Category: Business

Pakistan (Muhammad Yasir)

The year 2022 has been filled with ups and downs. The automotive industry saw the prices of vehicles soar as the rupee faced unprecedented devaluation. Despite having high localization and many years of stable operations, some automakers hiked their car prices more than the impact of currency devaluation. On the other hand, there have been some automakers who like to challenge the status quo and pass on to the customer a relief during these tough times.

With the introduction of the automotive policy in 2016, a wave of new generation automakers entered the country. All of the automakers entering post 2016 offered one thing or the other. KIA was able to make a headstart with the introduction of its popular cross-over Sportage but it could not last much longer as more equipped cross-overs and SUV’s started to enter the market. Having a diverse and strong product line-up is essential to avoid such problems.

Another promising OEM has been Changan. New to Pakistan, Changan has a heritage of 160 years and is the number 1 selling domestic automobile brand in China for the last 12 years consecutively, in CY 2022 it achieved a sales volume of xxx units. Among all Chinese brands in China, Changan ranks #1 in globally acclaimed JD Power Initial Quality Survey. Now, Changan is set to transform international markets with the disruptive products it is known for.

Recently Changan’s vehicles in Pakistan were ranked #1 by a large margin in a public survey. Oshan X7 was rated as the most loved SUV, Alsvin was rated as the most loved and fuel-efficient sedan and Changan Karvaan was rated as the most loved MPV. The company dedicated the last quarter of 2022 to celebrating these milestones by giving back to their customers.

As 2022 closed, Master Changan claimed the #1 spot amongst all new entrants – ahead of all Korean, Malaysian and Chinese OEM’s.

Here’s a highlight of segment share of different Changan products in Pakistan:

1. Changan Karvaan 42% Small Van Segment Share.
2. Changan Alsvin    18% B-Sedan Segment Share.
3. Changan Oshan X7 15% C-SUV Segment Share.
4. Changan M9 Sherpa    7% Small Pickup Segment Share.

By introducing the latest generation products in every segment and supported by a state of the art nationwide 3S dealership network throughout the country Master Changan has been able to bring almost 40,000 units on the road in a couple of years making it the fastest growing and most loved automobile brand in Pakistan.

With the reduction in real wage of every household in Pakistan, automobile purchasing has seen a dent as households delay vehicle purchases in order to prioritize other more urgent needs. The ongoing challenge of national economy has also forced the central bank to apply import restrictions across all industries. Relying on imports for various components, the automobile assemblers, auto part vendors and accessory business, all have suffered a disturbance in business operation.

Even though the company is improving its market share, Master Changan has once again stepped forward and offered relief to its customers as a good business practice. Customers purchasing any Changan product in January 2023 will be offered specially designed rebates to offset post-purchase costs and help customers hit most by inflationary pressure. All rebates are offered via invoice adjustment by the company.

SPECIAL 2023 NEW YEAR OFFER ON ALL CHANGAN VEHICLES.

1. PKR 250,000 rebate on M9 Sherpa and Karvaan (Standard grade).
2. PKR 175,000 rebate on Karvaan (Plus grade).
3. PKR 200,000 rebate on Alsvin (all grades).
4. PKR 160,000 rebate on Oshan X7 (all grades) in addition to Free 1 year insurance and PKR 30,000 accessory voucher.

The company announced that the promotion is applicable on limited stock only and for a limited period in the month of January. This is a much-appreciated step from Master Changan by the market and highlights how moving from an oligopolistic market to one that is competitive and is providing choices, and customer centric offers to the Pakistani auto consumer.

Changan products currently are offered by all leading banks nationwide and special rental discounts are also available with Bank Al Falah, Habib Metro, Bank of Punjab and Bank Islami.

 

 

Appointment reaffirms Visa’s commitment to supporting clients & partners and accelerating growth in consumer payments and commerce in Pakistan.

