Pakistan & Gulf Economist

Press Releases

The wait is over; Hyundai has launched the much-anticipated Hyundai Santa Fe Hybrid

Hyundai Nishat Motor (Private) Limited (HNMPL), the fastest-growing automotive brand in Pakistan, has launched Santa FE Hybrid, a locally assembled D-SUV hybrid vehicle on Sunday. Hyundai Santa Fe will be available nationwide in two different Variants Smart (FWD) priced at 12,990,000 and Signature (AWD) priced at 14,699,000.

In recent weeks, the automotive industry of Pakistan was abuzz with an expectancy of a high-tech Product launch by HNMPL. The wait is finally over as the company has launched the all-new Hyundai Santa Fe hybrid. This highly awaited unveiling is now set to redefine the automotive landscape in Pakistan, and will definitely elevate HNMPL’s position in country’s auto sector.

Despite the challenges posed by the current economic situation, HNMPL remains steadfast in its mission to introduce innovative vehicles to the Pakistani market. The Hyundai SANTA FE Hybrid is no exception; it represents a leap forward in the SUV segment, promising unmatched performance, style, and hybrid technology.

Hasan Mansha, CEO of Hyundai Nishat Motor (Private) Limited (HNMPL), shared his thoughts on the occasion, stating, “The Hyundai SANTA FE Hybrid marks an exciting milestone for us as we introduce our fifth Completely Knocked Down (CKD) unit in Pakistan. With this launch, we are making a bold statement in the SUV market, solidifying our commitment to providing a diverse range of high-quality vehicles to our valued customers.”

The Hyundai SANTA FE Hybrid stands out in the Pakistani market with its hybrid technology, offering fuel efficiency, performance, and reduced emissions. As Pakistan’s first AWD 7-seater Hybrid D SUV, it caters to the needs of larger families and environmentally conscious drivers alike. As a luxury SUV, it provides ample space and a lavish interior, delivering a premium driving experience. Its turbocharged engine ensures dynamic performance, and advanced safety features prioritize driver and passenger safety. In summary, the SANTA FE is a groundbreaking hybrid SUV that combines luxury, power, and safety to redefine the driving experience in Pakistan. The company’s vision is to cater to every car segment, and with the introduction of the SANTA FE hybrid, they aim to capture the SUV market in Pakistan, setting new standards for innovation and luxury.

Hyundai Nishat Motor (Private) Limited reaffirms its commitment to the Pakistani market. With the Hyundai SANTA FE Hybrid, HNMPL is bringing the best of its capabilities to Pakistani consumers, ensuring that they have access to world-class vehicles that exemplify Hyundai’s legacy of quality and innovation.

SECP inaugurates world investor week 2023

Commissioner, Securities Market Division Securities and Exchange Commission of Pakistan (SECP), Abdul Rehman Warraich, formally inaugurated the World Investor Week 2023 in Pakistan in a grand ceremony organised by the Pakistan Mercantile Exchange (PMEX) in Karachi on October 02, 2023.

The said week (Oct 02-08) will comprise of week-long investor outreach, education, and awareness events titled ‘Financial Inclusion Festivals’ organised by Pakistan Mercantile Exchange with the support and guidance of Investor Education Department, SECP. These events will comprise of exhibitions by stock and commodity brokers and asset management companies at Millennium Institute of Technology and Entrepreneurship (MiTE), Institute of Business Administration (IBA), K-Electric, Sui Southern Gas Company Limited, and a Pakistan Investment Road Show in Multan with the collaboration of Multan Chamber of Commerce and Industry.

The ceremony was attended by the leadership of entities from the Capital Market, academic institutions, respected professional bodies, futures and commodity brokers, and leading asset management companies.

Commenting on the occasion, Abdul Qair Memon, Chairman of PMEX, said, “As we launch into World Investor Week 2023, PMEX stands committed to empowering investors through knowledge and best practices. This week symbolises our relentless drive to increase financial literacy within Pakistan. We aim to shape a future where informed financial decision-making becomes second nature to all Pakistanis.”

During his keynote address as chief guest, Abdul Rehman Warraich, Commissioner – SMD, Securities and Exchange Commission of Pakistan (SECP) remarked that”SECP will continue to spearhead the initiatives of Financial Literacy to contribute in the development of the economy especially in terms of reaching out to the masses and educating them about the opportunities, risks, and benefits of investment in the capital market, during and after the World Investor Week 2023.”

