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Press Releases

UBL, Bank Alfalah celebrate independence day with overseas Pakistanis

Overseas Pakistanis are one of our nation’s most valuable assets. With almost 9 million overseas-Pakistanis spread across the globe, their contribution to Pakistan. Especially its economy, through remittances, cannot be underscored enough. Pakistani banks as institutions which channelize these remittances play a vital role in streamlining the process and bringing the overseas Pakistanis closer to home and their loved ones.

As part of commemorating Pakistan’s 76th Independence Day, United Bank Limited (UBL) and Bank Alfalah (BAFL) in association with State Bank of Pakistan’s Remittance Initiative held two back-to-back events in Dubai, UAE. The main objective of the events was not only to celebrate Pakistan’s Independence Day but also to impart to the invitees, knowledge about how to remit back to Pakistan through proper banking channels and be able to bring happiness to loved ones back home and how their remittances can bring a positive momentum to the nation’s progress and development.

On 13th August 2023, a local Community Ground in Dubai hosted an event for Pakistani blue-collared workers, featuring music and an Independence Day flag hoisting ceremony. The event on the 14th of August was held at a local hotel. This event comprised of speeches followed by a musical performance. Both events were followed by dinner.

Government dignitaries from the Consulate of Pakistan in Dubai, State Bank of Pakistan and Pakistan Remittance Initiative, along with senior executives from UBL and BAFL, were present at both occasions.

Telenor Pakistan’s climate change dialogue unites industry leaders for a greener tomorrow

In a resolute bid to confront the pressing issue of climate change, subject matter experts came together in a cross-industry dialogue to understand challenges and learning opportunities for Pakistan. The event, organised and hosted by Telenor Pakistan at their Karachi office, furthers the company’s commitment to advance sustainability efforts and promote collaborative approaches towards addressing climate change.

The panel, comprising representatives from Reon Energy, Sapphire Group’s Renewable Energy & Infrastructure Business; Linked Things and S. Mehboob & Company shared their insights on the ever-accelerating pace of climate change, its far-reaching consequences, and the evolving roles of businesses. Delving deeper, they explored renewable energy initiatives and technologies, underscoring the pivotal role of stable economic indicators and policies in empowering the private sector towards sustainable futures. A key takeaway from the discussion: by prioritising the reduction of carbon emissions and the promotion of renewable energy, businesses can contribute to the resilience and adaptation efforts crucial for combatting the impact of climate change in Pakistan.

Given Pakistan’s vulnerability to climate change, this discourse takes on even greater urgency. The nation grapples with extreme climate events such as heatwaves and floods, which have inflicted substantial damage, exacerbated poverty rates, and stifled economic growth. Escalating temperatures and shifting rainfall patterns further amplify the gravity of the situation.

This dialogue exemplifies Telenor Pakistan’s continued dedication to fostering collaboration across diverse sectors, addressing shared safety, health, and environmental concerns. Guiding Telenor Pakistan’s climate efforts are its ‘science-based targets’. These targets are aligned with what the latest climate science says is necessary to meet the ambitions of the Paris Agreement and translate to the ambitious goal of reducing Telenor Pakistan’s GHG emissions by 50% by 2030, with a 2019 baseline. Put into practice, this involves substituting diesel generators with solar solutions at base stations and procuring renewable electricity — where available.

Ms Tone Elisabeth Aastveit, Head of GRC (Governance, Risk and Compliance), HSS (Health Safety and Security) & Sustainability at Telenor Asia, said: “We believe it is important for businesses to take climate action at scale, which is to transition as quickly as possible to the use of renewable energy. Telenor has embarked on corporate power purchasing agreements in many markets we operate in and believe that by creating demand and rewarding renewable energy generation, it will support a greener energy eco-system. Good policy frameworks will encourage more companies to play their part.”

Khurrum Ashfaque, Chief Operating Officer at Telenor Pakistan, concluded the event by thanking all panelists for their participation and reiterating the urgency for action towards climate change. He said: “Today’s deliberations have unveiled the stark urgency of addressing climate change, encompassing not only businesses but society as a whole. Pakistan’s abundant renewable energy potential, including wind, sunlight, and hydropower, is a beacon of opportunity to address its vulnerabilities.”

