Category: Business

ABHI and Decibel Join Hands to Offer AbhiSalary (Earned Wage Access) as a Financial Wellness Benefit to Employees.

Pakistan (Muhammad Yasir) ABHI, an embedded finance company, is excited to announce its partnership with Decibel, a global provider of Human Resource Management System (HRMS) solutions. This collaboration brings together ABHI’s cutting-edge earned wage access technology with Decibel’s HRMS expertise, creating a powerful solution that financially empowers employees with convenient access to their earned wages.

ABHI is a forward-thinking Earned Wage Access provider that enables employees to access their earned wages in real-time, helping them manage their finances and avoid financial stress. AbhiSalary allows employees to access a portion of their earned wages before their scheduled payday, providing them with greater financial flexibility and control.

Decibel is the largest HRMS Cloud in Pakistan, offering a comprehensive range of HR management tools and services to businesses of all sizes. Decibel’s expertise in HRMS solutions includes talent management, attendance and leaves management, benefits administration, payroll and tax compliance, and more.

The partnership between ABHI and Decibel brings together ABHI’s earned wage access solution with Decibel’s HRMS capabilities, creating a seamless and efficient way for employers to offer earned wage access to their employees. Through this collaboration, employees can access their earned wages when they need it the most, to pay for unexpected expenses or invest in opportunities, thus reducing financial stress and promoting financial wellness.

“We are thrilled to partner with Decibel, a trusted name in the HRMS solutions industry,” said Mr. Ali Ladhubhai, COO at ABHI. “This collaboration allows us to combine AbhiSalary with Decibel’s HRMS solutions, creating a powerful solution that brings financial flexibility to thousands of employees. Together, we can make a positive impact on the financial lives of employees and help them achieve improved financial well-being.”

“Decibel is dedicated to providing comprehensive HRMS solutions that cater to the needs of businesses and their employees,” said Mr. Faisal Qamar, CEO at Decibel. “Our partnership with ABHI aligns perfectly with our mission, as it allows us to add an innovative earned wage access solution to our suite of features and promote financial wellness among employees. We are excited about the opportunities this collaboration brings and the positive impact it can have on employees’ financial lives.”

As two companies that prioritize employee well-being and financial wellness, ABHI and Decibel are excited to join forces and offer an innovative earned wage access solution to employees. Through this partnership, ABHI and Decibel aim to empower employees with greater financial flexibility, reduce financial stress, and promote overall employee satisfaction.

Pakistan (Muhammad Yasir)

Paymob, the leading financial services enabler in the Middle East, North Africa and Pakistan (MENA-P) and Pakistan’s largest interbank network, 1LINK, have announced a partnership agreement to power instant online payouts for merchants registered with Paymob via 1LINK’s payment infrastructure, with Bank Alfalah Ltd. serving as its settlement bank.

This partnership represents a unique and novel offering to merchants in Pakistan by creating an end-to-end digital payments acceptance mechanism integrated with Paymob’s exclusive payout solution suite. To this effect, merchants will be able to instantly transfer funds via Paymob’s platform directly into any 1LINK member/bank account across Pakistan. This process equips merchants to make swift payments to their vendors and suppliers, thereby digitizing cash payments in their supply chain. Additionally, Paymob merchants will be able to pay utility companies, telecom operators, and numerous other businesses via 1LINK.

Mr. Najeeb Agrawalla, CEO 1LINK commented, ‘‘We are pleased to onboard Paymob to facilitate their merchants for swift and secure payment and settlement – yet another step to strengthen the merchant network. This strategic partnership will allow a one window solution to Paymob merchants for sending payments domestically. This business proposition will promote cashless payments for Paymob App users thus contributing towards the digital ecosystem. We look forward to a long-term partnership with Paymob in future.”

Speaking at the occasion, Fawad Abdul Kader, Paymob Country Manager in Pakistan commented, “Partnering with 1LINK unpacks the digital payment infrastructure for Paymob to create use cases for smooth enablement of financial services for our merchants. It will provide us with access to 1LINK’s expansive network of banks/members and services that will open up possibilities for further alliances and strategic synergies to digitize unique use cases. We are optimistic that this distinct feature will change the way merchants view the digital payment acceptance and payments landscape within their business offering.”