He also spoke in detail about the untapped potential of the commodities market and SECP’s role in its development and growth.

Pink Riders and TPL Insurance Launch Groundbreaking Bike Insurance Product with Breast Cancer Coverage

Pink Riders, a leading organ’ization empowering women rider in Pakistan, and TPL Insurance, one of the country’s largest insurance companies, today announced the launch of a groundbreaking bike insurance product that redefines the industry. This innovative offering combines motorcycle insurance with an additional layer of breast cancer coverage.

The partnership emphasizes the importance of bike insurance and breast cancer awareness. With Pink Riders and TPLI, women riders can protect their motorcycles and their health. Tailored insurance solutions cater to individual needs, providing peace of mind for every journey.

On the occasion, CEO TPL Insurance, Mr. Muhammad Aminuddin said, “The partnership with Pink Riders Pakistan is testament to TPL Insurance’s commitment and focus on creating equity and driving financial inclusion for females in Pakistan. Learning to ride a motorbike can open avenues for females to earn more and this would impact not just their family unit but the broader economy. Aligned with our key shareholders’ objectives, DEG, Germany and Finnfund, Finland, TPL Insurance is an active supporter for women empowerment as well as health and wellbeing of females, both internally and on a community level; this will continue as the company continues to lead the markets we operate in and build sustainable models.”

This collaboration embodies the spirit of women’s empowerment. Pink Riders has long focused on improving women’s lives by enhancing their mobility and economic independence. By partnering with TPLI, the two organizations take a significant step toward this goal. The insurance product doesn’t just protect bikes; it empowers women to take control of their health and financial security.

The Founder & Spokesperson of Pink Riders Pakistan Mr. Payyam-e-Khurram, “Women are 52 percent of our population, if they become independent, Pakistan becomes independent. In the last 5 years of operation Pink Riders have trained 9700 Women Bikers across the country. Furthermore, in order to provide hassle free bike insurance to their women bikers on special rates, Pink Riders Pakistan have collaborated with TPL Insurance.

This partnership marks a turning point in the insurance industry, where compassion meets practicality. TPLI and Pink Riders are dedicated to offering solutions that address real-world challenges. With the combined offering of bike insurance and breast cancer coverage, the two organizations are putting this dedication into action.

TPL Insurance is also offering up to 40% discounts to women on selected insurance plans. To avail of these special opportunities, women can use the code “TPLI4WMN” through the TPLI App. This limited-time promotion is available from 1st to 31st October 2023

Economy can no longer support costs of bad decisions: 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 October 2 that important economic decisions have remained subject to political interests for the past several decades.

Politically motivated economic choices have put the country’s economy at stake, and now the economy is no longer able to bear the burden of wrong decisions, he said.

Mian Zahid Hussain said that the recent decision to reduce the price of petrol is correct, but further reduction is needed.

Talking to the business community, the veteran business leader said that even the most important decisions in the country have always been made under political pressure due to which now the entire nation is suffering.

Recruitments in the important national institutions were done under political interests, as a result of which 80 institutions, including PIA, Steel Mills, WAPDA, Railways, and others, are losing rupees one trillion annually, for which taxpayers are punished, he added.

The business leader said that lack of governance has put the country’s survival at stake and the majority of the people have become despondent about poverty and a better future.

Apart from developed nations and countries in the region, the African countries also do not allow political interference in economic decisions, but this has never been done in Pakistan, which has made a prosperous country a beggar, he observed.

Dozens of countries have made great progress by entrusting economic matters to experts instead of politicians, but unfortunately, this has never happened in Pakistan, he said.

He added that systems have been developed in developed countries to protect experts who make important economic decisions from political pressure, which is needed more than ever before in Pakistan.

Mian Zahid Hussain said that we should stop making decisions on a political basis in important sectors like health, education, and revenue so that instead of producing labourers, we can produce experts in different fields and stop tax evasion of four thousand billion rupees annually.

By giving priority to politics in every sector, the country has become bankrupt, and interest payments on debts have exceeded revenue receipts. Even the most important expenses are being met by taking out loans. In these circumstances, the Chief of Army Staff has decided to help the government save the country and put the economy back on track, which is being fully supported across the country.

