals to the government, seeking a facilitative framework that includes streamlined foreign exchange regulations, banking sector support, removal of sales tax anomalies and accelerated development of special technology zones and IT parks.
Pakistan’s IT industry is the only sector with a trade surplus of around 75%, the statement said, underlining its potential to create jobs, develop skilled human capital and reduce the trade deficit on a sustainable basis.
The software association also raised concerns over income tax disparities between salaried employees and freelancers, saying the current structure discourages formal employment and needs urgent correction in the upcoming federal budget.
Saudi Arabia’s webook.com eyes billion-dollar valuation, global expansion
Updated 26 April 2025
Nour El-Shaeri
RIYADH: Saudi Arabia-based event booking platform webook.com has unveiled an ambitious roadmap aimed at achieving a billion-dollar valuation and a future listing on the stock exchange.
Positioning itself as the “ultimate super app for fun,” the company is rapidly expanding its offerings beyond event ticketing. New services include flight and hotel bookings, restaurant reservations, sports facility access, and live streaming. The platform is also leveraging cutting-edge technology and forging strategic partnerships to accelerate its global reach.
In an interview with Arab News, Nadeem Bakhsh, CEO of webook.com, highlighted the company’s growth strategy, structured around four key pillars: diversification, innovation, globalization, and automation.
“Our goal is to become the ultimate super app for fun worldwide, helping people discover and book experiences that bring them together,” Bakhsh said.
Strategic blueprint for growth
Webook.com’s roadmap—referred to internally as DIGA—outlines a methodical approach to scaling the business and establishing a global presence.
The first pillar, diversification, focuses on broadening revenue streams by integrating travel and hospitality services such as flights, hotels, and dining. The company is also fostering fan communities to deepen user engagement.
Innovation plays a central role, with webook.com deploying advanced technologies to streamline the user experience. New features include ticket auctions, built-in resale options, anti-scalping protections, and interactive community tools, all designed to offer a secure and seamless platform.
Under its globalization initiative, webook.com has already launched operations in eight countries and continues to grow its international team to support further expansion.
Meanwhile, automation is enabling the company to scale efficiently. By optimizing its engineering and operational infrastructure, webook.com aims to deliver a frictionless customer experience while supporting its broader growth ambitions.
Rapid international expansion and user growth
The event platform is rapidly expanding its international footprint, claiming a user base of more than 7 million across 160 countries and access to over 520 global events since its launch.
The company credits its rapid growth to an unwavering focus on user experience and strategic collaborations.
Nadeem Bakhsh, CEO of webook.com.
“User experience is at the heart of our success,” said Bakhsh. “We have built a strong design and research team that benchmarks best practices from industries such as banking, e-commerce, transport, and social networks.”
In addition to refining its platform’s usability, webook.com has developed tailored tools for event organizers and partners, ensuring system stability even during peak demand.
“Unlike recently publicized high-profile concerts like Taylor Swift and Coldplay, where overwhelming demand left fans frustrated, our infrastructure guarantees high performance,” the CEO noted.
Lifestyle integration, dining partnerships
Expanding its footprint beyond ticketing, webook.com is weaving lifestyle services into its ecosystem. A notable partnership with dining reservation platform Servme aims to enhance the post-event experience by linking event attendees with nearby restaurants in Saudi Arabia.
“We have 8 million users, many of whom actively seek entertainment and dining experiences,” Bakhsh said. “During peak season, we process an average of 100,000 tickets per day, with a high of 150,000 on a single day. Each ticket presents an opportunity to upsell dining options.”
Using data-driven personalization, webook.com recommends dining venues based on users’ tastes and spending habits.
“Seamless integration allows users to book restaurants near their event venue effortlessly, enhancing their overall experience while driving traffic to restaurant partners,” Bakhsh explained.
Boosting digital streaming capabilities
In parallel, the platform is advancing its digital streaming features, bolstered by exclusive rights to Riyadh Season events.
