Audi and Siemens opens Pakistan’s first Ultra-Rapid DC Charging Station
Audi in collaboration with SIEMENS unveiled Pakistan’s first and only Ultra-Rapid DC Charging Station equipped with Siemens SICHARGE D series chargers with power up to 160kW in a ceremony held at Libra Charging Hub, near Fawwara Chowk, Karachi.
“I am particularly pleased to be present today at the inauguration of this example of brand new German innovation. The future is electric – we are learning that more and more today in times of climate change and global warming. However, electro-based mobility also requires a corresponding infrastructure. I am pleased that another step in this direction is being taken here today,” said Germany’s Ambassador to Pakistan Hon Bernhard Schlagheck.
Speaking as the chief guest on the occasion, Barrister Murtaza Wahab, Advisor to CM Sindh for Law, Spokesperson for the Government and Administrator Karachi (KMC), commented: “Karachi must also become a metropolis geared towards the new world of transportation with electric vehicles, which will vastly improve emissions in our city by reducing exhaust fumes from fossile fuels. We need to build up an infrastructure of charging stations. Germany’s innovative technology can lead us in this direction. Let us plug-in Karachi into its electrical future!”
Audi is driving its transformation as a provider of sustainable premium mobility. The brand plans to ramp up its efforts by 2025 with a wide range of more than 20 fully electric models. The key to its success and the crux of this transformation is the availability of charging infrastructure. Together with LIBRA, this Ultra-Rapid DC Charging Hub is the start of significantly expanding charging infrastructure in Pakistan. CEO of Premier Systems Syed Arshad Raza said, “As announced, 2020 marked the start of Audi in Pakistan’s major electric offensive. We successfully launched the
e-tron model range and are already following that up with the next model, the dynamic and fascinating e-tron GT. We can proudly say that Audi is the number #1 brand of any car manufacturer in Pakistan leading this transformation. Audi is also making an important contribution to the urgently needed expansion of the charging infrastructure, and the LIBRA Charging Hub is the first step in achieving this goal.”
Commenting on the launch of LIBRA Charging Hub, CEO of Siemens Pakistan Mr. Markus Strohmeier said “We need significantly more charging points in Pakistan to cater to the growing requirements of electric vehicles. For that reason, stakeholders including policy makers, investors and power utilities must continue their efforts in the coming years. Siemens SICHARGE D is a high-power charger using the latest technology designed to enable cities, businesses, and individuals to make the most of what Electric Vehicles have to offer now and, in the years, to come.”
“The LIBRA Charging Hub with Siemens’s Ultra-Rapid charger addresses future peak demands and the lack of charging opportunities in Karachi,” said Abdul Haseeb Khan, owner of LIBRA Charging Hub.
Pakistan approved an ambitious National Electric Vehicles Policy, with targets and incentives aimed at seeing electric vehicles Capture 30% of all the passenger vehicle and heavy-duty truck sales by 2030, and 90% by 2040. It sets even more ambitious goals for two- and three-wheelers and buses; 50% of new sales by 2030 and 90% by 2040. The world is now moving towards electric vehicles and Pakistan would follow suit. The technology will help cut the demand for oil and Pakistan could save about Rs 2 billion annually. In addition, pollution will reduce by up to 70 percent.
MCB Bank strengthens Islamic Banking footprint with capital injection of Rs 4 billion in MCB Islamic Bank
MCB Bank Ltd (MCB), one of Pakistan’s leading Banks, has made a capital injection of PKR 4 billion into its wholly owned subsidiary, MCB Islamic Bank Limited (MCB Islamic). The investment will help MCB Islamic meet regulatory capital requirements and support its aggressive expansion plans that encompass branch expansion, increase in lending capacity and development of innovative financial services and digital banking solutions.
Speaking about the investment, Mr. Shoaib Mumtaz, President & CEO MCB Bank said “This injection of capital is testament to MCB Bank’s long term commitment to Islamic Banking and confidence in MCB Islamic Bank’s potential for future market leadership. With a historic brand legacy and dynamic new management, MCB Islamic Bank is well primed to address the challenges of the modern financial landscape while providing customers with quality and affordable Islamic financing services that reliably meet their every need.”
Speaking about the capital injection, Mr. Muhammad Afaq Khan, President & CEO MCB Islamic Bank said, “The injection of capital in MCB Islamic is a sign of trust in the growth of the bank and the MCB Islamic brand by MCB Bank and its Board. With this inflow of capital, MCB Islamic will be better positioned to meet market demands and enhance our ability to provide innovative Islamic Banking solutions to our customers.”
MCB Islamic Bank Limited is a wholly owned subsidiary of MCB Bank Limited and commenced its operations in 2015 with the aim of being the first choice Shari’ah compliant financial services provider of Islamic banking customers. On a consolidated basis, MCB Islamic currently operates a diverse network of over 180 Islamic Banking branches and ATMs. Mr. Muhammad Afaq Khan was recently appointed as the new President by its Board of Directors. Mr. Afaq Khan brings with him over thirty years of experience as a successful Islamic Banking professional. He has advised multiple successful ventures in Islamic banking and has also won several Islamic Banking Awards.