Jubilee Life Insurance and Telenor Pakistan to facilitate insurance access through Telenor’s Apollo app

Jubilee Life Insurance, Pakistan’s largest private sector insurance company, has signed an MOU with Telenor Pakistan, one of the country’s largest telecommunications service providers to bring unprecedented ease and accessibility for health and life insurance services. Under this collaboration, insurance products from Jubilee Life will be directly integrated into the Apollo app, Telenor’s flagship platform which caters to a robust network of 120,000 retailers across Pakistan.

Apollo, a trademarked product of Telenor Pakistan, stands at the forefront of innovation. It’s a comprehensive digital solution that redefines the conventional retail distribution landscape into a modern digital space, ensuring easy access to the Apollo retailers. Through its ingenious design, Apollo enables the retailers to connect with the audience more efficiently than ever before.

Through an effective collection of their expertise, Jubilee Life Insurance and Telenor Pakistan are set to revolutionize insurance penetration in the country. This initiative will enable millions of Pakistanis to be empowered in terms of securing insurance policies through Telenor Pakistan retailers, ushering in a new era of swift and simplified insurance acquisition. The streamlined, user-friendly process caters to the modern dynamics of the nation, where convenience and efficiency are being given the utmost importance especially by younger audience.

Mr. Farhan Faridi, Group Head – Retail Operations, Marketing and Administration at Jubilee Life Insurance, stated, “As the dynamics of our society evolve, digital technologies have become an integral part of our daily lives. We recognize that a significant portion of our population comprises young individuals who embrace these technologies. Jubilee Life is committed to raising awareness about the importance of insurance plans among this demographic. Our collaboration with Telenor Pakistan is a demonstration of our dedication to making insurance coverage accessible and relevant to the digital age.”

Mr. Omer Bin Tariq, Chief Marketing Officer Telenor Pakistan, stated, “Telenor Pakistan consistently strives to provide its users with innovative solutions that simplify their lives. Collaborating with Jubilee Life Insurance aligns seamlessly with our mission to empower our user base and partners through technological advancements. We take immense pride in joining forces with a leading institution like Jubilee Life Insurance to reshape how insurance is accessed and perceived in Pakistan.”

By harnessing the power of digital technology and catering to the preferences of the younger generation, the integration of insurance products within the Apollo app marks a significant step towards increased insurance coverage, simplified processes, and enhanced financial security for Pakistanis.

Dollar east exchange and UBL extend strategic relationship accord

Dollar East Exchange Company (Private) Limited and United Bank Limited (UBL) recently signed a Memorandum of Understanding (MOU). The objective of MOU was to further strengthen the strategic relationship which exists between two organisations for a long period of time.

The MOU signing ceremony was attended by esteemed representatives from both Dollar East Exchange Company Pvt Ltd and United Bank Limited.

Notable figures present included Major (Retd) Muhammad Rizwan (CEO) and Mr. Ahmed Barjees (Head of HR) of Dollar East Exchange Company along with their team members. Muhammad Anas (Head of Consumer Banking & Branch Banking), Mr. Zakrya Naseem (GM North), Mr. Raheel Islam (Cluster Head Employee Banking) of United Bank Limited along with their team members.

Representatives from both Dollar East Exchange and United Bank Limited highlighted the shared vision of the institutions and their dedication to fostering a cooperative environment in the future. This strategic move is geared towards enhancing their corporate relationship and fostering a stronger synergy between the two prominent institutions for mutual benefit.

IT and solar sectors have potential to increase economy: Mian Zahid

Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on August 23 that the IT and solar industries can play a fundamental role in raising the country’s economy from its death bed.

IT exports can be increased to $25 billion, for which the problems of this sector have to be solved, it has to be developed, and the tax burden has to be reduced, he said.

Mian Zahid Hussain said that apart from this, the taxes raised on the internet have to be withdrawn because the internet is closely linked to the internet.

Talking to the business community, the veteran business leader said that Pakistan and India gained independence together, Pakistanis are more qualified than Indians, and better results can be achieved by training them.