Pakistan (Muhammad Yasir) Visa, the world leader in digital payments, has announced the appointment of Umar Khan who will lead its operations in the country in his new role as Country Manager for Pakistan.

In this role, Umar will be based in Karachi and will be responsible for developing and executing on Pakistan’s market strategy and supporting clients and government partners in meeting growing demand for seamless, secure digital payments. Umar brings over 20 years of global and cross-industry experience, serving in several senior and leadership roles in markets such as Serbia, Montenegro, Hungary, Myanmar, Thailand, and Pakistan.

Commenting on Umar’s appointment, Leila Serhan, Visa’s Senior Vice President and Group Country Manager for the North Africa, Levant, and Pakistan (NALP) region said “Umar is joining Visa in Pakistan at a time of significant opportunity in payments, commerce, and money movement. He will be instrumental in continuing to build on our strong momentum and delivering at the highest level to support our clients and partners. We are delighted to have a leader of Umar’s caliber managing our Pakistan operations.”

Visa has been at the forefront of digital transformation and payment technology innovation across the region. This appointment strengthens Visa’s commitment in Pakistan especially as it relates to driving financial inclusion, supporting a cashless economy, and strengthening its regional leadership.

Lahore (Muhammad Yasir) Deputy Chairman Senate Mirza Muhammad Afridi on Tuesday said the State bank of Pakistan and the Finance ministry should give industry status to the retail sector of the country to help the sector grow, especially young entrepreneurs involved in it.

He was speaking at an expo organised by the Chainstore Association of Pakistan (CAP).

Afridi observed that the retail sector had performed well during Covid-19, supporting the government in a difficult time for its economy. “The Covid was the difficult time for the governments across the world, but the CAP supported a lot to the government in the crisis,” he added.

He also asked the Federal Board of Revenue (FBR) to give some relief to the sector in taxation, emphasising that a documented sector should be incentivised to encourage undocumented ones to document them and help expand the tax base.

The deputy chairman apprised that the government’s first priority was revival of the economy and controlling the inflation to pass relief to the public.

Afridi asked stakeholders to promote the retail sector by making new investments, urging them to promote the e-commerce both for local and international business. He was of the view that an industry could not develop and sustain without retail shops and an organised retail sector.

The Senate official stated that many industries had shut down due to global energy crisis, and the textile sector got a big hit in Pakistan. “The industry has come out of Covid-19, but now facing the energy crisis”.

CAP chairman Tariq Mehboob added that political instability had become a challenge for the country’s economy after Covid-19. He proposed the government to design a long-term policy (at least ten years) for the economy irrespective of any ruling party. He claimed that the FBR was raiding at the retailers who had already installed point of sales (POS). “This has given a wrong message to the businesses who are working honestly,” Mehboob said.

Karachi (Muhammad Yasir) Shangrila City, a luxurious and affordable housing project in Karachi, organized a dealer convention in honor of the people associated with the project at a local hotel on Tuesday. The convention was briefed by Aimal Developers about the master plan of Shangrila City and the details of future activities.

Shangrila City is a fantastic and affordable housing project to build your dream home at the prime location of Karachi which is being offered by Aimal Developers. There are very few residential projects in Karachi that have a place in the hearts of their dealers with their clients and Shangrila City tops the list. It is located in MDA Scheme 45.

At the dealer convention, Syed Muhammad Afzal Hameed, CEO of Aimal Developers, endorsed the master plan of Shangrila City and informed about all the activities and future performance on the site. Speaking on the occasion, he said that Shangrila City is the better future of Karachi. We are planning Shangrila City on the lines of a newly emerging Karachi, where every basic facility is part of our scheme for the attention of the people and new lifestyle for the betterment of the environment. He said that this project is the most affordable housing project of the present which has been developed according to the new style structure.

Speaking on the occasion, Mohammad Kashan Siddiqui, CEO of Al-Meeraj Marketing thanked all the dealers who attended the convention. He said that the real estate sector needs to be made more constructive and profitable and for this purpose, Al-Meeraj Marketing Real Estate Institute is being introduced, which will give the youth an opportunity to move forward and improve their future.

