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CBD PUNJAB & STAR MARKETING INAUGURATED SITE OFFICE FOR GRAND SOUQ LAHORE

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SITE OFFICE INAUGURATED FOR GRAND SOUQ LAHORE

Lahore (Muhammad Yasir)

In a significant stride towards realizing the vision of Pakistan’s first Souq, The Grand Souq Lahore (GSL), Central Business District Punjab (CBD Punjab), in collaboration with Star Marketing, proudly inaugurated the site office for GSL. This development marks a pivotal moment in the journey towards establishing a landmark destination for commerce, culture, and community in Lahore. The inauguration ceremony was graced by the esteemed presence of COO CBD Punjab, Brigadier (R) Mansoor Janjua. Joining him were distinguished personalities including Director Business Development CBD Punjab, Ali Waqar Shah, Director Marketing CBD Punjab, Waseem Siddiq, Ali Habib, Regional Director Punjab, Star Marketing, Faisal Butt Manager Sales & Marketing, star Marketing, Danyal Hassan Manager Sales & Marketing, Star Marketing and Murtaza Imran, Senior Manager, Star Marketing. Designed to international standards by renowned architects, GSL is set to occupy 68 kanals on LOS Morr Ex-Rescue 1122 Depot, Ferozepur Road, Lahore. This sprawling project promises to redefine the local business landscape, offering a comprehensive one-stop shopping solution for residents and visitors alike. While addressing the ceremony COO CBD Punjab Brigadier (R) Mansoor Janjua said, “The Grand Souq Lahore represents a bold and innovative approach to urban development in Lahore. As a dynamic retail destination, GSL will not only cater to the diverse needs of residents but also serve as a catalyst for economic growth and social cohesion. We are committed to realizing this vision and contributing to the socio-economic development of the city.” Ali Habib, Regional Director Punjab, Star Marketing, expressed his enthusiasm for the project, stating “This project is not just about bricks and mortar. We have envisioned The Grand Souq Lahore, more than just a marketplace it’s about creating a vibrant space where commerce, culture, and community converge to enrich the lives of residents of Lahore.” GSL’s strategic location will serve as a hub for residents from diverse neighbourhoods, including Icchra, Samnabad, Shama, Shadman, Mozang, and Muslim Town. By providing convenient access to a wide array of retail options, GSL aims to enrich the lives of individuals and families across the city. The Grand Souq Lahore promises to be a catalyst for economic growth, tourism, and social cohesion in Lahore. As stakeholders and partners come together to realize this ambitious vision, GSL emerges as a symbol of progress and prosperity for the city and its resident

LADIESFUND hosted a diverse and dynamic Eid Milan event

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Karachi (Muhammad Yasir)

LADIESFUND hosted a diverse and dynamic Eid Milan event, with over 100 esteemed guests from diplomatic circles, corporate sectors, ministries, press, women SMEs, celebrities, fashion designers, models, et al. Spotted at the event were Dmitry A Petrov, Stanislav Toporov, Amin Gulgee, Shamaeel Ansari, Rashid Hashmi, Atiya Khan, Farrukh Shahab, Kulsoom Aftab, transgender doctor Dr. Sara Gill, Majyd Aziz, Sana Pirzada, Aamir Butt, Faisal Lodhia, Dr. Sadaf Khan, Muneeza Labuschagne, Haseeb Khan, Mehreen Illahi, Raheela Baqai, Kiran Zubair, Naveen Balkhi, Aamir Butt, Zurain Imam, et al. All guests received Hashmi Group gift bags featuring kajol and rose water. Nighat Misbah Depilex was Beauty Partner for the event.

SOC Films Announces the Summer 2024 Cycle for Neela Asmaan Residency

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Pakistan (Muhammad Yasir)

SOC Films, the multi-award-winning film production company founded by Sharmeen Obaid-Chinoy, is excited to announce the latest cycle of the Neela Asmaan Artist Residency Program, set to begin in summer 2024.

After a successful inaugural year, the artist residency, situated in Shigar in northern Pakistan, is now accepting applications for 2024. With five artists focused on various disciplines in 2023, including filmmaking, writing and poetry, this year they are expanding their scope by offering more cycles and therefore, taking in more artists.

Selected artists will spend two weeks at Neela Asmaan to focus on their proposed projects. They will have the opportunity to tuck themselves away from their regular lives and routines, and dedicate this time to immerse themselves in their art. Artists will receive a stipend that will cover their meals during the residency. In the latter half of the year, the residency will host an Artist Talk where artists from 2024 who have already concluded their residency periods will be invited to exhibit their work, in a format of their choosing. This will provide them with the opportunity to showcase their work and talent for external attendees.

