‘Pakistan Banao’ Bond Yield Double Than Pakistani Expats May Find in US, UK, KSA

The idea of the bond for overseas Pakistanis was first introduced by a Pakistani professional in December 2013 at a ceremony held in Riyadh to mark Quaid’s birthday. PKONWEB Report (New York/Islamabad) — Last week Pakistan government launched five-year dollar-denominated diaspora bonds at an interest rate of 6.75%, which is double than most banks in […]

World’s Biggest Energy Explorers Eye Offshore Gas Reserve Bigger Than Sui

“We are expecting a multi-billion cubic feet of gas flows from the (offshore) block.” PKONWEB Report (Karach) — A group including Eni SpA and Exxon Mobil Corp. will start drilling the Kekra-1 well this month in deepwater south of Pakistan offshore Karachi port city. The country’s onshore natural gas production–mainly in Sindh province, has been […]

Multibillion Investment In Pakistan By Saudi Aramco For Refinery, Acwa Power in Renewables

PKONWEB/BE2C2 Report — Pakistan expects approx $40 billion investment by three countries (Saudi Arabia, UAE, and China) in the next three to five years, officials said on Thursday. According to these officials, Pakistan and the Kingdom of Saudi Arabia have finalized the Memorandum of Understand (MoU) for the construction of multi-billion dollar Saudi Aramco oil […]

Solving Pakistan’s Waste Crisis With Eco Parks, Digitizing Its Supply Chain

Imagine what Uber and Careem did for taxis being applied to local waste collectors and traders. PKONWEB/BE2C2 Report: Stephen Peters, the Senior Energy Specialist at the Asian Development Bank suggests Eco parks and digital technologies as channels for an approach to handling waste, which by its nature, is considered someone else’s problem. Sounds familiar? Yes. […]

Cheap Hydel Power Poised to Take Lead in Pakistan’s Energy Mix

KARACHI (BE2C2 Report) — Two new power plants – Tarbela 4th extension project and Neelum-Jhelum hydroelectric power project – have added nearly 2,400 megawatts to the system this year. A better flow of water in dams had helped the country produce higher electricity from hydel projects. Since it’s the cheapest (hydroelectric power is not priced […]

Pakistan Announces Business Visa On Arrival For 55 Nationalities

ISLAMABAD (Dec 23, 2018) — Pakistan is easing visa restrictions for visitors from 55 countries, including most Middle Eastern and European nations, in a bid to revive tourism and trade that was devastated by violence in the fallout from the 9/11 attacks in the United States. “We are reviewing our visa policies. We are trying […]

Remittances Increase Through Banking Channels, But Grey Market Also Expands

KARACHI (Dec 23, 2018) — The country witnessed higher remittances through banking channels over the last few months but the grey market for currency has also expanded its operations locally. According to experts, laws aiming to check money laundering resulted in the uptick in remittances through official channels–remittances through banks increased by almost 13 percent […]

No Imminent Balance of Payments Crisis, ‘IMF Loan Can Be Delayed Till March’

Irshad Salim (Islamabad; Dec 14, 2018) — On Friday, Pakistan received the second $1 billion tranche from Saudi Arabia. The country’s foreign exchange reserves now stand at 9.24 billion, with the third installment from Riyadh expected in January. Pakistan received the first tranche of $1 billion from KSA in November. The Kingdom has also established […]

Overseas Pakistanis Remit 13% More in Last 5 Months

ISLAMABAD (Dec 10, 2018) — Overseas Pakistanis remitted US$ 9.03 billion in the first five months (July to November) of FY19, showing a growth of almost 13% compared with US$ 8.02 billion received during the same period in the preceding year. That’s a $1 billion jump in absolute terms. And if the trend continues until […]

Japan Seeking 345,000 Foreign Workers to Ease Labor Shortage

Construction workers are particularly in demand as Japan rushes to finish building venues and other infrastructure for the 2020 Tokyo Olympics. NEW YORK (Dec 8, 2018) — Japan’s parliament passed a bill early Saturday morning that will create a new foreign worker program to help address labor shortages, opening the country’s doors to blue-collar labors […]