Democratizing the merchant’s payment acceptance and payouts journey as one seamless experience advances the State Bank of Pakistan’s goal of enhancing the digital ecosystem in the country. As MENA-P’s fastest-growing fintech, Paymob is committed to enabling SMEs and entrepreneurs to take control of growing their businesses by providing a 360-solution suite. This strategic partnership between 1LINK and Paymob will further widen the spectrum of financial inclusion and developing digital-first solutions in the country.

Daraz Pakistan Joins Forces with Leading Banks and Financial Institutions to Drive Digital Payments Adoption.

Pakistan (Muhammad Yasir) Recognizing the importance of convenient and secure payment options, Daraz Pakistan has collaborated with industry-leading banks for The Big Bank Week to offer customers more savings and incentivize them to opt for digital payments. Through these partnerships, Daraz users will benefit from a wide range of discounts and payment methods, including credit/debit cards, mobile wallets, and online banking, empowering them to choose their preferred digital payment option. Daraz shoppers can get up to 15% off as well as easy monthly instalments at 0% markup for orders worth PKR 10,000/- or above.

Daraz’s partners for this campaign include Visa, HBL, Askari Bank, Standard Chartered, Zindigi and JazzCash. This initiative aligns with Daraz Pakistan’s mission to revolutionise e-commerce and drive digital transformation in the country. By joining forces with leading banks and financial institutions, Daraz Pakistan seeks to expand the accessibility and adoption of digital payments among consumers, facilitating a shift away from traditional cash-based transactions.

Furthermore, these partnerships will contribute to the growth of the digital economy in Pakistan, enabling businesses and entrepreneurs to leverage the benefits of a cashless ecosystem.

Pakistan (Muhammad Yasir) RIZQ, a true financial wellness app designed for salaried professionals and freelancers, has announced a collaboration with EZ Wage, a prominent regional financial wellness platform. This partnership represents a significant milestone in the efforts to make loans more accessible and convenient for working individuals.

This collaboration will enable Salaried Professionals and Freelancers to digitally access easy loans and build scorable credit history. A Memorandum of Understanding (MOU) has been signed by EZ Wage and RIZQ, solidifying their joint efforts to extend financial support to salaried professionals in managing unexpected expenses and cash-flow gaps.

While speaking about the collaboration, CEO RIZQ and Rozee.pk, S. H. Kazi said, “RIZQ aims to address the low penetration of financial products and services for the 20 million employed professionals by providing innovative embedded solutions. Our collaboration with EZ Wage will allow RIZQ users to borrow seamlessly and responsibly.”

Speaking about the partnership, Fatima Batool, CEO and Founder of EZ Wage, also said, “We are excited to partner with RIZQ. Our platform will empower RIZQ’s users to manage their finances more efficiently, providing them with an instant cash advance when they need it the most.”

Dubai welcomes 4.67 million overnight visitors in the first quarter of 2023; on track to becoming the most visited international destination

Government of Dubai Media Office (Nut Desk) Dubai welcomed 4.67 million international overnight visitors in the first quarter of 2023, compared to 3.97 million tourists during the same period in 2022. This marks a 17 % YoY growth and the city’s best Q1 performance since the pandemic, placing it firmly on track to becoming the most visited international destination, according to the latest data published by Dubai’s Department of Economy and Tourism (DET).

The growth, which sets the city on course to full tourism recovery, contributes to the goal of the Dubai Economic Agenda D33 launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai this January, to consolidate Dubai’s status as one of the world’s top three cities.

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, said: “The remarkable growth in international visitation achieved by Dubai in the first quarter of 2023 demonstrates the city’s emergence as one of the key destinations leading the way in the rebound of the global tourism sector. This achievement has been made possible by the far-reaching vision of the leadership to transform Dubai into one of the world’s fastest-growing metropolises and the globe’s pre-eminent hub for travel, talent, entrepreneurship and investment. The Dubai Economic Agenda recently launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, charts an ambitious new path for Dubai to enhance its contributions to shaping the future of the global economy. The tourism sector is not only the strongest pillars of our economy but also a key enabler of Dubai’s distinctive role in the world as a bridge between markets, cultures and regions. In the years ahead, Dubai will continue to introduce new pathbreaking initiatives to offer a distinctive proposition for travellers and achieve its goal of becoming the world’s best place to live, visit, work and invest in.”