The program is open to all creative souls, irrespective of gender, who have a clear vision for their project and a passion for their craft. Applications for the residency are now open and the deadline to apply is May 13th, 2024. Interested applicants can fill out the application form available on SOC Films’ website and linked on Neela Asmaan’s Instagram page. With the completed application form, artists must submit their samples of their work or a portfolio.

 

TCL Pakistan Celebrates Successful Partnership with Gamers Galaxy at eSports Festival 2024

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Lahore (Muhammad Yasir)

TCL, Pakistan’sNo.1 LED TV brand, rejoices in its collaboration with Gamers Galaxy as the technology partner for the Gamers Galaxy eSports Festival 2024 held at Expo Center Lahore, with a prize pool of PKR 2.5 million attracting top-tier players and teams from across the country. Following two days of exhilarating competition in Lahore, this partnership elevated the gaming experience to new heights.

As the exclusive technology partner, TCL provided cutting-edge LED TV technology that enhanced the event’s immersive experience, delivering stunning visuals and immersive sound. Attendees were impressed by the unparalleled picture quality and responsiveness of TCL displays, ensuring every moment of the tournament was experienced with maximum intensity.

TCL’s LED TVs served as the centrepiece of the gaming arena, making every game come alive with crystal-clear visuals. The gaming experience reached unprecedented levels, drawing in spectators and gamers alike with its captivating visuals and immersive gameplay.

Reflecting on the successful collaboration, Majid Khan Niazi, Director of Marketing, TCL Middle East and Africa, expressed pride in the company’s contribution to Pakistan’s vibrant gaming community. “We are thrilled to have been part of the Gamers Galaxy eSports Festival 2024,” said Majid Khan Niazi. “TCL is committed to providing gamers and spectators with an unmatched viewing experience, and we are delighted to have played a role in making the event a resounding success.”

The partnership between TCL Pakistan and Gamers Galaxy underscores a shared commitment to advancing Pakistan’s eSports ecosystem and providing gamers with the ultimate platform to showcase their skills and passion.

POGEE-2024 showcases new global technologies for Oil, Gas & Power

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Lahore (Muhammad Yasir) The 18th edition of ‘Pakistan Oil, Gas & Energy Exhibition’ (POGEE), is receiving tremendous response from the leading international and local Energy-companies and stakeholders of this key industry. The exhibition will take place from 8th to 10th May 2024, at the Lahore Expo Centre.

The energy sector of Pakistan plays a vital role in the economic development of the country while directly affecting the operations and growth of all other industrial sectors. Given the socioeconomic impact and contributions of this robust sector, optimal planning for sustainable energy is imperative. As per the recent ‘Integrated Energy Planning’ (IEP) report, the country’s energy demand will increase substantially by 2030, which presents excellent opportunity for the global companies to invest in Pakistan, increase their business-share and contribute in the nation’s development.

Speaking about the event, Aamer Khanzada – the Managing Director of Pegasus Consultancy highlighted that; “POGEE is reckoned as the premier oil & gas exhibition of the region and it is heartening to see a tremendous response from the global industry players, despite the show is returning after a long gap, due to the COVID pandemic. He further informed the media that: “Around 100 resourceful companies from 17 countries have confirmed their participation in the show, including exhibitors from Austria, Bahrain, Belgium, China, France, Germany, Italy, Netherlands, Poland, Slovakia, South Korea, Sweden, Taiwan, UAE and USA.

Along with POGEE, the 15th International Fire, Safety, Security & Health Exhibition – ‘Safe Secure Pakistan’ will also be taking place, attracting a large number of exhibitors and visitors from the relevant industrial sectors. POGEE and ‘Safe Secure Pakistan’ are very prestigious events, organized by Pegasus Consultancy and supported by the relevant government bodies and trade associations.

Oil & Gas Development Company Limited (OGDCL) is the strategic partner of the event, along with Chevron Group as the Gold-Sponsor, which represents global enterprises like; Chevron, TEXACO and CALTEX. Hence, POGEE is a must-attend forum for related decision-makers and professionals associated with the Oil, Gas and Energy sectors, including petroleum companies, operating in exploration & production, Geo-Sciences, refining and petrochemical distribution, along with related products and services.