Steps taken for economic reform are insufficient: 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 on June 17 said the steps taken for reforming the economy are insufficient.
The recent measures have increased the burden on the people to an unbearable level and they have not been able to bear any more burden, he said.
Mian Zahid Hussain said that instead of imposing more burden on the people, the elite should be targeted, tax should be imposed on agricultural income and failed companies sucking six hundred billion rupees from the national treasury should be sold.
Talking to the business community, the veteran business leader said that power and gas line losses should be controlled which are over Rs700 billion while taxes on industrial sector should be reduced which will speed up the industrialization process, develop the economy, provide employment to the people and generate billions of rupees in revenue for the government which can be used to provide relief to the people.
He said that the priorities of the governments have been wrong for decades due to which now the government has to spend 71 percent of its revenue on interest payments while global market conditions, local political tensions and reckless use of resources has eroded confidence in the rupee which has led to a steady decline in its value, leading to further inflation and unrest.
The business leader noted that the government’s response to the rapidly changing situation and challenges has been insufficient, which has exacerbated the economic woes.
Mian Zahid Hussain said that the government should increase its revenue and reduce expenses to provide relief to the people as this is the only option.
The process of giving annual relief of about three thousand billion rupees to the elites should be stopped while one third of that should be given to the poor.
At present, the government is spending Rs200 on current expenditure against earning Rs100 in revenue and it is importing different items worth 220 dollars against exports of 100 dollars due to which the debt has increased to Rs4 trillion which is enough to bankrupt the country.
In many developed countries, the number of cars owned by the government is less than 100 and no officer is given a car for personal use but the number of such cars in Pakistan is close to one and a half lakh.
In Pakistan, a grade 17 district, tax or police officer use vehicles which are not even given to federal ministers in India.
Mian Zahid Hussain further said that the situation is deteriorating but some politicians are worried about their future instead of the national economy and they are constantly sacrificing national interests for the sake of power.
Some politicians are stoking instability which is tantamount to laying mines in the foundations of the collapsing economy.
Valuable Maritime Sector needs close attention, says Sandila
Meeting of 4th Advisory Board of National Institute of Maritime Affairs (NIMA) was held at Islamabad. Admiral (R) Asif Sandila, former Chief of Naval Staff, Chairman BoA, chaired the meeting. Members and special invitees / maritime experts attended the meeting.
V/Adm (R) Abdul Aleem, DG NIMA, welcomed the participants and emphasized on creating synergy amongst all maritime stakeholders for furtherance of maritime sector. He emphasized that Pakistan should endeavour to achieve the goals set by UN under Sustainable Development Goals (SDGs) and UN Ocean Decade 2020-30. Else, the price of degradation of ocean health will be borne by our future generations. Cdre (R) Bilal Abdul Nasir Director NIMA, briefed the house about various activities and future undertakings of the Institute in the domain of maritime affairs.
Board members and participants gave pertinent input on the various agenda items and future targets of the institute. Detailed discussions on fishing sector of Pakistan, ports and harbours, shipping, ship breaking & ship recycling industry, maritime tourism and the problems being faced by the maritime communities were also held. Board also approved future plans of action for year 2022-23.
In his closing remarks, Admiral Sandila appreciated the valuable inputs and suggestions provided by the eminent participants. While underscoring the need to enhance maritime awareness in the country, the Chairman BoA emphasized on the issues of climate change, maritime pollution, biodiversity and sustainable use of ocean resources. He further said that research should be people centric and industry should be able to seek benefit from the research.
Maritime trade plays a vital role in the economic well-being of Pakistan. Due attention should, therefore, be given to the issues related to maritime governance, marine pollution, protection and sustainable use of marine resources, said Admiral (R) Mohammad Asif Sandila NI(M), Chairman BoA NIMA.
In the end, new website of NIMA (www.nimapak.org) was also launched during the event. Chairman BoA, Admiral Asif Sandila inaugurated the new website and applauded the efforts of NIMA team.
Dawlance completes its 10,000 tree-plantation as a sustainability project
Dawlance is the technology-leading enterprise in Pakistan’s home-appliances industry, which recently hosted a vibrant ceremony to celebrate the successful completion of its 10,000 Tree-Plantation projects. Dawlance has the vision to ensure the well-being of humanity and environmental sustainability, whereby the company has collaborated with the World Wildlife Fund (WWF) and the University of Karachi (KU), for large-scale tree plantations in Pakistan, while also nurturing the vast mangrove forests along the coastal regions.
The Chief Executive Officer of Dawlance – Umar Ahsan Khan, unveiled a monument, built at the KU, for commemorating this plantation drive. He stated that: “Being a responsible corporate citizen – Dawlance remains committed to make resourceful contributions, for ensuring socio-economic development for the wellbeing of the community and preservation of nature, in sync with the Sustainability Development Goals (SDG) of the United Nations. This collaboration is a part of the “Dawlance for Humanity” initiative, which is enabling a better quality-of-life, education and healthcare for the nation.”
