Category: Business

Karachi (Muhammad Yasir)

Commenting on the IMF Board approval of IMF SBA for US$ 3 Billion for next nine months for Pakistan, OICCI President, Amir Paracha, complimented the Prime Minister, Mr. Shehbaz Sharif and his Finance team for timely leadership and initiative in ensuring that the economy was not subjected to additional shocks. Together with IMF’s rapid lending of US$ 1.2 Billion, the friendly countries have also helped uplift the Foreign Exchange reserves, thereby providing a significant step towards economic stability and progress. This sentiment is reflected in the developments at Pakistan Stock Exchange, currency market and the business environment in general. OICCI members have also appreciated the upgraded Pakistan’s long term foreign currency Issuer Default Rating (IDR) to ‘CCC’ from ‘CCC-’ by Fitch Rating agency. Pakistan Bonds in the international market have also rallied post the announcement.

While OICCI members remain concerned due to long pending remittances of dividend and other charges, but as responsible foreign investors who have been operating in Pakistan for over 75 years, are supportive of the government actions and look forward to gradual easing of the strict controls on imports and remittances.

Going forward, OICCI President underlined the need to boost the revenue base of the country by aggressively broadening the tax base, reduction in governance cost, reforms in all the key state institutions including the revenue authorities, SOE’s and the regulatory bodies both at the federal and provincial level. The government also needs to streamline the unreasonably high taxes on the corporate sector following the introduction of new taxes including Super Tax thereby effectively increasing the tax on organized businesses to over 40 per cent, the highest in the region.  “In conclusion”, Amir Paracha added, “Pakistan is attracting insignificant FDI  well below its potential, whereas OICCI members continue to add substantial investment in Pakistan and over the past ten years have invested over $ 22 Billion in expanding their footprint in Pakistan. OICCI members will continue to be a sincere long term partner by positively supporting the government in realizing the economic and investment potential of the country.”

Lahore (Muhammad Yasir)

In a game-changing collaboration, ABHI, a leading embedded finance platform, has partnered with BlueEx, Pakistan’s only listed e-commerce logistics company, to offer e-commerce Revenue, Cash on Delivery Financing and inventory financing in Pakistan, a complete solution for financing needs of not only eCommerce Companies but also other SMEs in Pakistan (AbhiCOD). Amidst the rising inflation, e-commerce platforms have faced financial hurdles that demand strategic solutions. In response to these pressing needs, they’ve introduced AbhiCOD which is an innovative short-term Shariah-compliant loan solution tailored to meet the financial needs of e-commerce businesses serving as a lifeline for them striving to thrive in today’s competitive landscape. “AbhiCOD represents our commitment to empowering businesses during challenging times. Our equity with BlueEx has created an unmatched solution, allowing businesses to unlock their true potential by accessing growth financing to capture the opportunities that arise amidst uncertainties,” said Omair Ansari, Group CEO of ABHI. Notably, prominent figures like Mr. Wasim Akram, a pre-IPO shareholder in BlueEx, have extended their support to promote AbhiCOD. Their endorsement highlights the significant impact this innovative solution can have on businesses, making it an invaluable asset for entrepreneurs and industry professionals. Mr. Danish Elahi, Director of BlueEx, expressed his enthusiasm about this collaboration, stating, “SME Financing in Pakistan can only happen with logistics & Fintech Partnership, as retail trade in Pakistan is primarily cash settled, this partnership with ABHI and AbhiCOD addresses critical financial challenges and fosters an environment of growth and success. We are delighted to support businesses on this transformative journey.” As the e-commerce landscape continues to evolve, AbhiCOD is set to redefine the way businesses approach their financial needs.

So if you are an e-commerce business owner looking for short-term Shariah-compliant loans, visit their website and sign up today: https://bit.ly/3JIawZj

Dubai (Nut Desk)

Dubai’s crypto market has been significantly influenced by the evolving global regulatory landscape, as stringent measures implemented in various countries create challenges for investors. These changes have posed numerous hurdles that require careful navigation within the Dubai crypto market. As investors grapple with shifting regulations, The Cryptoverse, a crypto exchange solutions company in Dubai, has worked to provide assistance and solutions within the market.

Navigating the complex regulatory landscape is one of the primary challenges faced by the Dubai crypto market. As countries worldwide implement diverse regulations, investors encounter difficulties understanding and complying with different requirements. This regulatory fragmentation hampers the seamless flow of funds and inhibits the growth of the market.