 

AKUH’s Global Recognition: Pakistan’s Healthcare Excellence in the Limelight

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Pakistan (Muhammad Yasir)

In the latest Brand Finance 2024 Global Top 250 Hospitals report, Aga Khan University Hospital (AKUH), Karachi, has been listed in the top 100 Academic Medical Centres (AMCs) worldwide. AKUH is the first and only hospital from Pakistan making to the top 100 on this list.

Meanwhile, four other hospitals from Pakistan, Mayo Hospital, Jinnah Hospital, Combined Military Hospital and University Dental Hospital have scored spots in the 101-250 rank list. Three Indian hospitals are also in the top 100, while one is in the 101-250 list.

According to Joint Commission International (JCI), the world’s leading hospital accreditation body considered the gold standard in healthcare quality, an “Academic Medical Centre is a tertiary care hospital that is organizationally and administratively integrated with a medical school.” It is important to note that the Aga Khan University Hospital, Karachi, is the only JCI-accredited academic medical centre in Pakistan.

The Aga Khan University Hospital has an almost 40-year tradition of serving the community of Karachi and wider Pakistan with the highest standards of care. AKUH has a strong tradition of quality. It was the first hospital in Pakistan to get ISO certified in 2000, the first to get JCI accreditation in 2006, the first to get JCI accreditation as an AMC in 2015 and the first to get CAP accreditation in 2017.

This latest recognition underscores AKUH’s commitment to exemplary patient care, teaching standards, ground-breaking research, and extensive community service initiatives, not only within Pakistan but also reaching beyond its borders.

Renowned for its state-of-the-art infrastructure, cutting-edge equipment, and a team of highly skilled medical professionals, AKUH stands out as a beacon of innovation and excellence in Karachi’s healthcare landscape.

Brand Finance, the company behind these global rankings, is a chartered accountancy firm that was set up in England in 1996 with the goal to bring marketing and finance together. The quoted report is the second time Brand Finance has listed the Academic Medical Centres, globally. This year, the top two global AMCs are the world-renowned US hospitals, Mayo Clinic and Massachusetts General Hospital, with India’s AIIMS in the third spot and Singapore’s Singapore General Hospital in the fourth spot.

Brand Finance has detailed its research methods and identified some key factors they researched on when developing the list of the top 250 AMCs in the world.

  1. Facilities and Resources: Hospitals offering modern facilities, a conducive environment, and advanced medical technologies which ensure optimal patient care and treatment outcomes.
  2. Skilled Personnel: Experienced and compassionate healthcare professionals who prioritize patient well-being and contribute significantly to a positive hospital experience.
  3. Location and Accessibility: Hospitals located in convenient and easily accessible areas within the city to facilitate seamless access to healthcare services for patients and their families.
  4. Comprehensive Services: Hospitals offering a wide array of medical specialties and support services that cater to diverse healthcare needs under one roof, enhancing patient convenience and continuity of care.
  5. Affordability and Accessibility: Hospitals that prioritize affordability through financial assistance programs and discounted services to ensure equitable access to quality healthcare for all segments of society.

AKUH’s ascent to global prominence serves as a testament to Pakistan’s commitment to advancing healthcare standards and delivering world-class medical services. With its unwavering dedication to excellence, AKUH continues to set new benchmarks in patient care, research, and community welfare, reaffirming Pakistan’s position as a frontrunner in the global healthcare arena.

 

 

Pakistan lost Rs800 billion due to IPR violations last year – OICCI

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OICCI Launches 2nd Edition of IPR Manual amidst Lax Enforcement Concerns

Karachi (Muhammad Yasir) Effective protection of intellectual property rights [IPR] is essential for attracting and retaining FDI [Foreign Direct Investment]. According to the OICCI IPR Survey 2023, infringements resulted in a loss of up to Rs800 billion to the national exchequer last year alone. Companies too reported a total loss of 20% of their turnover due to these infringements.” These views were expressed by Mr. M Abdul Aleem, CE/Secretary General of the OICCI at the launch ceremony of second edition of its IPR Manual ‘Evolution of Intellectual Property Rights in Pakistan: OICCI Perspective (Edition 2)’ on Monday.

 Speaking at the event, Farukh Amil, Chairman of the Intellectual Property Organization of Pakistan (IPOP), stated that “Intellectual Property is directly linked to development in numerous ways and is a critical tool for empowerment.” He emphasized the necessity for grassroots awareness of the potential of IP, starting as early as at the school level. “The younger generation absolutely must be in step with global knowledge and standards.” 

The objective of the publication is to facilitate a comprehensive understanding of the various aspects of IPR laws in Pakistan for the facilitation of investors and innovators. The manual will benefit foreign and local investors understanding of the IPR regime in Pakistan, providing useful IPR related guidelines for law students and practitioners, regulators and people interested in fostering the culture of innovation and inventions. 