Chief Marketing Officer of Dawlance – Syed Hasan Jameel said: “For this plantation-initiative, we engaged the Dawlance family and the students of Karachi University and the WWF teams, along with a large number of volunteering citizens. All these participants were also trained through Green-Workshops, to create public awareness about; the importance of vegetation and forests for maintaining the ecological balance of nature.
Dr. Tahir Rasheed – the Regional Head of WWF in (Sindh & Balochistan) said that: Trees have a long-term positive-impact on the environment and the society while promising the prevention of global-warming & climate-change, to ensure a safe and healthy future for our coming generations. It is heartening to see the Karachi University students gaining awareness about the importance of environmental sustainability”.
The parent-company of Dawlance – Arcelik is the second-largest manufacturer in Europe, offering a wide-range of globally leading products and technologies that meets and inspires European standards for sustainability, by promising more than 50% energy-conservation for a healthier, greener Pakistan. Over the years, Dawlance has invested over 35 billion dollars to setup 3 large-scale factories in Pakistan and its nationwide network of 1800+ dealers for sales & service.
Some of the other distinguished guests representing the KU at the Dawlance plantation ceremony included: Professor Dr. Nasira Khatoon – Acting Vice Chancellor, Professor Dr. Anjum Perveen – Director of the Centre for Plant Conservation (Botanical Garden & Herbarium) and Dr. Saboohi Raza – Chairperson, Department of Agriculture & Agribusiness Management.
UBL successfully holds Pakistan’s first Datathon
UBL in collaboration with Habib University launched the ‘UBL Datathon’, the first of its kind initiative in the Banking industry. The Datathon used UBL’s market leading digital capabilities, combined with the academic excellence of Habib University to provide a platform to the best and brightest technology enthusiasts of Pakistan. The participants competed to provide technology-based solutions to real life challenges faced by the financial services industry. Several innovative business ideas and solutions driven by Data Analytics and Artificial Intelligence were submitted by the participants. These were judged by global thought leaders including Amazon Web Services, Microsoft, DBS, Kaggle, Maybank and Commonwealth Bank.
The journey that spanned several months, culminated in an Awards Ceremony where the most innovative and practical ideas were recognized and awarded. Held at the Habib University Campus in Karachi, the UBL Datathon event’s Guest of Honour was Mr. Shazad G. Dada, President & CEO of UBL. Other esteemed guests included Mr. Sohail Javaad, Executive Director Digital Financial Services Group, State Bank of Pakistan, Mr. Wasif A. Rizvi, President, Habib University and other experts from the IT industry. UBL was also represented by Mr. Faisal Anwar, CIO UBL and other senior executives of the bank.
The event comprised of a number of informative sessions including ‘Importance of Big Data and its challenges’ from the Executive Director SBP; as well as an address on the vision behind Datathon by the CIO UBL and a panel discussion of industry experts on ‘Data as an Organizational Asset’. The highlight of the event was the Award Ceremony where the awards were given under two categories i.e. Best Idea from Fnitech and Best Idea from University students. Awards details shared below:
Best Fintech – 5 Hazar
1st Position: University Category – PIAIC
2nd Position: University Category – Think Data Tech
3rd Position: University Category – Codanians
Mr. Shazad G Dada, President & CEO UBL in his keynote address presented on the global and domestic trends that are shaping the financial services industry and how banks must transform into Data Driven Organizations. He shared practical examples of how UBL, as Pakistan’s most progressive and innovative Bank is using Design Thinking, Data Analytics, Artificial Intelligence and Internet of Things to revolutionize the Banking industry. Mr. Shazad G. Dada appreciated the participants and the winners for their innovative ideas and invited them to visit UBL’s state of the art Design Thinking Lab for future collaborations with the Bank.
UBL Datathon has been a pioneer project combining the best talent from the financial services industry, FINTECHs and the academia of Pakistan. It is hoped that this will pave the way to promote Pakistani tech talent and provide them with a platform to further develop their skills for the progress and advancement of Pakistan.
Surging scarcity of water should be resolved immediately, suggests Mian 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 on June 20 said the country is facing a scarcity of water but the authorities seem oblivious to this important issue.
The prices of wheat and other agricultural commodities are constantly rising in the international market while local farmers are not getting water which is destroying their economy and reducing crop production, he said.
Talking to the business community, the veteran business leader said that lack of water is killing a large number of livestock and soon it will start damaging industrial production.
He said that the infamous tanker mafia is also taking full advantage of the water shortages and the price of water has been increased by three to four hundred percent in different cities including Islamabad which has increased the financial pressure on the people.
Mian Zahid Hussain said that international organizations have been warning Pakistan for decades about a famine in 2025. The per capita availability of water has been reduced from 5660 cubic meters in 1951 to 908 cubic meters now but no government has made serious efforts to develop water resources and save water but has set a record of mismanagement.
Water worth 20 billion dollars falls into the sea every year but no attempt has been made to save the water.
The business leader said that not a single political party in the country is serious about the water problem.
Mian Zahid Hussain further said that rivers are drying up, many rivers, streams and canals have become so polluted that water has become unfit for consumption, lakes are drying up and aquatic life is running out but nothing is being done in this regard.
