Category: Business

Karachi (Muhammad Yasir) A delegation of K-Electric’s majority shareholders representing Saudi Arabia’s Aljomaih Holding Company, Kuwait’s National Industries Group (NIG) and Infrastructure Growth and Capital Fund (IGCF) called upon the Honorable Prime Minister of Pakistan Mian Shehbaz Sharif on Thursday.

Delegation was led by Sheikh Abdulaziz Aljomaih – Managing Director of Aljomaih Holding Company, one of the strongest conglomerates in Saudi Arabia with interests in diversified industries along with Riyadh Edrees – CEO of NIG. 

Prime Minister Shehbaz Sharif highlighted that he has constituted a task force headed by former Prime Minister Shahid Khaqan Abbasi to resolve the concerns related to K-Electric for improving the power utility’s cash flows and streaming generation of electricity from its power plants. Task force members including Shahid Khaqan Abbasi, Federal Minister for Finance, Miftah Ismail, Minister for Petroleum Dr. Musadiq Malik, and Special Assistant to Prime Minister Ahad Cheema were also present.

The delegation briefed the premier about the utility’s achievement in the last 17 years. “We enjoy good brotherly relations with Pakistan. This is why we opted to invest in the power sector – which is the backbone of any economy – of Karachi, which holds a special place as Pakistan’s financial and industrial hub,” highlighted Aljomaih who was also the first Chairman of the company post privatization.

“Aljomaih and I have been part of the KE journey since 2005. As part of the largest investment group of Kuwait, we are ambassadors of Pakistan in investment circles across the GCC. KE’s continued success can be instrumental in generating interest in Pakistan’s energy distribution sector,” shared Riyadh Edrees.

Post-privatization, over USD 4 billion has been invested in KE’s value chain, enabling it to upgrade the power infrastructure including addition of new power plants. The operational improvements since privatization have resulted in savings of USD 5 Billon to the national exchequer. Today, the company has doubled the number of customers, delivers twice the amount of energy units and has halved the transmission and distribution losses as compared to 2005.

The investors further informed that the transformation’s success has attracted investors like Shanghai Electric Power (SEP), one of the major players in the global energy sector. However, the acquisition process – which was formally initiated in 2016 – remained stalled due to unresolved issues, they informed.

The delegation also expressed its concerns over the industry’s growing challenges that are affecting KE’s financial sustainability. The delegation sought support from the premier on the resolution of long standing issues such as the Power Purchase Agreement (PPA) and the arbitration of historical dues between KE and various government entities, which are deterrents towards the sale of KE’s majority shares.

The group of investors were accompanied by Mark Skelton, Director of Infrastructure Growth Capital Fund, Shan Ashary, the Chairman of KE’s Board and Syed Moonis Abdullah Alvi, CEO K-Electric.

The delegation also called upon Dr Shahid Khaqan Abbasi, Minister for Energy (Power Division) Khurram Dastgir, as well as Tauseef H. Farooqi, Chairman National Electric Power Regulatory Authority (NEPRA).

During the meetings, KE’s investors acknowledged Pakistan’s importance as an investment destination. They expressed that considering the historical ties and brotherly relations between Gulf countries and Pakistan, the investment was made at the time when the government was actively looking for investment in the power sector. The delegation also reiterated its firm commitment to resolving the challenges and securing the city’s energy future, which is inevitable for the country’s prosperity.

KE has 3.2 million customers whereas T&D losses have reduced to 15.8% today down from 34.2% in FY05. On the generation front, KE has added 5 efficient power generation plants and fleet efficiency has improved from 25% in 2005 to 38% in 2021.