Usman Javed Altaf, group director (Legal & Intellectual Property), Martin Dow, added that, “These infringements also harm consumers, who may be unknowingly purchasing counterfeit or substandard products, posing risks to their health and safety.” He noted that the Intellectual Property Organization of Pakistan (IPOP) must engage with law enforcement agencies (LEAs) to bolster enforcement efforts.  

The OICCI members believe that while there is comprehensive IPR legislation in place, there is a need for a more robust enforcement of IPR, where IPOP could play a key role in ensuring that the LEAs ensure strict IPR enforcement. 

Besides speedy court trials, harsh penalties are needed to create a deterrent amongst IPR violators. Moreover, it is recommended to improve the IPR capability of LEAs and judiciary and create an awareness in the society using the media effectively.  

Aman Ghanchi, Executive Director Legal and Company Secretary Unilever Pakistan, added that “Effective use of media is crucial to raise mass awareness and protect both customer interests and government revenue streams.”  

Innovators and foreign investors give high priority to an effective IPR regime in Pakistan, which is critical for attracting FDI and promoting research and innovation in the economy. The OICCI, in its interactions with ministries, government officials, academia and media, has been actively promoting an IPR-friendly environment and has led the debate on the protection and strict enforcement of the IPR regime.  

Its latest publication is an updated edition of similar last publication released in February 2019. OICCI has added two new chapters on Plant Breeders Rights and Geographical Indications in this 2023-2024 edition of the OICCI IPR Manual. The Chamber has also updated chapters relating to Trademarks, Patents, Copyrights, Designs and Enforcement of IPR to respect latest developments in these critical areas.

Mashreq’s 1Q 2024 Net Profit Climbs 25% Year-on-Year

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Dubai, UAE (NUT DESK)

Mashreq Releases 1Q 2024 Financial Results: Paving the Way for Sustainable Growth.

Mashreq is pleased to disclose its financial results for the first quarter of 2024, demonstrating the bank’s steadfast commitment to strategic priorities centered on client-centricity, operational and financial efficiency, robust risk management, and a people-first culture. These results emphasize the success of Mashreq’s strategic initiatives.

Mashreq, has demonstrated remarkable strength and adaptability amid global challenges, maintaining solid asset growth, financing, and capital adequacy ratios. These indicators reflect the sector’s flexibility and resilience to adapt to the changes the world is witnessing.

The 2024 Brand Finance report recognizes Mashreq as the fastest-growing banking brand in the Middle East, with our brand value increasing by an extraordinary 200% over the past three years. This growth underscores our strategic foresight, adaptability, and dedication to customer-centric innovation. The distinction of Mashreq NEO as the strongest digital banking brand in the UAE further underscores our capability to provide leading-edge solutions to our clients.

Q1 2024 financial results have provided a robust start to the year, showcasing a significant 25% increase in net profit to AED 2.0 billion, despite the new Corporate Income Tax of 9% in the UAE. On pre-tax basis our Net Profit stood at AED 2.3 billion representing an increase of 36% like for like. This remarkable growth is fueled by substantial income expansion and reduced risk costs, highlighting our unyielding commitment to operational resilience and efficiency. Its net interest income has experienced a substantial 23% growth, demonstrating the effective expansion of balance sheet and resilient client margins. Additionally, our non-interest income has surged by an impressive 29% year-on-year, representing 32% of our total income reflecting the versatility and revenue resilience of our bank.

As Mashreq continue to expand, Its operational resilience remains a cornerstone of our growth and expansion strategies. It has allowed us to adapt swiftly to economic shifts, maintain service excellence during rapid expansion, and manage risks effectively.

Mashreq’s efforts to launch its Digital Retail Bank in Pakistan remain a foot, which will mark a significant step in its international expansion. Additionally, the initiation of corporate banking operations in the United Kingdom and the opening of a new branch in Mumbai are pivotal in our mission to deliver innovative banking solutions across diverse markets. In Egypt, the launch of Mashreq NEO represents a key development in offering simplified and innovative banking experiences, which align with our goals to enhance customer satisfaction.

 

BankIslami Achieves Remarkable Financial Results of PKR 6.3 Billion Before Tax Profit in Q1 2024!