Yousaf Bashir Qureshi (YQB), Owais Rabbani (Motivational Speaker) and Samad Abbas were the chief guests of the ceremony. Addressing the youth, Owais Rabbani said that the youth are the assets of this nation. On this occasion, Samad Abbas also organized a training session. The dealer convention was hosted by Hamza Akhtar Qaimkhani and Syed Bilal Ahmed.

Lahore (Muhammad Yasir) HBL, the largest and best bank in Pakistan, has partnered with NayaPay to facilitate real-time cross-border transaction flows into Pakistan. Customers can now receive foreign remittances through HBL’s partnering money transfer agents (MTOs) directly into their NayaPay account.

NayaPay, a leading E-Money Institution in Pakistan, enables users to open E-money accounts on their smartphones in a few simple steps and take control of their finances. With the strategic partnership between HBL and NayaPay, people across the globe can now remit funds with speed and ease to NayaPay users, who then enjoy the convenience of making all their everyday payments from the comfort of their homes through the NayaPay app and associated Visa debit card.

Khaqan Mohammad Khan, Global Head FI and Remittance Business, International Banking – HBL, said “HBL empowers its clients with increased choices, thus accelerating the pace at which our economy digitalizes. Our collaboration with NayaPay will directly benefit users, enabling them with a convenient payment solution. HBL continues to innovate and offer digital products and services, that bring convenience to our clients.”

Speaking on the occasion, Danish A. Lakhani, CEO – NayaPay, said: “We are delighted to team up with HBL, which shares our unwavering commitment to deliver an exceptional user experience. With the demand for fast and secure digital payments growing, we look forward to working together to ensure our collective client base has access to convenient and reliable real-time cross-border money transfer facilities.”

Lahore (Muhammad Yasir) Careem, the pioneer of ride-hailing in Pakistan, has achieved yet another milestone by partnering with Gas and Oil Pakistan Limited (GOPL), the country’s fastest growing oil and marketing company, to provide lucrative discounts on fuel and lubricant products to its Captains operating in Karachi, Lahore, Rawalpindi, Faisalabad, Multan, and Peshawar where GOPL stations are located.

This initiative will assist Careem Captains to reduce their operational costs and, in turn, provide relief to their pockets so that they are able to manage their finances better. Given the unprecedented economic outlook of the country, Careem is on a mission to simplify and improve the lives of the people who are facing hardships due to the fuel crisis by initiating various agreements with renowned organizations. 

Commenting on the partnership, Feroz Jaleel, Country Head at Careem Pakistan stated: “We are always aiming to simplify and improve the lives of our Captains by providing them with additional benefits that can help them in their daily lives. This partnership with GOPL will undoubtedly help our Captains in better financial management of their expenses, ultimately increasing their overall earnings.”

Speaking on the development, Muhammad Ammar Ali Talaat, Chief Strategy and Business Development Officer at GOPL, said, “We at GO are committed to provide highest standards of services and innovative solutions to our customers and business partners catering to their specific needs. We are happy to partner up with Careem to provide unique user experience with our large retail footprint and enhanced loyalty/discount scheme to incentivize Careem Captains who are continuing to provide great service to the public at affordable rates in these difficult times of high inflation and economic crunch”.

With these partnerships, Careem hopes to build a mechanism for sustainable fuel management solutions for its Captains so that they may receive some respite in these otherwise trying times. GOPL is the second largest oil and marketing company in the country and by partnering with Careem, the OMC has showcased that it is cognizant of the economic woes of the people and is actively striving to fulfill its responsibility in providing ease to the 800,000 Careem Captains across Pakistan.

Karachi (Nut Desk) Bringing a fusion of flavors to tantalize everyone’s taste buds, Shan Foods and Shoop showcased flavors from Pakistan and from around the world at the Karachi Eat Festival 2023. Visitors were also treated with immersive engagement activities such as 360-degree video booths and gaming arenas.

