Nong Rong, China’s ambassador, said he is ‘looking forward to dealing with the new CPEC President

August 5, 2021/0 Comments/in news /by estateland

Nong Rong, China’s ambassador, said he is ‘looking forward to dealing with the new CPEC President

On Wednesday, Nong Rong, the Chinese Ambassador to Pakistan, congratulated Khalid Mansoor on his appointment as the Prime Minister’s Special Assistant for China-Pakistan Economic Corridor (CPEC) Affairs and expressed his eagerness to work with him.

Lieutenant General (retired) Asim Saleem Bajwa, the previous CPEC Authority chief, was also praised by Amb Nong.

“Congratulations to Mr. Khalid Mansoor, and we look forward to working together to promote #CPEC through high-quality development. Mr. Asim Saleem Bajwa, I would like to express my gratitude for your support for the advancement of CPEC. Our cooperation will be valued, with treasure our friendship, and will recognise our efforts,” the Chinese ambassador wrote.

Khalid Mansoor, who is he?

Mansoor has almost four decades of experience working with energy, petrochemicals, and fertilisers industries. His degree is in Chemical Engineering with Distinction and Honours. He will be in charge of the CPEC’s second phase, which will focus on industrial collaboration.

Mansoor is also a well-known business executive who has held the President of the Overseas Chamber of Commerce and Industry (OICCI). Since May 20, 2013, he has served as the Chief Executive Officer of the Hub Power Company Limited (Hubco). Mansoor has extensive expertise working with Chinese corporations and banks, according to Geo News.

Lt Gen Asim Bajwa resigns as CPEC Authority chief Lt Gen Asim Bajwa resigned as CPEC Authority chief on Tuesday, thanking the government and Prime Minister Imran Khan for their support.

Bajwa wished Mansoor success as he takes over as the prime minister’s special assistant for CPEC affairs. Mansoor, he claimed, was completely prepared to move CPEC forward. “CPEC is Pakistan’s lifeline; it will change us into a progressive, fully developed nation.”

Bajwa was appointed head of the CPEC Authority in November of this year.

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Ravi Urban Development Authority will be constituted as a separate body from LDA

RUDA will be constituted as a separate body from LDA

August 5, 2021/0 Comments/in news /by estateland

According to press reports, the Ravi Urban Development Authority (RUDA), has produce and sent a brief to create new regulations. Giving the RUDA the same rights as the Lahore Development Authority (LUDA).

This Society has draft and email Chairman of the society Dr. Salman Shah the plan in this regard, However, the newly made rules will apply to the entire 102,271-acre RUDA land region.

Read more with EL news: FFD issues a flood warning for the Chenab and Ravi rivers

According to the facts, the plan will approve in the Board of Directors meeting. Which is made to take place in ten days. Furthermore, once approve, RUDA will have the same authority as the Lahore Development Authority (LUDA), to support educational construction plans, master plans, and certification of housing schemes under its jurisdiction.

Similarly, land within this scheme boundaries could be delivering immediately to the authority. Following the acceptance of the schedule, and landowners who want to give land directly to the society will receive 30% plot files. Under the proposal regulations, enticing offers will be made to landowners in RUDA zones.

Read more with EL news: LDA will collaborate with three directorates

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The International Monetary Fund (IMF) has approved $2.8 billion in new funding for Pakistan

August 5, 2021/0 Comments/in news /by estateland

The International Monetary Fund (IMF) has approved new money for its member countries. Pakistan is included to help them manage the issues posed by the Covid-19 epidemic. In addition, to allow the global economy to re-establish a stable development path. As a result of the enhanced allocations, Pakistan expects to receive $2.8 billion this month. The inflows will increase the country’s foreign exchange reserves to more than $20 billion, a new high.

Furthermore, the inflows would help the country pay for imports and repay foreign debt, but they will also help keep the rupee from falling versus the dollar and other major currencies. Topline Research Director Syed Atif Zafar commented on the IMF allocation. “The SBP’s foreign exchange reserves are at $17.82 billion, with inflows threatening to take them past $20 billion, the highest level in Pakistan’s history.”