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Pakistan (Muhammad Yasir)

Maintaining its growth momentum, BankIslami delivered an impressive return for its shareholders, with a remarkable 99% surge in its profit before tax for the first quarter of 2024. The Bank’s profit before tax reached Rs. 6.3 billion, with a post-tax profit of Rs. 3.2 billion, representing a growth of 79.2%. Despite adverse market conditions, the Bank remains committed to financial excellence. Prominently, it demonstrated magnificent cost efficiency, as evidenced by the reduced cost-to-income ratio of 43.1% during the period, compared to 47.9% in the same period last year.

BankIslami strategically expanded its investment portfolio and grew its financing portfolio despite navigating through ongoing economic uncertainty. Consequently, the investment portfolio reached Rs. 332.2 billion, while the financing portfolio was at Rs. 253.6 billion showing an improvement in infection ratio to 8.2% from 9.0% in December 2023. The infection ratio of Islamic portfolios (i.e. excluding conventional portfolios inherited from combined entities) also improved from 6.9% in December 2023 to 6.3% in March 2024.

In Q1 2024, in spite of a 4.9% decrease in the deposit book compared to December 2023, the Bank observed a substantial year-on-year increase of 20.8%. The Bank is dedicated to increase its deposit base by promoting healthy growth in Current and Savings Accounts (CASA), supported by a strategic blend of initiatives aimed at strengthening trade finance, employee banking, and cash management business. With heightened profitability and an enhanced credit risk profile, the Bank’s Capital Adequacy Ratio (CAR) stood at an impressive 22.82%, well above the regulatory threshold of 11.50%

Way forward, the Bank is committed to its trajectory growth by expanding its deposit base, leveraging its extensive network, which has now surpassed 450 branches, and improved the customer experience through targeted technological advancements and an expanded digital footprint.

 

 

Two leading charities offer to new federal, provincial govts

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Two leading charities offer to new federal, provincial govts to help them adopt efficient systems to spend education budgets.

Karachi (Muhammad Yasir)

The chiefs of non-profits Shahid Afridi Foundation (SAF) and Green Crescent Trust (GCT) have offered to the new federal and provincial governments in the country to fully assist in the formation of a mechanism to ensure maximum accountability and transparency in spending the massive budgets for school education.
SAF Chairman, Shahid Afridi, and GCT CEO, Zahid Afridi, extended this joint offer to new governments formed in the centre and provinces after the 2024 general polls while speaking at the joint SAF-GCT fundraiser.

Both were of the consensus view that greater accountability and transparency in spending education budgets of federal and provincial governments could turn around the lives of millions of underprivileged students enrolled in government schools.
“Every year billions of rupees are spent on running government schools with very unsatisfactory output as the enrolled students from deprived communities don’t get quality education,” said GCT CEO Zahid Saeed.

He said the government schooling system in Sindh spent around Rs 4,000 per month to educate each of its students. “Whereas merely Rs 1,500 are spent on a student enrolled in the charitable schools jointly run by the SAF and GCT,” he said.
He said that despite this decreased spending up to 60 per cent of the students who passed out from these charitable schools obtained A-1 grades in matriculation examinations.

“We have created this low-cost model for running a quality schooling system and we are fully ready to replicate the same for the federal and provincial governments to transform their schools,” he said.

He told the audience that with the active support of the concerned philanthropists and donors, the SAF and GCT through a network of charitable schools in Sindh had been transforming the lives of 35,000 children from impoverished families.
He said the GCT was well on track to expand the number of its charitable schools in Sindh to 250 having the combined capacity to enrol 100,000 children from needy families by the end of 2025.

Speaking on the occasion, SAF Chairman, Shahid Afridi, reiterated the resolve of his non-profit to fulfill the basic needs of the underprivileged communities in the remotest parts of the country where other NGOs generally don’t serve due to lack of resources.

He informed the audience that enrolling out-of-school children was a massive undertaking, but with the sincere involvement of charities, government agencies, and philanthropists, this noble cause could be achieved.

He said that one of the noble missions being pursued by the SAF was daughters’ education as ensuring female literacy means ensuring the education of the rest of the family members.

Shahid Afridi, on the occasion, flashed his iconic “Hope not out” sign to express firm determination to accelerate the SAF-GCT joint charitable drive to end illiteracy in Sindh.

Sindh Education Foundation Managing-Director, Abdul Kabir Kazi, said the public-private partnership was the way forward for the concerned quarters including the governments, NGOs, private sector, and philanthropists, to build new educational facilities for enrolling out-of-school children in the province.

He said the SEF was the arm of the Sindh government, which in partnership with committed non-profits like SAF and GCT opened new educational facilities in the remotest parts of Sindh at an accelerated pace.