Presently, India’s IT exports are $194 billion, while Pakistan’s IT exports are about $2 billion. The size of our economy is $375 billion, which is shrinking rapidly, while the size of India’s economy has increased to more than $3,750 billion, which is growing at a rate of 6.7%, he informed.

The business leader said that dozens of countries are trading with India in its currency, while people in Pakistan are not ready to trust their own currency, due to which the dollarization of the economy is increasing.

Mian Zahid Hussain said that if we compare the area and population of India, our IT exports should be at least $25 billion. If the right policies are adopted, we will not have to constantly beg the IMF and friendly countries for a few billion dollars.

He furthered that we have always ignored the requirements of the modern age, due to which IT, solar power, wind power, and many other sectors could not develop with time, and everyone tries his luck in the property business or buys a plot.

The property sector is getting more attention and resources than it deserves; therefore, the prices have jumped a lot, and now it has become impossible for the common man to own a house, he observed.

Mian Zahid Hussain said that India is quietly setting new records in the solar sector. Currently, 70,000 megawatts of electricity are being generated from solar resources in India, which is 15% of its total production, while the production of solar energy in Pakistan is only 1.16%.

Mian Zahid Hussain said that in 2001, India’s exports were $60 billion, which have now reached $770 billion, while our exports are below $30 billion.

Our rulers are following the policy of increasing exports by raising slogans instead of better and more practical policies, the result of which is in front of everyone.

Even in schools where computer education is necessary, emphasis is placed on reading books instead of practical, he said.

Zong 4G launches industry-first monthly digital max offer

Zong 4G, the leading telecommunication network in Pakistan, launches a revolutionary package that has redefined customer-centric offers.

As part of the offer, customers can use an astounding 100GB of high-speed data along with 1000 Off-net minutes for effortless contact with loved ones outside the Zong network and an unbelievable 10,000 On-net minutes for nonstop communication with other Zong subscribers.

Moreover, this is the first offer to give amazing discounts and deals on Golootlo and Waada!

This offer is available for only PKR 1400+ tax per month. To subscribe to Monthly Digital Max, Zong Prepaid customers can subscribe through the Zong website ( or through the My Zong App.

In an industry-first Monthly Digital Max subscribers can unlock exclusive discounts on top retailers and brands through Golootlo, enhancing their shopping experience. With this offer, Zong 4G aims to provide added value to its Monthly Digital Max subscribers by offering them exclusive discounts on a wide range of products and services.

By partnering with Golootlo, a leading platform for discounts and deals, Zong 4G ensures that its subscribers can enjoy a seamless and enhanced shopping experience while saving money. This offer not only provides customers with exclusive discounts but also offers them peace of mind with cellphone insurance provided by Waada. With coverage for theft and screen damage, customers can feel secure knowing that their devices are protected.

The official spokesperson for Zong 4G expressed his excitement about the bundle saying “At Zong 4G, we believe in challenging the status quo, and the launch of Monthly Digital Max is a testament to our commitment to Digital Innovation and customer satisfaction. This first-of-its-kind bundle offers more than just minutes and data. It empowers our valued subscribers to experience a digital lifestyle like never before, backed by unmatched connectivity and a host of exciting benefits.”

With the launch of Monthly Digital Max, Zong is reaffirming its position as the market leader for Monthly Hybrid portfolios, addressing the evolving needs of different customer segments and enabling Gen Zong to fully embrace a digital lifestyle without breaking the bank.

GFS Builders takes lead in google ranking

GFS Builders and Developers is a sign of trust. GFS Builders lead in the google ranking, leaving all the builders behind. GFS is at top of the list of Google in Pakistan.

CEO of GFS Builders and Developers, Irfan Wahid, said that GFS Builders has proved with their work that they are the most popular brand in Pakistan and abroad. We achieved a great success due to our outstanding work and commendable efforts by our brilliant team. The entire nation stands with GFS that is not only appreciated locally but also internationally.

CEO Irfan Wahid said that today everyone in Pakistan is worried over the uncertain situation, and he is under stress for one reason or the other. In such a depressing atmosphere we are trying to bring happiness in the life of middle class families by providing them residence at economical cost with the facility of easy installments. It is our commitment to ensure every Pakistani has his own house.