Lahore (Muhammad Yasir) Karandaaz held a full-day webinar on the challenges and opportunities of renewable energy and energy efficiency in Pakistan. Leading experts and stakeholders in the renewable energy and climate finance space deliberated on the challenges and opportunities in this emerging space. Pakistan’s energy demand in 2021 was 29,435 MWs, whereas the supply after line losses in the same period was 26,083 MWs. This gap existed despite the fact that Pakistan possessed a potential to supply 37,261 MWs with existing infrastructure. Innovative steps need to be taken such as, net metering through which consumers who own renewable energy facilities can supply excess produce to national grid in exchange for incentives, and energy efficient commercial construction and housing models. According to Ministry of Energy, Power Division’s 2021 figures, Pakistan’s energy mix remained heavily reliant on non-renewable sources with a meager share of renewable sources such as solar (400 MWs), wind (1235 MWs), and bagas (364 MWs) despite their vast potential.

Dr. Shamshad Akhtar, Chairperson Karandaaz said, “Karandaaz’s research tabled for today’s deliberation offers perspectives on Pakistan’s key initiatives, which if pursued effectively, have potential to be a game changer in decarbonization subject to expeditious resolution of sector issues and challenges by fixing the enabling sector and regulatory policy frameworks, developing public private partnership to leverage private capital with appropriate risk mitigation and management frameworks. Few promising initiatives are noteworthy. 2019 Alternative and Renewable Energy Policy if proactively implemented will promote low carbon pathways as it targets a change in energy mix by lifting the share of renewables to 20% by 2025 and 30% by 2030.  Complementing this target is raising the share of hydel capacity to 30%. Advancement in this area will help resolve the energy crisis and reduce the dependence on imported energy fuel such as oil, coal, and LNG that exposes the economy to international price shock.  Climate mitigation anchored on renewables and energy efficiency will help ease the BOP and fiscal pressures that have put the entire economy at risk.   Pakistan is falling short of its targets already as the share of renewable energy in the total energy mix went down to 2.2% in 2021 so significant catching up is required in the next 3 years.”

Waqas ul Hasan, CEO Karandaaz said, “Pakistan remains among the group of countries most vulnerable to climate change. The ND-GAIN Index ranks Pakistan at 152nd, among 181 countries, based on its vulnerability to climate change and readiness to improve its resilience. Countries in developed and emerging economies alike are moving towards innovative solutions and technologies in energy efficiency and renewable energy through creative financing solutions such as bonds, climate adaption funds, and wholesale financing facilities. Through Karandaaz’s Green Initiative, we have also made several investments in the renewable energy domain and launched a challenge fund as well. We are particularly proud of an investment in a commercial green building in Karachi which will fulfill criteria of reputable accreditations. This investment can potentially be converted into Pakistan’s first Green REIT. So far, Karandaaz has supported 10.6 MWs capacity of clean energy in textile, SME and household segments through its investments in renewable energy.”

In her concluding remarks, Ms. Annabel Gerry, Development Director of the UK’s FCDO said, “I would like to commend the organisers and participants of this extremely important webinar to discuss issues related to renewable energy and energy efficiency that face Pakistan. The UK is leading global efforts to combat climate change and has already cut its own emissions by 43% since 1990, which is the fastest among the G-7 countries. The UK is also at the forefront of leading on international climate cooperation and in 2019, the UK Government announced plans to double its provision of international climate finance to £11.6 billion over the period 2021 – 2025 to support developing countries respond to challenges of climate change. Our work in Pakistan for the promotion of renewable energy and energy efficient businesses and housing through Karandaaz is part of the same approach.”

The webinar also had in-depth panel discussions on topics such as regulatory and financial constraints in the renewable energy generation, distribution, and efficiency; role of emerging technologies in accelerating the impact of renewable and efficient energy; potential for climate finance; need for energy efficient green buildings in Pakistan; and the potential benefits and modalities of commitment to Net Zero. During the webinar, Karandaaz also shared key findings of its two research reports. The first report on green financing, renewable energy, and energy efficiency in Pakistan is now available on Karandaaz website at:

karandaaz.com.pk/karandaaz_publication/ The second report for which key findings were shared during the webinar focuses on climate smart low-income housing and will be available publicly on Karandaaz website by mid-July, 2022.