The latest industry results – announced at the ongoing 30th edition of Arabian Travel Market in Dubai World Trade Centre, positions Dubai as the fastest recovering destination globally, achieving 98 % of pre-pandemic levels in Q1 2023, and exceeding the projection made by the United Nations World Trade Organisation that international tourist arrivals could reach between 80-95 % of pre-pandemic levels this year, especially in Europe and the Middle East.

The number of visitors in Q1 2023 was just two percentage points short of pre-pandemic volume of 4.75 million tourists that arrived in Dubai in the first three months of 2019, a remarkable achievement since turning the tide in July 2020 by reopening the city to international tourists, and in spite of current global economic headwinds. The industry performance also capped an exceptional first quarter for Dubai, which saw the city being crowned again as the No.1 global destination in Tripadvisor Travelers’ Choice Awards 2023, making it only the second time in history a city has won the coveted award for two years in a row.

His Excellency Helal Saeed Almarri, Director General of Dubai’s Department of Economy and Tourism, commented: “Q1 2023 has set us off on a very strong trajectory for the year and is driving us closer towards realising the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai to make Dubai the most visited and re-visited destination. The positive industry performance is an endorsement of our well-defined strategy, and a testament to the unwavering support of our tourism industry partners and stakeholders. The coming decade will see our industry going through extraordinary phases of transformation, in terms of infrastructure, technology, attractions and experiences, as we focus on achieving the goals of the Dubai Economic Agenda 2033.

“To maintain Dubai’s global appeal as the first-choice destination for travellers, we will continue to follow the multi-pronged blueprint that largely contributed to our success in 2022 – evolving the destination promise, a multi-geographic approach to markets, constant international outreach through global campaigns, hosting international MICE, business and leisure events, and further improving stakeholder relationships. As we look ahead to further accelerating momentum in our tourism sector, the pillars of sustainability, gastronomy, trade, and technology will form the foundation of our future success. Notably, this year is declared as UAE’s ‘Year of Sustainability,’ marking a major milestone for us, as the city prepares to host COP28, the UN Climate Change Conference. Sustainability will form the core of all that we do, incorporating sustainable practices into every aspect of the visitor experience to advance our journey towards becoming the world’s best city to live and work in,” HE Helal Almarri added.

Strong rebound

Dubai’s traditional source markets delivered solid tourism volumes during the first quarter of the year with key regions continuing to make an impact on international visitation, further underscoring the success of the city’s diversified multi-geographic strategy. GCC and MENA combined was the top region, collectively contributing to 29 % of total volumes, reflecting the city’s continued appeal for travellers from neighbouring markets. Western Europe accounted for 22 % of tourism arrivals, while South Asia, accounted for 16 % of total international visitation, followed by CIS and Eastern Europe together contributing 15 %, Americas (7 %), North Asia and South East Asia (6 %), Africa (4 %) and Australasia (1 %).

The majority of the regions have demonstrated significant increase in Q1 2023 compared to the same period in 2022 while four regions have fully recovered and surpassed Q1 2019 levels – CIS and Eastern Europe (48 % vs. Q1 2019), MENA (32 % vs. Q1-2019), Americas (9 % vs. Q1-2019 and Australasia 2 % vs 2019). Both South Asia and Western Europe are close to achieving pre-pandemic levels in terms of tourism volumes.

Dubai’s hotel sector spearheads growth

Dubai hotels saw a surge in performance during the first quarter of 2023. Average occupancy for the sector during the January-March period stood at an impressive 83 %, making it one of the highest in the world, and almost on par with the 84 % occupancy recorded in Q1 2019. This achievement is particularly notable given a 26 % increase in room capacity since then. By the end of March 2023, the city’s hotel sector had a total of 148,877 rooms in 814 hotel establishments compared to 118,039 rooms in 717 hotel establishments in 2019. Continued domestic and international investment into the sector helped further boost hotel inventory, with the first quarter of 2023 seeing a 6 % increase in the total number of hotels and rooms compared to the same period in 2022.

