Author: Admin

IPPs Face Share Price Crash as Government Moves to Revoke Power Purchase Agreements

Admin
Power-sector

KARACHI: The share prices of independent power producers (IPPs) in Pakistan have plunged by 13% to 26% over the past three weeks as the government signals plans to prematurely terminate their power purchase agreements (PPAs) to curb rising energy costs. This decision is expected to severely impact the earnings and dividend payouts of these companies. According to Topline Research, concerns over the revision or termination of these agreements have led to significant declines in IPP share prices. The Hub Power Company (HUBC) saw its stock fall by 23% in just…

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Saudi Arabia’s Manara Minerals Set to Acquire Stake in Pakistan’s Reko Diq Gold and Copper Mine

Admin
Reko-Diq

Saudi Arabia’s Investment Minister, Sheikh Khalid Bin Abdul Aziz Al Faleh, announced on Thursday that Manara Minerals, a company backed by Saudi Arabia’s sovereign wealth fund, is poised to acquire a stake in Barrick Gold’s Reko Diq project in the coming weeks. Reko Diq, one of the world’s largest untapped copper and gold reserves, is a key asset in Pakistan’s Balochistan province. Currently, Barrick Gold holds a 50% stake in the Reko Diq mine, with the remaining shares divided between the federal and provincial governments of Pakistan. This new partnership…

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Pakistan and Saudi Arabia Strengthen Economic Ties with $2.2 Billion MoUs Across Multiple Sectors

Admin
Saudi-Arabia

Islamabad, Pakistan — Pakistan and Saudi Arabia solidified their strategic partnership with the signing of 27 Memorandums of Understanding (MoUs) valued at $2.2 billion. These agreements span a wide array of sectors, including industry, agriculture, IT, education, health, petroleum, mining, energy, and food. The MoUs were signed during a high-profile visit by Saudi Arabia’s Minister of Investment, Sheikh Khalid Bin Abdul Aziz Al Faleh, who led a business delegation to Islamabad. The signing ceremony was attended by Prime Minister Shehbaz Sharif, Chief of Army Staff (COAS) General Asim Munir, and…

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Saudi Kingdom’s Vision 2030 ties seamlessly with Pakistan’s economic vision, Dr Musadik Malik

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Saudi-pak

Federal Minister for Petroleum Dr Musadik Malik addressing the Pak-Saudi business forum 2024 gave an overview of the investment opportunities. He said that historically we have had ties in traditional areas and formidable friendship. Now we would like to transition from friendship to a journey of growth and development and become partners. We have started thinking now in terms of 360 security: food security, economic security, energy security.We now want to club into the global value chains.We’ve been producing a lot of commodities and Saudi Arabia has a lot of…

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NBP Partners with Huawei to Establish National Cloud Data Center

Admin
NBP-Partners

Karachi – October 10, 2024 National Bank of Pakistan has signed a MoU with Huawei Technologies Pakistan (PVT) to develop a state-of-the-art National Cloud Data Center. The MoU was formalized during the Huawei Connect 2024 Global Conference. This collaboration aims to strengthen NBP’s digital infrastructure by deploying cutting-edge cloud services in a Tier-3 certified data center. Huawei will provide dedicated teams to ensure timely implementation, ongoing operations and maintenance support. Additionally, NBP representatives will receive hands-on training and documentation to ensure smooth project integration. Mr. Amin Manji, Chief Information Technology…

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