Turkey to Scrap Nuclear Plant Deal With Japan Due to Ballooning Costs

** Turkey project is ending with an “amicable divorce.” ** Building an advanced coal plant with reduced carbon dioxide emissions appears to be among the proposals on the table. BE2C2 Report (Dec 5, 2018) — Japan’s Mitsubishi-led public-private consortium is set to abandon a Turkish nuclear power project that had been touted as a model […]

Saudi Construction Costs to Rise With Workload, Labor Cost Next Year

BE2C2 Report: Two key drivers that will determine Saudi construction cost over the next 12 months are workload and labor cost, as project pricing is still very aggressive due to competition for work–besides the traditional areas of buildings and infrastructure, a new entrant in the construction sector are the EPCs and public-private consortiums vying for […]

What is Creativity Worth to Pakistan Economy: $100 Billion?

IRSHAD SALIM (Islamabad) — Researchers have found that creative industries provide a significant contribution to youth employment and careers and are open to people of all backgrounds and ages. Small businesses and individuals are key, and give rise to innovative and agile employers and workers. Creative industries also employ more people than the automotive industry […]

Pak Currency Drops to 135.8 Against US Dollar; IMF Wants ‘Free Float’ Exchange Rate

BE2C2 Report (Islamabad) — Pak currency dropped to Rs135.80 for a US dollar in retail on Saturday due to speculation that authorities are on the brink of further devaluing the rupee. “The recent IMF conditioning to (the government to) devalue rupee to around Rs145-150 against the dollar played on sellers’ mind…people are not coming to […]

A 33-Year-Old Pindi Boy Creates $30 Million Venture Capital Fund

BE2C2 Report (Islamabad, Nov 24, 2018): Rabeel Warraich is Pakistan’s first professional venture capitalist backed by an impressive pack of credentials–earned overseas and recently at home in a very short span of time with lots of hard work. He calls himself a workaholic with passion to chase dreams–something he acquired at Hasan Abdal cadet college […]

Floating Solar Panels For Karachi Could Be a Splash

It’s not a crazy big idea and definitely not as provocative as ‘China cutting’ and ‘land-grabbing’ are. Karachi, the capital of Sindh and the country’s financial hub could monetize its stranded asset–the sea. IRSHAD SALIM (Nov 22, 2018): Floating solar panel technology has been gaining traction as a favorable and cost-effective alternative to land-based photovoltaic […]

Govt Announces Task Force to Boost IT/Telecom Sector, Expected to Add $6 Billion in Export

ISLAMABAD (Nov 15, 2018): With the IT sector growing at a fast pace, Imran-Khan led government’s cabinet has approved formation of a 17-member task force on IT and telecommunications as the country has overwhelming advantages in the sector, particularly in earning foreign exchange. During 2016-17, Pakistan’s IT exports were $3.3 billion, which have jumped to […]

Why ‘Almost All’ Pakistani Banks Were Hacked

Most Pakistani banks maintain only minimum security for its website transactions–the compromise was detected only after it was breached and transactions made successful Returns of Pakistani banks have been around eight percentage higher than regional peers over the last five years KARACHI (Nov 7, 2018): The head of Federal Investigation Agency’s (FIA) Mohammad Shoaib cyber […]

PM Khan Gets a $12Bln Bailout From China, Saudi Arabia –With IMF Card Still On the Table

Observers expect an uptick in the stock market index which after a straight 9-day climb up of 4290 points lost nearly 1000 points in the last two days amid some media reports that China bailout was not a done deal. ISLAMABAD (Nov 6, 2018): In less than a month, the country’s two most trusted friends […]

90 Percent Housing Societies Duck FIA Audit Ordered By Supreme Court

** Data from the FBR and industry surveys estimate that the country’s real estate sector is worth around $700 billion ** The sector has long been known as a major parking lot for black money ISLAMABAD; Nov 4, 2018: Only 51 of the 631 cooperative housing societies operating in the country follow the law, a […]