News Update Times

Karachi (Muhammad Yasir) Committed to the aim to expand its portfolio of clean energy, KE has allied with Sindh Energy Department (SED) and the World Bank to develop a solar park with an aggregate capacity of 350 MW under the ambit of the ‘Sindh Solar Energy Project’ (SSEP). The objective of SSEP is to increase solar power generation and access to electricity in Sindh Province. The purpose of this tripartite arrangement – formalized today with the signing of a Memorandum of Understanding (MoU) – is to develop and implement sustainable, cost-effective, and competitive utility-scale IPPsin Karachi under a competitive bidding structure. Through this collaboration, an additional 700 GWh of clean energy will be added to KE’s electricity supply mix that should offset carbon emissions by 300-350 kilotons per annum.

This is in line with the Government of Pakistan’s aim, as stipulated in the Alternative and Renewable Energy (ARE) Policy 2019, of increasing the share of renewables (excluding hydel) as a share of the country’s power generation capacity to 30% by 2030. The MoU was signed between Secretary, Energy Department, Government of Sindh, Abu Bakar Ahmed Madani, CEO K-Electric, Syed Moonis Abdullah Alvi, and World Bank Country Director for Pakistan, Najy Benhassine who joined via video from Islamabad. This tri-partite collaboration is being supported by the World Bank through development financing to the Government of Sindh for the implementation of SSEP. SED will be responsible for conducting relevant project-related studies, implementation of the competitive bidding process, and construction of any public sector infrastructure that is required.

The solar IPPs would be constructed and owned by competitively selected private sector developers. Once complete, the power from the project (s) would be inducted into KE’s grid via power off-take agreements, enhancing its ability to serve the current and evolving needs of its growing consumer base of 3.2 million. Speaking at the occasion, the Sindh Minister for Energy, Imtiaz Ahmed Shaikh commented, “This project has been in the works for some time and is being achieved with close collaboration and support of the stakeholders. The Sindh Energy Department is committed to making a meaningful contribution in the effort towards Pakistan’s cleaner and greener energy future, and we hope to share our learnings and experience at the national and international level to expand the scale of the impact.” CEO K-Electric Moonis Alvi also mentioned, “We appreciate the Sindh Energy Department and the World Bank for coming together on this historic event, which demonstrates our collective commitment towards the sustainable growth and future of Karachi and the Province of Sindh at large.

At KE, environment and sustainability are integral parts of our strategy, focused on mitigating the impact of carbon and increasing KE’s footprint of clean energy. We follow Environment and Sustainability Management Systems (ESMS) to ensure our business activities have a minimal harmful impact on our surroundings. As the only vertically integrated power utility company in Karachi, it is of utmost importance for us to ensure the availability of clean, reliable, and low-cost electricity for our consumers which will promote economic growth for Pakistan.” Joining remotely, Country Director for the World Bank Pakistan, Najy Benhassine said, “Transitioning to renewable energy offers Pakistan the potential to reduce its generation costs, diversify away from imported fossil fuels, and realize climate change, air pollution, and water conservation benefits. Sindh Province is key to increasing the share of renewable energy generation in Pakistan and developing new ways of providing electricity access. This engagement between the World Bank, K-Electric, and the Sindh Energy Department, under the auspices of the Sindh Solar Energy Project, could provide a replicable model for expanding renewable energy and access to electricity in Sindh Province and Pakistan.”

The inclusion of 350 MW solar power would result in the diversification of KE’s fuel mix and would increase the share of low-cost solar power generation in the system.

Lahore (Muhammad Yasir) The Captain of Pakistan Cricket Team, Babar Azam visited Bank Alfalah today to meet the President and senior management of the institution. Bank Alfalah has recently signed Babar Azam as a brand ambassador to support the Bank in promoting various initiatives.

Pakistan is a cricket loving nation. Bank Alfalah, with an objective to create a strong connection with young fans of the sport, has brought Babar Azam on board as its brand ambassador. Babar Azam is a Pakistani international cricketer who captains the national team in all formats. His passion and zeal personifies an ideal role model for the youth and he resonates with the values of Bank Alfalah.

Bank Alfalah is evolving rapidly with growing global outreach, emerging digital platforms and expanding branch network. Consumers today prefer convenience and expect faster services and Bank Alfalah is taking initiatives to take innovative solutions to consumers.

To celebrate this new partnership, a Meet & Greet Session was hosted for the captain of the national team, where he met Mr. Atif Bajwa- President and CEO Bank Alfalah, Mr. Saad ur Rehman, Group Head – Corporate, Investment Banking and International Business as well as other senior members of the Bank.

From ride-hailing services to grocery delivery, and financial services such as buy-now-pay-later to microfinancing, super-apps development in the Pakistan, Middle East and Africa is emerging fast as the region proves to be a potentially fertile ground for its growth.

In a study commissioned by Mastercard and carried out by Economist Impact titled ‘From online bazaar to one stop shop: The rise of super-apps in the Middle East and Africa’, the paper examines how population growth, digital access, connectivity, a diverse demographic, increasing trust, and affordability is contributing to the rapid progress of super-apps in the region.

The study also draws parallels between the ecosystems that drove the rapid rise of super-apps such as WeChat, Meituan or AliPay in China a decade ago to the Middle East and Africa region currently where the super-app model is showing early promise. Emerging players are seeking to emulate the Chinese-born concept and create regional success stories of their own.

While multi-function apps have been popular in Asia for some time, cut-through elsewhere in the world has been slower. Consumers in western and MEA including Pakistan markets have largely messaged, hailed taxis, summoned food and paid for things with different apps. But more recently firms including Spotify, Uber and Revolut have raced to bundle ever more features into their apps.

“With the Middle East and Africa region projected to become the most populous area in the world, with a forecast population of 3.4 billion by 2050, this expanded market presents a wealth of customer data, which regional players could leverage to add value for all stakeholders. Mastercard, with its digital-first approach, can be that single technology provider of choice to connect diverse players such as telcos, digital e-tailers and fintechs to become super-apps by providing technology solutions, platforms and propositions that enable a superior digital experience and drive greater inclusion for people across MEA,” said Ngozi Megwa, Senior Vice President, Digital Partnerships, Middle East and Africa.

While delving into the MEA region, the study found specific highlights that will enable the rapid growth of super-apps. Key findings include:

• Locally active super-apps are proliferating across the MEA region, but larger cross-regional players remain few.
• The prevalence of low-end mobile phones, as well as high internet costs in the MEA, make super-apps an attractive product.
• Super-apps can be drivers for financial inclusion in the MEA.
• The harmonization of national policies remains the biggest challenge to the scaling-up of super-app presence in the MEA region.

“Our study clearly reflects that the development and future trajectory of super-apps is highly contextual to the geography and location in which they develop. Some of the ripe sectors in MEA who could throw up players to become super-apps are insurance across the GCC, the second-hand car market, online property brokers in the UAE, and digital remittances across Sub-Saharan Africa,” said Walter Pasquarelli, Research Manager, Tech & Society, Economist Impact.

 The report also threw the spotlight on governments’ role. As the biggest spenders in the region, government choices over which direction to orient industrial and data policies will be key. Beyond the policies of individual governments, the harmonization of policies across the region is expected be the core strategic choice that will determine the future of super-apps.