Along with anti-terrorism operations, the Army is also working hard against corruption, smuggling, profiteering, hoarding, and speculation. It has discouraged wrongdoers, due to which the value of the rupee is improving and inflation is coming down.

The establishment of SIFC also has good prospects, and foreign investment of 100 billion dollars is expected. If the government and the army chief succeed in their intentions and save the country from disaster by correcting its economic direction, then the services of the army chief will be remembered for a long time as the benefactor of the country, he observed.

People are looking at him as their last hope, and the business community also has high expectations of him.

Nida Ali’s global fashion odyssey amid tradition to trend

Nida Ali’s decision to relaunch her brand internationally in countries like Dubai, USA, UK, Canada, Australia, and Sri Lanka, along with her homeland Pakistan, reflects her ambition to make a positive impact on the economy and leave a mark on the global fashion scene. Her comeback is not only a personal achievement but also a testament to her dedication and talent in the fashion industry. Her focus on quality fabrics and attention to detail, combined with her creativity, are key factors that contribute to her success.

She entered the fashion industry in 2004 with her debut lawn collection. Since then she has expanded into Pret and Bridal Couture and by 2008 had carved a niche for herself in Luxury Pret wear. Flamboyance, vivacity, and a unique blend of traditional embellishments on modern cuts is what describes the label best.

She takes inspiration from nature and the rich cultural heritage around the world, while the professional in her gives the finishing touch to create the perfect ensemble. Her continuing creativity, unique sense of colour schemes, and strong aesthetics is what sets her apart from the crowd.

A graduate in Textile and Fashion Design her style ethos is a blend of eastern and western contemporary trends. Her unusual use of print and inventive cuts are her distinguishing qualities. Using pure fabrics that give a sleek streamlined fall she gives an edginess to her clothes. Using carefully placed motifs around the pockets and back give a playful fun look to her pieces.

Her story serves as an inspiration for aspiring designers and entrepreneurs, showcasing the power of talent, determination, and innovation in making a mark in the competitive fashion industry.

Govt, army taking good move to relief public: 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 September 27 that the economy is recovering slowly as a result of the actions of the government and the army.

The prices of many things, including food items, are coming down across the country, which is appreciable as it is reducing the burden on the people, he said.

Mian Zahid Hussain said that the decision to discourage unnecessary imports through taxation is a good move, which will save a lot of foreign exchange.

Speaking to the business community, the veteran business leader said the country seems to be coming out of a quagmire of problems due to the complete focus on the economy, but it will take time for the situation to return to normal.

The caretaker Prime Minister has also mentioned the benefits of investing in Pakistan to UK-based Pakistani and British investors while expressing his commitment that the government will reduce expenditure and increase revenue so that the country’s economy can grow.

The Prime Minister wants the situation to improve and the sufferings of the people to decrease, he said, adding that the economic indicators and foreign exchange reserves have started to improve, and it is hoped that there will be improvement in the industry, agriculture, trade, and services sectors.

Mian Zahid Hussain said that for continued improvement, it is necessary to put the economy before everything, including politics.

He said that it is necessary to hold the election as soon as possible for the sake of political stability. According to the Election Commission, the elections will be held in January, but no political party has started the election campaign yet, he observed.

The business leader said that the sooner the elections are held, the better, so as to end the uncertainty. He further said that it has become necessary to give relief to the public and the business community, which should be started by reducing the price of electricity, while it has also become necessary to reduce the price of gas, petrol, and diesel.

Inflation has risen sharply due to the rise in electricity, gas, and fuel prices, which is somewhat reduced by the depreciation of the dollar, but it has become necessary to reduce business costs for cheaper production and exports, without which relief cannot be given to the public.

Mian Zahid Hussain further said that the government should make a plan to give relief to the people, industrialists, and traders as soon as the crisis situation is over.

IIL holds interactive 75th annual general meeting and corporate briefing session

International Industries Limited (IIL), Pakistan’s largest manufacturer and exporter of pipes & tubes, held its 75th Annual General Meeting (AGM), followed by a Corporate Briefing Session at the Beach Luxury Hotel in Karachi on September 27, 2023.