“Our streaming service is built on a scalable infrastructure that can handle millions of users simultaneously,” Bakhsh said.
To enrich the virtual experience, the company is integrating interactive features such as live polls, real-time chat, and merchandise auctions during concerts.
“Our goal is to offer a virtual front-row experience, ensuring users never miss a moment, whether they are at the venue or streaming remotely,” Bakhsh said.
Looking ahead, webook.com is also building out pay-per-view capabilities for sports events, including boxing, and exploring multi-angle viewing to create a more immersive streaming experience.
Tackling fraud and enhancing security
Ticket fraud remains a widespread issue in the live events industry, and webook.com is taking aggressive measures to address it. Over the past year, the platform has nullified 40,000 black market tickets and shut down more than 5,000 fraudulent accounts.
“We have also launched a verified resale platform, which has facilitated the sale of over 200,000 tickets through official channels,” said Bakhsh.
In addition to digital safeguards, the company is pursuing legal action against major black market platforms.
“While fraudsters continuously adapt, our dedicated anti-fraud team works proactively to stay ahead, ensuring a safe and seamless experience for our users,” he added.
Strengthening sports ticketing presence
Webook.com has recently secured a three-year partnership with the Roshn Saudi League to manage ticket sales for football matches, reinforcing its role in the sports sector.
“This partnership aligns perfectly with our mission to be the gateway for entertainment,” Bakhsh said. “It allows us to strengthen our presence in sports ticketing while providing fans with a seamless booking experience on one platform.”
Future plans include exclusive fan content, loyalty programs, and community-driven in-app features.
“For the league, it ensures a reliable and fraud-free ticketing system while expanding reach through webook.com’s growing user base,” he said.
From local roots to global vision
The company’s journey began under its original name, Halayalla, which Bakhsh said was limiting in terms of international reach.
“Our former and original brand had a very local flair but didn’t translate internationally and wasn’t descriptive as to what we do,” he explained.
Following extensive market research and testing, the company rebranded to webook.com, a move that significantly boosted its global recognition and credibility.
IPO preparations underway
As part of its long-term vision, webook.com is actively preparing for an initial public offering. The company is enhancing its internal governance, aligning with global regulatory standards, and bringing in experienced leadership.
“Over the past year and a half, we have been hiring a CFO with IPO experience and engaging a top consultancy for an IPO readiness assessment,” Bakhsh said.
“Our three-to-four-year timeline for the listing is carefully structured, with every step aligned to ensure a smooth transition to becoming a publicly traded company.”
The company is also working with leading consultants to streamline operations and ensure full transparency under public market scrutiny.
Looking ahead
With operations already established in Morocco and Bahrain, webook.com is now focused on Europe as it charts its five-year growth trajectory.
“Our vision is to make webook.com a household name from Hawaii to Tokyo,” Bakhsh said.
To achieve this, the company plans continued investments in technology, talent, brand development, and platform security—while keeping customer satisfaction at the forefront.
“We remain committed to delivering the best possible experience for our users as the super app for fun,” he said, adding: “Our priority is ensuring users can easily discover, book, and enjoy world-class events effortlessly.”
With its momentum building, webook.com is poised to reshape the global event booking landscape through innovation, security, and a customer-first approach.
FIFA World Cup 2034 a ‘game changer’ for Saudi tourism, experts say
Updated 25 April 2025
Nirmal Narayanan
RIYADH: Hosting the FIFA World Cup in 2034 is expected to transform Saudi Arabia's tourism sector and accelerate the nation’s economic diversification, experts said.
The Kingdom was awarded the competition by the sport’s international governing body in December, and is set to hold the event in 15 stadiums across five cities.
Saudi Arabia’s sports tourism sector has been witnessing rapid growth since the launch of Vision 2030 nine years ago, with the Kingdom drawing 2.5 million visitors through 80 international events in the last four years, Tourism Minister Ahmed Al-Khateeb said in February.
