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Riyadh Air’s Sfeer Membership Nears One Million Members With 1.5 Million Points Giveaway
World

Riyadh Air’s Sfeer Membership Nears One Million Members With 1.5 Million Points Giveaway

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Riyadh Air expects its Sfeer Lifestyle Membership to reach one million members this month, less than a year after the programme was launched. To mark the milestone, Riyadh Air has announced a 1.5 million Sfeer Points giveaway, with rewards planned for the millionth member and two existing Founding Members. The announcement highlights the rapid growth of Sfeer and Riyadh Air’s broader strategy of building a lifestyle-focused membership ecosystem around travel, experiences and partnerships. Millionth Sfeer Member To Receive One Million Points The person who becomes the one millionth Sfeer member will receive one million Sfeer Points and will also become the programme’s final Founding Member. The reward is designed to mark the completion of Sfeer’s Founding Member phase while celebrating the growth of its community. Riyadh Air says one million Sfeer Points could potentially unlock more than 120 one-way Economy redemption flights across its expanding network once flight redemption becomes available. Redemption is currently expected later in 2026, subject to network rollout, availability and applicable redemption requirements. Two Existing Founding Members Also To Win Points Riyadh Air is also including members who joined Sfeer during its early stages in the celebration. Two existing Founding Members will be selected at random, with each receiving 250,000 Sfeer Points. This adds another 500,000 points to the giveaway, bringing the total announced reward pool to 1.5 million Sfeer Points. The campaign gives early members an opportunity to participate in the milestone rather than limiting the celebration to the millionth new member. Sfeer Points Designed To Offer Flexible Travel One of the features highlighted by Riyadh Air is that Sfeer Points do not currently expire, with no fixed expiry date under the programme’s current terms and conditions. This gives members greater flexibility to accumulate points and potentially use them as the airline expands its network and introduces additional redemption opportunities. The actual value of the points will depend on destinations, availability and the redemption requirements applicable when the feature becomes operational. Potential Travel Value Of One Million Points Riyadh Air says one million Sfeer Points could provide significant travel opportunities once redemption becomes available. The airline estimates that the points could cover more than 120 one-way Economy flights across its expanding network. For a family of five, Riyadh Air says the points could potentially support two Economy round trips each year for four years, depending on redemption availability. Alternatively, the points could potentially support approximately three Business Class round trips for a group of five friends. These examples are illustrative, however, and actual redemption value will vary according to destinations, availability and programme conditions. Sfeer Goes Beyond Traditional Airline Loyalty Sfeer has been positioned by Riyadh Air as a Lifestyle Membership, rather than simply a conventional airline loyalty programme. The concept combines travel with lifestyle benefits, experiences, partnerships and community engagement. The programme is designed around what Riyadh Air describes as a generation in motion, with the aim of connecting members to opportunities both during travel and beyond the traditional airline journey. Growing Network Of Lifestyle Partners Sfeer members already have access to several benefits, including complimentary in-flight Wi-Fi and Best Offer Guaranteed. The programme has also developed partnerships with companies including Hilton, Uber and muvi Cinemas. These partnerships are intended to expand the value of Sfeer beyond airline travel by providing members with additional lifestyle experiences and offers. Riyadh Air says further partnerships and benefits will continue to be introduced as the membership ecosystem grows. Sfeer Prepares For Its Next Growth Phase The expected one-million-member milestone comes as Sfeer prepares to introduce additional features. Future capabilities are expected to allow members to share Sfeer Points with friends and family, subject to the programme’s applicable terms. Riyadh Air also plans to introduce challenges and community-focused features designed to increase engagement among members. Another upcoming feature is Level Points, which will reflect members’ journeys with Sfeer and help them progress toward additional benefits, recognition and experiences. Riyadh Air Seeks To Build A Global Community Kim Hardaker, VP Loyalty and Sustainability at Riyadh Air, described the one-million-member milestone as an important achievement for the programme and its community. She said Sfeer was designed to combine travel, experiences, benefits and partnerships while reflecting the values of generosity and hospitality associated with Saudi Arabia. The company sees the growing membership base as an early indication of interest in a loyalty model that extends beyond conventional airline rewards. The Meaning Behind The Sfeer Name Riyadh Air says the name Sfeer has been inspired by different meanings. In Arabic, it evokes the idea of an ambassador, associated with generosity, hospitality and connection. In English, the name echoes a sphere, representing a world in motion where community and possibilities come together. The concept reflects Riyadh Air’s ambition to build a membership community connecting people with travel, experiences and lifestyle opportunities in Saudi Arabia and international markets. Riyadh Air’s Loyalty Strategy Expands The growth of Sfeer is part of Riyadh Air’s broader effort to establish a distinctive identity as Saudi Arabia’s new national airline. Rather than relying exclusively on traditional frequent-flyer benefits, the carrier is developing a wider ecosystem involving travel, technology, partnerships and lifestyle experiences. As Riyadh Air expands its flight network, the potential value and usefulness of Sfeer Points could also increase, particularly if more destinations and redemption opportunities become available. One Million Members Marks A New Chapter For Sfeer Reaching one million members in less than a year would represent a significant milestone for Sfeer and Riyadh Air. The 1.5 million Sfeer Points giveaway adds a promotional element to the milestone while rewarding both the programme’s newest and earliest members. The millionth member will receive one million points and become the final Founding Member, while two existing Founding Members will each receive 250,000 points. As Riyadh Air expands its network, partnerships and digital features, Sfeer is expected to evolve into a broader lifestyle ecosystem connecting members with travel and everyday experiences. The programme’s earning, redemption, validity, sharing and benefits remain subject to the applicable Sfeer Terms and Conditions, while