The Cryptoverse recognizes the importance of understanding and addressing regulatory challenges. By working closely with industry regulators, the company strives to foster a regulatory framework that balances innovation with investor protection. This collaboration aims to provide clarity and consistency, enabling investors to confidently participate in the Dubai crypto market while adhering to relevant regulations.

Another significant obstacle is the volatility and unpredictability of the crypto market itself. Dubai investors, like their counterparts globally, face the risk of extreme price fluctuations that can erode investments. Market volatility can lead to uncertainty, fear, and potential losses, necessitating a cautious approach and risk management strategies.

The lack of clear and standardized crypto accounting and taxation practices poses a challenge for investors in Dubai. Determining tax obligations and ensuring compliance can be complex, considering the unique characteristics of cryptocurrencies. Investors may require expert guidance and reliable tools to navigate these tax-related complexities and fulfill their financial responsibilities.

Security breaches and cyber threats represent another concern within the Dubai crypto market. High-profile hacking incidents highlight the need for robust security measures to protect investor assets and maintain market integrity. Building trust in the security infrastructure of the Dubai crypto market is crucial to attract and retain investors.

While The Cryptoverse offers solutions related to real estate transactions using cryptocurrencies, the broader challenges within the Dubai crypto market extend beyond the company’s specific services. The market must address the aforementioned regulatory, volatility, taxation, and security concerns collectively to foster a healthy and sustainable environment for crypto investors.

To navigate these challenges effectively, industry players such as The Cryptoverse emphasize the importance of education and awareness. By providing comprehensive educational resources, workshops, and seminars, companies can empower investors with the knowledge required to make informed decisions and mitigate risks effectively.

The Markhor Times Tech Awards have recognized The Cryptoverse, among other esteemed winners, for its outstanding contributions to the crypto and tech sectors. The company’s innovative OTC Crypto Exchange, NFT Trading platform, and physical crypto business solutions have earned it the coveted title of “Leading Innovator”.

Lahore (Muhammad Yasir)

CEO of Central Business District Punjab (CBD Punjab), Imran Amin, conducted an inspection at the Kalma Underpass on CBD Punjab Boulevard to assess the drainage and dewatering system’s readiness during the ongoing Monsoon spell. The visit aimed to ensure the efficient management of rainwater and mitigate potential flooding risks in the area. During the inspection, CEO Imran Amin reaffirmed CBD Punjab’s commitment to supporting the Water and Sanitation Agency (WASA) master plan. In alignment with this commitment, CBD Punjab has pledged financial assistance to upgrade WASA’s infrastructure in and around CBD Punjab. As per the directives of Chief Minister Punjab Mohsin Naqvi, all departments are working collectively during the Monson season as part of their proactive measures, CBD Punjab has already constructed additional dry and wet wells to handle rainwater from Firdous Market and Ali Zaib Road. Moreover, two more dry and wet wells have been constructed in Saint Mary Park to cater for rainwater from the vicinity. These enhancements aim to bolster the existing drainage capacity of the Kalma Underpass CBD Punjab Boulevard. CEO Imran Amin highlighted that the current drainage system of Kalma Underpass is sufficient for its immediate needs. However, CBD Punjab recognizes the need to accommodate the water flow from other areas like Liberty and Qaddafi Stadium. To address this, CBD Punjab has collaborated with WASA to devise a comprehensive plan that includes the installation of extra pumps. The implementation of these pumps is slated to be completed within the next few days. With the joint efforts of CBD Punjab and WASA, residents and commuters can have increased confidence in the functionality and resilience of the drainage and dewatering system during the Monsoon season. The commitment to upgrading infrastructure reflects CBD Punjab’s dedication to the welfare and safety of the public and the surrounding areas.

CBA & IPC partnered to promote bilateral or multilateral trade and investment opportunities between the countries represented by the IPC.

Karchi (Muhammad Yasir)   In a recent development, CBA and IPC (International Parliamentarians Congress)  have partnered to promote bilateral or multilateral trade and investment opportunities between the countries represented by the IPC. This partnership is expected to bring a major impact in economic development and promoting social welfare in developing regions.

IPC is an international organization that aims to establish cooperation, synergy, and strategies across parliamentarians from different regions of the world and work on promotion of world peace, prosperity trade, and development cooperation. CBA, on the other hand, is the largest digital distribution platform of the country that aims to promote micro-entrepreneurship, trading opportunities within & outside the country.

Ghazanfar Ali Khan, the CEO of CBA, highlighted the company’s commitment to develop a framework where IPC & CBA will work together to create trade opportunities in IPC members countries. He emphasized CBA’s dedication to continuous improvement, innovation, and collaboration to play a more significant and impactful role.

