Category: Business

Karachi (Muhammad Yasir)  The foundation stone of Al Rauf Gold Raas Project was laid in the heart of the city of Karachi at a ground-breaking ceremony recently which was attended by eminent businessmen and civic authorities.

Marketed by the country’s leading online real estate marketing company Graana.com, the project is located just 3 minutes away from the Karachi Super Highway.

Speaking on the occasion, Chairman Imarat Group, Shafiq Akbar said, “The project has established itself with its cutting-edge amenities and extravagant facade. The Al Rauf Gold Raas Project is indefinitely a gift for the residents of Karachi.”

Located in the central location of Pakistan’s most buzzing metropolis, Karachi, Al Rauf Gold Raas features luxury apartments with exquisite facades and premium interior finishes. Furthermore, the state-of-the-art IT and smart communication system is the project’s standout feature.

The Al Rauf Gold Raas features project comprises 3 towers – 2 of which are 10-storeys, and one comprises 14-storeys. Moreover, the project will have luxurious apartments of 3, 4 and 5 beds, and a wide array of amenities including a fully equipped gymnasium, rooftop pool, communal prayer area,  5 express elevators, real time CCTV surveillance, maintenance services round the clock built on international standards, and much more. 

Launched with the slogan of “Your Affordable Luxury Lifestyle”, the project flaunts spacious living, ideal location, artificially intelligent while being affordable for the customers.

For this project, Graana.com, Pakistan’s smart property portal, will offer a wide array of comprehensive sales and marketing services. The parties involved not only praised the project’s debut but also Graana.com’s efforts as the project’s marketing partner. 

The market of cryptocurrency is one fraught with hurdles. There are scams and misinformation floating around on the web for your consumption. With its rapid growth and popularity, such issues have also increased exponentially.

Like any other investment avenue, it is critical to gain as much accurate knowledge as possible. Without knowledge, you might become a target of fraud and pyramid schemes. KuCoin—“People’s Exchange”, an honorary title earned due to its professional products, teams, and services; has introduced an education series.

The #ThinkBeforeYouInvest education series is dedicated to educating users and investors about the world of cryptocurrency. Serving over 18 million users worldwide, KuCoin is dedicated to ensuring a safer world of cryptocurrency trading. It has singlehandedly taken on the task of spreading accurate information to newcomers into the market.

The series helps with basic safety tips about trading practices—including how to protect your mobile device from crypto scams, the importance of KYC in crypto user information security, and the difference between custodial and non-custodial crypto wallets.

The series has a multitude of topics for users on various stages of trading. It is a great resource to look into before starting your journey to trading in cryptocurrency.

Meezan Bank introduces Wisaaq – Pakistan’s First Digital Supply Chain Financing Platform, in Collaboration with Coca-Cola Beverages Pakistan Limited (CCI Pakistan), Powered by Haball

Karachi (Muhammad Yasir) Meezan Bank, Pakistan’s Leading Islamic Bank and Coca-Cola Beverages Pakistan Limited (CCI Pakistan) have joined hands to launch a digital supply chain financing platform in partnership with Haball, an Islamic B2B Fintech that digitizes business payments to enable a cashless and digital supply chain. Coca-Cola Beverages Pakistan Limited is a subsidiary of Coca-Cola Içecek (CCI) which is currently operating in 11 countries across the globe. The event was attended by Dr. Inayat Hussain – Deputy Governor, State Bank of Pakistan, Mr. Irfan Siddiqui – Founding President & CEO, Meezan Bank, Mr. Erdi Kursunoglu – Director Finance, CCI Pakistan and Mr. Omer Bin Ahsan – CEO, Haball along with their respective teams.

As a first in the industry, CCI Pakistan will unveil Wisaaq’s Digital Financing Platform for their distributors across Pakistan who shall be able to avail Shariah-compliant financing through Meezan Bank. The facility will enable CCI Pakistan distributors to improve their working capital while expanding their operations. By entering into this venture, Meezan Bank aims to support SMEs in Pakistan, ensuring financial efficiency and stability of the supply chain, eventually fueling growth of the economy. The Bank’s collaboration with CCI Pakistan will also allow exchange of expertise and networks from two different industries, that will create sustainable business opportunities for retailers.