Karandaaz Pakistan is a not-for-profit special purpose vehicle set up under Section 42 in August 2014. Karandaaz is the implementation partner of the Enterprise and Asset Growth Programme (EAGR) and Sustainable Energy and Economic Development (SEED) programme of FCDO. SEED is grant funded by FCDO whereas EAGR is co-funded by FCDO and Bill & Melinda Gates Foundation on grant basis. Karandaaz promotes access to finance for micro, small and medium-sized businesses through a double bottom line investment platform and financial inclusion for individuals by employing technology enabled solutions.

Lahore (Muhammad Yasir) As Pakistan is facing with severe natural gas shortage for the last couple of years, it has started relying heavily on Liquefied
Natural Gas (LNG), however, the government needs to explore other
energy sources to save environment as well as financial spending on
the LNG import. There are other green energy options like solar and
wind that can provide cheap environment-friendly energy sources and
the country needs go for these options.

This was the crux of one of the two reports “Gas Monitor – Pakistan” &
“Tabeer LNG Terminal, Socio-Economic & Environmental Analysis”
launched by the Indus Consortium held about the gas provision as an
energy source in the country at a ceremony here on Friday.

The reports launch was attended by representatives of academic
institutions, member of GROW Green Network, which is an umbrella of
environmental organizations of Pakistan working for the promotion of
renewable energy, independent researchers, member of Renewable Energy
coalition Pakistan and alliance for climate Justice and clean energy.

Sharing findings of the Gas Monitor – Pakistan report, Dr. Amanullah
Mahar, Director, and Center for Environmental Sciences, University of
Sindh, Jamshoro, said that since LNG, fossil gas is a very high carbon
intensive fuel and cannot be called “transition” fuel source to a
cleaner energy system. He explained that fossil gas (methane) can be
leaked from the re-gasification, transport, and consumption and
processing of it. After carbon dioxide (CO2), methane is the second
most abundant anthropogenic greenhouse gas and responsible for 20% of
worldwide atmospheric emissions. The methane is 25 times more potent
than CO2 at absorbing atmospheric heat.

While presenting findings of another report on “Tabeer LNG Terminal,
Socio-Economic & Environmental Analysis”, an independent
sustainability consultant Fatima Fasih said that keeping the global
LNG markets and their volatility in consideration, it is clear that
LNG is no longer a financially-viable source of fuel. She said,
“Instead of focusing on short-term monetary gains and quick gains in
energy for the economy, public and private institutions should focus
on building stronger energy security within Pakistan and develop a
greener economy through a just and equitable energy transition towards
renewable energy.”

She suggested that solar and wind power have shown remarkable success
in Pakistan from an economic perspective and should be invested in to
increase their ratios within the country’s energy mix and help the
country transition towards a just and sustainable energy transition.

Iqbal Hyder, Board member of Indus Consortium and Executive Director
Laar Humanitarian Development Program (LHDP), while concluding his
remarks, said that the livelihood of population inhabiting along the
coastal areas is directly dependent on mangrove forests. He said
cautioned that any additional construction or industrial operations in
these areas will exacerbate the declining socio-economic conditions of
the local communities. “We need to recognize the valuable indigenous
knowledge for local fishing and rejuvenate the current worsening
fishing populations.”

The Gas Monitor – Pakistan report focuses on the case of the
development of Pakistan’s gas sector, especially LNG. It discusses how
increasing reliance on LNG is posing challenges to the country’s
economy on one hand and the release of methane gas emissions is
deteriorating the environment on the other. The monitor also comes up
with a set of recommendations that present a potential way out of this
entrenched dependence and its associated impacts.

An analysis of the socio-economic and environmental impacts of the
Tabeer LNG terminal, Port Qasim, Karachi, investigates the
Environmental Social Impact Assessment (ESIA) and explores the
Corporate Social Responsibility criterion with a set of
recommendations.

