Author: Faiza Liaquat
Mari Petroleum Company Limited (MARI), one of Pakistan’s leading energy and exploration firms, has successfully drilled and tested the appraisal well Mari Ghazij-2 in Mari D&PL, Sindh. The company confirmed this development in a notice to the Pakistan Stock Exchange (PSX). Mari Ghazij-2 is part of the appraisal plan for the earlier discovery at Mari Ghazij-1. Appraisal wells are drilled to assess the characteristics of a proven petroleum reserve, including flow rate. MARI, as the operator of Mari D&PL with a 100% working interest, initiated drilling on September 11, 2023, and successfully reached a depth of 1,016 meters. The post-acid…
Alkhidmat Foundation Pakistan has achieved a remarkable feat by securing the first position in the ‘Height Rescue Challenge’ during the 12th National Rescue Challenge, organized by Rescue 1122. Nineteen rescue teams, representing various regions, including Punjab, Khyber Pakhtunkhwa, Sindh, Balochistan, and Gilgit-Baltistan, as well as participants from the Police, NGOs, Universities, and international delegations from Turkey, Palestine, Oman, and Sri Lanka, took part in the competition. Alkhidmat Foundation’s 18-member team, under the leadership of Asif Jamal, Manager of Alkhidmat Disaster Management Program, showcased their expertise in diverse rescue categories, including height rescue, deep well rescue, water rescue, swimming, trauma, and…
The Organic Meat Company Limited (TOMCL), a Pakistani meat processor, has announced a substantial multi-million dollar contract for exporting frozen boneless beef to the United Arab Emirates (UAE). This development marks a significant milestone for TOMCL as it secures its first-of-a-kind contract for any meat processor and export house from Pakistan to the UAE. According to the company’s notice to the Pakistan Stock Exchange, TOMCL has successfully secured a contract with First Quality Food Stuff LLC to export 1,000 metric tonnes of frozen boneless beef to the UAE. This contract is expected to generate revenues exceeding $4 million in the…
Gamer Pakistan Inc. (NASDAQ: GPAK) is poised to make history as the first Pakistani company to trade on the National Association of Securities Dealers Automated Quotations Stock Market (NASDAQ) and the first AI-based esports entity to be listed in the United States. The company recently conducted its initial public offering (IPO), offering 1.7 million shares at $4 each to raise $6.8 million. Upon completion of the deal, with an expected 25.6 million outstanding shares, the company’s market value will reach $102.4 million. Leading Gamer Pakistan is CEO James Knopf, a seasoned entertainment sales professional with over 25 years of experience…
According to the State Bank of Pakistan (SBP), Pakistan’s exports of goods and services to China have shown a notable increase of 5.16% in the first two months of the current fiscal year (2023-24) when compared to the same period last year. Specifically, exports to China during July-August (2023-24) reached $350.297 million, compared to $333.077 million in July-August (2022-23), reflecting this growth. Furthermore, on a year-to-year basis, exports to China increased by 25.09%, rising from $159.021 million in August 2022 to $198.932 million in August 2023. In a month-on-month comparison, exports to China surged by 31.42% in August 2023, compared…
In recent financial developments, the UAE Dirham has experienced a significant depreciation against the Pakistani Rupee, marking its lowest point in the past two months. This shift in exchange rates has garnered substantial attention from financial experts and investors. According to the most recent data available, 1 UAE Dirham is now approximately equivalent to 75.6005 Pakistani Rupees. The decline in the value of the UAE Dirham has been closely monitored by those involved in international finance and currency trading. Several factors have contributed to this noticeable change in the exchange rate. Experts posit that fluctuations in global economic conditions, market…
Saudi Arabia has announced fully-funded scholarships for Pakistani students in 25 Saudi universities, covering diploma, bachelor’s, master’s, and Ph.D. programs across various fields. These scholarships are open to both students residing in Pakistan and overseas Pakistanis in Saudi Arabia, aiming to enhance educational opportunities and strengthen bilateral ties. The scholarships encompass a wide range of disciplines, including Political Science, Law, and Engineering. Pakistani students can apply directly to the 25 selected Saudi universities, which will then forward applications to the Saudi Ministry of Education for final selection. Key Scholarship Details: Saudi Arabia’s scholarships for Pakistani students offer numerous benefits, including…
The Sarfaranga Cold Desert Rally 2023 in Pakistan’s Gilgit-Baltistan region concluded on Sunday, generating over $825,994 in business for the local private sector, according to tourism officials. The rally, held in the Sarfaranga desert of Shigar district, aimed to promote adventure tourism in Gilgit-Baltistan and boost the local economy. The event also featured activities like free-style polo, boating, river rafting, sword dances, musical performances, and rock climbing. Over 100 jeep racers and bikers participated, including two local women drivers, with 57 drivers making it to the final round. During the closing ceremony, GB Secretary of Tourism Asif Ullah Khan announced…
KIA has recently announced a series of price reductions for various car models in Pakistan. This move comes in response to the recent strengthening of the Pakistani Rupee (PKR) against the US Dollar (USD), demonstrating the company’s commitment to passing on the benefits of this favorable currency exchange rate to customers. These price adjustments aim to make KIA vehicles more competitive and appealing in the market. Notably, the Sorento variants, including the 3.5L FWD, 2.4L AWD, and 2.4FWD, have experienced significant price cuts of Rs500,000 each. The revised prices for these models are now Rs11.29 million, Rs11.2 million, and Rs10.3…
Pakistan has expressed its support for the Kingdom of Saudi Arabia after the latter announced its intention to host the FIFA World Cup in 2034. In a statement issued by the Ministry of Foreign Affairs, Pakistan confirmed its endorsement of Saudi Arabia’s bid to host this prestigious event. The Foreign Office spokesperson stated, “Following the announcement by the Kingdom of Saudi Arabia of its intention to host the FIFA World Cup in 2034, Pakistan affirms its support for the Saudi bid to host the tournament. We wish our Saudi brothers all success in this endeavor and are certain that Saudi…