Senator Sitara Ayaz the Secretary General IPC appreciated the initiative of CBA working in the field of Technology and e-commerce and combining it with global development. Since IPC works with international Parliamentarians as well as international Organizations, we are keen to introduce the CBA  globally to enhance trade and development in the areas of technology and introduce them worldwide for further mutual collaboration.

We are excited to see the impact of this partnership and look forward to more collaborations that will open more avenues in developing regions.

Pakistan (Muhammad Yasir)

United Bank Limited (UBL) declared a Consolidated Profit Before Tax (PBT) of Rs. 52.0 billion for the half year ended June 30th 2023, with an impressive growth of 50% over last year. Profit After Tax (PAT) was reported at Rs. 27.5 billion, with a two-fold increase. Earnings per Share (EPS) was measured at Rs. 22.01 (H1’22: Rs. 9.77). The ROE for the current period was reported at 26% (HI’22: 13%).

The asset base has crossed Rs. 3.4 trillion, deposits have reached Rs. 2.4 trillion and advances were recorded at Rs. 916 billion as at Jun’23. The Bank’s gross revenues stood at Rs. 85.5 billion, growing by 36%, driven by the buildup in the deposit base and well positioned investment portfolio. Net-markup income (NII) increased by a robust growth of 54% to Rs. 72.3 billion for H1’23. The Bank’s Non-Fund Income (NFI) was reported at Rs. 13.1 billion for H1’23.

Domestic CASA deposits averaged Rs. 1.5 trillion for H1’23, with a growth of 13% year on year and a portfolio increase of Rs. 167 billion. The average CASA to total deposits ratio continued to strengthen and was measured at 90% in H1’23 (H1’22: 87%). Islamic banking remains a key priority and UBL continues to expand within this fast-growing segment. UBL Ameen’s branch network stands at over 150 branches with 500 Islamic Banking Windows (IBWs) all across Pakistan. The bank sees the Islamic segment as a tremendous growth opportunity and will continue to build on the UBL Ameen footprint.

UBL has embraced the digital age by offering a comprehensive range of digital banking services. UBL’s digital banking platform has revolutionized financial services, providing convenient, secure, and user-friendly solutions. In 2023, the number of registered accounts reached 3.7 million increasing by 27%. The number of financial transactions has increased by 69%, while the payment value of financial transactions has grown by 84% to over Rs. 2.1 trillion YTD Jun’23. The Bank is redefining the financial landscape with a futuristic mindset, innovative ideas and well directed capital allocation towards technology investments.

Branch banking remains the foundation of our business, and we are investing in our footprint while improving service and staff levels across the country. UBL is committed to actively contribute to the development of the economy as Pakistan’s leading financial institution, with a major presence across all sectors. We will continue to build on financial inclusion in the country and provide banking services throughout Pakistan across all our touch points.

UBL’s most valuable asset is our people, and the bank is committed to investing in their growth and development. We remain extremely focused on our customer service levels, growth in digital banking, as we build our franchise in coming years. We remain fully committed to delivering a strong return on equity, with an efficient capital base as we drive the organization towards a larger ambition.

Lahore (Muhammad Yasir)

The Pakistan Solar Association (PSA) has been inundated with inquiries from member companies and stakeholders within the Pakistan solar industry concerning purported changes to the Time of Use Tariff for customers of DISCOs (Distribution Companies).

After weeks of speculation fueled by incorrect news items circulating on social media and unofficial sources, the PSA takes this opportunity to clarify that there have been no alterations to the timings for peak and off-peak hours.

Upon consultation with relevant authorities at the National Electric Power Regulatory Authority (NEPRA) and DISCOs, the PSA confirms that there have been no adjustments to the existing timing for Peak hours and there are no plans to do so.

The current application of four hours in the day for Peak rates remains unchanged. Similarly, there has been no modification to the Off-Peak hours either the seasonal band 6:00PM TO 10:00PM in winter and 7:00PM TO 11:00PM in summer for the peak hours also remain the unchanged.

Zafar Iqbal, a member of the PSA Standing Committee on Net Metering, said: “Upon seeing the news and inquiries from PSA member companies, we checked the same with relevant persons at NEPRA and DISCOs, and they clarified that there is no change in the timing of Peak and Off-Peak hours, and the rumors are incorrect.”

The PSA urges all stakeholders to rely on verified information and refrain from spreading unconfirmed news that may lead to confusion and misperceptions within the industry and among customers.