The AGM witnessed the presence of shareholders, board members, executives, and other esteemed stakeholders of the Company. During the meeting, participants had the opportunity to review IIL’s performance, receive a briefing on its strategic goals, and discuss the annual financial report, showcasing the organization’s financial results and achievements over the past year.

In tandem with the AGM, IIL hosted a Corporate Briefing Session for financial analysts and other members of the banking & finance community, wherein key company executives presented a comprehensive overview of the organization’s operations, strategic initiatives, and business outlook. The session aimed to enhance transparency and provide stakeholders with a deeper understanding of the company’s direction and aspirations.

“We are delighted to engage key stakeholders at our Annual General Meeting and Corporate Briefing Sessions,” stated Sohail R. Bhojani, IIL’s Chief Executive Officer. “These platforms provided a valuable opportunity for transparent sharing of information and constructive dialogue with our stakeholders. We remain dedicated to aligning our strategies with the aspirations of our stakeholders, driving sustainable growth, and delivering continuous value to shareholders.”

Tax system extremely unfair, causing poverty: Zahid Hussain

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 September 25 that Pakistan’s tax system is very unfair and contradicts the ground realities, which are the basis of almost all problems.

In Pakistan, 64% of taxes are collected in the form of sales tax, customs duty, and federal excise duty, while only 36% is collected in the form of direct tax, which is insufficient, he said.

Mian Zahid Hussain said that due to the flawed tax system, the rich are getting richer and the poor are getting poorer, and 40 percent of people in Pakistan have gone below the poverty line.

Speaking to the business community, the veteran business leader said that it is impossible to stabilize the country’s economy without increasing the share of direct taxes in the tax system. He added that notice should be taken of the repeated demands of the IMF, the World Bank, and other international organizations to balance Pakistan’s tax system.

The business leader said that the main reason for the fiscal deficit, inflation, imbalance of payments, and lack of investment and savings is our faulty tax system, which is very cruel and all its focus is on squeezing the people.

The tax system has been continuously harming the poor rather than benefiting them to such an extent that the head of the IMF has to issue statements in this regard.

Mian Zahid Hussain said that the head of the IMF has strongly said that taxes should be collected from the rich and the poor should be protected through subsidies and other welfare measures.

The IMF chief issued a similar statement in February as well, but her advice was ignored, he said, adding that the IMF is repeatedly highlighting the fundamental problems of the country, but our policymakers are not taking any interest in this regard.

The advice of the IMF has never been taken seriously; otherwise, the policymakers would have taken needed measures in the budget. The budget is not adding people to the tax net and pushing them away.

Mian Zahid Hussain further said that the tax base is increased only in statements; otherwise, the tax-to-GDP ratio would not have been 8.6% and the fiscal deficit would not have been 7% for many years because more than half of the economy is undocumented.

The government is not collecting taxes from various important sectors while receiving less taxes from many other sectors, resulting in a crisis every two or three years.

Now it has become impossible to continue such policies because international organizations and friendly countries have also become fed up with Pakistan, and if the country is not put on its feet, no one will be able to save it from bankruptcy, he warned.

Dawlance exports refrigerator designs for singer Bangladesh

Dawlance is the leading manufacturer of home appliances in Pakistan and a wholly owned subsidiary of Arcelik – the second-largest technology producer of Europe. Dawlance has recently completed a Design Export project to provide research and development services to Singer – the market leader of home appliances in Bangladesh, which is also a subsidiary of Arcelik.

Since Bangladesh and Pakistan have similar industrial and economic conditions, this project will play a vital role in the mutual cooperation and growth of the two countries. As Dawlance aimed to provide the designs of four different refrigerators to Singer in Bangladesh, each model is enriched with different technologies like; Low Voltage Stabilization (LVS), Soft Door-Closing, Odor Filter, Nutrilock (Enhance Vitamins inside Crisper box), Freshology (Keeping Fruits & Vegetable fresh for 20 Days), Inverter Technology, and Quick-Cool Technology.

This project has been assessed at a substantial value of 2.6 million US Dollars, yielding an impressive revenue of $186,000 for Dawlance Pakistan. The project’s duration was 80 weeks, with 7,465 Man-hours. Dawlance was selected to design products for Bangladesh because it has great expertise in static refrigerator design. Dawlance products are trusted to meet the specific needs of customers in South Asia and show robust performance in harsh weather conditions while conserving electricity in this energy-starved region. Dawlance has been granted more projects of a similar nature in future because it is considered as a technological hub for static-type refrigerators in the South Asia region.

