Pakistan has drawn bids from seven heavyweight consortia — including Citigroup, CBRE, Morgan Stanley and Cushman & Wakefield — to advise on the privatization of its storied Roosevelt Hotel in New York. The technical bids, opened this week by the Privatization Commission, put some of the world’s biggest names in finance and real estate into…
Mari Energies Ltd., Pakistan’s No. 2 oil and gas explorer, is set to formally take over significant stakes in three Orient Petroleum blocks within days, cementing its position in some of the country’s most promising hydrocarbon zones. “The process of formally claiming its stakes and relocating to the sites will conclude in a few days….
1,100 electric taxis to hit the roads; online applications open until Oct 5 The Punjab government on Tuesday rolled out its first-ever E-Taxi Scheme, announcing that 1,100 electric taxis will be distributed in the initial phase to promote eco-friendly and affordable transport across the province. Citizens can apply online at e-taxi.punjab.gov.pk until October 5, 2025….
Citi Pharma Limited has formally entered Pakistan’s veterinary healthcare market through its new subsidiary, Citi Veterinary Limited, which launched trading operations Friday with an ambitious plan to achieve PKR 10 billion in turnover within three years. The company is rolling out 32 veterinary products, including vaccines, backed by letters of credit for eight key offerings…
Pakistan’s power regulator has ordered state-run power distribution companies and K-Electric to refund consumers Rs1.7856 per unit in September electricity bills, while issuing a blistering warning over chronic mismanagement that has cost the sector hundreds of billions of rupees. The National Electric Power Regulatory Authority (NEPRA) said consumers were overcharged in July, prompting the adjustment…
Pakistan’s top corporate regulator has teamed up with Mobilink Microfinance Bank Ltd. to digitize and speed up the process of opening corporate bank accounts, a move aimed at boosting transparency, improving oversight, and easing business operations in the country. The Securities and Exchange Commission of Pakistan (SECP) signed a memorandum of understanding with Mobilink Bank…
K-Electric Ltd. raised Rs4.4 billion ($15.8 million) from Pakistan’s first retail-listed short-term Sukuk, more than doubling its Rs2 billion target in an initial public offering that drew strong demand from both institutional and individual investors. The share-sale, which closed Sept. 3, attracted more than 600 applicants, underscoring growing confidence in the Karachi-based utility’s growth plans…
Pakistan’s Water and Power Development Authority (WAPDA) has asked regulators to nearly double its hydropower tariff, seeking approval for a staggering Rs364.8 billion revenue requirement for fiscal year 2025-26 — almost double the Rs190.9 billion allowed for FY2022-23 — as rising project costs and asset transfers strain its balance sheet. The state-run WAPDA, which operates…
The government has unveiled a sweeping $55 billion blueprint to overhaul its power sector over the next decade, betting on hydropower, nuclear and renewables to meet soaring electricity demand while phasing out its dirtiest fuels and reducing reliance on costly imports. The Indicative Generation Capacity Expansion Plan (IGCEP) 2025-35, released by the Independent System &…
Pakistan has agreed to transfer operations of Islamabad International Airport to the United Arab Emirates, marking the first government-to-government outsourcing of a major state asset as part of a broader privatization and investment drive. Deputy Prime Minister and Foreign Minister Ishaq Dar chaired a Cabinet Committee on Inter-Governmental Commercial Transactions meeting Thursday that approved negotiations…
Pakistan is set to launch joint insulin production with Russia in a bid to curb reliance on costly imports and expand access to essential medicines, Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan said after chairing a high-level meeting with the Drug Regulatory Authority of Pakistan (DRAP) and Russian officials…
Pakistan’s energy regulator blasted power distributors after 11 people were electrocuted during July’s monsoon rains, even as it weighed a proposal to cut nationwide electricity tariffs by Rs1.69 per unit for one month. The National Electric Power Regulatory Authority (NEPRA) on Thursday wrapped up its public hearing on July’s fuel charges adjustment, a petition filed…