Chairman of the PSA, Amir Chaudhary, emphasized the vital role the Pakistan Solar Industry is playing in achieving the vision of Prime Minister Shahbaz Sharif to harness clean and cost-effective solar energy. He said: “We are working diligently with the relevant authorities, including NEPRA and the Alternative Energy Development Board (AEDB), to help customers achieve a reduction in the cost of electricity by increasing the contribution of solar energy in the national energy mix.”

The PSA recognizes the importance of renewable energy sources and their potential in transforming Pakistan’s energy landscape. By promoting solar energy adoption, the association aims to bolster the country’s efforts to combat climate change, reduce dependence on fossil fuels, and create a sustainable energy future.

The industry’s response to the PSA’s efforts has been overwhelmingly positive. Industry members have commended the association for bringing together all stakeholders on a common platform to address this issue. They pledge to collaborate with the PSA to work towards realizing Prime Minister Shahbaz Sharif’s vision of maximizing the contribution of solar energy in Pakistan’s energy mix.

The Pakistan Solar Association assures its member companies, the solar industry, and the general public that it will continue to work closely with relevant authorities to advocate for favorable policies and regulations that facilitate the growth of solar energy in the country. It remains steadfast in its commitment to promoting a cleaner, greener, and more sustainable energy landscape for Pakistan.

Lahore (Muhammad Yasir)

Punjab Central Business District Development Authority (PCBDDA) also known as Central Business District Punjab (CBD Punjab), is set to embark on the Walton Road upgradation project. In this regard, CBD Punjab has organized a public hearing session to discuss the project’s environmental aspects and obtain environmental approval in a bid to ensure transparency and gather valuable feedback. The public hearing session was attended by representatives from the Technical Directorate of CBD Punjab, Environment Protection Agency Punjab (EPA), Walton Cantonment Board (WCB), local residents, and Walton Road community representatives. The technical team of CBD Punjab provided insights about the project, emphasizing that it aims to address the long-standing sewage and drainage issues of Walton Road. The Walton Road upgradation project aims to address long-standing issues of sewage and drainage system. CBD Punjab plans to implement a separate sewage system, diverting it from ADA Nullah, and establish a dedicated sewage line from Walton Road to Hadyara Drain. ADA Nullah will be exclusively utilized for rainwater. Additionally, CBD Punjab will remodel Walton Road, while incorporating protected U-turns, underpasses, and overhead bridges. The project will also focus on creating green spaces and plantations to enhance the environment. These improvements will result in uniform traffic flow, reduce congestion, and combat environmental hazards. While talking on the occasion Brigadier (R) Mansoor Janjua, COO of CBD Punjab, said, “We are committed to resolving the longstanding issues faced by the residents of Walton Road. Through this upgradation project, CBD Punjab aims to create a modern and sustainable environment that prioritizes the well-being of the community.” Executive Director Technical CBD Punjab, Riaz Hussain said that the authority will work in full swing while utilizing all available resources for the timely completion of this project. Residents of Walton Road expressed their concerns about the recurrent flooding and the mixing of sewage water with drinking water during heavy rainfall causing serious health problems. They highlighted the damage caused to the surrounding areas due to overflowing sewage water. Once the ADA Nullah issue is resolved, it will be a blessing for the inhabitants of Walton Road. The project is expected to combat health and environmental issues while facilitating smoother traffic flow and reducing traffic congestion. The people living around the vicinity of Walton Road have shown complete trust in the authority’s ability to address these persistent issues. CBD Punjab is dedicated in ensuring the successful completion of the Walton Road upgradation project, thereby bringing a positive change and improved living conditions to the area.

Lahore (Muhammad Yasir)