A team of Dawlance managers and engineers visited the Singer factory in Bangladesh to participate in the launch ceremony. The spokesperson of Dawlance stated that: “Dawlance’s design contributions to another subsidiary, Singer, in Bangladesh, stands as a resounding testament to the triumph of design export, exemplifying the seamless integration of expertise, innovation, and cross-border cooperation, leading to remarkable success in enhancing global collaboration and diversification. These products have been well appreciated in the market because of the Health features like Nutrilock, Freshology and Odor filter, along with Quick Cooling, and modern design. Through this project, Dawlance is also generating valuable foreign exchange for Pakistan.”

Arcelik has already established 80 subsidiaries in 52 countries, along with 30 production facilities, while it also operates 29 R&D and Design Centers across the world. In Pakistan, Dawlance was acquired by Arcelik in the year 2016, with an investment of 258 million US Dollars. To foster innovations in Pakistan, Arcelik has made another special investment in Pakistan to establish the ‘Arcelik Global Research & Development (R&D) Center’, at the National University of Sciences & Technology (NUST), in Islamabad.

In 2017, Dawlance achieved its transition to low GWP refrigerant design (R600a) and later in the year 2019 its first platform Project URIL REF was set up in collaboration with local and Turkish engineers, to enable technology transfer for Pakistan’s self-reliance in refrigerator design. In 2020, the REF Platform design project was undertaken, solely by Dawlance engineers in Pakistan.

The Singer manufacturing facilities in Bangladesh were acquired by Arcelik in the year 2019, with an investment of 75 million US Dollars. This venture aimed to replace the Chinese-imported CKD products in Bangladesh with locally-produced home appliances. The first platform refrigerator was designed by Turkish Engineers in the year 2020. After that, Dawlance was taken on board for further platform Products.

Yusuf H. Shirazi Complex at Lums to herald new era of research and learning

LUMS hosted the groundbreaking ceremony of its first green building, ‘Yusuf H. Shirazi Complex’, named after the former Chairman of Atlas Group and one of the founding members of LUMS. The Complex will be a hub of research, innovation and intellectual exchange at the University and house high-impact centres collaborating with industry and government to address the grand challenges of South Asia.

The building is planned to be a Leadership Energy and Environmental Design (LEED) Gold Certified sustainable design with efficient material usage to ensure a prominent green footprint. Powered by renewable energy, the building will support nine different classrooms, each offering a unique learning experience. The Complex will facilitate the centres at LUMS to collaborate on multidisciplinary research in areas of water, energy, entrepreneurship, learning, gender, and technology. It will also house a Makers Lab, a state-of-the-art multifunctional facility for students to unleash their creativity to build prototypes.

The groundbreaking ceremony was attended by the Shirazi family, including Mr. Iftikhar H. Shirazi, Chairman, Atlas Foundation; Mr. Aamir H. Shirazi, President, Atlas Group; Mr. Saquib H. Shirazi, President/Chief Executive Officer, Atlas Honda Limited; and Mr. Ali H. Shirazi, President/Chief Executive Officer, Atlas Battery Limited.

LUMS has a long history of association with the Atlas Group, which has contributed to the National Management Foundation and scholarships for financially disadvantaged students.

Reflecting on his father’s association with LUMS, Mr. Iftikhar Shirazi shared, “It’s a historical moment for us today. Emotional as well, thinking of our dear father. He was a great father who gave a lot not only to us but to the country as well. He always used to say that what comes from society should go back to society. A Parha Likha Pakistan was always his dream.”

LUMS senior leadership, the Founding Pro Chancellor, Syed Babar Ali; Pro Chancellor, Mr. Abdul Razak Dawood; Rector, Mr. Shahid Hussain; Acting Vice Chancellor and Provost, Dr. Tariq Jadoon; Bilquis Dawood Chair and Dean Mushtaq Ahmad Gurmani School of Humanities and Social Sciences, Dr. Ali Khan; Dean Shaikh Ahmad Hassan School of Law, Dr. Sadaf Aziz; Director Advancement, Ms. Nuzhat Kamran; Executive Director Strategic Initiatives, Mohammed Ali Khan; and faculty were also present at the event to acknowledge the generous patronage of the Shirazi family.