Bolstering the tourism sector is one of the crucial goals outlined in Saudi Arabia’s Vision 2030 initiative, as the Kingdom is steadily diversifying its economy by reducing its decade-long reliance on oil revenues.
Saudi Arabia’s ambitious National Tourism Strategy aims to attract 150 million visitors by the end of this decade.
Cristiano Ronaldo is one of a host of footballing superstars who now play in the Saudi league. Getty
Speaking to Arab News, Federico Pienovi, chief business officer and CEO of New Markets at Globant, said that the mega football event presents immense opportunities for the Kingdom to develop multiple sectors.
“Hosting the FIFA World Cup is a game-changer for Saudi Arabia’s tourism sector. For Saudi Arabia, FIFA World Cup 2034 represents a key milestone in its Vision 2030 strategy, accelerating economic diversification beyond oil by boosting tourism, hospitality, infrastructure, and smart city development,” said Pienovi.
He added that the tournament accelerates the Kingdom’s tourist number ambitions by putting Saudi Arabia on the map for future leisure and business tourism.
Guillaume Thibault, partner and head of sports and entertainment at Oliver Wyman for India, the Middle East and Africa, echoed similar views and said the football gala will be a major catalyst for Saudi Arabia’s economic diversification, attracting over 10 million international visitors.
Thibault added that the event is also expected to accelerate Saudi Arabia’s national strategies in tourism, transport, and quality of life, creating opportunities in construction, hospitality, fan engagement, and talent development — all while mobilizing private sector investment.
Argentina won the World Cup the only other time the competition was held in the region — Qatar in 2022. Getty
The Oliver Wyman official further said that hosting events such as the FIFA World Cup could boost the gross domestic product of Saudi Arabia, as well as creating immense job opportunities.
“On a macroeconomic level, past World Cups have contributed up to 10 percent GDP growth, as seen in South Africa 2010, while creating tens of thousands of jobs. Saudi Arabia can maximize its investment impact by aligning with local businesses and PIF-backed companies, ensuring long-term economic gains and positioning itself as a global sports and business hub,” said Thibault.
Max Klante, managing director and partner of Boston Consulting Group, said that major sporting events such as the 2034 World Cup, Formula 1, and the upcoming Asian games, will serve as an entry point for global audiences, showcasing Saudi Arabia as a travel destination.
“They provide a platform to highlight the Kingdom’s culture, heritage, and landscapes to the world while showcasing new and exciting entertainment and cultural experiences such as eSports and adventure extreme sports. The integration of sports, media, entertainment, and culture boosts international visibility and fosters long-term tourism growth,” said Klante.
Saudi Arabia has already hosted several major sporting events, including the WWE Super Showdown, the Saudi Pro-Golf Championship, Battle of the Champions, and Formula E.
The Kingdom has also witnessed E-Prix, the International Handball Federation Super Globe and the Saudi International Meeting for Disabilities Sport, as well as organizing the auction of players for the 2025 Indian Premier League, a major cricketing event which features 10 professional clubs.
Long-term impacts
According to Pienovi, hosting major sporting events will not only boost tourism in the Kingdom but will also support the country’s infrastructure growth for the long term.
“Beyond the tournament, the country will benefit from long-term infrastructure improvements, smart venue advancements, and the rise of new entertainment hubs that will attract visitors for years to come,” said Pienovi.
Thibault said that hosting such events will help Saudi Arabia establish itself as a premier sports destination globally, strengthen global ties, attract international business, and enhance the Kingdom’s geopolitical influence.
“When executed strategically, major sporting events leave a lasting impact beyond the tournament itself. Mega-events drive billions in tourism, investment, and job creation. The 2012 London Olympics, for example, contributed $17 billion to the UK economy, proving their long-term financial impact,” said Thibault.