Pakistan’s glaciers are also melting fast and the country is suffering from a water emergency. Neglecting the water sector is making the effects of climate change more deadly, making it impossible for the people, agriculture and industry to survive.
In these circumstances, the effects of global warming in Pakistan would be severe and water of huge value would evaporate before it could be used.
Groundwater levels in Pakistan’s rural and urban areas are also declining rapidly, posing a serious threat to the people and the industry. The government should realize the scarcity of water, tackle conspiracies of other countries, take steps to save water and rehabilitate rivers, and give priority to the construction of small dams.
He said that efforts should be made to create a national consensus on the construction of dams so that Pakistan could be saved from becoming a desert.
Khushhali Microfinance Bank achieves PCI DSS compliance certification
Khushhali Microfinance Bank Limited (KMBL) has acquired the Payment Card Industry Data Security Standard (PCI DSS) Compliance Certification – an international standard for payment card and data security via PCI QSA Firm Risk Associates, a premier global information technology company, who a certification body of Payment Card Industry Security Standard Council (PCI SSC). This certification recognizes KMBL’s high financial security standards, as recommended by the Payment Card Industry Security Standards Council (PCI SSC). It is a global forum that brings together payments industry stakeholders to develop and drive the adoption of data security standards and resources for safe payments worldwide.
In the last decade, the number of cyber-attacks on organizations has increased exponentially. With the continuous expansion in the digital landscape and exposure of services to customers on their cellphones and computers, organizations have become more and more prone to cyber-attacks. Khushhali Microfinance Bank strives to lead the industry on the digital front and considers that the security and protection of customers’ data are of utmost importance. Khushhali Microfinance Banks’ recent PCI-DSS certification bears testament to the Bank’s values, ensures the protection of customer card data from misuse, theft, and hacking, and adheres to the international standards set by the Payment Card Industry Council in all the areas of technology.
The President of Khushhali MF Bank – Ghalib Nishtar, stated that: “KMBL is now amongst those banks in Pakistan that are certified as PCI DSS Compliant and the first-ever microfinance bank in the country to fulfill the 231 total PCI requirements related to cyber-security and associated processes. We are proud of our strategic progress toward Digital Banking operations, and this certification is another big milestone to ensure compliance with global security standards.
The Managing Director– Kashif Hassan, PCI QSA, at Risk Associates, stated, ” I would like to commend KMBL for being assessed and ensuring successful Compliance & Data-Security Standard infrastructure in place, as set out by the PCI Council and endorsed by all the leading card brands, this a mutual accomplishment for our teams’ cooperation. We wish Khushhali Bank success in their endeavors along the path to enhanced data security standards.”
The PCI-DSS certification is based on eight key areas: network security, card data security, encryption, vulnerability management, physical and logical access control, strengthen security technology and security governance, Information Security monitoring, and the security of digital solutions & infrastructure supporting the digital platform.
Last year, KMBL became the world’s first financial institution to achieve Gold Level certification in ‘Client Protection’, given by the prestigious MicroFinanza Rating Agency, for meeting the highest industry standards. It has adopted global best practices, ensuring transparency, sustainability, and privacy of client data. The Bank has the vision to maintain its leadership in Pakistan’s Microfinance sector and strive for excellence. Customer-centricity is at the core of all KMBL operations as it facilitates entrepreneurship to enable the socio-economic growth of Pakistan.
ICAP forms working group to review sustainability reporting standards
The Institute of Chartered Accountants of Pakistan (ICAP), under the Accounting Standards Board, has formed a working group to review the draft sustainability reporting standards published by the International Sustainability Standards Board (ISSB).
The IFRS Foundation established the ISSB at the 2021 United Nations Climate Change Conference (COP26) with the vision to develop comprehensive global high-quality IFRS Sustainability Disclosure Standards. ISSB has issued drafts of two IFRS Sustainability Disclosure Standards for stakeholder consultations and feedback. The draft standards include IFRS S1, General Requirements for Disclosure of Sustainability-related Financial Information, and IFRS S2, Climate-related Disclosures.
IFRS S1 requires companies to provide material information about all the significant sustainability-related risks and opportunities necessary to assess enterprise value. These proposals respond to calls from primary users (investors, lenders, and other creditors) of general purpose financial reporting for more consistent, complete, comparable, and verifiable sustainability-related financial information to help them assess an entity’s enterprise value.
IFRS S2 contains requirements for disclosures of material information about significant climate-related risks and opportunities. These disclosures will provide information about how climate-related matters and the associated risks and opportunities affect the company’s financial position and financial performance and the time horizon and amounts involved will help stakeholders in assessing the enterprise value. The disclosures will also provide information about the company’s strategy and business model.
The sustainability reporting will be connected with the financial statements and corporate reporting as it will be part of the company’s annual general-purpose reporting. The draft standards do not specify the effective date, and it will be for the local jurisdictions to set the adoption date of the standards. ICAP working group is currently reviewing draft IFRS S1 and IFRS S2 with the objectives to collate the views of Pakistan stakeholders and highlight their concerns and advocate Pakistan’s interests before ISSB.
