Dubai energy firm to invest in Pakistan
A Dubai-based power sector company is eyeing investment in refrigerant gasses and ADNOC lubes in Pakistan, with an initial investment worth $15 million.
In a seminar organised by the Board of Investment at Pakistan Pavilion – Dubai Expo, Brother Gas Managing Director Kashif Maqsood confirmed the company’s plan to set up a bottling plant at an Special Economic Zone (SEZ) in Faisalabad.
Maqsood was accompanied by his five-member senior management team.
The delegation revealed that the company would be investing in three phases. The first phase would comprise setting up of a plant in M-3 Industrial City in Faisalabad, which would serve the local market and facilitate exports to neighbouring countries from Pakistan.
“ It will include industrial gasses and the company will offer more than 1,000 products,” the delegation said.
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Gwadar port to help enhance trade
Islamabad and Beijing are entering the next phase of China-Pakistan Economic Corridor (CPEC) under which Special Economic Zones (SEZs) are being established in the country, said Minister for Economic Affairs Omar Ayub.
Speaking at a virtual meeting of the Pakistan-China Joint Committee on Economic, Trade, Scientific and Technical Cooperation on Wednesday, he said that SEZs would prove helpful in attracting foreign direct investment (FDI) and establishing industrial units.
“Moreover, the SEZs will boost employment opportunities and accelerate economic activities,” he said. “Similarly, the operationalisation of Gwadar Port will lift external trade.”
He noted that China had been Pakistan’s largest trading partner for the past six years, since 2015. At present, China is Pakistan’s main source of imports and the second largest export destination.
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‘Meeting cotton target essential for stability’
The government of Punjab is taking various steps for revival of cotton and achievement of target of 20 million bales is essential for stability of the country’s economy, said Punjab Minister for Agriculture Syed Hussain Jahania Gardezi.
Addressing a conference on cotton restoration and stabilisation in Multan on Wednesday, he stressed that all stakeholders should work together for the purpose.
“Standard and approved varieties of cotton are being promoted this year in collaboration with the federal government and 19 new cotton varieties have been approved with DNA fingerprint which will help in preventing substandard cotton seed in future,” he said.
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Pakistani startups attract $300m in global investments
Pakistani startups have continued to remain high on the global investors’ radar, with global investments crossing $300 million this year.
Travel and ticketing startup Bookme and beauty and fashion startup Bagallery have attracted a combined $12 million in an advanced round of fundraising.
Bookme, the largest online travel and ticketing platform in the country, has raised $7.5 million in its Series A round, according to its founder Faizan Aslam, Bloomberg reported on Thursday.
Bagallery, a beauty and fashion startup, raised $4.5 million in a similar round, co-founder Salman Sattar told the international media outlet.
Both rounds were co-led by Zayn Capital, Lakson Venture Capital and Hayaat Global.
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SBP to invest Rs100m in cyber security
The State Bank of Pakistan (SBP) is investing around Rs100 million to strengthen its cyber security system.
The central bank has awarded a contract in the information technology (IT) and cyber security domain to Supernet Limited– a subsidiary of Telecard Limited, according to a notice sent to the Pakistan Stock Exchange on Wednesday. The contract involves supply, installation, maintenance and technical support of Next Generation Intrusion Detection and Protection Systems (IDPS) to secure SBP infrastructure from Advanced Persistent Threats (APT), according to the notification.
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Mini budget under preparation, senate panel told
The Senate Standing Committee on Finance on Wednesday summoned the National Accountability Bureau (NAB) chairman on its next meeting, while it deferred the discussion on the $3 billion loan from Saudi Arabia because of the absence of Prime Minister’s Adviser on Finance Shaukat Tarin.
During the meeting, chaired by its chairman Senator Talha Mahmood, there were heated exchanges between Pakistan Peoples Party (PPP) Senator Sherry Rehman and Pakistan Tehreek-e-Insaf (PTI) Senator Faisal Saleem Rehman, which led to walkout from the PPP lawmaker.
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Declining profits take toll on dates industry
Pakistan’s palm dates are renowned for their rich nutrition and high sugar content and they can not only be savoured as sweets, but can also be used for sugar production.
As one of the major date producers, Pakistan is known for treating their guests with date sweets, said Cheng Xizhong, Visiting Professor at Southwest University of Political Science and Law.
However, in recent years, although Pakistan has had a bumper harvest of dates year after year, people who are engaged in date business cannot earn as much. The profit on dates continues to decrease with the decline in prices.
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Cement sales pick up 7pc in November
Cement sales in Pakistan ticked up 6.91 percent in November 2021 as total offtake stood at 4.82 million tons against 4.5 million tons in the corresponding month of previous fiscal year.
According to data released by the All Pakistan Cement Manufacturers Association (APCMA) on Monday, domestic cement demand stood at 4.12 million tons in November 2021 compared to 3.74 million tons in November 2020, depicting an increase of 10.21 percent.
On the other hand, exports of the commodity fell 9.2 percent from 766,273 tons in November 2020 to 695,779 tons in November 2021.
In November 2021, mills based in the northern region sold 3.47 million tons of cement in the domestic market, which was 10.87 percent higher than sales of 3.13 million tons in November 2020.