The hotel sector outperformed pre-pandemic levels across all other hospitality metrics. During the first three months of the year, Dubai hotels collectively provided 10.98 million Occupied Room Nights, a YoY growth of 7 % and a 27 % increase compared to the pre-pandemic period of Q1 2019, which registered 8.63 million Occupied Room Nights. The ADR of AED607 during the first three months of the year surpassed the ADR of 2019 (AED498), a 22 % growth while RevPAR of AED504 in Q1 2023, surged by 21 % compared to the first three months of the pre-pandemic period of 2019 (AED 417). The robust performance of the hotel sector is also evident by the fact that average length of stay by guests increased to four nights compared to 3.5 nights, a 14 % increase over the same period in 2019, highlighting the city’s appeal for longer-stay travellers.

His Excellency, Issam Kazim, CEO of the Dubai Corporation for Tourism and Commerce Marketing, said: “Inspired by our visionary leadership, we have made tremendous strides in our efforts to position the city as a must-visit destination through celebrity-led and digital first global campaigns in parallel with initiatives that increase accessibility, minimise barriers to travel, and make it as seamless as possible for travellers to visit Dubai. We express our sincere appreciation for the steadfast support from all our stakeholders and partners who relentlessly strive to uphold our city’s position as a top-tier travel destination globally. Their commitment to our shared vision is instrumental in maintaining our city’s global reputation and for the steady inflow of international visitors. We will continue to work with them to develop innovative and unique tourism products and experiences that will further amplify the appeal of our city as the top consideration for both first-time and repeat business and leisure travellers. With global travel undergoing a paradigm shift in terms of visitor expectations and experiences, we are making every effort to ensure Dubai performs even better in 2023 and beyond to remain ahead of the curve in a highly competitive global tourism landscape.”

Spearheading sustainability initiatives

In an effort to fortify its existing and emerging markets, as well as uncover fresh opportunities for growth both in the domestic and international markets, Dubai’s Department of Economy and Tourism (DET) is ramping up its pursuit of non-traditional tourism avenues to attract visitors. This approach is particularly crucial, as the success of Dubai’s tourism strategy will largely hinge on the pillars of sustainability, gastronomy, trade, and technology.

As Dubai shifts towards a more advanced, inclusive, long-term approach to sustainable growth, sustainability is becoming increasingly important as an opportunity and driving force for growth, as more and more travellers seek out sustainable destinations. Sustainability is a core component of Dubai’s development strategy, and hosting global events like COP28 will provide an exceptional opportunity to highlight the Dubai Sustainable Tourism (DST) initiative designed to enhance the sustainability of the tourism sector and contribute to broader clean energy and sustainable development objectives. DST will also prepare Dubai to cater to global travellers seeking authentic local experiences that promote sustainable practices. A key DST initiative is the Dubai Can campaign, which encourages the use of reusable bottles. The initiative has successfully reduced the number of single-use plastic water bottles by over 7 million in just one year since its launch in February 2022.

DET will further enhance its Gastronomy Always on Campaign as Dubai drives growth in the hospitality and F&B sector, focusing on the four pillars of diversity, value for money, authenticity and experience. Additionally, the city’s investment in infrastructure and support systems for entrepreneurs has transformed it into a much sought-after destination for start-ups, global talent and entrepreneurs.

With the support of its stakeholders and partners, Dubai is committed to continuously offering novel and distinctive experiences for discerning global travellers. These developments will largely be driven by the Dubai 2040 Urban Master Plan, which includes over 100 % expansion of tourism attractions, providing new areas for investment and increasing diversity of attractions and experiences for both residents and visitors. Dubai will also continue to showcase its offerings in various segments, including ecotourism, food tourism, wellness tourism, cruise tourism, sports tourism and destination weddings.

Leveraging its position as an international events destination to draw more visitors to its MICE, business and leisure events, Q1 2023 saw Dubai hosting an extensive line-up of events including the Dubai Shopping Festival, the flagship festival of the city’s year-round Retail Calendar, Art Dubai, Emirates Airline Festival of Literature, Dubai Duty Free Tennis, the Dubai World Cup, Dubai International Boat Show, World Government Summit, as well as Gulfood, the world’s largest annual food & beverage exhibition, which hosted a record 5,000 plus exhibitors from over 125 countries. In addition to COP28, other major events that are set to create greater visibility for Dubai around the world this year are the family summer extravaganza, Dubai Summer Surprises, Dubai Esports and Games Festival and Dubai Fitness Challenge.