Indus Consortium is an umbrella organization of over 60 civil society
organizations across Pakistan, working on DRR, climate change, green
development, and green finance. It also envisions a democratic and
equitable society where all citizens enjoy equal economic, cultural,
and political rights, with a mission to work for local communities to
enhance their resilience and participation in green development.

Lahore (Muhammad Yasir) On the occasion of UN Public Service Day, Careem, the Super App of the greater Middle East and Pakistan, has partnered with The Citizens Foundation (TCF) and Chughtai Labs to provide subsidized rates for quality education and healthcare to its Captains and their children.

As per the partnership agreement, TCF will provide a subsidized fee to 300 Careem Captains enabling their children to benefit from a rigorous curriculum development, maintaining global standards.

Through the collaboration with Chughtai Labs, Captains belonging to different grades will receive customized discounts for laboratory tests. Captains of platinum, silver and bronze categories will be able to ‌redeem discounts worth 30%, 27% and 24% respectively. Similarly, all other Captains will be entitled to a flat 8% off on medicines. Chughtai Labs will also share unique codes on a monthly basis that will be promoted and disbursed with Captains through the Careem Captain App and other internal channels, as per their grades.

Sharing his thoughts on the occasion, Feroz Jaleel, Country Head, Careem Pakistan said, “Careem has always strived to improve the quality of life for its Captains and will continue to look after them and advocate for them as they are the backbone of our services. These partnerships are a testament to our determination of supporting the wellbeing of our Captains and their families, all while incentivizing them by offering a range of discounts on essential products and services”.

Careem has over 800,000 Captains registered on its platform so far and has invested up to $100 million since its inception in Pakistan in 2016. Transforming into a Super App; Careem offers multiple opportunities as it expands its services from the mobility of people to mobility of things (daily essential deliveries) and money (peer-to-peer credit transfer and mobile top-ups).

UN Women Pakistan and foodpanda Pakistan collaborate for the promotion of workplace safety and gender equality for women

Lahore (Muhammad Yasir) UN Women and foodpanda Pakistan have announced a partnership on promotion of gender equality in the workplace. Under the partnership various initiatives and training will be undertaken to address and implement strategies pertaining to gender-responsiveness and creating a healthy work environment.  

A memorandum of understanding (MoU) in this regard was recently signed in foodpanda’s office where both organisations pledged to implement capacity-building initiatives to empower women at all positions, leveraging the UN Women Empowerment Principles (WEPs). foodpanda Pakistan being the signatory of these principles has policies in place regarding the promotion of women’s rights and well-being at the workplace which highlight it as an equal opportunity employer. 

“Given the fast-paced world that we are living in today, it is imperative that we assimilate in the organisation while acknowledging the rights and needs of our female counterparts and ensure an all-inclusive workplace,” said Muntaqa Peracha, Managing Director, foodpanda Pakistan. “No economy can thrive without the contribution of women and here at foodpanda Pakistan, we are committed to advancing the agenda of empowering our female stakeholders at all levels. This includes entrusting them with decision making powers, placing them in key leadership positions, and designing an environment conducive to their professional growth.”

“Women’s economic empowerment lies at the heart of this partnership” said Sharmeela Rassool, Country Representative, UN Women Pakistan. She added “foodpanda has caused a positive disruption in society through its dignified approach to the food delivery profession. By creating an enabling and inclusive environment at the workplace, as well as particularly driving women inclusion as home based vendors and fleet of riders is an exemplary effort to enable them to break stereotypes at one hand and earn a respectable living at the other hand.” 

The private sector has emerged as the promoter of sustainable social development while having a positive impact on communities and the society at large, thereby promoting their economic growth and prosperity. The Sustainable Development Goal 5 specific to gender equality addresses the need of ending all forms of discrimination against women and empowering them that would eventually have a multiplier effect for sustained development. The Global Goals and the WEPs aim at uniting the public and private sectors, and civil society to expedite gender equality and women’s empowerment in the workplace, marketplace and community.