On the occasion, Mr. Irfan Siddiqui – Founding President & CEO, Meezan Bank commented, “Meezan Bank is fully committed to Shariah-compliant financing and is pleased to collaborate with Haball for developing a digital financing platform to reach CCI Pakistan’s small & medium sized distributors, and their linked retailers. This partnership will act as a precursor to grow the country’s most important SME segment.”

Mr. Erdi Kursunoglu – Director Finance, CCI Pakistan added, “This cashless supply chain solution under Wisaaq is not just a digital transformation but also a business transformation. This partnership would create a win-win solution mainly for the SMEs in Pakistan. However, we believe, the biggest winner of this initiative will be the national exchequer”.

Mr. Omer Bin Ahsan – CEO, Haball mentioned, “The launch of Wisaaq is a huge achievement not just for us, but for the entire financial services industry, corporates, as well as SMEs. It wouldn’t have been possible without our partners Meezan Bank, CCI Pakistan, and State Bank of Pakistan.”

Lahore (Muhammad Yasir) Being near to completing one year since its launch, the ‘Sarsabz Pakistan’ mobile app has garnered immense popularity and attention amongst the Pakistani farmers’ community. The app recently marked a record number of more than one hundred thousand downloads in a short time span of ten months, making it the country’s fastest-growing mobile app within the agriculture sector and the top-rated educational app on Google Playstore.

The Sarsabz Pakistan app caters to multiple needs of the farming community, providing them with timely farm advisory and information updates to help maximize their crop yield and productivity. The advisory support features of the app include crop planning support to manage multiple farms and crops in a given season with step-by-step alerts on crop management, a calculator tool for planning precise application of fertilizer according to the 4R rule – right source, right rate, right time, right place, requesting general advisory and free soil and water testing visits by qualified Fatima Group agronomists to maximize crop yield through effective use of fertilizer.   

At the same time, the information update features of the app also assist the farmers through crucial weather updates and forecasts for timely planning and application of farm inputs, ensuring easy accessibility to fertilizer at company rates through a comprehensive list of nationwide Sarsabz dealers along with their contact and location details, updates on current commodity market rates, and latest news bites related to the agriculture sector.

While expressing her views about this platform, Rabel Sadozai, Director of Marketing and Sales at Fatima Fertilizer said, “The Sarsabz Pakistan app is completely free for farmers to use and benefit from its information and advisory-based features. It serves as a convincing prologue to the fact that digital transformation of Pakistan’s agriculture sector is the only way to realize its utmost potential so that it can play a pivotal role in reviving our over-stressed economy.”

Speaking further about the app’s future improvements, Rabel said, “We plan to further enhance this app by allowing farmers to avail quick micro loans and lease farm machinery on easy terms, so they can procure and manage essential farm inputs in a timely and convenient manner.”

Pakistan’s agriculture sector is transforming at a snail’s pace towards modernisation. However, the success of platforms like the Sarsabz Pakistan app indicates a dire demand for Pakistani farmers to modernize their farming practices through the use of technology and achieve maximum possible growth and efficiency.

Pakistan (Muhammad Yasir) Saylani Welfare International Trust has created the first-ever fund called the “Saylani Electricity Bill Support Fund” to assist citizens facing difficulties in paying their electricity bills. Rising costs of fuel and removal of subsidies in the last year has raised the cost of electricity across Pakistan adding to the struggles of ordinary citizens. The situation has reached a point where citizens are now approaching saylani’s 630 locations across Pakistan seeking donations to clear their utility bills.

For the past 2 decades, Saylani welfare International Trust has been supporting people across 63 spheres of life including utility and grocery expenses.

In response, Saylani has pioneered a “Pan-Pakistan Fund” to help people pay their bills. Donations will be provided to eligible customers with usage of up to 200. The fund will be launched in Lahore, Karachi and Islamabad with plans to extend to other cities as well.

Saylani welfare appealed to citizens and philanthropists to join the cause and donate generously to support their fellow citizens in these tough conditions.

 The organization also requested distribution companies like IESCO, LESCO AND KE to contribute to the fund.

Chairman Saylani Welfare stated, “Saylani is a recognized name whit has been working with dedication to provided holistic support to people in need.  We benefit over 300,000 people on a daily basis, and we created this fund because we understand that electricity bill are becoming a pressing concern for people this time.
 We request for donations to take this a sustainable and successful endeavor.