Speaking at the ceremony, Syed Babar Ali said, “We cannot thank Yusuf Shirazi enough for what he contributed, and for his sons to keep it going and building on the good foundation.”

Mr. Abdul Razak Dawood commented, “Yusuf Shirazi was a great man and here we are today, making a great building as a tribute to him.

Also sharing his thoughts, Mr. Shahid Hussain said, “We’re all very grateful to you for the funds, but also the interest that you are all taking in the development of the project. We have quite literally left no stone unturned in our efforts to make sure that the building is not only going to be designed well but also constructed well.”

The Yusuf H. Shirazi Complex will pave the way for cutting-edge research in partnership with industry and government to provide solutions to the region’s grand challenges.

Unity plantations and green corporate initiative join hands to revolutionise agriculture sector

Unity Plantations (Private) Limited a wholly owned subsidiary of Sunridge Foods (Private) Limited, which in turn is a wholly owned subsidiary of Unity Foods Limited, hereinafter collectively referred to as Unity Group and Green Corporate Initiative (Private) Limited are proud to announce a groundbreaking Master Collaboration Agreement that is set to reshape Pakistan’s agriculture and livestock sector, bolstering food security and promoting sustainable development.

This strategic partnership is dedicated to addressing critical challenges within Pakistan’s agricultural landscape, with a sharp focus on enhancing food security, reducing reliance on imports, elevating seed productivity, preserving the nation’s rich biodiversity by establishing a complete eco system and developing integrated supply chain within and outside Pakistan.

Unity Group, will be leveraging modern technologies, international networks, technical prowess, its existing state of the art processing facilities, and substantial financial resources, for spearheading efforts to cultivate corporate farms and livestock. This ambitious endeavor will encompass a minimum of 75,000 acres of designated land, and utilization of the produce by establishing and further enhancing the operations of its processing facilities and related infrastructure to enrich the value of agricultural and livestock products.

Mr. Amir Shehzad, the Executive Director of Unity Foods, expressed his enthusiasm for this transformative partnership, stating, “We are thrilled to embark on this significant collaboration with Green Corporate Initiative, which will play a pivotal role in strengthening food security and advancing sustainable agriculture in Pakistan. Unity Group is fully committed to being at the forefront of this transformative journey.”

Green Corporate Initiative, led by its Director, Muhammad Yousaf Majoka, shares the excitement for this partnership and its potential to drive positive change in Pakistan’s agriculture sector. Mr. Majoka commented, “This collaboration represents a strategic alliance with a clear mission to drive progress in Pakistan’s agriculture. By working together, we aspire to achieve enduring positive impacts on the nation’s food security and related developmental goals.”

The signing of the Master Collaboration Agreement signifies the unwavering commitment of both Unity Plantations and Green Corporate Initiative to the sustainable development of Pakistan’s agriculture and livestock sector. This agreement was drafted and structured by SR Law. It marks a significant milestone in their shared mission to contribute to the growth and prosperity of the nation.

This partnership embodies the spirit of collaboration and innovation, and both organizations are eager to bring their collective expertise to bear on the challenges facing Pakistan’s agriculture and livestock industries. With a united vision and shared determination, Unity Plantations and Green Corporate Initiative are set to usher in a new era of sustainability and prosperity for Pakistan.

MoU signed between SSGC-AE and Green Waste Energy (Pvt.) Limited to promote renewable natural gas

SSGC Alternate Energy (Pvt.) Limited (SSGC-AE) and Green Waste Energy (Pvt.) Limited have entered into a Memorandum-of-Understanding (MoU), unlocking the potential of “Green Molecules” Renewable Natural Gas.

In a strategic move, Green Waste Energy will supply biogas / biomethane, a renewable natural gas, to SSGC-AE. This game-changing endeavor promises to fuel the future with sustainable energy solutions.

The MoU was signed by Mr. Imran Maniar, Chairman, SSGC-AE and Mr. Shoaib Feroz, CEO, Green Waste Energy (Pvt.) Limited in a simple yet impressive ceremony held at SSGC Head Office on Friday, October 6, 2023. The ceremony was witnessed by Acting DMD (Operations and UFG) SSGC, Mr. Saeed Rizvi and his team members whereas Director Mr. Zia Naqi, represented Green Waste Energy (Pvt.) Limited. Mr. Khwaja Huzaifa, Consultant, Bridge Factor (Pvt.) Limited was also present on the occasion.