 

 

 

 

 

Lahore (Muhammad Yasir) Gerry’s dnata, Pakistan’s leading ground services provider, continues to be recognised for achieving the highest safety standards. The company obtained IATA Safety Audit for Ground Operations (ISAGO) Station Accreditation at Islamabad International Airport (ISB), following the successful completion of a comprehensive audit of its ground handling operations at the airport.

Syed Haris Raza, Vice President of Gerry’s dnata, said: “Safety continues to be at the heart of everything we do. The achievement of the ISAGO accreditation demonstrates our team’s commitment and ability to consistently deliver excellence in safety. I thank my colleagues for their hard work and dedication.”

Gerry’s dnata has also successfully renewed its ISAGO Registration in Karachi (KHI). In 2019, Gerry’s dnata became the first ground services provider to be awarded the prestigious ISAGO Registration in Pakistan.

ISAGO is an audit program for ground-handling companies serving airlines at airports covering the areas of organization and management, load control, passenger and baggage handling, aircraft handling and loading and aircraft ground movement. It offers benefits to airlines, ground handlers, regulatory as well as airport authorities. These include safer ground operations, fewer accidents and injuries, elimination of redundant audits, reduced costs, less damage and fewer audits, a uniform audit process and harmonized standards, improved safety oversight, harmonized auditor training and qualifications, improved quality standards, and enhanced understanding of high-risk areas within ground operations.

In recent years, Gerry’s dnata has significantly enhanced its operations and services to deliver the highest level of quality and safety and help airline customers safely transport passengers and precious cargo to and from Pakistan. It made significant investments in infrastructure, technology and equipment, including the opening of a new, state-of-the-art cargo facility in Lahore which doubled the company’s cargo handling capacity at the airport.

In addition, Gerry’s dnata obtained Maintenance Organization Approval from the Pakistan Civil Aviation Authority to provide aircraft line maintenance services to airline customers, and now offers a one-stop-shop of ground handling, cargo and technical services at the airports of Karachi, Lahore, and Islamabad.

Gerry’s dnata serves more than 20 airline customers at seven Pakistani airports. The company’s team consists of over 2,500 dedicated aviation professionals who assist more than seven million passengers and handle 150,000 tons of cargo annually.

Karachi (Muhammad Yasir) K-Electric requested the National Electric Power Regulatory Authority (NEPRA) to increase the power tariff by Rs 11.33 per unit on account of fuel charges adjustment (FCA) for the month of May. Per applicable tariff across the country, fuel adjustment is reviewed every month and is applicable on consumer bills for only one particular month.

The major impact on the monthly Fuel cost adjustment of May 2022 is due to an increase in the fuel price increase of Furnace Oil and power purchased from CPPA-G. The price of Furnace Oil in May 2022 has increased by 38% from March 2022 while the price of RLNG between March to May 2022 has increased by 50%.

The price of electricity from CPPA-G in May 2022 has increased by 53%. The price of CPPA-G as of May 2022 is Rs 13.897/KWh as compared to the price of Rs 9.387/ KWh in March 2022.

Fuel Charge Adjustment (FCA) is incurred by utilities due to global variation in fuel prices used to generate electricity and change in the generation mix. These costs are passed through to the consumers following NEPRA’s scrutiny and approval and are one-time charges. Consumers also receive a benefit when the cost of fuel decreases.

As per NEPRA guidelines, the submissions will be discussed in the public hearing on the 4^th July. The regulator will approve the request, after scrutiny, and issue instructions on the period during which these costs can be applied to consumer bills.

 

Lahore (Muhammad Yasir) Fly Jinnah – another low-cost carrier joins Pakistan’s aviation industry. The airline is a joint venture between Air Arabia and Lakson Group. Fly Jinnah got the license from the Pakistan Civil Aviation Authority last year and will now soon start their operations in June 2022. Sastaticket.pk welcomes Fly Jinnah and look forward to great times ahead.

