Author: admin

Karachi (Muhammad Yasir)

In a bid to support the Government’s efforts to ensure urea availability at official prices, Engro Fertilizers has urged its dealers to comply with company guidelines on pricing and strictly ensure product availability to the farmers

To enforce guidelines of selling Urea at MRP, Engro Fertilizers hosted dealer conferences in Lahore, Multan and Hyderabad. Addressing the event participants, Engro Fertilizers VP Marketing Atif Muhammad Ali commented that “Engro Fertilizers has always adhered to highest standard of integrity and holds the same expectations from its dealers. To support the prosperity of farmers, Engro dealers must ensure urea availability at official prices. Further, Engro Fertilizers has not increased the selling price of imported urea to facilitate the Government in providing support to farmers.”

At the conference, the dealers were also updated on the recent gas price hike and the disparity of gas prices that exists among different fertilizer players. Feed stock gas prices for fertilizer manufacturers on SNGPL and SSGC network, which produce 60% of the total capacity, have increased from PKR 580/mmbtu to PKR 1,597/mmbtu. On the other hand, the remaining fertilizer manufacturers on the Mari network, that produce 40% of total capacity, are still on the subsidized price of PKR 580/mmbtu.

As a result of this discriminatory gas tariff, price distortion has been created in the market with  multiple urea prices existing in the market based on different gas input costs for the fertilizer manufacturers. This price distortion has provided the middleman an opportunity to earn excessive profits of PKR 80 – 100 billion.

All Pakistan Fertilizer Dealer Association Parton in Chief Mr. Ghulam Ahmed on behalf of fertilizer dealers shared that “It is in the country’s wider interest that a uniform gas price should be set for all fertilizer manufacturers. This will allow a single urea price to prevail, end market speculations and normalize the urea prices.”

By equalizing gas price for all fertilizer manufacturers, the government can help stabilize urea prices for the farmers and earn PKR 80 – 100 billion in revenues that would otherwise be pocketed by the middlemen. This can  further be used by the provincial government to issue direct subsidies on fertilizer to farmers or development of modern farming practices to uplift the overall agricultural productivity.

CBD PUNJAB LEADS CHARGE AS MARYAM NAWAZ GREENLIGHTS NAWAZ SHARIF IT CITY NAWAZ SHARIF IT CITY GETS NOD FROM MARYAM NAWAZ, CBD PUNJAB TO EXECUTE VISION.

Lahore (Muhammad Yasir) Chief Minister Punjab, Maryam Nawaz Sharif, has granted approval for the long-awaited IT City project in Lahore, signalling a new era of progress and development for the province of Punjab. The responsibility for the implementation of this ambitious initiative has been entrusted to the Punjab Central Business District Development Authourity (PCBDDA), also known as Central Business District Punjab (CBD Punjab). In a recent high-profile meeting, presided over by the visionary CM Punjab, saw the comprehensive presentation of the IT City project presented by CEO CBD Punjab, Imran Amin. The meeting was attended by Provincial Ministers Maryium Aurangzeb and Azma Bukhari, Chief Secretary Punjab Zahid Akhtar Zaman, COO CBD Punjab Brigadier (R) Mansoor Janjua, Secretary Housing Sajid Zafar Daal, Commissioner Lahore Muhammad Ali Randhawa, and other senior government officials, all demonstrating their commitment to this transformative endeavor under the inspiring leadership of Chief Minister Maryam Nawaz Sharif. Spanning an impressive 853 Acres (6824 Kanals) near PKLI in Lahore, the project will be officially named Nawaz Sharif IT City. To kickstart this monumental venture, the Punjab government, under the astute guidance of Chief Minister Maryam Nawaz Sharif, has allocated a substantial 10 billion rupees as seed money, underscoring her unwavering dedication to fostering IT and growth in the region. The project will be structured into four key segments, addressing diverse needs and opportunities: IT & Tech District, Education City, Film City, Commercial and Residential. The initial phase will witness the construction of the Celestia twin-tower IT building, projected to be completed within 12 months. The entire infrastructure of the project is anticipated to be finalized within three years, overcoming significant obstacles such as land transfer and survey issues, thanks to the diligent efforts of the Punjab Government under the dynamic leadership of Chief Minister Maryam Nawaz Sharif. To ensure meticulous planning, Nespak, along with an international consultant, will be engaged for the master planning process. March 2024 marks a pivotal moment, as the land will be officially transferred to CBD Punjab from Knowledge Park Company, paving the way for IT tower construction starting in April 2024, a testament to Chief Minister Maryam Nawaz Sharif’s visionary leadership. Anticipated to generate nearly one million jobs, the project boasts diverse revenue models, including self-generation, joint ventures, and Real Estate Investment Trusts (REIT). With an estimated cost of 100 billion PKR, special economic zones will be a key feature, attracting both local and international investment, reflecting Chief Minister Maryam Nawaz Sharif’s commitment to driving economic prosperity. In a strategic move, the Government of Punjab has declared the project tax-free for 10 years, further incentivizing participation and investment. CBD Punjab is set to conduct a series of roadshows to raise awareness and attract investments to fuel the success of the Nawaz Sharif IT City, a testament to the progress and prosperity of Punjab and its people.