Karachi (Muhammad Yasir)  Overseas Investors Chamber of Commerce and Industry (OICCI), the collective body of over two hundred top foreign investors, has recommended substantial increase in penalties for IPR (Intellectual Property Rights) violations to attract FDI in high value research-based products and services in Pakistan. Sharing the results of OICCI IPR Survey 2022, conducted annually, the chamber has expressed concern that IPR enforcement is lukewarm, and is not top of the agenda of key stakeholders including the government authorities. The IPOP, (Intellectual Property Organisation of Pakistan) the regulatory body for IPR is without a Chairman since May 2021, and there has not been any significant action taken to strengthen the IPR Tribunals, especially in Karachi. IPR violations has denied the government of significant revenue loss besides endangering the life and well being of public exposed to counterfeit products including medicine.

Commenting on the survey results, Ghias Khan, President OICCI emphasized that “timely registration of Copyrights, Trademarks and Patents supported by strict enforcement regime is critical for building confidence of the existing and potential foreign investors in Pakistan. OICCI as before”, Ghias added, “will continue to support IPOP and share its international knowledge base on IPR towards ensuring a robust IPR regime in the country”.

The research based foreign pharmaceutical companies based in Pakistan are quite concerned that there is no linkage between Patent Law and DRAP (Drug Regulatory Authority of Pakistan) Product Registration, who continue to issue registrations to companies infringing patents, forcing the patent holders to approach court for protection of IPR at a heavy cost.

Lengthy processing timelines for granting IP rights, complicated procedure for registration and long drawn judicial procedure for the protection of IP rights are the key issues highlighted in the OICCI IPR Survey 2022. More than 50% of the respondents believe that Trademarks and Copyrights get registered in 1 – 3 years whereas 53% of the respondent (vs 46% in previous survey) record that it takes more than 3 years to resolve an IPR dispute. While majority of the members expressed that IPR tribunals are functional in major cities, excluding Karachi, yet 32% believe there is no improvement in the protection of IP rights and enforcement of IP laws. OICCI members, however, have appreciated the increasing focus of Karachi Port Custom authorities in closely monitoring the import of counterfeit products.

In conclusion, M Abdul Aleem, CEO of OICCI added that “OICCI works closely with IPOP in supporting initiatives towards strict monitoring of IPR violated products, more engagement with brand owners in Pakistan and improving check on import valuation which will go a long way in boosting the government revenue and manufacturing of legitimate value-added products in Pakistan.  IPOP together with LEA and media has a pivotal role in promoting high level of protection of IPR in Pakistan and attracting quality research-based product and investment in the country.

The over 200 OICCI members doing business in 14 sectors, are the largest contributors to Pakistan Economy. Collectively, they invested US$ 2.4 billion last year, contributed about a third of the country’s total tax collections and employ about one million people with a significantly larger contribution to the socio-economic development of the community through their CSR activities as well.

Lahore (Muhammad Yasir)  Allied Bank Limited in collaboration with National Incubation Center Fintech Hackathon 2022 Finale was held in Lahore on 17^th October 2022.

The NIC and ABL aimed to find practical innovative solutions, prototypes and disruptive ideas that can transform Fin-tech, not just in Pakistan, but across the globe through this hackathon.

The following thematic areas were identified to hack solutions in the Fin-Tech space for the hackathon: 

1. Innovation in Fintech Banking 2. Financial Inclusion and Literacy 3. SME & Startup Banking

A nation-wide call for application was made, which resulted in over 1100 applications from coders, UI/ UX experts and finance problem-solvers, that covered 53 cities and 26 universities across Pakistan. The final Twelve short listed teams went through a three-day training bootcamp which consisted of 8 hours of mentorship, 7 hours of training followed by 12 hacking hours to help the teams get better equip for their innovation Challenge. A total of six teams were selected for the ABLX NIC Fintech Hackathon Finale, based on their final pitches post the bootcamp.

The event started with the recitation of the holy Quran, followed by a welcome note by Parvez Abbasi, Project Director, NIC. Where he welcomed all the participants, guests, and judges. The judges include Fatima Mazhar, Advisory board member, COLABS- Mujahid Ali, Chief Information Technology Group, Allied Bank Limited and Sohail Aziz, Chief Digital Officer, Allied Bank Limited.