Fly Jinnah is the fourth airline in Pakistan’s aviation sector and will be operating with three leased A320s aircraft. With time, it has plans to expand its wings in the industry and touch new heights in the international market. Currently, AirSial, Airblue, and PIA are successfully operating in the market. With the launch of another domestic carrier, we expect competitive airfares where customers will enjoy low prices and best services.

The airline has worked intensively on its cabin crew training and is focusing on customer service as their prime objective.This is the perfect time to make its mark in the industry as travel restrictions have now been lifted and people have started to travel more.In addition, it will be a sigh of relief for the customers as a new entrant will provide more options and convenience in terms of time and monetary resources when it comes to domestic travel.

Sastaticket.pk  welcomes the arrival of Fly Jinnah and expects that the airline will perform well in the near future and mark its name in the industry.

 

Meezan Bank acquires latest PCI DSS Certification through Risk Associates, meeting stringent security standards

Karachi (Muhammad Yasir)  Meezan Bank, Pakistan’s leading Islamic bank, attained Payment Card Industry Data Security Standard certification (PCI DSS v3.2.1) by Payment Card Industry Security Council (PCI SSC) through PCI QSA Firm – Risk Associates, a premier global information technology company.

This certification, which is a leading payment card data security standard, is another milestone in Meezan Bank’s journey towards implementation of data security and control systems that ensure customer security, sensitive card data protection and fraud risk prevention.

The certification was formally presented by Kashif Hassan – Managing Director of Risk Associates to Faiz Ur Rehman – Group Head, Information Technology and Syed Fahd Azam – Head Information Security from Meezan Bank at a ceremony held at Meezan Bank’s head office.

Speaking at the occasion, Kashif Hassan said: “It has been a pleasure working with Meezan Bank throughout the certification process and witnessing Meezan Bank’s commitment to data security and the security infrastructure that Meezan Bank has in place.”

Faiz Ur Rehman thanked all the teams involved in the certification process. He stressed on the importance of controls and adherence to best information security practices in today’s continuously evolving digital landscape. “As a Bank offering one of the largest debit card product suites in the country, Meezan Bank is well aware of the criticality of card data security. The PCI DSS Certification safeguards our data and reputation, consequently strengthening our threat response capability,” he said.

Islamabad (Muhammad Yasir) In line with its vision to empower Pakistanis, Telenor Pakistan has partnered with Circle Women to train women in accessing the internet and other essential digital tools. The initiative will equip home-based and young females with disadvantaged backgrounds with digital literacy, entrepreneurship skills, and financial inclusion.

Despite women constituting almost half of the population of the country, their participation in labour force stands relatively low, resting at 25%, according to Asian Development Bank. Under this partnership, Telenor Pakistan will provide connectivity, aiming at reduction in gender digital divide to home-based workers and young women in Bahawalpur, Rahimyar Khan, Multan, Sargodha, Mianwali, Layyah, Narowal, and Pakpattan. Sims with 15 GB data will be provided free of cost to 3,000 micro-entrepreneurs to assist them towards practicing their digital skills.

Present on the occasion, Chief Operating Officer, Telenor Pakistan, Khurrum Ashfaque commented, ““Telenor has always looked at access to internet as an empowering tool. Our participation with the Circle Women initiative will ensure that we bring the full power of 4G connectivity to women in these areas and support their access to transformational digital platforms.”

Chief Executive Officer, Circle Women, Sadaffe Abid added, “Increasing female participation in the formal economy is key for the country’s socio-economic progress. The digital literacy program is designed to train women to leverage digital platforms and mobile wallets for business, and information exchange, to enable their economic empowerment and social wellbeing.”

Telenor Pakistan has a rich history of women’s empowerment initiatives, such as its participation in the World Bank’s Girls Learn, Women Earn initiative that became the means for 1,100 women from around the country to be trained in digital literacy. Telenor Pakistan’s ‘Naya Aghaaz’ initiative is a unique platform designed for women on a break from their careers to get back on the professional track. Telenor Pakistan remains committed to leveraging technology and its digital expertise to promote diversity and inclusion around the country.