Author: Admin

Careem Exits Ride-Hailing in Pakistan, Shifts Focus to Regional Tech Platform

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New-Careem

KARACHI – In a long-anticipated move, Careem has officially suspended its ride-hailing operations across Pakistan, notifying users via email and push notifications on Wednesday. The decision, which takes effect from July 18, marks the end of an era for the Dubai-based company that began operations in Pakistan in 2015. Social media was abuzz with surprise and disappointment from users, particularly women, who viewed Careem as a safer ride option. However, tech experts say the exit had been expected. “This is just a formal confirmation,” said Mutaher Khan, co-founder of Data…

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SIFC Reviews \$6bn Refinery Upgrade Plans Amid IMF Pushback on Tax Proposals

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Refinery-Upgrades

ISLAMABAD – The Special Investment Facilitation Council (SIFC) on Wednesday deliberated on the future of \$6 billion refinery upgrade projects, following the IMF’s rejection of key government tax proposals aimed at supporting the oil refining sector. The government had earlier sought to restore zero-rated tax status and impose a 10% sales tax on petroleum products (POL) to facilitate refinery modernization. However, the IMF turned down both proposals, urging the government to submit alternative measures. Sources familiar with the meeting said the authorities would continue to engage IMF officials until the…

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Pakistan to Launch Rs100bn Electric Vehicle Policy, Targets 30% EV Sales by 2030

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Electric-Vehicle

ISLAMABAD – The federal government is set to unveil the ambitious National Electric Vehicle (NEV) Policy 2025–30 today (Thursday), marking a major leap toward clean mobility, energy efficiency, and industrial self-reliance. Announced by Special Assistant to the Prime Minister Haroon Akhtar Khan, the policy outlines over Rs100 billion in subsidies and introduces a new levy on internal combustion engine (ICE) vehicles to help finance the transition to electric mobility. In its first phase, the policy allocates Rs9 billion in FY2025–26 to support the rollout of 116,053 e-bikes and 3,171 e-rickshaws…

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SIFC Approves SSGC-JJVL Revenue-Sharing Deal to Restart LPG Plant by July 31

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JJVL-SSGC

ISLAMABAD – The Special Investment Facilitation Council (SIFC) on Wednesday formally endorsed a revenue-sharing agreement between Sui Southern Gas Company Limited (SSGC) and Jamshoro Joint Venture Limited (JJVL), paving the way for the resumption of operations at the JJVL LPG-NGL extraction plant within 45 days—by July 31. Under the approved arrangement, SSGC and JJVL will operate on a 66:34 revenue-sharing formula, with SSGC also receiving 25% of the LPG output at the OGRA-notified producer price. The deal is expected to generate Rs2 billion annually for SSGC. The agreement, initially approved…

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Govt Mulls Abolishing Sales Tax on Solar Panel Imports, Faces Rs20bn Revenue Hit

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ISLAMABAD – The government is poised to abolish the proposed 18% sales tax on the import of solar panels, a move expected to cost the national exchequer approximately Rs20 billion in the fiscal year 2025–26. According to official sources, there is a strong possibility that the proposed tax will be either fully withdrawn or further reduced from the revised rate of 10% currently under consideration. To offset the revenue shortfall, the Federal Board of Revenue (FBR) is preparing alternative measures to be submitted for approval by Prime Minister Shehbaz Sharif.…

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