The Board of Directors of Dolmen City REIT (DCR) have declared and approved a final cash dividend of PKR 0.50 per unit, in their meeting held on Tuesday July 18, 2023. This is in addition to the interim dividends of PKR 1.31 per unit already paid to the unit holders. On cumulative basis, the REIT Scheme has yielded dividend of PKR 1.81 per unit i.e., 18.1% for the year ended on June 30, 2023. Aggregate value of dividends comes to PKR 4.025 billion. Resultantly, the REIT scheme has contributed more than PKR 600 million to the exchequer in the form of taxes. DCR is Listed on Pakistan Stock Exchange (PSX) as a closed-end, shariah compliant, perpetual Rental REIT Scheme, governed under REIT Regulations 2022 of the Securities and Exchange Commission of Pakistan (SECP). According to the management company – Arif Habib Dolmen REIT Management Limited (RMC), DCR has played a pioneering role in the establishment of REIT sector in Pakistan. DCR has established itself as a viable new investment instrument for consistently growing rental income from one of the finest real estate assets of the country. Strong financial results emanated from an increase in income in all categories, cost savings, strong property management and continuous growth in footfall as the destination of choice for the shoppers and corporates of Karachi. Both property components of DCR; Dolmen City Mall and The Harbour Front (office building) experienced consistently high occupancy. DCR proves the fact that REITs are the most effective organization structure to manage public-scale real estate projects. REITs have the potential of bringing several benefits to the economy ranging from enhancement of government revenues, development of better housing and infrastructure in the country, creation of employment opportunities especially for the low-skilled workers and possibility for small savers to take exposure in real estate thereby promoting savings. In addition to yielding cumulative dividend of PKR 23.541 billion for unit holders since its listing, the DCR has contributed more than PKR 4.6 billion under taxation to the exchequer. Since its launch in 2015, DCR has remained highest rated REIT Scheme each year (RR1 by VIS) for its investment quality. With the vision to realize the benefits, The Securities and Exchange Commission of Pakistan (SECP); revamped REIT regulatory framework in 2022. Supportive regulatory framework and prudent policies by SECP, State Bank of Pakistan (SBP), Provincial and Federal Governments, resulted in increasing interest of stakeholders in conducting the Real Estate (RE) business under REIT modality. During FY21-23, more than thirteen (13) REIT Schemes got registered in Pakistan. Relevant sections of the government need to support REITs, which can bring far more transparency across the board. The apex regulator appears committed to support business environment and economic growth in the country by focusing on the development of business conducive policy framework and regulations in the country which invites financial inclusion, safeguard investors and calls for greater transparency. Consistency in policies and taxation regime in the long run across the country, will result in proliferation of this important financial vehicle ‘REITs’ and shall highlight Pakistan under the global investment radar.

Pakistan (Muhammad Yasir)

Mobilink Bank achieved notable growth in Loan Disbursement and Gross Loan Portfolio (GLP) across two key segments, Women as well as Micro, Small, and Medium Enterprises (MSMEs), as evident in its H1 2023 results. These achievements underline the Bank’s commitment to fostering financial inclusion and supporting the growth of small businesses, further demonstrating the effectiveness of its strategies and initiatives implemented over the past year. Mobilink Bank is part of the VEON group, a global digital operator that provides converged connectivity and online services across seven countries. As part of its digital operator strategy, VEON is transforming people’s lives, creating opportunities for greater digital inclusion, and driving economic growth across countries that are home to more than 8% of the world’s population. During the first half of 2023, the Bank disbursed loans of over PKR 4.32 billion to women entrepreneurs, reflecting a growth rate of 178% compared to the same period in 2022 in which PKR 2.42 billion were disbursed. Highlighting the bank’s success in attracting and nurturing talented women, the number of women borrowers grew from 61,242 in 2022 to 68,994 in 2023, reflecting a remarkable growth of 113%. Mobilink Bank’s efforts to uplift the MSME sector yielded remarkable success as well, showcasing the Bank’s commitment to providing accessible financial solutions. The Bank’s initiatives in H1 2023 resulted in the disbursement of over PKR 11.63 billion to MSMEs (PKR 5.88 billion in 2022), achieving an impressive growth rate of 198% compared to the same period in 2022. The number of MSME borrowers also experienced an increase, with disbursements escalating from 23,173 in 2022 to 34,000 in 2023, reflecting a growth of 147%. Expressing his thoughts on the Bank’s accomplishments, Ghazanfar Azzam, President and CEO Mobilink Bank shared, “We take immense pride in the remarkable growth we have accomplished this year. Our dedication to empowering women entrepreneurs and bolstering the MSME sector has yielded exceptional outcomes, consequently fostering inclusive economic progress. These figures serve as a powerful testament to our resolve of enabling individuals and businesses to unleash their true potential. We will continue with the same zeal for creating growth opportunities for all.” Atta-ur-Rehman, Chief Branch Business Officer Mobilink Bank said, “The resounding success of our bank exemplifies our steadfast commitment to drive inclusive economic growth and empower diverse segments of society. With the vision of empowering women and MSMEs, we are ready for taking all productive steps to continue including all, in the financial sphere.” Mobilink Bank’s achievements go beyond financial figures, positioning the Bank as a key player in bridging the gender divide and outshining all other banks in topping the Banking on Equality Scorecard, released by the State Bank of Pakistan. By prioritizing women and MSMEs, Mobilink Bank drives economic progress, creates opportunities, and accelerates social development. Through customized digital and financial solutions, the Bank paves the way for the unbanked and underbanked, enabling them to thrive and prosper.