Newsletter 182

Newsletter

Publication 182

01st Sep 2024

Reinforced by the Government of Japan and in partnership with the Economic Affairs Division and PDMAs in Sindh and Balochistan, the UNDP has celebrated the completion of the USD 3.7 million project, "Strengthening Tsunami and Earthquake Preparedness in Coastal Areas of Pakistan." The closing ceremony marked the end of the project but also highlighted the enduring legacy of resilient, empowered, and knowledgeable communities and institutions. This initiative has successfully laid the groundwork for ongoing disaster preparedness and response, representing a significant milestone in enhancing disaster resilience in Pakistan's coastal regions. The project exemplifies the effectiveness of collaboration, expertise, and a shared commitment to saving lives.

Strengthening Tsunami And Earthquake Preparedness In Coastal Areas Of Pakistan

The Weir Group Alligned With Reko Diq

The Weir Group, a Scottish multinational engineering firm based in Glasgow, has secured a £53 million (USD 69 million) contract for mining equipment for the Reko Diq greenfield copper-gold project in Balochistan, Pakistan. This project is a major development initiative in the Chagai District and is part of Canadian mining company Barrick Gold’s copper portfolio. It stands as one of the largest undeveloped copper-gold projects globally. The Weir Group will provide fine grinding, separation, and tailings solutions for the first phase of the project. This contract highlights the industry’s growing acceptance of Weir’s innovative, sustainable, and cost-effective redefined flowsheet solutions, including their market-leading HPGR technology, which is well-suited for the water-scarce conditions and geological challenges of the Reko Diq project. The Reko Diq project is strategically significant for Barrick Gold, which owns 50% of the project, with the remaining shares held by three federal state-owned enterprises (25%), the Province of Balochistan on a fully funded basis (15%), and the Province of Balochistan on a free carried basis (10%). This collaboration aims to advance sustainable mining and processing in Balochistan's new mining frontier. Additionally, Chinoy Engineering & Construction (Pvt) Limited (CECL), associated with International Industries Limited (INIL), has been awarded a contract to construct a Permanent Accommodation Camp at Reko Diq, further supporting the project's infrastructure development.

The partnership between Pakistan and Mashreq Bank signifies a strong commitment to sustainable economic development and showcases significant opportunities for investment. The collaboration between Pakistan and Mashreq Bank, with a focus on key sectors such as IT, agriculture, infrastructure, energy, and SMEs, represents a strategic move towards bolstering economic development. By leveraging investment opportunities and reinforcing economic ties between Pakistan and the UAE for remittances, trade, finance, and Islamic banking, both nations can achieve significant growth and enhanced cooperation. collaboration. The Pakistani government’s commitment to fostering a stable and conducive business environment is a crucial factor in enhancing economic collaboration and attracting investment. This reflects Pakistan’s commitment to prudent fiscal management, investor-friendly policies, and inclusive growth, marking a positive step forward in enhancing economic collaboration.

Mashreq Bank Investment In Pakistan

Ferulin Human Insulin Drug

Ferozsons’ Laboratories’ subsidiary, BF Biosciences, has launched Ferulin, Pakistan’s first biosimilar human insulin drug. This move is especially significant given the country's high diabetes prevalence. With diabetes affecting about 26.3% of the population in 2017 and an estimated 33 million adults living with the condition in 2023—a 70% increase since 2019—Pakistan now ranks as the third-highest in global diabetes prevalence. Human insulin, a synthetic version designed to replicate natural insulin, is crucial for managing blood sugar levels in people with diabetes, particularly those with type 1 or advanced type 2 diabetes.

The strategic partnership between Air Link Communication Limited and Acer Gadget Inc. represents a significant development in Pakistan’s technology sector. Air Link Communication Limited, a prominent smartphone manufacturer and distributor in Pakistan, has teamed up with Acer Gadget Inc., a global leader in technology. This partnership aligns with Air Link’s commitment to the ‘Made in Pakistan’ initiative, promoting local manufacturing and reducing reliance on imports. Pakistani consumers will gain access to innovative and cost-effective technology products, enhancing their digital experiences.

Air Link Communication Limited Partnership With Acer

Operational Gawadar International Airport

The New Gwadar International Airport project is substantially completed, with operationalization expected by December following formal handovers and trials. The PCAA subsequently forwarded a summary to the Aviation Division, with proposed names including Liaquat Ali Khan International Airport, Fatima Jinnah International Airport, Abdul Sattar Edhi International Airport, Dr. A.Q. Khan International Airport, Dr. Abdus Salam International Airport, Sardar Abdur Rab Nishtar International Airport, Baba Bulleh Shah International Airport, Data Ganj Bakhsh International Airport, Muhammad Ali Jauhar International Airport, and Ch. Rehmat Ali International Airport.

The strategic investors IFU Investment Partners K/S (IIP) and The Investment Fund for Developing Countries (IFU) have announced their decision to sell their combined 6.1% stake in Power Cement Limited. IFU and IIP collectively hold 80,506,670 ordinary shares in Power Cement Limited. The decision comes after the lock-up period has expired, allowing the investors to liquidate their shares. This exit follows the expiration of the lock-up period and the completion of IFU’s investment horizon and IIP’s fund life. The sale will also lead to the resignation of the non-executive director representing the investors. Power Cement will now navigate this transition period as it continues its operations in the cement industry, potentially exploring new strategic directions and opportunities for growth.

Strategic Investors To Trade Stake In Power Cement Limited

Saudi Arabia Proposals To Procurement Stake In Reko Diq

Saudi Arabia’s Public Investment Fund (PIF) has proposed a significant investment in Pakistan’s Reko Diq mining project, which could have considerable implications for both nations. PIF has proposed acquiring a 15% stake in the Reko Diq mining project, which is a major mining operation in Pakistan. The offer includes a financial component for purchasing these shares, reflecting the value and potential of the mining assets. This proposal includes cash for the shares and funds for constructing essential road infrastructure. Pakistan’s negotiation committee will review the offer and recommend terms to the federal cabinet. If approved, this investment could enhance economic ties between Pakistan and Saudi Arabia, create job opportunities, and contribute to regional development, marking a significant step forward for both nations.