Due to substantial inflows of worker remittances, the foreign currency reserves have expanded for the previous two years. Moreover, the Roshan Digital Account raised export revenues and non-resident Pakistani investment (RDA). In addition, deposits from friendly countries including Saudi Arabia, Qatar, and China and short-term borrowing from commercial banks bolstered the country’s reserves.

Economist Shahid Hasan Siddiqui recently indicated that heavy borrowing from international financial institutions, friendly countries, and short-term borrowing accounted for more than half of the existing foreign currency reserves of $17.82 billion.

The central bank anticipated last week that imports would stay high this fiscal year. Thus, inferring that the demand for the US dollar will continue to rise, influencing the rupee-dollar exchange rate and foreign exchange reserves. According to the IMF, about $275 billion (SDR 193 billion) of the additional $650 billion will go to emerging markets and developing countries, particularly low-income countries.

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The government is considering renting out the PM House for events to generate income

August 5, 2021/0 Comments/in news /by estateland

The federal government has backed down on plans to build a state-of-the-art federal educational institution in Prime Minister House instead of considering renting out the space for events.

The federal cabinet would meet to consider generating cash from PM residence. According to sources, the premises in the Red Zone of the federal capital Islamabad would host cultural, fashion, educational, and other activities.

To raise funds, one can hire our prime minister’s House auditorium, two guest wings, and a lawn. In addition, at the former Pakistani premier’s main office, high-level diplomatic functions and international seminars will be held.

Two committees have been proposed to maintain the PM House’s discipline and decorum during the festivities.

Previously, the current administration had scrapped plans to build a university at PM House in favor of an emerging technology institute. On the other hand, the government opted to examine the plan due to a cash shortage and several other problems that hindered the new PM residence design.

Read more with EL news: The government will create strategic stores of vital products

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The government will create strategic stores of vital products

August 4, 2021/0 Comments/in news /by estateland

Islamabad: According to Finance Minister Shaukat Tarin, the government is dedicated to creating strategic reserves of critical commodities such as sugar, wheat, lentils, edible oil, and ghee to ensure price stability and prevent excessive profiteering and hoarding.

He said strategic reserves would ensure timely availability of essential commodities to bridge the gap between supply and demand, speaking at the National Price Monitoring Committee (NPMC) meeting.

The finance minister asked Jamshed Cheema, the Ministry of National Food Security and Research secretary, to design a plan and showcase it to the committee for discussion and approval.

He also demanded that the food ministry take immediate steps to import two million tons of wheat to ensure that the country’s staple commodity supplies are sufficient. On occasion, Cheema informed the meeting of a 0.03 percent increase in the weekly Sensitive Price Indicator (SPI).

He noted that the costs of six things had decreased, while the rates of 22 items had remained unchanged. The committee also looked at the monthly inflation trend, noting that the Consumer Price Index (CPI) fell by 1.3 percentage points to 8.4 percent in July 2021, down from 9.7 percent in June 2021.

Cheema also provided an update on the wheat procurement drive to the committee. He stated, “An order for the purchase of 220,000 tons of wheat has already been set down.” Likewise, the Ministry of Industries and Production secretary described plans to purchase 600,000 tons of sugar to preserve buffer supplies.

“Tendering has begun, and sufficient sugar stocks will be accessible in the country until the next sugar season,” he added.

The NPMC asked the Ministry of Industries and Production to speed up the tendering process and provide weekly updates to the committee.

Waqar Masood, the Finance Secretary, discussed the cost of petroleum products in neighboring countries. The committee praised Pakistan for having the lowest per-unit price of petrol and energy compared to other regional economies.

Read more with EL news: Rupee falls by Rs1.2 versus the dollar, reaching a nine-month low

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At a rate of Rs9.1 per unit would sell power from the Neelum-Jhelum project

August 4, 2021/0 Comments/in news /by estateland

On an interim basis, the National Electric Power Regulatory Authority (NEPRA) permitted charging the maximum hydel tariff of RsRs9.118 per kWh on Monday.