He added: “In terms of urban transformation, such events accelerate infrastructure development and reshape cities. The Sochi 2014 Winter Olympics revitalized an entire region, turning legacy resorts into prime real estate. Saudi Arabia’s smart city and transport investments will ensure similar long-term benefits.”
Elevating diplomatic and bilateral relationship
The Oliver Wyman official further said that hosting such global events could help Saudi Arabia strengthen its bilateral relationship with several countries.
Saudi Arabia is already a diplomatic leader, ranking 18th in the Global Soft Power Index 2024 and has already hosted key forums including the G20 Summit and the World Economic Forum.
“Mega-events further enhance global ties by bringing nations together through sport, fostering cultural exchange, trade, and investment partnerships. By attracting global leaders, Saudi Arabia can deepen international collaborations, expand economic alliances, and position itself as a key player in global sports diplomacy,” said Thibault.
Klante also expressed identical views and said that successfully hosting global tournaments will enhance Saudi Arabia’s standing as a reliable and capable partner on the world stage.
“The ability to deliver top-tier sporting events creates unique opportunities for diplomatic engagement and strengthens economic and cultural ties with other nations. Stronger ties promote global understanding, security and prosperity,” added the BCG official.
Klante added that hosting major international events will establish Saudi Arabia’s credibility in sports management and global event organization, while also opening opportunities for developing long-term partnerships with international teams, leagues, and sports federations.
He further said that such events in Saudi Arabia could also boost the morale in the Kingdom, and the country will see more sporting heroes in the coming years.
“The ability to host major events inspires our youth to follow in the footsteps of their sports heroes. This strengthens engagement in sports, be this football, eSports, athletics or formula car racing. By inspiring the youth of today we lay the foundation for the top athletes of tomorrow,” said Klante.
A drone show in Riyadh after Saudi Arabia was announced as the host nation for the FIFA World Cup 2034 on December 11. Getty
Potential challenges
Experts who talked with Arab News also talked about the potential challenges Saudi Arabia could face as the Kingdom gears up to face global sporting events.
According to Pienovi, the challenge for the Kingdom lies in integrating cutting-edge technology for seamless fan interactions — whether it’s AI-driven crowd management, frictionless ticketing, or hyper-personalized digital experiences.
“Fans now expect an immersive, waitless, and contactless experience, powered by AI, AR/VR, and digital personalization. Implementing biometric entry, tech-driven loyalty programs and real-time engagement solutions will be key to delivering a next-level experience,” said Pienovi.
He added: “The challenge is not just in adopting these technologies but in making them intuitive, frictionless, and scalable across multiple venues.”
The Globant official believes that ensuring seamless connectivity across all platforms — from real-time streaming to AR-powered second-screen experiences — will be crucial for reaching international audiences and keeping fans engaged beyond the stadium.
Klante underscored the vitality of strengthening the transport systems in the Kingdom, as well as, bolstering the logistical prowess, and said that “world-class events require complex logistical planning, complex integration and seamless execution.”
He added: “Ensuring global accessibility, efficient transport, and a smooth visitor experience will be critical to success. A focus must always be placed on how the visitor journey interacts with the various city and intercity transport solutions — creating a unified experience like no other.”
Thibault also expressed similar views and said that logistics, crowd management and infrastructure development are crucial for Saudi Arabia to seamlessly host mega events like FIFA World Cup.
The Oliver Wyman official added that managing transport, security, and emergency response requires advanced planning, with mega-projects including NEOM and Qiddiya integrating AI-driven security and real-time crowd monitoring.
“The challenge lies in balancing speed with sustainability. Legacy planning is key to avoiding underutilized venues, ensuring stadiums transition into training hubs, community centers, or professional league facilities,” added Thibault.
Oil Updates — crude set for weekly fall amid supply pressure, tariff uncertainty
Updated 25 April 2025
Reuters
LONDON: Oil prices fell on Friday and were set for a weekly decline of over 3 percent on the back of oversupply concerns and uncertainty around tariff talks between the US and China.