“In 2016 we proposed to the government of Pakistan a program where youth can be engaged in creating sustainable technology-based solution, and subsequently creating employment opportunities. I am happy to share that, this program has not only shown exponential success and growth but also leading the change and innovation in Pakistan to real time problems of existing in large scale organizations in Pakistan. As a result of our commitment to bring innovation, the NIC health Hackathon revolutionized the detection and prevention of COVID-19 during the Pandemic, while our environmental duties motivated us to build Pakistan’s first ever Plastic Road. Keeping in view the potential that fintech industry holds, NIC joined hands with ABL, to enable innovation in this domain as well”  .

Parvez Abbasi, Project Director, NIC

The NIC team explained the house rules for participants and the distinguished judges, after which the Pitching competition was officially started.

Faysal Fateh from Team Finantler was the first one to pitch along with his teammates Dr. Seemab Latif and Ahmed Rihan. Finantler, crafts hyper- personalization digital banking products to advance financial inclusion of female, Gen Z and Millennial entrepreneurs.

Agha Mujtaba from Team Codek was second to pitch, with his teammates Muhammad Shahzaib and Muhammad Saad. Codek, is a digital log for recurring monthly expenses in just a few steps.

Syed Asif from Team OxiPay was the third to pitch, with his teammate Muhammad Shafqat Khan. OxiPay simplifies payments by using QR Codes.

The first three pitches were followed by a panel discussion around “Allied Bank’s digital journey in collaboration with partners and the startup eco-system”. The Panelists included Sohail Aziz, Chief Digital Officer, Allied Bank- Asif Akram, COO Systems Limited- Ahson Saeed, Managing Director, BPC Technologies and Noman Bashir, CEO, OZoned, where the finalists along with the guests and judges discussed the role ABL has played for the Fintech promotion and awareness in Pakistan.

After an informative Panel discussion, Batool Amir and Muhammad Mansoor Amir of Team Oval were the fourth ones to pitch. Oval, leverages metaverse to accelerate financial inclusion and literacy.

Syed Araib Muneem and Junaid Arif from OG Pay were the fifth one to pitch. OG Pay, aims to revolutionize the secure and cost-efficient ways to transfer wallet to wallet payments in the blink of an eye by using blockchain technology.

Labiqa Noor,Munib ur Rehman and Syed  Zain Ali  from Fortify were the last ones to pitch. Fortify, is a B2B saas based erp solution for real estate builder.

The pitching session was concluded by a closing note by Mr. Azid Gill, CEO, Allied Bank. Followed by a token of appreciation by Mr. Mujahid Ali, Chief Information Technology Group Allied Bank.

“This event is a true testament to Allied Bank’s commitment of support to the development of the Fintech and Startup eco-system in Pakistan. Allied bank and NIC hosted exemplary teams who presented revolutionary ideas pertaining to the field of digital banking whilst addressing the problem statements given to them. The ideas aimed to solve issues like customer experience, financial inclusion, and credit access through innovation in banking. Allied Bank has always been a strong proponent of the State Bank of Pakistan’s objectives and this event serves as a prime example as to how Allied Bank is significantly contributing to achieving those.”

Mr. Azid Gill, CEO, Allied Bank Limited.The Team OVAL was announced the winner, while FORTIFY was second runner up and FINANTLER was the third runner up. The event was concluded with prize distribution followed by a networking lunch.

In Pakistan, digital financial potential is about $ 36 billion by 2025, boosting GDP by 7%, creating 4 million new jobs, and bringing in $ 263 billion in new deposits. This will create a need for young innovators to bring in solutions that will revolutionize space and lead to mass adoption of digital financial services. ABL and NIC believe that hackathons are a great way to mobilize the community to find solutions to existing micro and macro-economic problems prevalent in the country.

 

 

Lahore (Zahid Chughtai) Industrialists and business fraternity of Punjab is showing keen interest in the 6th Pakistan Industrial Expo being held at the Expo Centre Lahore where Chinese companies are showcasing the latest cutting edge technology suitable for Pakistani industrial and construction sectors for its up-gradation and producing items in line with prevailing international standards.

The Expo was inaugurated by the Chinese Consul General in Lahore Zhao Shiren along with the Vice Chancellor of the University of Sargodha and Everest International Chief Executive Officer Yousaf Fa will continue till Monday evening. Delegations of different chambers and associations especially from Sargodha, Sahiwal, Abbottabad chambers and Furniture manufacturers association and Dargohawala Industrial area visited the stalls set up at the Expo.

More than 150 top Chinese manufacturing companies are participating in the three-day expo, showcasing mainly CNC machinery, construction machinery, renewable energy, construction materials, agricultural machinery, hardware, bearings, chemicals, auto and parts. Unique feature of using both online and offline methods for B2B meetings organized through the Zoom platform and assistants were appreciated by the visiting guests.

