“Stock exchange is not for making money, it is for creating money. This difference has to be understood”, says Hussain Dawood
It is worth mentioning that Pakistan Stock Exchange (PSX) has embarked upon an initiative to recognize the efforts and contributions of business icons of the country for playing an important role in the development of Pakistan’s capital market and economy of the country. Hussain Dawood was the first recipient of this honour by PSX. On Wednesday, February 20, 2019 Chairman of the Board of Directors of Dawood Hercules Corporation (DH) and Engro Corporation, Hussain Dawood and his team, visited Pakistan Stock Exchange (PSX) to ring the gong to open the trading session.
Hussain Dawood was accompanied by members of his family. Also accompanying him were Chief Executives of eight public listed companies led by him included, Dawood Hercules Corporation, Engro Corporation, Engro Fertilizers, Engro Foods, Engro Powergen Qadirpur, Engro Polymers, Dawood Lawrencepur and Cyan Limited.
Also present on the occasion were Moin M. Fudda, Chairman Central Depository Company; Humayun Bashir, Chairman NCCPL; Muneer Kamal, former Chairman PSX; Dr. Shamshad Akhtar, former Federal Finance Minister; and Adnan Afridi, Member SECP Policy Board. From the business community, Kamran Nasir, CEO JS Global Capital was present on the occasion. Chairman PSX, Sulaiman Mehdi; Managing Director, Richard Morin; Members of the Board of Directors and senior management of PSX escorted the distinguished guests to the Trading Hall for the ceremony.
After opening the trading for the day by striking the gong, Hussain Dawood thanked the PSX team for inviting him for the ceremony. He said, “The nations succeed only when every individual acts member of the team. We should endeavour to make PSX an important part for bringing people together for contributing in the growth of the economy to benefit all. The stock exchange is not for making money, it is for creating money. This difference has to be understood.”
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The services of Hussain Dawood for growth of business and development of Pakistan economy were lauded by the PSX team. Dawood has been instrumental in building a business conglomerate that has presented a soft and progressive image of Pakistan in the local and international community. Names like Engro Corporation; Engro Fertilizers and Dawood Hercules Corporation are the benchmark of corporate governance and following best international practices. Dawood continues to repose confidence in the potential of Pakistan and strive to invest in Pakistan. Recently, the Karachi School of Business and Leadership (KSBL) was established because a group of Pakistani business and corporate leaders led by Hussain Dawood recognized that Karachi, the business and commercial hub of Pakistan, needed a world-class business school.
After the Gong Ceremony, a meeting was held in which PSX key management team, Hussain Dawood and his team discussed different issues with other guests present on the occasion. The icon of the business community said that regulations and policy formulations should be made conducive for the business activity and efforts should also be made to increase the number of listings. He added that it is the role of the government to form proper regulations and policies and it is the responsibility of the business community to follow these policies. Dawood opined that the government and business community should work hand-in-hand to achieve economic growth and prosperity in the country.