Mr. Irfan Wahid pointed out that GFS Builders & Developers has been associated with the construction industry of Pakistan for the past two decades. GFS is ranked among the top builders in the country because of its impressive and grand projects. Our innovative constructions are a fine blend of classical and modern style of living and this uniqueness distinguishes GFS from other builders.

GFS Builders & Developers has successfully completed numerous projects in Karachi including NT Industrial Zone 1 & 2, North Town Phase 1 & 2, 7 Wonder City Karachi, 7 Wonder City Islamabad, 7 Wonder City Multan and so many other grand projects across Pakistan.

PM’s assurance on continuation of policies effective: Mian Zahid

Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on August 16 that the caretaker Prime Minister Anwarul Haq Kakar’s assurance of continuing the previous government’s policies is timely and welcome.

This assurance was a relief for the business community, which was apprehensive about the prospect of a radical change in key economic policies, he said.

Mian Zahid Hussain said that the continuation of the policies of the previous government also means that the IMF programme will not be derailed, which is necessary to save Pakistan from bankruptcy.

Talking to the business community, the veteran business leader said that all the reforms required for the success of the IMF’s November review should not be delayed; otherwise, the IMF programme will be derailed and the country’s problems will increase.

He expressed concern over the dollar and petroleum price surge and the 400-point stock market drop following the swearing-in of the caretaker prime minister.

The downward trend in exports and remittances is also continuing, which are signs of a deepening economic crisis, he added.

The business leader said that the federal cabinet should be finalised immediately so that they could start working.

According to the caretaker Prime Minister, he is keen on reforms in the power sector and broadening the tax base, while he is serious about improving the economic situation through deregulation.

Mian Zahid Hussain said that the caretaker PM is also keen on attracting foreign investment under the SIFC, which was created by the previous government for the same purpose.

The PM’s top priority will be to increase the speed of foreign investment and reforms in all sectors while also upgrading the communication system in Balochistan.

Mian Zahid Hussain said that the business community is hopeful that the caretaker prime minister will try his best to get the economy out of its current problems and include capable and sincere people in his team so that the public and the business community can get some relief.

Soneri Bank posts impressive results for h1-2023, with PAT grows 363.93 pc YOY

The Board of Directors of Soneri Bank Limited, in their 199th meeting held in Karachi on August 16, 2023, approved the Bank’s condensed interim financial statements for the half year ended 30 June 2023.

The Bank’s Profit before Tax (PBT) grew impressively to a historic high of Rs. 5,207 million for the half year ended 30 June 2023 as against Rs. 1,864 million earned for the period ended 30 June 2022, while Profit after Tax (PAT) for the current period surged to Rs. 2,527 million as against Rs. 545 million for the comparative period last year. In terms of PAT and earnings per share (EPS), this translates to an impressive growth of 363.93 percent year on year, with the Bank’s EPS reported at Rs. 2.2918 per share for the period ended 30 June 2023, as compared to Re. 0.4940 earned for the comparative period last year.

The Bank’s Net Interest Income (NII) grew substantially by 94.71 percent to Rs. 10,124 million for the current period, as against Rs. 5,200 million reported for the same period last year, at the back of significantly improved spreads and prudent asset and liability management. Non markup income (NMI) for the period also registered a healthy growth of 51.68 percent, with NMI reported at Rs. 2,888 million as against Rs. 1,904 million for the comparative prior period.

Non-markup expenses were reported at Rs. 7,057 million for the current period as against Rs. 5,733 million reported for the comparative prior period. Growth in expenses was kept restricted at 23.11 percent as compared to the prior period; which resulted from strict compliance of cost rationalization measures amidst unprecedented inflation levels. Moving ahead, the Bank shall continue its focus on monitoring key cost control initiatives.