Speaking at the inaugural ceremony, China’s Consul General Zhao Shiren congratulated the organizers of the exhibition and said that such exhibitions are not only for the promotion of trade relations but also for the utilization of modern technology.

He said that China is providing full support to its brother country Pakistan in acquiring modern technology in all the fields including agriculture. He said that the leadership of both the countries is increasing the friendship between Pakistan and China which is very welcome.

Ensuring flawless traffic flow and comfortable travel for commuters is our priority: PCBDDA.

Lahore (Muhammad Yasir) The technical team of Punjab Central Business District Development Authority also known as Central Business District (CBD Punjab) had a meeting with high officials of Lahore Traffic Police to finalize the traffic diversion plan during the construction of CBD Boulevard and remodeling of Kalma Chowk Underpass. In the meeting Executive Director Technical PCBDDA, Mr. Riaz Hussain, Director Project Management PCBDDA, Mr. Asif Iqbal and from Lahore Traffic Police Mr. Asif Sadiq SP Traffic, Mr.Muneer Hashmi DSP Gulberg,Mr. Rashid Hayat DSP Model Town, Mr. Azam Chohan DSP Ichra and Mr.Akhlaq Ahmed DSP Defence were present. The technical team of PCBDDA explained the diversion plan during the construction of CBD Boulevard. In the first phase of construction one side of Main Boulevard will be open for traffic coming from Barkat Market and going towards Liberty Market. Service Lane will be operational for traffic coming from Firdaus Market from Ali Zaib Road for Barkat Market and Ferozepur Road. Traffic coming from model town going towards Liberty will be diverted from Gaddafi Stadium. A clean passage is also suggested in the plan for the residents of Falcon Society. Executive Director Technical CBD Punjab said that “SP traffic has principally agreed with the traffic diversion plan with minor changes. We will keep the people updated with the changes in the plan as there is any development”. This mega project will be an amenity for the residents of Lahore. The authority has ensured the safety, comfort and hassle-free travel for commuters during construction phases.

 

Lahore (Zahid Chughtai)  Guard Agricultural Research and Services (Pvt) Ltd which is the pioneer in introducing hybrid coarse rice seed in Pakistan Pakistani has developed a new ‘Extra long grain super hybrid rice’ heat tolerant seed with double per acre yield and length after cooking as compared to competitor existing varieties.

Joint ventures Longping Hi-Tech Industries China and Guard Agricultural Research & Services (Pvt) Ltd., held a limited commercial trial this year spreading over 200 acres of land at various places of the country which resulted in having a yield of 90-100 maunds per acre at different places. The seed will be available for open commercial cultivation from the next season.

Guard Agricultural Research & Services (Pvt) Ltd., held a field demonstration to showcase the new seed, its technology and the produce from the trial fields to farmers at a village near Pakpattan the other day and informed the growers that the new variety can attain maturity in 80-85 days and gives double yield using the same amount of nutrients and inputs as used by the existing varieties.

Momin Ali Malik, Senior Executive of the company speaking on this occasion said that their company is working to bring such seeds to market which can ensure prosperity for the growers and food security for the country’s ever-increasing population. He said they partnered with their Chinese counterparts in 1998 and since then they are putting in efforts to bring high-yielding varieties and have tolerance against climate change as well. He said their research team is bigger than their sales team as they believe that only research-oriented activities can produce the required results in the seed sector. He said Pakistan’s export of rice had touched new heights but to maintain this momentum, the country needs more per acre yield by using the existing resources. He claimed that the new variety can produce more than 100 maunds per acre provided taken good care of it. Final data is being completed as harvesting is still underway at different places, Momin added.

Head of Research of the Chinese Company in Pakistan, Mr. Long threw light on hectic research activities being carried out in the country. He said that they plant 12000 lines every year and make hybrids by using local varieties and Chinese material. He said 11 varieties have so far been approved for cultivation by the Pakistani government since 2012. He said the new variety took 3-4 years of testing with a 14 mm length after cooking and an 8 mm length as uncooked rice.

The event was also addressed by the GM Guard (Agri) Rizwan Younis, Chaudhry Muhammad Afzal (grower) and Usman Khaliq (Grower) also spoke on this occasion and shared their experience about the new variety.