It enabled the Neelum-Jhelum Hydropower Project (NJHP) to continue selling energy on a take-or-pay basis with a must-run condition at a provisional tariff of Rs9.118 per kWh. Since October 17, 2019, it has been in place.

The tariff has to pay interest on the debt and return the principal sum of Rs317.367 billion borrowed from foreign and local sources to build this project, costing Rs428.296 billion.

The regulatory body’s decision will determine whether or not this rate is revised. The seller (NJHP) must either obtain a waiver from the Executive Committee of the National Economic Council (Ecnec)/relevant agency or conduct the third-party validation (TPV). NJHP is about to file a tariff petition with the Central Power Purchasing Agency (CPPA) after completing one of the two choices. This decision is direct to the federal government for notification.

It’s worth noting that the seller had requested a 30-year revised rate of Rs10.3 (cents 6.2440) per unit. On June 21, 2021, the regulator convened a public hearing on the tariff petition to establish the project’s rate.

Read more with Estate land news: NEPRA Approves a 21 Paisa Reduction in Disco Tariffs

During the hearing, the authority stated that the project requires a TPV, which has yet to be completed three years after the decision/approval.

To address the issue of TPV, NJHP replied by writing various letters to crucial forums such as the Ministry of Water Resources, Ministry of Planning Development and Reforms, and Planning Commission, copies of which are with NEPRA. According to the seller, the Planning Commission is appointing the consultant who would conduct the TPV.

NEPRA has already expressed its opinion, according to the decision, which is in the project’s tariff determinations of November 19, 2018.

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SECP and PSX warn SHC against formulating rules that are unmaintainable

August 4, 2021/0 Comments/in news /by estateland

The Securities and Exchange Commission of Pakistan (SECP) and the Pakistan Stock Exchange (PSX) informed the Sindh High Court that a case filed against the making of regulations was not maintainable since they were not obligated to request public input on criteria.

They also claimed that all PSX regulations were statutory, formulated under the Securities Act of 2015, and revised from time to time. Therefore, they bound the petitioner and all listed businesses.

The Pakistan Stock Brokers Association had filed a complaint with the SHC against the PSX and the SECP, challenging a portion of the futures eligibility criteria for selecting securities eligible for trading, which stated that protection of companies that did not meet the following conditions was ineligible: “No investigation/inquiry has been completed against the company with adverse findings.”

On July 15, a division bench of the SHC ordered that a minor portion of the criteria for selecting assets suitable for trading in the deliverable futures contract and cash-settled futures contract markets would be ineffective until the next hearing.

When the case was heard by a two-judge bench led by Justice Mohammad Shafi Siddiqui, both respondents filed remarks, copies of which were given to the petitioner’s lawyer, who requested time to file a counter-affidavit.

The hearing was postponed until after the summer vacation, according to the court., and instructed the petitioner’s lawyer to prepare a response to the respondents’ arguments before the next hearing. The prior interim stay order, however, will be extended until the next hearing.

The PSX and SECP also stated that the futures eligibility criteria were not part of the regulations in their comments. But instead, as provided in clause 2.4 of the PSX regulation. Hence, they were not subject to public comment.

The PSX claimed that they listed more than 500 assets; however, the PSX has established eligibility requirements for only permitting liquid stocks to be traded on futures contracts that have not been found to have been mismanaged during the review period.

According to the company, the conditions in issue are in place to eliminate any danger of settlement default if substantially fewer liquid companies with negative findings are allowed to trade on futures exchanges.

According to the SECP, the petitioner went to the SHC at Hascol and Unity Foods’ request since their affairs were being probed by it.

It also claimed that had changed the eligibility criteria in the public interest to ensure that companies under investigation/investigation were not only eligible to participate in a riskier segment of the market, such as futures, where contract duration was much longer than the regular counter/ready segment and thus subject to additional risk.

The SECP also claimed that until they lifted the stay on the investigation/inquiry, investors would be incapable of making a well-informed judgment about investing in a riskier segment of the market and that allowing such companies to trade in the futures market would increase market risk due to the uncertainty surrounding their operations and jeopardize public interest.

These businesses, however, would continue to be available for trading on the standard counter, according to the statement.

