Category: Shortcode

Signing of a Memorandum of Understanding Between AlBaik Food Systems and Gas & Oil Pakistan Ltd (GO) to Explore Opportunities for AlBaik’s Presence in Pakistan

Admin
AlBaik-restaurants

The Saudi Ministry of Investment Supports AlBaik’s Expansion Efforts in the Islamic Republic of Pakistan. In a pioneering step that reflects the Kingdom’s Vision 2030 to enhance national exports and knowledge and open new horizons for Saudi commercial expansion globally, under the patronage of the Saudi Ministry of Investment, a Memorandum of Understanding was signed between the Saudi company AlBaik and the Pakistani company GO. This MoU aims to explore the possibility of establishing a strategic partnership to set up and operate AlBaik restaurants in the Islamic Republic of Pakistan,…

Read More

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…

Read More

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…

Read More

Government Ends Power Agreements with Five Major IPPs in Reform Push

Admin
power-sector

Islamabad: In a significant move toward reforming Pakistan’s struggling power sector, the Federal Cabinet has approved the termination of existing Power Purchase Agreements (PPAs) with five Independent Power Producers (IPPs). The decision follows recommendations by the Task Force on Power Sector Reforms. According to a statement from the Prime Minister’s Office, the affected IPPs include HUBCO, Lalpir Power Limited, Saba Power, Rousch Power, and Atlas Power. Rousch Power, originally established under a Build-Operate-Transfer (BOT) agreement, will be transferred to government ownership and later privatized. The other four IPPs will retain…

Read More

Climate Aid Debate to Dominate COP29 Summit in Azerbaijan; Rich Nations Under Pressure to Increase Support

Admin
COP29-Summit

The upcoming United Nations Climate Change Conference (COP29), set to take place in Azerbaijan next month, is expected to focus on contentious climate aid discussions, with wealthier nations under pressure to commit more funding for poorer countries to combat climate change. Dubbed the “finance COP,” the summit will see global leaders negotiate increased financial support, as current pledges of $100 billion per year fall short of the needs for effective climate action. Amid concerns over Azerbaijan’s human rights record, the summit will take place from November 11 to 22, drawing…

Read More