SSGC-AE, a wholly-owned subsidiary of Sui Southern Gas Company (SSGC), was established in 2022 with the primary goal of addressing energy challenges in the country. The company’s core mission revolves around the implementation of alternative energy projects, including but not limited to renewable and eco-friendly fuel ventures such as biogas and biomethane, thermal energy-based electricity generation and forward-looking initiatives like coal-to-gas (C2L) conversion with carbon capture and storage capabilities, as well as green hydrogen production.

Moreover, SSGC Alternate Energy (SSGC-AE) is proactively spearheading the promotion of Green Molecules endeavors. The organization is actively urging prospective investors and project developers in the market to engage in the production of biogas and biomethane. This renewable gas can be derived from non-food organic sources, including cow dung, municipal waste, rice husk, energy crops and similar substrates. This strategic initiative is geared towards establishing a sustainable and eco-friendly energy ecosystem.

Urban centres produce massive amounts of solid bio-waste, the disposal of which is a challenge for civic agencies. Alternately, this waste can be effectively utilized for energy generation. The MoU envisions that Green Waste Energy (Pvt.) Limited will produce bio-gas / biomethane by tapping into waste materials and produce renewable natural gas through bio-gas plants. This environmentally friendly gas will subsequently be made available for purchase by SSGC-AE, who will then oversee its local distribution to third-party entities.

This partnership will be a major step forward towards augmenting gas supplies to a large extent, especially in the context of fast depleting gas reserves. This will be the first time a gas utility company, through its subsidiary concern, is making efforts to integrate renewable natural gas into its network through renewable natural gas. Such an indispensable move is a significant step forward towards promoting an alternative resource and encouraging local and foreign investors to invest in this relatively untapped energy source for setting up large scale bio-gas plants. The initiative will also help in the local job creation and economic growth.

It is imperative to underscore that the emphasis on renewable natural gas, particularly in the form of renewable bio-gas and bio-methane, carries numerous environmental advantages. These include substantial contributions to the vital process of decarbonization, which will yield a net reduction in methane emissions and hydrocarbons, addressing pressing environmental concerns.

Standard Chartered and Karachi United launch the sixth edition of the SC KU Youth League


Standard Chartered Bank announced the launch of the sixth edition of the Standard Chartered Karachi United Youth League, a flagship community programme aimed at promoting sports amongst children.

The objective of the SC KU Youth League is to provide a platform for football teams from across the underserved areas of Karachi to come together, break barriers and inculcate the spirit and culture of sport and competition amongst children of the community. The Bank has been sponsoring this league since 2017, supporting over 5000 children through sports.

This year’s league will see 1200+ boys compete in the age categories: Under 10 years, Under 12 years, Under 14 years and Under 16 years including a Government School competition as well. The format is that of a group system from which the top teams qualify directly for the quarter-finals and beyond. This year the League will also witness an increase in the participation of girls through a Girls tournament involving 180 girls.

A total of 206 matches will be played in six different locations including Khyber Muslim Ground Baldia Town, Old Golimar Football Ground, Jam Eleven Ground Malir, Karachi United Clifton and Kakari Ground Lyari which promises to attract football fans from all over Karachi.

Rehan Shaikh, Chief Executive Officer, Standard Chartered Pakistan said, “The Bank has had a long association with football and we are proud to be leading such a transformational initiative with Karachi United in Pakistan. Each year the league brings together children from across different communities and backgrounds onto a level playing field through friendly competition. Beyond the fact that this improves the skills and game of the children, football has proven to stimulate positive mental health and cognitive development. We have also seen it contributing considerably to the promotion of tolerance, respect, perseverance, resilience and equity of the youth engaged.

We are delighted to share that together with our partners, over the five year period the SC KU league experience has positively impacted over 5000 children with not just football but also coaching in life skills, team work and other areas of life in general. We feel absolutely privileged to have been able to nurture their passion for the sport as well as drive greater equality and inclusion of young people.”