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In Clifton Karachi, a high-rise is being built in defiance of SC orders

August 4, 2021/0 Comments/in news /by estateland

Zamzam Arcade, a 19-story residential/commercial skyscraper in Clifton Cantonment, is being built in contravention of Supreme Court directions. A two-judge court, Justice Gulzar Ahmed, issued an injunction on January 22, 2019, preventing residential and amenity properties in Karachi, including cantonment areas, from being converted to commercial usage.

The issuing of an interim order prohibiting unauthorized construction on evacuee property in Lyari occurred during a civil petition hearing (No. 815-K/2016). There was no subsequent order to change it or set it aside. The Zamzam Arcade is being constructed on a 3,600-square-yard plot of residential property.

The rampant commercialization of Karachi’s real estate, which allegedly creates windfalls for certain politicians and bureaucrats, adds to the city’s already decaying civic infrastructure and causes service delivery breakdowns.

Two days after the court issued the directives, the Sindh Building Control Authority (SBCA) immediately prohibited conversion and approvals of building plans/NOCs on converted properties pending further orders. DG SBCA Iftikhar Ali Kaimkhani signed the notification.

The SBCA has published a public notification about the situation. What happened in the months following the apex court’s order, on the other hand, violated it. On June 13, 2019, the Karachi Development Authority, which owns the plot in question, received PKR 9.7 million in unpaid dues from the property owners. In addition, demolition fees, plan to send and cover other services.

The Karachi Development Authority’s Directorate of Land Management submitted a NOC to the Cantonment Board Clifton (CBC) on the same day, naming the four co-owners and stating that the site was “Residential/subsequently commercialized by Master Plan Dept. SBCA.”

According to a retired senior commander from the SBCA, the cantonment board’s reaction was “foolish, unreasonable, and worthless.”

A certified copy of the order was issued to 23 recipients, including the chairmen/CEOs of the Karachi, Clifton, Faisal, Malir, and Korangi cantonment boards and the DG KDA, for urgent compliance. As a result, after more than two years, Zamzam Arcade is still in progress.

A few years ago, CBC established a kachra kundi (local rubbish collection station) near the site. However, they removed it because it obstructs the planned side street entrance to Zamzam Arcade’s residential units. The kachra kundi, according to a local, feeds the nearby residential area and the commercial/residential towers of Forum Mall, Ashiana Mall, and Vincy Mall. As a result, waste is currently being thrown in nullahs and on the streets.

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Positive news flow boosts the KSE-100 by over 300 points

August 4, 2021/0 Comments/in news /by estateland

Karachi: Due to many positive triggers, bulls kept their hold on the Pakistan Stock Exchange on Tuesday, adding nearly 300 points to the benchmark KSE-100 index. Investors poured new money into the market in response to a decline in inflation to 8.4% in the first month of the continued fiscal year (July).

In addition, the rally was bolstered by the declaration of Adviser to the Prime Minister on Commerce Abdul Razak Dawood that exports reached an all-time high of $2.35 billion in July 2021. Similarly, in July, record-high gasoline sales by oil marketing corporations suggested a resurgence of economic activity in the country and boosted stock market investor interest. Last month, sales of two major Japanese automakers in the country reached new highs.

These upbeat news stories provided a bright picture of Pakistan’s economy, prompting a flurry of buying at the stock exchange. As a result, the macroeconomic indices are likely to improve further in the current fiscal year, according to market participants.

The rupee’s recent weakness, which saw it fall to Rs163.89 against the greenback on Tuesday, did not affect the bourse’s upward trend because market participants expected further export earnings in the coming months.

Earlier in the day, the market began with a jump and continuously rose throughout the day. However, the gains were inflated when the upswing advanced approaching the closing. The benchmark KSE-100 index ended the day with a gain of 305.07 points, or 0.64 percent, to 47,758.32. The market resumed its uptrend with an increase in trade volumes, according to Arif Habib Limited’s report. During the session, the benchmark index gained 355 points and finished 305 points higher.

The index was helped by the oil and gas marketing, banking, refinery, technology, and textile sectors, while the exploration, production, and steel sectors were under pressure.

