Author: Maryam Asrar

The United Arab Emirates (UAE) government is planning a substantial $200 million investment in Pakistan’s cloud services development. Additionally, Pakistan foresees over $1 billion in investments in its Information and Telecom Sector. These investment initiatives encompass the creation of four data centers with backup facilities, offering public cloud services for government entities such as the National Telecommunication Corporation (NTC), the National Database and Registration Authority (NADRA), and the Federal Board of Revenue (FBR). Private cloud services will cater to sectors like banking, telecommunications, educational institutions, and small and medium-sized enterprises (SMEs). The plan also includes an air-gapped tri-services cloud and…

Stringent measures against illegal currency trading and smuggling have yielded a remarkable $900 million surplus in the open market, which has been subsequently deposited in banks. Zafar Paracha, the General Secretary of the Exchange Companies Association of Pakistan (ECAP), reported that approximately $800-900 million found its way into banks following the crackdown that began in September 2023. This crackdown has significantly boosted the daily average trading volume of exchange companies, increasing it from a range of $5-$7 million to a substantial $50 million. Paracha noted that dealers are now selling up to $40 million per day to banks, and remittances…

Pakistan retained their T20 Wheelchair Asia Cup championship by securing a resounding victory of 103 runs against Sri Lanka in a one-sided match. The crucial game took place in Kathmandu, Nepal, where Pakistan won the toss and opted to bat first. Pakistan’s opening batsmen made a powerful start, amassing a total of 215 runs while losing 5 wickets. In contrast, Sri Lanka’s batting performance proved inadequate, with all their players being dismissed for 113 runs in 17.2 overs while attempting to chase down a target of 216 runs.

Attock Petroleum Limited (APL) has reported a profit after tax (PAT) of Rs. 5.26 billion in the first quarter of the financial year 2023-24 (1QFY24), marking a 23 percent increase compared to Rs. 4.29 billion in 1QFY23. This growth was attributed to the imposition of additional super tax in the previous quarter (4QFY23) on the profit before tax for FY23. In terms of net sales, 1QFY24 saw a 10 percent YoY increase, reaching Rs. 136.4 billion. This increase was driven by higher average retail prices of petroleum products and a 2 percent increase in MS (Motor Spirit) and a 3…

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…