Dubai will also continue to provide alternative growth pathways facilitated by reforms and regulatory enablers, including visa initiatives like the Golden Visa, 5-year Multi Entry Visa, Virtual Working, and Retire in the Dubai programs that have eased barriers to entry, promoted long-term affiliation with the city and further enhanced its position as a global livability hub.  Home to over 200 nationalities, Dubai also provides parents a choice of quality education for their children with many top-ranking international universities having established their campuses in the city. These initiatives have also strengthened Dubai’s pro-business environment, making it an attractive destination for multinationals, family offices, global talent, entrepreneurs, innovators, and investors.

Pakistan (Muhammad Yasir)

Etihad Group is proud to announce the launch of a new block in its Etihad Town Phase I project. The development is situated at a prime location on Main Raiwind Road and features state-of-the-art amenities, green spaces, and modern housing options that cater to the needs of families and individuals looking for a contemporary, convenient, and luxurious living experience.

Etihad Town Phase I, has been declared a resounding success by its developers and has received an overwhelming response from investors and buyers alike.

With its prime location, state-of-the-art facilities and modern amenities, Etihad Town Phase I has set a new benchmark for luxury living in Lahore. The project boasts a range of both residential and commercial options, all designed to cater to the diverse
A launch event followed by Iftar dinner for the new block was organized at the project site and was sponsored by the Etihad Group, along with the company’s Strategic Sales Partners (SSP) who have exclusive sales rights for the new block being introduced at Etihad Town Phase I.

Etihad Town’s project sponsor, Mr. Raheel Munir stated that with its prime location, state-of-the-art amenities, and innovative design, Etihad Town phase I has quickly become the go-to choice for those seeking an upscale living experience in Lahore. We are committed to maintaining this level of excellence and constantly striving to exceed our residents’ expectations. Launch of New block in the market will provide unique opportunity to invest in a development that offers unparalleled convenience, security, and luxury. This project reflects our vision of creating sustainable communities that offer a superior quality of life, and we look forward to welcoming our residents to this exceptional development.”

While talking to the media on the occasion, Etihad Group COO Mr. Sheikh ShujaUllah Khan stated “Etihad Town Phase I is a result of our commitment to providing world-class housing solutions that enhance the lifestyle of our residents. Our team has worked tirelessly to ensure that this development offers the best possible living experience, and we are confident that it will be a sought-after destination for those looking to purchase or rent a new home.”

Luxurious Marketing is a real estate marketing company based in Islamabad, Pakistan, that has been making waves with their innovative approach to eco-friendly real estate development. Their commitment to sustainable and environmentally-conscious practices has led to a number of successful projects that have set a new standard for real estate in Pakistan.

Luxurious Marketing’s philosophy is centred on the belief that eco-friendly development is not just a moral imperative, but also makes good business sense. By incorporating sustainable practices into their projects, they are able to create long-term value for their clients and the community as a whole. From energy-efficient buildings to the use of renewable materials and waste reduction measures, Luxurious Marketing’s eco-friendly real estate approach is driving the industry forward in Pakistan.

As demand for sustainable real estate solutions continues to grow in Pakistan, Luxurious Marketing is at the forefront of this movement, and their success stories are a testament to their commitment to making a positive impact on the environment and the community. In the following sections, we will discuss some of the key features of Luxurious Marketing’s eco-friendly real estate projects and the positive impact they have on the environment and the community.