Pakistan (Muhammad Yasir)

Paklaunch, with a mission to advance entrepreneurship and innovation in Pakistan’s startup ecosystem, successfully closed its seed funding round. Disrupt.com, a renowned venture builder, led the round, with participation from Indus Valley Capital, a prominent early-stage VC fund, an early stage company advisor and investor Yousuf Khan, angel investors affiliated with Google and Meta, and others based out of San Francisco, New York City, Toronto, Singapore, and Dubai. With this funding, Paklaunch seeks to create a flourishing ecosystem for regional startups in Pakistan and the GCC. Leveraging its investment expertise and global connections, along with Disrupt.com’s entrepreneurial ethos, PL is extending its influence beyond Pakistan encompassing key GCC countries such as Saudi Arabia and the UAE, Aly Fahd, Founder of Paklaunch, echoed the sentiment: “Our mission is to discover high-potential ventures beyond conventional hubs and support their growth. Uzair Gadit and Disrupt Group’s distinctive expertise, combined with the experience of our other investors and partners will help turbocharge our mission. From experimenting with startup ideas to developing them into viable businesses, this partnership positions us ideally to support the growth of new ventures in Pakistan and beyond.” Uzair Gadit, Founding Partner at Disrupt.com, highlighted the collaborative spirit of this initiative: “Paklaunch is setting the pace for advancement in Pakistan’s tech scene, and Aly Fahd’s leadership is nothing short of inspiring. Their commitment to supporting startups resonates deeply with our vision of empowering budding entrepreneurs. Partnering with them isn’t just about collaboration; it’s about fueling a movement. Together, we’re shaping a brighter future for our region’s tech landscape.” The expanded partnership will build upon this success by extending its reach to the GCC and beyond, engaging with entrepreneurs and investors. By combining their expertise and passion, both entities aim to empower startups and turn innovative ideas into successful ventures. Media Contact: Aly Fahd Founder Paklaunch +1.669.265.8358 aly@paklaunch.com About Paklaunch: Paklaunch serves as a dynamic platform driving growth in the Pakistani entrepreneurial and investment ecosystem. It achieves this by showcasing the accomplishments of distinguished Pakistanis and offering support to local entrepreneurs through advisory, training, and fundraising assistance. It enables discussions on global investment opportunities, including stocks, real estate, and startups, while also fostering networking and collaboration through both virtual and in-person events. It is a truly global community of entrepreneurs, distinguished professionals, and investors. Founded in April 2020, Paklaunch has rapidly grown from 07 to over 350K members and has established itself in major cities throughout the US, Canada, UK, Asia-Pacific, Pakistan, and the Middle East. PL arranges meetups, virtual demo days, and training programs with support from their partners, including alumni associations of all major Pakistani universities, USAID, Amazon, etc. They recently conducted an accelerator program for Pakistani Women Entrepreneurs and its fourth UnConference held in Riyadh, Saudi Arabia. These initiatives have aided 93 startups in raising nearly $90 million. About Disrupt.com: Disrupt.com is a venture builder that partners with ambitious entrepreneurs and founders to ignite growth and innovation in their businesses. With a focus on transformative technologies and innovative business models, the Group brings in capital and counsel, but more importantly, it brings its conviction. Its unique approach includes providing strategic guidance, getting operationally involved with ambitious founders and entrepreneurs, enabling access to a rich network of industry experts, and equipping startups and businesses with the resources necessary to achieve scale and success.

Lahore (Muhammad Yasir) Alibaba.com, a leading platform for global business-to-business (B2B) e-commerce, has successfully held a supplier gathering with the theme “Ace The Race” in Lahore as part of its Top Seller Meetup event series. The series aims to enable local entrepreneurs in the manufacturing and trading sectors to access new business opportunities with offerings available from Alibaba.com, such as the Verified Supplier membership.