Lahore (Muhammad Yasir) Descon Engineering, a leading Engineering enterprise in the region, has joined hands with KBR, a leading Global Engineering and Project company, to extend the scope of their joint pursuit of outsourced maintenance and turnaround management opportunities across the Gulf countries.

Taimur Dawood, Chairman of Descon, and Jay Ibrahim, President of KBR’s Sustainable Technology Solutions, inked a strategic Memorandum of Understanding (MoU) in Dubai in this regard, extending their mutual area of expertise to the Gulf countries.

This strategic alliance will leverage both KBR and Descon’s combined strength as leaders of industrial services in the market to optimize client OPEX, improve asset availability and reliability through KBR’s portfolio of advanced digital solutions, and Descon’s presence across the Gulf countries.

Commenting on this momentous development, Taimur Dawood, Chairman of Descon, observed, “Descon holds great stature in the engineering sector of Gulf countries and is playing a pivotal role in the industrial growth of the region. This accord with KBR will allow us to extend our already existing skillset and expertise, and implement mutual learnings to achieve exponential growth.”    

Jay Ibrahim, President of KBR’s Sustainable Technology Solutions, said, “This agreement signals our confidence in this alliance following our success in the delivery of outsourced maintenance services in Qatar since 2021, and maps out the foundation for future growth of this strategic partnership.”

Descon is committed to delivering quality services with safety and is determined to continue being a reliable partner in progress for KBR.

Descon Engineering, having completed 40 years in the Gulf region, continues to strengthen its strong foothold in the region and build on its customer base, adding value to the regions multiple industry sectors.

Microsoft for Startups graduates third cohort of B2B tech startups from GrowthX Accelerator program.

12 B2B tech startups successfully completed the 10-week program run in partnership with the Abu Dhabi Investment Office (ADIO) 

Lahore (Muhammad Yasir) Microsoft for Startups Middle East, in partnership with the Abu Dhabi Investment Office (ADIO), today graduated the latest cohort of tech startups from its GrowthX Accelerator program. The conclusion of the cohort was celebrated during a Demo Day event, hosted at Abu Dhabi’s financial centre, Abu Dhabi Global Market (ADGM), with attendees including startup founders, government officials, investors, business leaders and stakeholders from the regional entrepreneurship ecosystem. 

Run as part of a strategic partnership between ADIO and Microsoft for Startups, GrowthX is specifically designed to empower growth-stage B2B startups ranging primarily from Seed to Series A stages to grow and scale in Abu Dhabi. The program features weekly sessions from Microsoft experts, as well as regional and global leaders in business and technology. The 12 startups in this cohort hail from across the Middle East, Turkey and Pakistan, and are developing solutions in E-commerce, EdTech, Fintech, HRtech, and Insurtech. The companies in this cohort are Fortyguard, Ilmversity, Klickit, MonSpark, Pisano, Poilabs, Raabtaa, Supercommerce, Vita Virtues, Xina AI, Edraak Systems, and Pay Caps. 

Eng. Abdulla Abdul Aziz AlShamsi, Acting Director General at ADIO, said, “The rapid pace of digital transformation is an opportunity to continually find new technological solutions to global challenges. The GrowthX Accelerator is a proven platform to identify and empower innovative startups to achieve scale and impact. We congratulate all the graduates on completing this program and look forward to seeing how they leverage the tools gained to accelerate their growth and enhance the regional startup landscape.” 

Naim Yazbeck, General Manager, Microsoft UAE, said, “It has been both inspiring and encouraging to witness the growth and development of each of the startups enrolled into this cohort. They’ve leveraged every opportunity to maximize the potential of their offerings, enhance their skillsets and embrace the support and resources available to empower them to grow and scale their businesses. Together with ADIO, we are proud to have empowered another incredible cohort of startups to showcase their innovative ideas and develop them into real-world solutions, that will strengthen the regional ecosystem and develop our digital economy.” 