Pakistan’s agricultural backbone is at risk as recurrent flooding collides with outdated, energy-intensive farming practices, driving up costs for farmers and threatening national food security, experts warned. The country’s heavy reliance on diesel-powered irrigation, inefficient tube wells, and obsolete machinery is leaving both livelihoods and food supplies vulnerable to climate shocks. The National Energy Efficiency…
Markets tumble as New Delhi vows to stick with Russian oil despite U.S. pressure U.S. President Donald Trump has doubled down on trade pressure against India, imposing an additional 25% tariff on Indian-origin goods, raising overall duties to 50% — one of the steepest trade penalties ever leveled by Washington. The decision puts at risk…
Prime Minister Shehbaz Sharif on Tuesday rolled out Pakistan’s New Energy Vehicle (NEV) Policy 2025-30, touting it as a landmark step to curb emissions, cut fuel imports and put the country on the road to a cleaner, youth-driven economy. Unveiling the plan at a ceremony in Islamabad, Shehbaz said the policy reflects Pakistan’s national commitment…
Punjab has quietly turned into Pakistan’s fiscal outlier, racking up Rs405 billion ($1.4 billion) in central bank borrowing within just 38 days of the new fiscal year—an amount dwarfing the combined borrowings of all other provinces and running counter to the austerity drive enforced by the International Monetary Fund. From July 1 to August 8,…
Citi Pharma has become Pakistan’s largest antibiotics maker after a China-backed expansion that lifted output tenfold to 100,000 vials a day.
Pakistan’s parliamentarians pressed the power regulator to tighten oversight of electricity distributors after rampant outages, arbitrary billing and poor service left consumers bearing the brunt of a sector already mired in circular debt of more than Rs1.6 trillion. The Standing Committee on Cabinet Secretariat, chaired by lawmaker Malik Ibrar Ahmad, told the National Electric Power…
Pakistan’s biggest mobile operator, Jazz, has been accused of overbilling its customers by Rs6.58 billion, with a government audit faulting the telecom regulator for enabling arbitrary price hikes. The Auditor General of Pakistan, in a report for fiscal 2023-24, said the Pakistan Telecommunication Authority (PTA) failed to enforce rules requiring prior approval of tariffs. While…
Pakistan is rolling out a five-year industrial policy to slash production costs, revive sick factories and boost exports, in a push to make its manufacturing sector more competitive. The plan includes cheaper power, investor-friendly reforms and stricter contract enforcement, according to officials briefed on the matter. Special Assistant to the Prime Minister on Industries Haroon…
The International Monetary Fund has urged Pakistan to remove the finance secretary from the State Bank of Pakistan’s (SBP) board and swiftly appoint two missing deputy governors, moves the lender says are vital to strengthen the central bank’s independence. In a governance report, the IMF also recommended amending the Banking Companies Ordinance of 1962 to…
Tariffs on India, deregulation boost industry; Citi Pharma eyes American expansion Pakistan’s pharmaceutical exports surged 34% to an all-time high of $457 million in fiscal year 2025, and analysts say U.S. tariffs on Indian competitors could open the door for even stronger growth ahead. The milestone, up from $341 million in FY24 and $328 million…
Pakistan’s plan to privatize the iconic Roosevelt Hotel in New York has been pushed back after financial advisor Jones Lang LaSalle Inc. (JLL) resigned, citing a conflict of interest because some of its clients are eyeing the deal. The Privatization Commission said in a statement that JLL quit because of a conflict of interest, but…
Power Division refutes reports of extended peak hours, says no change in electricity schedule
Monthly Rs35 PTV fee to be dropped amid soaring electricity costs Pakistan’s federal government is poised to scrap the controversial Rs35 monthly fee for state-run Pakistan Television (PTV) from electricity bills, offering long-overdue relief to more than 40 million consumers amid a surge in energy costs, according to a senior official with direct knowledge of…