IFC Provides $10 Million Loan to ASA Microfinance Bank Pakistan to Expand Access to Finance for Women
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IFC Provides $10 Million Loan to ASA Microfinance Bank Pakistan to Expand Access to Finance for Women

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KARACHI, August 21, 2026 – The International Finance Corporation (IFC), a member of the World Bank Group, has announced an investment of $10 million in ASA Microfinance Bank (Pakistan) Limited (ASA MFB) in the form of a four-year loan aimed at expanding access to finance for women microfinance borrowers, and supporting private sector growth in Pakistan. The loan will be used by ASA MFB to enhance its on-lending toward women entrepreneurs and microbusinesses across Pakistan. IFC’s four-year financing will offer liquidity stability to ASA MFB to serve more clients, as the bank continues to expand and strengthen its operations. IFC’s investment is supported by the International Development Association Private Sector Window (IDA PSW) Blended Finance Facility. It will be processed under IFC’s MSME Finance Platform – Base of the Pyramid Envelope that supports lending by financial institutions to help small businesses in emerging markets. The investment addresses a critical gap in Pakistan’s financial landscape where access to finance remains low with only 27 percent of Pakistani adults having access to a bank account and a large micro, small, and medium enterprise (MSME) finance gap estimated at approximately $57.8 billion, or 20 percent of gross domestic product. Approximately 39 percent of MSMEs are considered credit constrained, and the gender gap in access to finance is particularly pronounced: the share of women with access to a formal account is 30.4 percentage points lower than that of men. Pakistan also ranks last among 148 countries in the World Economic Forum’s Global Gender Gap Report 2025, with a female labor force participation rate of 22.6 percent. Beyond the direct investment, IFC will also provide targeted advisory services to improve the bank’s gender-disaggregated data reporting system and practices so it can better understand and serve the needs of female borrowers over time. “This partnership is about recognizing and supporting women who are already running businesses,” said Naazer Minhaj, President & CEO of ASA Microfinance Bank (Pakistan) Limited. “It will enable us to extend financing to more women across Pakistan, helping them strengthen their businesses and build on what they have already achieved.” “In Pakistan, millions of women run businesses and support their families, yet they remain largely shut out of the formal financial system. This investment in ASA Microfinance Bank is about changing that – putting affordable credit directly into the hands of women entrepreneurs and microbusinesses who have historically been seen as too risky to lend to,” said Momina Aijazuddin, Regional Industry Director, Financial Institutions Group, IFC, “We believe this investment will not only help many households but also demonstrate to the broader market that lending to women is not just the right thing to do, it is good business.”  This investment is part of a broader World Bank Group effort to support Pakistan’s financial sector over the next decade, with a particular focus on closing the gap between men and women in access to financial services. It also supports Pakistan’s own national goals of making banking and credit more accessible to all citizens, especially women. About IFC IFC – a member of the World Bank Group – is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2025, IFC committed a record $71.7 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org. About the IDA Private Sector Window The International Development Association’s Private Sector Window (IDA PSW) was launched in 2017 to catalyze private sector investment in the poorest and most fragile countries. Recognizing the key role of the private sector in creating jobs and promoting economic transformation, the window provides a source of co-investment funding and guarantees to de-risk private investments supported by the World Bank Group’s International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA). The IDA PSW is an option when there is no commercial solution and the Bank Group’s other tools are insufficient. For more information, visit: http://ida.worldbank.org/psw About ASA Microfinance Bank (Pakistan) Limited ASA Microfinance Bank Pakistan is a leading microfinance player that has been serving underserved communities across Pakistan since 2008. Following the grant of a microfinance banking license in 2023, the bank has expanded its ability to provide inclusive financial services, with a strong focus on women borrowers, helping them strengthen livelihoods, grow businesses, and enhance economic opportunities. Through a nationwide network of more than 400 branches and service centers, ASA Pakistan serves over 800,000 clients across both urban and rural markets. The bank is part of ASA International Group plc (LSE: ASAI), a global microfinance organization headquartered in Amsterdam and operating across Asia and Africa. For more information, visit: www.pakistan.asa-international.com