Brent crude futures were down 82 cents to $65.73 a barrel at 3:15 pm. Saudi time, falling 3.3 percent over the week.
US West Texas Intermediate crude was down 81 cents to $61.98 a barrel, a decline of 4.2 percent for the week.
“Prices are down as concerns over oversupply from OPEC+ persist, while the demand outlook remains uncertain amid ongoing trade tensions. A stronger US dollar has also added pressure to crude prices,” LSEG senior analyst Anh Pham said.
Oil erased earlier gains after a spokesperson from China’s foreign ministry said China and the US were not having any consultations or negotiations on tariffs. That contradicted earlier comments by US President Donald Trump, who said on Thursday trade talks between the US and China were underway.
“Traders now view further (crude price) gains as unlikely in the short term due to the continued trade war among top global consumers and speculation that OPEC+ may accelerate production hikes from June,” Saxo Bank analyst Ole Hansen said.
China has exempted some US imports from its 125 percent tariffs and is asking firms to identify critical goods they need levy-free, according to businesses notified, in the clearest sign yet of Beijing’s concerns about the trade war’s economic fallout.
China hiked its tariffs after Trump announced higher levies on Chinese goods.
Oil prices tumbled earlier this month to four-year lows after the tariffs sparked concern about global demand and a selloff in financial markets.
Worries are growing about excess supply. Several OPEC+ members have suggested the group accelerate oil output increases for a second month in June, Reuters reported earlier this week.
The US and Russia are moving in the right direction to end the war in Ukraine, but some specific elements of a deal remain to be agreed, Russian Foreign Minister Sergey Lavrov said in an interview with CBS News.
A halt to Russia’s war in Ukraine and the easing of sanctions could allow more Russian oil to flow to global markets. Russia, a member of the OPEC+ group that includes the Organization of the Petroleum
Exporting Countries, is one of the world’s biggest oil producers along with the US and Saudi Arabia.
BEIRUT: Lebanon’s parliament on Thursday granted regulatory bodies greater access to bank account information, a key reform demanded by international creditors before the crisis-hit country can unlock bail-out funds.
Prime Minister Nawaf Salam called parliament’s approval of changes to banking secrecy laws “a necessary step toward the desired financial reform that our government promised to achieve, and a fundamental pillar to any recovery plan.”
Adding that the decades-old culture of financial opacity was no longer the boon to investment it once was, Salam said the reform was fundamental to “restoring the rights of depositors and the confidence of citizens and the international community.”
Lebanon was once a booming regional financial hub dubbed the “Switzerland of the Middle East,” with strict banking secrecy laws a key attraction, but the economic crisis that began in 2019 shredded its fiscal reputation.
Since then, authorities have come under local and international pressure to amend the laws amid accusations that influential figures spirited large sums abroad while regular depositors were locked out of their life savings and the local currency’s value plummeted.
Lebanese rights group Legal Agenda said the amendments allow “banking supervisory and regulatory bodies” including the central bank “to request access to all banking information without linking the request to a specific objective.”
These bodies will now be able to audit customer accounts by name, access deposit details and look into possible suspicious activity, the group said.
The changes are among several major reforms Lebanon needs to make to unlock billions of dollars in aid to restart the economy after the collapse, which was widely blamed on mismanagement and corruption.
Finance Minister Yassine Jaber told local broadcaster LBC that the amendments “opened greater space” for Lebanon’s central bank to access accounts.
But “we should not think that with this law, anyone can enter a bank and demand account details” for whoever they like, added Jaber, who is in Washington with other senior officials for meetings with the IMF and the World Bank.
Alain Aoun, a member of parliament’s finance committee, said the move followed 2022 banking secrecy amendments that the IMF had viewed as “insufficient.”
Now, regulatory bodies will be able to request “the information they want” on bank accounts, he said.
The cabinet, which approved the amendment earlier this month, said it would apply retroactively for 10 years from the date of request, meaning it would cover the start of the economic crisis.