Luxurious Marketing’s commitment to eco-friendly real estate development is rooted in their belief that sustainable practices not only benefit the environment, but also provide long-term value to their clients. They incorporate sustainable practices into all aspects of their projects, from design and construction to operations and maintenance. Here are some of the ways Luxurious Marketing implements eco-friendly practices:

1. Energy Efficiency: Luxurious Marketing focuses and recommends mostly properties with energy-efficient technologies such as solar panels, efficient lighting systems, and insulation. These features not only reduce energy consumption and lower utility bills, but also reduce the carbon footprint of their buildings.
2. Use of Renewable Materials: Luxurious Marketing encourages developers to use renewable materials such as bamboo, recycled steel, and engineered wood in their construction. These materials are not only eco-friendly, but also provide durability and reduce maintenance costs over time.
3. Water Conservation: Luxurious Marketing recommends only houses for sale with water conservation measures such as low-flow toilets, rainwater harvesting, and irrigation systems to reduce water usage and promote water conservation.
4. Waste Reduction: Luxurious Marketing takes into account waste reduction measures by the developers when recommending a property to buyer such as recycling programs, composting, and waste management systems to minimize the amount of waste generated by their projects.

Luxurious Marketing has a track record of successful eco-friendly real estate projects in Pakistan that have set a new standard for the industry. Some examples of their successful projects include:

1. The Park View City project, which includes energy-efficient buildings, a rainwater harvesting system, and a waste management program.
2. The River View Apartments project, which features bamboo flooring, solar panels, and efficient lighting systems.
3. The Green Avenue project, which uses renewable materials such as recycled steel and engineered wood, and includes a composting program and an irrigation system for water conservation.

Therefore, the Luxurious Marketing’s eco-friendly real estate projects have had a positive impact on the environment and the community. By incorporating sustainable practices into their projects, they are reducing the carbon footprint of their buildings and promoting resource conservation. This not only benefits the environment, but also reduces utility costs for residents and creates a healthier living environment.

Furthermore, Luxurious Marketing’s projects are designed to create value for the community by providing amenities such as green spaces, community centres, and playgrounds. This improves the quality of life for residents and promotes social interaction and community engagement.

Luxurious Marketing has ambitious plans for the future of eco-friendly real estate development in Pakistan. They plan to expand their portfolio of sustainable projects and continue to innovate and implement new technologies and practices to reduce environmental impact and create value for their clients.

In addition, Luxurious Marketing is committed to promoting awareness and education about eco-friendly real estate practices in Pakistan. They are actively engaged in outreach and education programs to promote sustainable living and encourage other real estate developers to adopt eco-friendly practices.

Luxurious Marketing’s successful eco-friendly real estate projects are setting a new standard for the industry in Pakistan and inspiring other developers to adopt similar practices.

In conclusion, Luxurious Marketing’s dedication to eco-friendly real estate development is not only driving innovation and progress in the industry, but also creating a positive impact on the environment and the community. They are paving the way for a more sustainable future in Pakistan and setting an example for others to follow.

 

 

 

Pakistan (Muhammad Yasir) The power sector of Pakistan is a mess and requires comprehensive and swift governance and policy reforms. Some of these include development of business models to boost renewable energy; liberalization of the energy market through deregulation and privatization, renegotiation of generation tariffs for independent power producers, segregation and deregulation of the administrative and operational activities of the distribution companies leading towards public-private partnership, and implementation of accelerated reforms for modernization.

These and several other viable policy options and practical solutions for the sustainable development of the sector were put forward in a wide-ranging study, titled ‘Pitfalls in Power Sector of Pakistan: Accumulation of Circular Debt – Causes, Consequences, and Way Forward’, conducted by Institute of Policy Studies (IPS) recently published on its website: https://www.ips.org.pk/pitfalls-in-power-sector-of-pakistan-accumulation-of-circular-debt-causes-consequences-and-way-forward/.

The research report on the constraints and shortcomings of the power sector is particularly focused on identifying the factors contributing to the exponential increase in circular debt, which has now reached Rs4 trillion, and providing doable solutions.

The power sector has long been stifled by numerous issues that hamper not only sustainable development but also the efficient progression and strategic growth of this vital sector. As a result, Pakistan has been severely affected by the energy crisis, resulting in a negative impact on the overall economy.

Among the factors contributing to the rise in circular debt are dependence on expensive imported fuels, high generation costs from thermal sources, unfavorable rupee-to-dollar parity, poor governance and policy lapses, regulatory issues, inadequate recovery of distribution companies’ revenues, financial sustainability issues, capacity charges, aging infrastructure, and line losses. The rise in circular debt requires regular tariff hikes to maintain proper cash flow for public and private entities and this affects the energy affordability of the consumers.