Befiler becomes an ACCA approved employer under trainee development – gold category
Befiler (Pvt) Ltd is pleased to announce its inclusion to the panel of ACCA’s Approved Employer Network under the Trainee Development – Gold Category. The Association of Chartered Certified Accountants (ACCA) is one of the world’s leading professional accountancy body, and Befiler’s inclusion to the panel reflects its commitment to providing the right combination of technical, professional, and ethical skills to the students, affiliates, and members of ACCA. The ACCA Approved Employer Program recognizes and rewards employers’ quality staff training and development, and ensures the highest professional standards for both the employers and the students/employees. Befiler is proud to have a substantial representation of ACCA students, affiliates, and members working with it under various departments including leadership positions.
Befiler hosted a ceremony at its Head Office in Karachi to commemorate the milestone, which was attended by the leadership of Befiler and ACCA. Speaking at the occasion, Syed Asad Ali Shah, Chairman – Befiler, said “The success of Befiler was dependent on the quality of technical and professional resources and recognized the contribution of ACCA in providing business-relevant qualification, which enabled them in building the ability and ambition in them that eventually lead to their success”.
Akbar Tejani, CEO – Befiler, said “The partnership with ACCA would help Befiler in attracting and retaining the best available talent in the field of Accounting, Finance, and Taxation. At Befiler, we have a strategic mindset for developing our accounting and business capabilities which benefits our customers, team members, and other related communities.”
Assad Hameed Khan, Head of ACCA Pakistan, shared his thoughts “It is exciting to see startups such as Befiler that are impact driven. ACCA is looking forward to all the opportunities that will come into inception as a result of this partnership”.
Mr. Taimur Beiram Khan, Head of Business Development South – ACCA Pakistan, speaking at the occasion said that he was excited to welcome Befiler (Pvt.) Limited to its global network of approved employers. He added that, “ACCA was proud to have partnered with Befiler and we are fully committed to support Befiler in promoting the national cause by promoting tax filing awareness in Pakistan, and more particularly among the ACCA fraternity.”
Shan Foods, a leading name in the food and spice industry
Shan Foods, a leading name in the food and spice industry, inaugurated a chilli nursery in Kunri, Sindh, to create greater value for farmers by promoting improved agricultural practices and to boost sustainable chili farming in the region. The newly-established facility was inaugurated by Sammer Sultan, Co-Chairperson Shan Foods, in the presence of local farmers. Saadi Masood, Head of Supply Chain Shan Foods, along with Imran Sherani and Fahad Patel were also present at the occasion.
VEON Ventures reignites Pakistan’s startup economy by investing us$15 million in Dastgyr
VEON Ltd (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides mobile connectivity and services, announces that the Group’s VEON Ventures division has completed a US$ 15 million Series A investment in Dastgyr, a Pakistan-based B2B e-commerce marketplace platform.
The deal is VEON Ventures’ largest investment in a Pakistani start-up and reflects the Group’s continued commitment to the region and growth of the digital economy of Pakistan. The investment positions Dastgyr to take advantage of VEON’s global expertise and its operating company, Jazz’s distribution network and digital payment solutions via JazzCash.
“Pakistan’s start-up ecosystem is at a critical juncture and only startups focused on addressing key challenges and adopting localized solutions will survive and thrive,” added Aamir Ibrahim, CEO of Jazz. “This investment highlights VEON’s commitment to scaling up Pakistan’s digital economy and provides Dastgyr with a platform to build synergies with Jazz’s subscriber base of around 75 million and with JazzCash, further integrating the startup into Pakistan’s fintech ecosystem.”
“As part of VEON’s transformation into a digital operator that delivers a growing range of services to our customers we are investing in leading digital companies like Dastgyr in the countries where we operate. These investments are the building blocks of the digital ecosystem that will enable us to deliver on our strategy,” said Mohd Khairil Abdullah, CEO of VEON Ventures.
“Pakistan, with its rapidly growing digital sector, is a key market for VEON. By bringing together Dastgyr’s e-commerce business with Jazz’s communications network and JazzCash’s mobile payments platform, we will catalyse the growth in digital services in Pakistan. This would be further enhanced by the digital banking services that we have ambitions to provide.”
Dastgyr offers businesses a one-stop-shop application that connects thousands of retailers with suppliers to give them access to real-time visibility on pricing and financing rates.
“We are thrilled to achieve this milestone in the current global economic environment,” said Zohaib Ali, co-founder of Dastgyr. “We welcome the new investors to the Dastgyr family as we continue to work relentlessly toward our vision of building an AliBaba for emerging markets worldwide. We’re lucky to have found strategic partners who believe in our mission and have displayed unwavering faith in our team.
“Financial inclusion, which is central to the startup’s mission, will uplift and enable Pakistan’s small- and medium-sized retail entrepreneurs and unlock up to an additional US$ 10 billion for the country’s GDP, according to our estimates.”
Dastgyr will remain an independent entity, with a minority position being taken by VEON Ventures. The new investment will support Dastgyr’s expansion into 15 new regions of Pakistan, alongside its existing network in Karachi, Lahore, Sheikhupura and Gujranwala.