Imran Ali, CEO, Karachi United said, “The SC KU Youth League has become synonymous with youth football and competitions across Karachi’s football communities and has surfaced as the most sought-after event on the annual sports calendar. This is a testament to the organisation, professionalism, and quality that Standard Chartered Bank has helped us deliver to the thousands of children who participate.

As we continue to grow, we have added more venues, where matches will be played. Being associated with the Bank’s Futuremaker programme, we have identified league participants who have now become teachers, coaches, entrepreneurs and have also joined the Navy.

This would not have been possible without Standard Chartered’s unwavering support and commitment. Given what we have achieved, we hope to see this partnership flourish further.”

Cricket fever is back with Emirates as Official Airline Partner of ICC Men’s Cricket World Cup 2023

As Global Partner of the International Cricket Council (ICC), Emirates is once again in full swing as Official Airline Partner of the ICC Men’s Cricket World Cup 2023, taking place across India and running from 5 October to 19 November.

Hosted across ten cities in India, the 2023 ICC Men’s Cricket World Cup will bring together ten teams from across cricket-playing nations, including 2019 defending champions, England, to battle it out for the coveted Cricket World Cup Trophy. The silver and gold trophy has already made its way to India ahead of the tournament.

Emirates and ICC Men’s Cricket World Cup

As Official Airline Partner of the 2023 Men’s Cricket World Cup, fans of the sport travelling onboard Emirates flights during the tournament can tune in to Sport 24 and Sport 24 Extra and never miss the action. At the 48 matches taking place across India, Emirates will enjoy a strong presence at the stadiums, with hospitality and ticketing rights, in addition to select in-stadium activations to build on the excitement.

Cricket lovers can follow #CWC23 as well as the ICC’s Instagram and Facebook pages to see a new and exciting Emirates Fly Better Moment of the Day, capturing the best catches, hit and runs outs and more after each match.

The Men’s Cricket World Cup is held every four years and is the most popular global cricket event on the sporting calendar. This edition will be the first to be held solely in India and will feature Dinesh Karthik making his commentary debut in a World Cup.

Emirates has a long-standing association with the ICC and all its major events including the ICC Men’s Cricket World Cup, ICC Women’s Cricket World Cup, ICC Men’s T20 World Cup, ICC Women’s T20 World Cup and the ICC World Test Championship. The ICC partnership also sees Emirates featured on the official kit of the ICC Elite and International Panels of Umpires, having been the main sponsor of the Emirates Elite and International Panels of ICC Umpires since 2002, when the panels were formed to officiate Test Matches and One Day Internationals around the world. Alongside the Umpires, Emirates sponsors the Elite and International Panels of ICC Match Referees. Together with branding and media exposure to cricket fans around the world, Emirates also transports umpires and referees to international events as the Global Partner of the ICC.

Hyundai SANTA FE Hybrid landed in Karachi for a closer experience

Hyundai Nishat Motor Private (Limited) (HNMPL) has organized an exclusive event in the city of Karachi on Sunday, 8th October 2023, in a bid to provide a closer experience of company’s latest SUV masterpiece, the all-new Hyundai SANTA FE Hybrid.

After the successful launch event of the Hyundai SANTA FE Hybrid SUV in Lahore, last Sunday, the HNMPL management decided to equally provide the citizens of the country’s biggest cosmopolitan city, Karachi, a chance to get a closer look into the classic high-tech SUV variant.


HNMPL Chief Executive Officer Hassan Mansha said “Hyundai SANTA FE Hybrid has received an extremely overwhelming response nationwide after the launch and we are pleased to provide the people of Karachi to witness the greatest story never told”.

The Hyundai SANTA FE Hybrid stands out in the Pakistani market with its hybrid technology, offering fuel efficiency, performance, and reduced emissions. As Pakistan’s first AWD 7-seater Hybrid D SUV, it caters to the needs of larger families and environmentally conscious drivers alike.

As a luxury SUV, it provides ample space and a lavish interior, delivering a premium driving experience. Its turbocharged engine ensures dynamic performance and advanced safety features prioritize driver and passenger safety. In summary, the Hyundai SANTA FE Hybrid is a groundbreaking hybrid SUV that combines luxury, power, and safety to redefine the driving experience in Pakistan. The company’s vision is to cater to every car segment, and with the introduction of the SANTA FE hybrid, they aim to capture the SUV market in Pakistan, setting new standards for innovation and luxury.

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