Investment in tech startups across the UAE and the Middle East continues to grow exponentially as demand for new, creative, and innovative products and solutions continues to rise. Over the past year, venture capital funding in MENA reached $2.6 billion, 138% more than in 2020, according to MAGNiTT. Startups in the UAE accounted for 26% of all deals closed across MENA and 45% of all funding raised across the region in 2021.

The GrowthX Accelerator helps startups develop their offerings and unlock new opportunities for success. The 10-week program offers a variety of group and one-on-one virtual sessions and training on enterprise sales, technical readiness, investor readiness, and customer engagement tactics. Participating startups also work closely with Microsoft to co-create technology solutions that address real challenges facing organizations in the region, and receive support from regional partners including legal assistance from Clara. 

Following the conclusion of the program, the startups will also work closely with Masdar City, a GrowthX program partner, who will support the graduating cohort in obtaining business licences and establish operations in Abu Dhabi. The Masdar City Free Zone hosts more than 1,000 companies that benefit from the city’s unique ecosystem of education, R&D, technology startups, incubators, and corporates.

Including the recently concluded cohort, the GrowthX Accelerator has graduated a total of 48 startups since its inception in 2021. To learn more about the Microsoft for Startups GrowthX Accelerator program, click here. 

 

Lahore (Muhammad Yasir) Easypaisa, Pakistan’s leading digital payments platform has partnered with Faysal Funds (Faysal Asset Management Limited), one of the fastest-growing Asset Management Companies in the industry, with an aim to boost the collective vision of financially empowering all Pakistanis, especially when it comes to investments and saving for their future.

This collaboration will open new avenues into the untapped market of more than 14 million easypaisa customers. To facilitate investors across Pakistan, Faysal Funds has embraced digital transformation of the Asset Management Industry and has introduced fund management through a mini app integrated directly in the easypaisa app.

An agreement to this effect was recently signed in Karachi by M. Mudassar Aqil, CEO, Telenor Microfinance Bank/ easypaisa and Khaldoon Bin Latif, CEO Faysal Funds. Senior officials from both the organizations were also present on the occasion.  The ceremony was also attended by Mr. Salman Ahmed Usmani, Chairman of the Board, Faysal Bank.  Joining via video link, Mr. Akif Saeed, Chairman of the Securities and Exchange Commission of Pakistan (SECP) also congratulated both the institutions on this ground-breaking partnership.

Easypaisa customers can experience hassle-free investing on the go by opening an account with Faysal Funds in just a single tap. No documentation is required, while customers get complete access to perform investment & withdrawal transactions, view their transaction history, analyze fund performance and fetch their account statement from within the easypaisa app.

Commenting on the partnership, M. Mudassar Aqil, CEO Telenor Microfinance Bank/ easypaisa, said: “We are excited to partner with Faysal Funds as this partnership will enable us to carry forward our mission of a financially inclusive Pakistan and help millions of Pakistanis to make easy and convenient investments in a frictionless, digital process. It is always encouraging to work with like-minded partners who share the same goals and approach towards offering inclusive financial services for all Pakistanis. We believe the time is right for us to offer a unique service to millions of customers so that they can invest and save for their future. We remain committed to focus on developing and strengthening our digital ecosystem through collaboration and technology.”

Speaking on the initiative, Faysal Funds CEO, Khaldoon Bin Latif said, “Our strategic alliance with easypaisa is yet another step forward to make saving & investing more convenient, accessible and secure for the masses.” he added, “We both (easypaisa and Faysal Funds) aim to increase financial inclusion and freedom, and with this collaboration, we can achieve that vision by working together to provide value to everyone.”

easypaisa customers will be offered low to medium-risk bespoke products designed to keep their investment secure. This feature is accessible in the mini app section of the easypaisa app under the investment category.