VEON Ventures’ investment in Dastgyr Series A funding was made alongside Zinal Growth Partners , DEG, Khwarizmi Ventures, Oman Technology Fund, Cedar Mundi Ventures, Reflect Ventures, Century Oak Capital, Haitou Global, GoingVC, Astir Ventures, K3 Ventures, Chandaria Capital, along with the founders of Property Finder, Ayoconnect, Quiqup and senior management from DoorDash.
Dawlance inaugurates exclusive ‘experience store’ in DHA, Lahore
In continuation of its commitment to further expand its nationwide sales and service network, to create unmatched convenience for the consumers, Dawlance – the technology leader in Pakistan’s Home-Appliances industry, has recently inaugurated a new ‘Experience Store’ in DHA, Lahore, where customers can get hands-on experience of the complete range of products, under one roof.
A vibrant launch ceremony was held in Lahore recently, attended by senior management dealers, loyal customers and other stakeholders. The guest were deligted to witness the state-of-the-art store ambiance and innovative products displayed in the most ergonomic harmony.
The Chief Executive Officer of Dawlance – Mr. Umar Ahsan Khan personally graced the occasion and led the guests through an introductory tour of the various sections and services being featured at the new experience store. Addressing the ceremony, Mr. Umar stated that: “This revolutionary experience-store concept is a milestone achievement for catering to the evolving retail needs of the modern Dawlance consumers. We are investing heavily in taking the consumer Retail Experience to the next level. The Dawlance products and technologies being displayed here are true to Pakistani consumer needs and their modern lifestyle.”
This new experience store is a part of the roader retail network for the brand. Dawlance plans to expand this network across other cities of Pakistan, with state-of-the-art equipment, standardized layout, décor and visual design, to win the customers’ trust. The complete range of Dawlance home appliances includes; Refrigerators, Deep-Freezers, Washing-Machines, Dishwashers, Cooking Range and smaller kitchen appliances.
This powerful idea to enrich Dawlance’s value chain also reflects the progressive vision of our parent company – Arcelik, which is a global leader in technologies and the second-largest manufacturer in Europe. Arçelik, a subsidiary of Koç Group the largest investment holding company in Turkey, took over Dawlance in 2016 and investing more than 50 million Euros to enable rapid expansions and competitive advantage in its Pakistani subsidiary. With over 4000 employees, Dawlance now produces over 10 million products, which include the latest, energy-efficient refrigerators, microwave ovens, washing machines, air conditioners and water dispensers and much more.
Emirates to operate extra flights for upcoming Hajj season
With the significant demand for air travel during Hajj, Emirates is deploying extra flights to ensure more connectivity for the scores of pilgrims making their way to the Holy City of Makkah. Emirates will be operating special flights to Jeddah and Medina during the upcoming Hajj season to carry pilgrims for this special period.
Emirates will be deploying 31 additional flights to Jeddah and double daily flights to Medina from 23 June to 20 July to help transport pilgrims to carry out one of the key pillars of Islam. These services will run in parallel with Emirates’ regularly scheduled services.
The Kingdom of Saudi Arabia has greatly expanded its Hajj participation this year to nearly a million pilgrims. This year, Emirates has seen strong demand for Hajj travel from Indonesia, Pakistan, India, Bangladesh, Nigeria, Turkey, Egypt, Ethiopia, Malaysia, the UK, US, UAE and Algeria.
The special services are available to travellers holding a valid Hajj visa. Pilgrims must also be under the age of 65, hold a valid vaccination certificate with a vaccine authorised by the Saudi Ministry of Health, and must also carry a negative PCR test done within 72 hours of departure.
A pilgrim-centric experience with Emirates
Given the significance of the once-in-a-lifetime Hajj experience, the airline’s teams have been working hard to ensure that every detail of the pilgrim’s experience is aligned with the tenets of their faith.
On the ground in Dubai, Emirates has a special Hajj airport team to help manage check-in, transfers, and helping to facilitate a seamless and convenient on ground experience for Hajj pilgrims. Emirates has also set up dedicated check-in and transfer counters for Hajj passengers transiting in Dubai. For Hajj travellers having a longer layover in Dubai before continuing on to Jeddah or Medina, dedicated teams are on hand to escort those groups and support them on all of their arrival formalities.
From the moment pilgrims step onto the aircraft, a range of initiatives have been planned in keeping with the values and traditions of the Hajj journey.
Extra provisions to accommodate Hajj traveller needs such as ablution cleansing rituals, unperfumed towels, advising passengers while en route to Jeddah about when they have entered Al Miqat zones (state of sanctity) and changing of Ihram robes through special PAs, and other arrangements have been planned to ease their journey and ready them for the rest of their pilgrimage. Emirates’ award winning ice system will also feature a special Hajj video that covers safety, general formalities and information about performing the Hajj pilgrimage. Pilgrims will also be able to tune into the Holy Quran channel, in addition to other religious content.
On flights from Jeddah, passengers can check-in up to 5 litres of holy water (Zamzam), which will be placed in special areas in the cargo hold.