Business

Daraz Pakistan Launches Licensed E-Pharmacy To Expand Access To Authentic Medicines

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Daraz Pakistan has launched a licensed e-pharmacy, giving customers a new online channel to purchase authentic over-the-counter (OTC) medicines, vitamins and healthcare essentials. The service was launched in Karachi on August 18, 2026, and is operated through Daraz’s licensed pharmacy facility. The company says medicines are sourced, stored and dispensed in line with applicable regulatory requirements. The launch represents Daraz’s expansion into an essential category while also marking a significant development in Pakistan’s growing digital healthcare ecosystem. More Than 450 Healthcare Products Available At launch, the e-pharmacy offers more than 450 products from over 20 pharmaceutical and healthcare brands. The initial lineup includes products from brands such as Haleon, Getz Pharma, Abbott, AGP, Nature’s Bounty, Route2Health and Searle. The assortment covers DRAP-registered OTC medicines, vitamins, supplements and other healthcare products sourced through authorised channels. Customers can place orders through the Daraz app, with deliveries available across cities currently served by the platform. The company says orders are expected to reach customers within one to three days. Pharmacist-Supervised Online Pharmacy A key feature of the new service is its professional oversight. Daraz says the e-pharmacy is supported by qualified pharmacists, while dedicated processes have been introduced for handling and fulfilling pharmaceutical orders. Medicines are stored securely, carefully packaged and transported through designated delivery channels designed to help maintain product condition during transportation. This approach is particularly important for an online pharmacy because customers expect the same level of authenticity, storage standards and professional oversight associated with conventional pharmacies. Daraz Brings Pharmaceutical Brands Together To support the launch, Daraz Pakistan organised its first national e-pharmacy conference, bringing together pharmaceutical executives, healthcare entrepreneurs, pharmacists, industry representatives and other stakeholders. The conference focused on several issues affecting Pakistan’s digital healthcare sector, including the future of e-pharmacy, innovation, regulatory compliance and the evolving role of pharmacists. The event also included discussions around developing a stronger digital healthcare ecosystem in Pakistan. Mr. Shehryar Memon, Coordinator, Emergency Operations Center for Polio Eradication & Immunization, also attended the conference. Daraz Signs MoUs With 10 Pharmaceutical Partners As part of the initiative, Daraz signed MoUs with 10 leading pharmaceutical partners. The agreements are aimed at strengthening cooperation in areas including medicine authenticity, digital access and responsible fulfilment. Greater collaboration between e-commerce platforms and pharmaceutical companies could help improve consumer confidence in online medicine purchases while creating more structured digital channels for healthcare products. Daraz Emphasises Authenticity And Compliance Daraz Pakistan Managing Director Ben Yi said consumers should be able to access authentic medicines conveniently while retaining the professional safeguards expected from a pharmacy. The company says its e-pharmacy brings together qualified pharmacists, established pharmaceutical brands and Daraz’s logistics infrastructure to create a more dependable online pharmacy experience. The company also stressed that responsible development of the e-pharmacy sector will require continued attention to trust, compliance and consumer access. Digital Healthcare Market Continues To Evolve The launch comes as Pakistan’s consumers increasingly use digital platforms for essential goods and services. Online access to healthcare products could offer greater convenience to customers, particularly those who prefer home delivery or have limited access to established pharmacies in their immediate areas. For pharmaceutical companies, e-commerce platforms can also provide an additional channel for reaching consumers through authorised distribution networks. However, the success of digital pharmacy services will depend heavily on maintaining product authenticity, regulatory compliance, responsible fulfilment and consumer trust. Dedicated Pharmaceutical Fulfilment Processes Unlike ordinary e-commerce products, medicines require careful handling throughout the fulfilment process. Daraz says its e-pharmacy uses dedicated procedures for pharmaceutical products, including secure storage and careful packaging. The products are then transported through delivery channels intended to protect their condition until they reach customers. Such processes could become increasingly important as Daraz expands its healthcare assortment and handles a larger volume of pharmaceutical orders. Daraz Plans To Expand E-Pharmacy Assortment The company plans to increase the range of products available through its e-pharmacy over time. Daraz also intends to deepen its collaboration with pharmaceutical partners as the category develops. The expansion could eventually give consumers access to a broader range of healthcare essentials through a single digital platform. For the pharmaceutical industry, meanwhile, deeper engagement with e-commerce could accelerate the development of digital distribution channels in Pakistan. What Daraz’s E-Pharmacy Means For Pakistan Daraz’s entry into licensed online pharmacy services marks a notable development in Pakistan’s e-commerce and healthcare sectors. With more than 450 initial products, over 20 participating brands and pharmacist-supervised operations, the platform is attempting to address one of the biggest concerns surrounding online medicine purchases: trust. The partnership model with pharmaceutical companies could also help strengthen authenticity and responsible fulfilment. The bigger test will be whether Daraz can maintain high compliance standards as it scales the service, while continuing to provide reliable delivery and expanding access to genuine healthcare products. A New Chapter For Digital Healthcare The launch of Daraz Pakistan’s licensed e-pharmacy highlights how e-commerce is expanding beyond conventional retail into essential services. By combining pharmaceutical partnerships, pharmacist oversight and an established logistics network, Daraz is positioning its e-pharmacy as part of Pakistan’s developing digital healthcare infrastructure. As the service expands, authenticity, compliance, professional supervision and safe fulfilment will remain central to building consumer confidence. If these standards are maintained, online pharmacy services could become an increasingly important part of how Pakistani consumers access everyday healthcare products.