Additionally, the vertically integrated market of Pakistan’s power sector is partially monopolized, where state institutions play a dominant role. This structure results in non-existent competition between the entities. Currently, 78 IPPs are operating in Pakistan and are majorly based on imported fuel.

The country’s total installed capacity is 40,813 MW, excluding K-Electric. The peak demand witnessed in the system during FY2021-22 was 28,253 MW. However, the transmission capacity of the electricity infrastructure has remained stagnant at 23,000 MW. On the other hand, transmission and distribution losses of the state-owned distribution companies in FY2021-22 amounted to over 17 percent as against the 13 percent target determined by NEPRA. So even with surplus electricity, the consumers face load shedding despite paying higher electricity rates because of obsolete and deficient transmission and distribution system. In this scenario, public-private partnership is the way forward to extricate the power sector from this quagmire. This also requires new investments in the transmission and distribution system and shift to the latest technology to reduce line losses. A major reason for the burden on consumers is the obsolete and less efficient power transmission system; therefore, power transmission must be made an investment priority area, along with energy transition and digitization.

Commenting on the report, Chairman IPS Khalid Rahman emphasized the urgency for formulating a financing plan and investment policy by the government. He pointed out that investments oriented towards the transmission and distribution system along with digitization can address the sector’s inefficiencies and also help in rationalizing power tariff, one of the highest in the region. He also underlined the dire requirement of public-private partnership to boost the sector.

Addressing the issues highlighted in the report will require significant reforms, investment, and policy changes, but ultimately it will make the power sector more sustainable, efficient, and accessible for the people.

ZONERGY Corporation displayed its Smart Products at South Africa’s Largest Solar Energy Exhibition.

Pakistan (Muhammad Yasir) With its Global vision, Zonergy Corporation presented its Smart Energy Storage Products for the South African market by participating in Largest Solar Energy Exhibition in Johannesburg. The two-day South African Solar Energy Exhibition 2023 was grandly opened at the Sandton Convention Center in Johannesburg, South Africa. The exhibition is the largest solar energy exhibition in Africa. ZONERGY made a wonderful appearance, exhibiting a variety of solar storage products with core competitiveness, which attracted the attention of many exhibitors.

The shortage of electricity supply in South Africa continues. Since 2018, large-scale power outages and power cuts have occurred successively. In 2022, the number of days of power cuts will even exceed 200 days. In recent years, South Africa has actively promoted low-carbon energy transformation and proposed emission reduction commitments to achieve carbon peaking in 2025 and carbon neutrality in 2050.

In response to the needs of the local market, the company focused on exhibiting household storage-related products. The Panda series of household energy storage products can well meet the needs of local families. The Panda series adopts a 5kWh modular design and can be flexibly expanded from 5-30kWh; it has stronger stability, and the faulty battery module is automatically isolated to ensure stable operation of the system. ; Built-in smart grid management system to meet the power grid dispatching function. Portable power supply with a complete range of models, including large, medium and small models, multiple functions, complete certification, standard lithium iron phosphate battery, safe and reliable; stylish and beautiful appearance, suitable for outdoor use by local residents and emergency use during power outages.

A number of potential customers expressed interest in ZONERGY products and signed an agency agreement with the company; portable power supplies and Panda series household energy storage products have attracted much attention, and the company sold the exhibits on site. Product love. Next, ZONERGY Century will focus on portable power supplies and household storage products, increase the expansion of the South African market, and provide high-quality products and solutions centered on customers. At the same time, it will continue to focus on innovative research and development, and continue to help Africa with technological innovation and green development.

UBL continues its momentum with solid results with Profit After Tax of Rs. 13.9 billion for Q1’23 as against Rs. 9.5 billion for Q1’22, with a growth of 46% year on year. Earnings per share (EPS) stood at Rs. 11.36 for Q1’23 compared to Rs. 7.78 for Q1’22. The Board of Directors, in their meeting held in Islamabad on April 28, 2023, declared a consistently strong dividend payout of Rs. 11.0 per share for Q1’23. UBL maintains healthy capital levels as the Capital Adequacy Ratio (CAR) stood at 17.6% as at Mar’23, an excess of 5.6% over regulatory minimum requirements and ROE of 28% (Mar’22: 23%).