According to the report, “optimism grew as a result of rupee depreciation, which will improve revenues in the textile, technology, and exploration and production sectors, as well as impending financial results.”

The Pakistan stock market sustained its strong momentum, reaching a high of +355 points and finishing 305 points higher at 47,758, according to JS Global analyst Neelum Naz. The top contributors to the entire volume, accounting for a total of 133 million shares, were WorldCall Telecom (+4.3 percent), Telecard Limited (+7.4%), Byco Petroleum (+2.4 percent), TPL Corp (+1.8 percent), and Citi Pharma (+5.5 percent).

WorldCall Telecom (+4.3 percent ), Avanceon (+0.6 percent ), TRG Pakistan (+2.9 percent ), NetSol (+2.2 percent ), and Telecard Limited (+7.4 percent ) all closed in the positive territory, contributing for 27 percent of total traded volume.

Hascol Petroleum (+13.7 percent) closed at the top of the oil marketing firms’ stock market.

In the news, the government’s overall FY22 export target of $40 billion drew attention to the textile industry.

“In the future, we advise investors to see any downside in the cement, steel, technology, and textile sectors as a buying opportunity,” the analyst said.

Overall trading volume increased to 443.2 million shares, up from 252.3 million on Monday. During the day, Rs16.2 billion worth of shares were traded. A total of 482 companies’ stock was exchanged. As a result, 335 stocks had gained ground, 120 had lost territory, and 27 had remained unchanged by the end of the day.

With 36.4 million shares traded, WorldCall Telecom was the most active, gaining Rs0.15 to settle at Rs3.64. Telecard Limited came in second with 29.5 million shares, up Rs1.18 to Rs17.04, and Byco Petroleum came in third with 29.4 million shares, up Rs0.24 Rs10.32.

Read more with EL news: Gwadar Port is linked to the socio-economic growth of Baluchistan

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Asim Bajwa resigns, and Khalid Mansoor is named Special Assistant to the Prime Minister on CPEC Issues

August 4, 2021/0 Comments/in news /by estateland

Retired Lt Gen Asim Bajwa was replaced as the authority to head the China-Pakistan Economic Corridor’s issues by Khalid Mansoor.

According to the Prime Minister’s Office, Mansoor has been appointed as Special Assistant to the Prime Minister on CPEC Affairs.

According to Bajwa, who announced his departure in a tweet, Mansoor was “well ready” to lead the authority in the future.

CPEC is a “lifeline” for Pakistan, according to Bajwa, who claims it will “turn us into a progressive and fully developed country.”

Asad Umar, the Federal Minister of Planning, praised Bajwa for “pushing CPEC forward and playing a significant role in widening the CPEC scope with a transition to the second phase of CPEC.”

He congratulated Mansoor on his appointment as the prime minister’s special assistant for CPEC matters.

In November 2019, the government-appointed Bajwa as head of the CPEC Authority, despite opposition criticism of the authority’s creation. In April 2020, he named the prime minister’s special assistant for information and television. He left that post in October of last year. Before retiring from the army, Bajwa served as Commander Southern Command. In addition, he was the director-general of Inter-Services Public Relations from 2012 to 2016.

Khalid Mansoor, who is he?

Khalid Mansoor has over 32 years of expertise in the energy and petrochemical industries, where he has held leadership positions in the conception, implementation, management, and operations of large-scale projects. According to his profile on Engro Energy’s website, he re-joined Sindh Engro Coal Mining Company (SECMC).

Mansoor, a degree in chemical engineering, was the CEO of Hub Power Company Limited (Hubco) and is now the chairman of Laraib Energy Limited, a Hubco affiliate According to his LinkedIn page, he was also the president & CEO of Engro Fertilisers Limited, Engro Powergen Qadirpur Limited (EPQL), Engro Powergen Limited (EPL), and SECMC.

Mansoor’s “extensive corporate expertise, including substantial engagement with Chinese companies and direct involvement in directing some of the largest CPEC projects, makes him a perfect individual to manage the next phase of CPEC,” according to the statement.

Read more with EL news: China and Pakistan want the CPEC to be built to a high standard

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