The ”Verified Supplier” is a membership tier reserved for high-quality suppliers on Alibaba.com. This exclusive designation aims to foster greater trust among buyers. Verified Suppliers gain access to a dedicated online pavilion on Alibaba.com, where they can showcase their products and enjoy enhanced visibility to potential buyers. These features are particularly beneficial for eligible Pakistani companies seeking to enter the global market, as they help these businesses establish credibility and differentiate themselves from the competition.

The meetup featured a detailed presentation by Muzaffar Hussain, Head of Overseas Marketing of JNM Leather Safety Gloves Industries. A Verified Seller on Alibaba.com, Hussain recounted his rise to success on the platform, offering attendees practical advice and strategies from his personal experience.

Hussain spoke of the trust he placed in Alibaba.com, which has been instrumental in his e-commerce achievements. After joining the platform in 2014, he quickly secured significant orders from overseas markets such as South Korea, which led to a 58% year-on-year revenue increase that year. JNM Leather Safety Gloves Industries has since become a notable name in the leather sector in Sialkot.

Hussain encouraged other businesses to join Alibaba.com as Verified Supplier members and realize their potential for growth in the international market.

Experts from Alibaba.com and Trademor participated in a panel discussion, highlighting the advantages of becoming a Verified Supplier on Alibaba.com. They stressed how this membership fosters trust with global buyers and provides a competitive advantage.

Pakistan (Muhammad Yasir) Mashreq Pakistan, a part of Mashreq which is the leading financial institution in the MENA region, has today announced key leadership appointments within its executive team. Atif Saeed Dar will assume the position of Chief Financial Officer, Khurram Abid has been designated as Chief Information Officer, and Shahzad Khokhar will fulfill the role of Head of Islamic Banking.

Commenting on these pivotal appointments, Muhammad Hamayun Sajjad, CEO, Mashreq Pakistan, said: “Mashreq’s presence as an international digital leader and innovation-led bank in Pakistan is steadily gaining momentum. I am delighted to extend a warm welcome Atif, Khurram, and Shahzad as they join Mashreq Pakistan. They have joined us at an opportune time and will play a pivotal role in driving the expansion of Mashreq in the country. The extensive and diverse expertise they bring in the operationally critical areas of finance, transformative technologies and infrastructure, and Shariah finance, is unmatched in the market.”

Atif Saeed Dar, Chief Financial Officer, Mashreq Pakistan

 In this critical role, Atif will be responsible for setting up a new finance function, supporting Mashreq’s growth as a digital challenger bank in Pakistan. He will be responsible for delivering the Bank’s financial strategy and corporate objectives in the country.

Atif has built a formidable career as a financial professional with over 20 years of experience working in large local and multinational Banks and accounting firms, specialising in finance, auditing, and various regulatory and compliance matters across multiple jurisdictions. Before joining Mashreq, he served as Head of Finance – International at Habib Bank, overseeing the organisation’s Finance function across its international footprint. He also served at Barclays Bank in Pakistan for over seven years and his last assignment was as its Head of Finance. Atif is a Fellow Member of the Institute of Chartered Accountants in Pakistan and is certified as an Associate Chartered Accountant from ACCA in the UK.

Khurram Abid, Chief Information Officer, Mashreq Pakistan

Khurram will be responsible for technology, innovation, and operations as part of Mashreq Pakistan’s digital transformation and modernisation journey.

Khurram is a seasoned banking technologist with 20+ years of banking experience. Before Mashreq, he served at Standard Chartered, fulfilling a series of critical roles, including Head of IT ops, transformation and project specialist. While at Standard Chartered, between 2014 – 2021 he led the technology department as its CIO. Khurram has a master’s degree in computer systems from Bahria University, Karachi.

Shahzad Khokhar, Head of Islamic Banking, Mashreq Pakistan:

As the Head of Islamic Banking Pakistan, Shahzad will be responsible for establishing the Mashreq Islamic Banking Department and growing the Islamic Banking business in Pakistan through a full suite of digital Shariah-compliant products catering to client segment needs.

Shahzad is an experienced leader with over 18 years of experience and joins Mashreq from Standard Chartered, with a proven track record of managing large client businesses with core expertise in Islamic Banking. He has held several positions including Head Islamic Retail Banking, Head Priority & Premium Banking and Head Client Experience & Proximity Banking. Shahzad holds a Retailing and Consumer Sciences degree from the University of Arizona, USA.

Mashreq Pakistan is actively progressing towards acquiring a restricted license from the State Bank of Pakistan to initiate pilot digital retail banking operations, marking an important step in its journey to becoming a licensed banking entity. The In-Principal-Approval (IPA) received last year is a significant step towards its commitment to bring innovative digital banking solutions in line with the country’s vision for a digitally empowered economy.