UBL records strong growth of 49% in top line revenues & increased vigilance on costs

The Bank’s gross revenues stood at Rs. 42.0 billion, growing by 49%, driven by the buildup in the deposit base and a well-positioned investment portfolio. The Bank earned net markup income of Rs. 33.3 billion in Q1’23, up 55% year on year due to a robust growth in average earning assets and improvement in Net interest margins (NIMs) from 4.3% to 5.2% in Q1’23.

Non-Fund Income (NFI) was reported at Rs. 8.8 billion for Q1’23, contributing 21% to total gross revenues. Fee and commission income of Rs. 4.3 billion was earned in Q1’23, an increase of 11% primarily from fees from branch banking operations, income from debit and credit card fees and doubling of income from trade and guarantee business. The Bank earned foreign exchange income of Rs. 4.3 billion for Q1’23 as against Rs. 1.3 billion last year, due to proactive balance sheet positioning and active trading.

UBL remains the preferred partner to overseas Pakistanis who continue to place their trust in UBL. As a result, the Bank recorded a market share of over 21% within the home remittances space with a net commission income of Rs. 503 million earned in Q1’23.

Despite significant inflationary pressures, UBL improved its cost to income ratio to 35% from 42% last year with a tight control on expenses and continued to focus on cost saving initiatives.

Serving the nation with one of the largest branch networks in Pakistan

UBL continues to serve its expanding customer base with a footprint of 1,343 branches (Pakistan: 1,335), deposits of over Rs. 2.1 trillion and net advances of Rs. 711 billion as at Mar’23.  In 2023, the bank’s focus remained on building its core deposits with a robust growth of 12% in average current deposits. As a result, the average current to total deposits ratio improved to 47.1% in Q1’23 (up from 45%) and strong CASA ratio of 90%.

UBL remains committed to playing its intermediation role within the economy, with average performing advances growing by 31% to Rs. 826 billion mainly due to strong build up across the Corporate segments. The Bank continued its build up in business scale across the Islamic banking space as the segment loan book averaged Rs. 84 billion for Q1’23, growing by 36%.

 UBL Ameen – Islamic business scaling up well with wider footprint in target markets

Islamic banking remains a key priority and UBL continues to expand within this fast-growing segment. UBL Ameen’s branch network stands at 150 branches and is further supported by over 500 Islamic Banking Windows (IBWs) within commercial branches (219 IBWs in Dec’22). This has led to a 15.7% year on year growth in UBL Ameen average deposit base of Rs. 169 billion as at Mar’23. The bank sees the Islamic segment as a tremendous growth opportunity and will continue to aggressively expand UBL Ameen’s footprint.

Digital Banking – Continues to earn accolades as the market leader

The Bank maintains its focus on building its award-winning digital banking services which have been acknowledged as one of the best in Pakistan.  UBL’s digital services envision a word class service proposition for its banking customers, with ease and convenience across all digital channels. The bank has been recognized by national and international institutions for its Mobile banking, Payment initiatives, Augmented and Virtual Reality financial services.

In 2023, the number of financial transactions has increased by 76% accounting for almost 20 million transactions while the value of financial transactions has grown by 91% to over Rs. 1.0 trillion YTD Mar’23. In addition, 50% of the active customers of the bank have shifted towards digital channels which is a clear indication of where the future for banking services lies.

Commenting on the results, Mr. Shazad G. Dada, President & CEO of UBL said:

“Our results are a testament of the focus we place on delivering strong shareholder value to our investors and world class service to our customers. We have performed solidly across all core segments and continued to build on our technology platforms and award-winning digital banking capabilities. Our competitive edge remains in establishing ourselves as a reliable business partner to our valued clients, leveraging our network to identify growth opportunities and on our continued investment in our human resources. In these challenging times, we have been fiscally prudent and increased our vigilance on controlling costs which are reflected in the strong improvement in our cost to income ratios.  However, none of this could have been achieved without the extraordinary efforts of our 13,500+ staff. I am proud of their resilience, commitment and dedication which remains at the heart of our success.”