Saudi Ambassador in Pakistan calls on federal minister for communications and postal services Asad Mehmood
The Ambassador of Saudi Arabia in Pakistan Nawaf Bin Said Al-Maliki called on Federal Minister of Communications and Postal Services Mr. Asad Mahmood at the Ministry of Communications here today. Federal Secretary Communications and Chairman National Highway Authority Capt (R) Muhammad Khurram Agha alongwith senior officials of the Ministry of Communications and National Highway Authority were also present.
On this occasion, the Federal Minister for Communications and Postal Services, Asad Mahmood said, Makkah and Medina are the center of our faith and this sense of devotion cannot be expressed in words.
He said, Saudi Arabia has always played a vital role in stabilizing Pakistan’s economy and the well-being of its people. He added that Saudi Arabia is the largest supplier of petroleum to Pakistan. He also said, that remittances amounting to Rs. 5.8 billion dollar from two million Pakistani expatriates residing in Saudi Arabia are an important source of foreign exchange for Pakistan.
He said that Saudi Arabia has also provided extensive religious and educational assistance to Pakistan, under which it has played an important role in the construction of Mosques and Madrassas across Pakistan, including the Faisal Mosque. He also said, under the Pak-Saudi Supreme Coordination Council, Joint Working Group on Infrastructure and Communications was formed in 2019 to further enhance bilateral cooperation between the two countries.
Asad Mahmood said that it is gratifying that high quality roads and tunnels have been constructed in Pakistan with Saudi funds. Recommendations have also been made for further cooperation in construction sector, which will be presented to Saudi Arabia.
Saudi Ambassador Mr. Nawaf Bin Saeed Al-Maliki said that Pakistan is our second home and Pakistan’s development and security is important for the whole Muslim world. He said that Saudi Arabia is ready to cooperate with Pakistan in all the fields. The scope of economic cooperation between the two countries will be further expanded. The ambassador also conveyed his special thanks to the Federal Minister for Communications and Postal Services, Asad Mahmood and expressed desire to further strengthen cooperation between the two brotherly countries.
QNET commits to delivering a world class e-commerce platform
Direct selling company leads the way in e-commerce and digital solutions.
As e-commerce sees accelerated growth for retail industries (Shopify reported that global commerce sales are expected to reach US$5 trillion in 2022!), companies like Hong Kong-based direct selling company QNET, are ready to reap the rewards.
QNET, an e-commerce direct selling company, is no stranger to the online scene. Established over two decades ago, the multinational company was one of the first in the direct selling industry to embrace digitisation – adopting an e-commerce platform as part of its strategy – charting rapid growth across borders.
Today, QNET is an industry leader with customers in nearly 100 countries, bearing numerous awards for its digital excellence, online communications campaigns, and mobile app. And the company’s lightspeed success is no coincidence: QNET is a company that believes in giving its employees, distributors, and customers the best online experience imaginable – and that starts by establishing a world-class e-commerce platform.
Enhancing the E-Commerce Experience
In partnership with Microsoft, QNET switched to an end-to-end strategy built on Microsoft Security products and services, such as utilising cloud security through Microsoft Azure. QNET’s Chief Information Security Officer, Egal Egal, says, “With the amount of data accessed, utilised, and shared across our global offices, it makes perfect sense to team up with a reliable partner, such as Microsoft, to ensure our customers’ experience is seamless, intuitive, and secure. For example, we integrated a function in the QNET Virtual Office that makes changing credentials more effortless and secure than ever. The entire process even takes less than a minute.
“When traffic ramped up as the pandemic started, we knew we had to take proactive steps to ensure the digital experience is not affected by the high number of transactions,” Egal adds. The most recent World Federation of Direct Selling (WFDSA) report saw direct sales going strong throughout the past two years, charting a global growth of 2.3% in 2021. “As a business that operates using e-commerce, our number one concern is always the user experience – we implemented measures to increase efficacy on our systems and structures so that our distributors and customers can use our platforms knowing that vital information, such as their order number and delivery status, was always up-to-date and accurate.”
Ameer Deen, Chief Technology Officer of QNET, added that the company is always looking for innovative solutions that enhance the online experience. “Our team operates with one goal in mind: to offer the best e-commerce platform to our customers. In Africa, we implemented the Mobile Money payment system where you can manage your money in an account linked to your mobile phone, not dissimilar to a bank account, to purchase our products. We’ve launched this in eight countries to great success.”
AN amazing digital ecosystem for QNET’s customers
With an evolved IT infrastructure in the mix, QNET could focus on other aspects of the business, such as integrating innovative functionalities in QNET’s stellar mobile app. Deen says, “Our business is largely based on e-commerce. Any technical difficulties could result in downtime, which significantly impacts revenue – not just for ours but also for our distributors. By diversifying our digital offerings and building an ecosystem of online tools, we can mitigate the risk of downtime for our distributors and customers.”
An initiative that was essential when QNET started expanding into new and emerging markets, QNET’s online training programme, QNETPro, provides comprehensive coaching for new and existing distributors on how to successfully run their direct selling business across borders.