SNBL’s Deposits registered an impressive increase of 15.75 percent when compared to the year-end 2022, growing to Rs. 474,143 million at 30 June 2023, outpacing average industry growth levels. CASA mix improved to 79.43 percent at 30 June 2023 as against 79.19 percent at 31 December 2022. More importantly, the Bank’s CA mix improved to 34.15 percent in June 2023 as against 32.73 percent at December 2022, with Current Accounts at a level of Rs. 161,928 million at 30 June 2023 as against Rs. 134,080 million at the year end.

The Bank’s net advances portfolio stood at Rs. 185,908 million as at 30 June 2023, 10.81 percent lower than the year end 2022 level. However, net investments witnessed a volumetric increase of Rs. 29,024 million or 11.25 percent from the year-end balance of Rs. 258,007 million, ending at Rs. 287,031 million as at 30 June 2023.

The Board of Directors appreciated the efforts of the management in meeting targeted Key Performance Indicators (KPIs) amidst challenging times. The Bank remains focused on maximizing shareholder value through our customer focused business strategy aimed at serving the needs of our customers across all business segments.

Pakistan cables with the hunar foundation launches ‘The Electric Show’

Pakistan Cables Limited announced the launch of ‘The Electric Show’, a learning-based digital programme, aired on the Company’s YouTube channel. The programme has been produced in collaboration with The Hunar Foundation who are the knowledge partners for the programme.

The Electric Show connects academic learning with industry practices, offering practical knowledge to electricians, professionals, and students in the electrical field.

Celebrating 70 years in 2023, Pakistan Cables promotes youth empowerment through The Electric Show, said CEO Fahd K. Chinoy.

The Company released the show for easy and free access through the Pakistan Cables YouTube channel in spirit of its vision to transform lives through empowerment.

Dawlance wins ‘environmental-excellence award’ presented by NFEH

Dawlance is the leading producer of home-appliances in Pakistan and a wholly-owned subsidiary of Arcelik – the second largest manufacturer of electronics in Europe. Due to its strict adherence to global best-practices for a sustainable future, Dawlance has recently won the prestigious ‘Environmental Excellence Award’ from the ‘National Forum of Environment and Health (NFEH).

Dawlance products promise over 50% energy-savings, to mitigate the impact of the rising costs of energy. This award also recognizes Dawlance’s consistent efforts and campaigns to spread public-awareness about the importance of energy-conservation, for protecting the Earth’s environment. Thus, millions of consumers are inspired to make smarter, more eco-friendly choices, while using electrical products and technologies.

The coveted award was presented to Dawlance in a formal ceremony, by the Secretary of Energy, Government of Sindh —Mr. Abu Bakar along with the Consulate General of United Arab Emirates in Karachi – Mr. Bakheet Ateeq Al Remethei. The honourable guests appreciated the Dawlance management team, including; Nomanullah Khan, Syed Shabih Haider, Summaya Khaliq and Syed Safwan Abdullah for promoting global best-practices for eco-friendly operations, to preserve the environment for the future generations.

The Chief Executive Officer of Dawlance – Umar Ahsan Khan thanked NFEH for this honour and stated that: “Dawlance is committed to its policy: “Progress today, Preserve tomorrow. It ensures the wellbeing of the Pakistani nation and promises a sustainable future for the planet. We have a vision for elevating the quality of life for our customers, employees, dealers’ and the masses in general.”

Arçelik – the parent-company of Dawlance invests heavily on research for technological leadership, to fulfill the evolving needs of many diverse consumer-segments. It produces a wide range of highly innovative products like; Refrigerators, air-conditioners, microwave ovens, washing machines, steam-irons, Air-Fryers, etc. Arcelik’s products have won many global awards for performance and reliability, while the company also sponsors many initiatives for environmental sustainability and socio-economic development, to ensure a healthy and progressive future for the whole world.

Dawlance has three large factories in Pakistan and it is also exporting various technology-products to other parts of the world. Arcelik is owned by ‘Koç Holding’— the largest (Fortune-500) holding company in Turkey, with 92,500 employees, 60 years of history, 20 R&D Centres and 23 manufacturing facilities in 9 countries, while its products are sold in over 150 countries. Since Pakistan and Turkey are fostering deeper socio-economic ties as brotherly Islamic nations, Koç Holding is also committed to expand its investments in Pakistan, already worth over $35 billion.

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