QNET’s extensive digital tools, such as its Virtual Office (VO), social media workshops, and live virtual training sessions, even bagged its European division a Digital Business award by one of the biggest network marketing newspapers in Europe.
Malou Caluza, CEO of QNET, says that creating a holistic end-to-end online environment is one of the most essential factors to QNET’s growth. “Developing economies, such as Africa and Asia, are adopting digital technologies exponentially, boosting productivity and employment opportunities as e-commerce opens up new prospects for business. QNET’s direct selling business model offers an attractive opportunity to those looking to start a business online. It does not require a lot of capital, and our distributors can run their enterprise hassle-free from anywhere, at any time, through our digital ecosystem.”
Mobilink Bank recognized as the Best Retail Bank in Pakistan and Highly Commended for Excellence in Client Onboarding by RBI Trailblazer Awards Asia 2022
Mobilink Microfinance Bank Limited (MMBL), Pakistan’s largest digital bank, has been recognized for its services in offering innovative digital financial solutions at the 13th Annual Retail Banker International (RBI), Asia Trailblazer Awards 2022. MMBL won the prestigious title of ‘Best Retail Bank in Pakistan’ along with an honorable mention of ‘Highly Commended’ for Excellence in Client Onboarding through its premium digital financial services application – MMBL DOST.
Organized in collaboration with Retail Banker International (RBI), UK, Middle East Economic Digest (MEED), UAE, and GlobalData (Singapore), the 13th annual edition of RBI Asia Trailblazers Awards celebrated retail banks and leaders in adapting to the modern customer in these unprecedented times. The awards program celebrated the best-in-class retail banking and consumer finance institutions and individuals for their innovative service offerings and commitment to customer excellence. For the 13th edition of the coveted awards this year, MMBL was among 50 winners selected from over 300 entries across the Asia-Pacific (APAC) region. The winners were announced in a virtual ceremony given ongoing COVID-19 safety protocols.
The RBI Asia Trailblazer Awards highlighted MMBL’s continued efforts to introduce new innovative digital financial products and services to help curb the financial gap and promote financial inclusion in the country.
Commenting on the achievement, President & CEO MMBL, Ghazanfar Azzam said, “We are honoured to be recognized as the Best Retail Bank in Pakistan for the second year in a row. This prestigious title is a testament to our unwavering efforts in promoting financial inclusion in the country through digitally-led, customer-centric product offerings. MMBL is consistently optimizing products and services to meet the growing financial needs of our customers. We remain focussed on leveraging our extensive digital capabilities to continue serving the underserved/unserved segments of society.”
The Bank, through its expanding product portfolio, has been a key enabler for millions of Pakistanis to become financially empowered. Today, a significant ratio of financial transactions is processed digitally, further cementing MMBL’s place as a digitally-oriented organization committed to customer facilitation on all tiers. An insatiable drive for innovation coupled with a traditional brick-and-mortar network that expands across Pakistan, even in the most remote and inaccessible regions, has contributed to MMBL’s successful journey in the last 10 years.
As Pakistan’s leading digital financial institution, MMBL is currently serving over 40 million registered users, including 15 million+ monthly active mobile wallets and has over 100 branches across Pakistan. The Bank strives to facilitate customers by streamlining nationwide access to simplified and convenient financial solutions. MMBL, over the past decade, has introduced multiple innovative and customized digital and financial initiatives, such as digital onboarding of customers, Self-service banking through the DOST App (available on both iOs & Android), Internet Banking, the Women Inspirational Network (WIN) program, and the Humqadam program to provide employment opportunities to the differently-abled and much more.
Industry must be more profitable than property, stock market: Mian Zahid Hussain
Pakistan’s economic system has completely failed.
Impossible to save the country without a new economic order.
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Friday said the country will be able to get loans from friendly countries and other sources after getting a loan from the IMF.
Pakistan would be able to borrow eight to ten billion dollars as the debt servicing requirement for the next year is 21 billion dollars while loan rollover will also help the country avoid a default, he said.
Mian Zahid Hussain said that borrowing will help the country overcome economic problems for a few months and this gap should be used to completely change the dysfunctional economic system to save the country.
Talking to the business community, the veteran business leader said that the current economic system has completely failed and we need a new economic order based on justice and merit as friendly nations and international institutions have fed up with supporting Pakistan.
He said that the existing economic system is not delivering as it is very faulty hence damaging the economy.
State-run corporations wasting Rs600 billion per annum should be sold, losses worth Rs600 billion in the power sector should be controlled, gas sector losses which have jumped to Rs150 billion should be tackled while improving the agriculture sector can help the country save almost $14 billion wasted on imports.
The business leader said that the economic system in practice does not stop rulers from excessive borrowing, wastage of resources, and initiating projects which are not in the national interests.
The wastage is leading to widespread poverty in the country while the faulty tax system is widening the gulf between the rich and the poor leading to restiveness.
Mian Zahid Hussain said that the new economic order must increase the volume of direct taxes, reduce indirect taxes, make the industrial sector more profitable than the property and stock market, sell failed state entities and improve laws to the international standards otherwise the country will have no future.