Globe Residency REIT Declares Cash Dividend of PKR 4.00 Per Unit (40%) for FY26
Business

Globe Residency REIT Declares Cash Dividend of PKR 4.00 Per Unit (40%) for FY26

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August 20, Karachi: Globe Residency REIT (GRR), South Asia’s first listed developmental REIT, managed by Arif Habib Dolmen REIT Management Limited, today announced a cash dividend of PKR 4.00 per unit (40%) for the year ended June 30, 2026. This marks GRR’s fourth consecutive annual payout since its listing, following distributions of PKR 3.50 per unit (35%) in FY2025, PKR 1.75 per unit (17.5%) in FY2024, and PKR 3.00 per unit (30%) in FY2023. GRR was listed on the Pakistan Stock Exchange in December 2022 at an offer price of PKR 10 per unit, making it Pakistan’s first, and South Asia’s first, listed developmental REIT. The underlying project, Globe Residency Apartments, comprises nine towers within Naya Nazimabad, Karachi.

PM Shehbaz Directs Comprehensive Arrangements for Pakistani Pilgrims During Hajj 2027
Politics

PM Shehbaz Directs Comprehensive Arrangements for Pakistani Pilgrims During Hajj 2027

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ISLAMABAD, Aug 18 (APP):Prime Minister Shehbaz Sharif on Tuesday directed the ministry of religious affairs to ensure effective and comprehensive arrangements for Pakistani pilgrims and provide them with the best possible facilities during Hajj 2027. He was talking to Minister for Religious Affairs and Interfaith Harmony Sardar Muhammad Yousaf who called on him at the Prime Minister House. During the meeting, the federal minister apprised the prime minister of the progress made regarding arrangements and preparations for the upcoming Hajj. He also briefed him on the affairs of the Ministry of Religious Affairs and the steps being taken by the ministry. The prime minister instructed the relevant authorities to complete all necessary measures well in time to facilitate Pakistani pilgrims and ensure a smooth and comfortable Hajj experience.

PM Shehbaz Felicitates Google on Opening of Pakistan Office, Terms It Milestone in Digital Partnership
Pakistan, Tech

PM Shehbaz Felicitates Google on Opening of Pakistan Office, Terms It Milestone in Digital Partnership

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ISLAMABAD, Aug 18 (APP): Prime Minister Muhammad Shehbaz Sharif on Tuesday unveiled the foundation plaque of Google’s Pakistan office, and described it as a significant milestone in the country’s digital transformation journey. Prime Minister Welcomes Google Delegation Addressing the delegation here at the Prime Minister’s Office, PM Shehbaz Sharif said it was the delegation’s first visit to Pakistan, adding that he hoped it would be followed by many more in the times to come. He said Google was a household name not only in Pakistan but across the world, and that there existed great scope for building a wonderful partnership with the company to enhance bilateral engagement in multiple areas. Pakistan’s Digital Transformation and Youth Potential The prime minister termed it an interesting coincidence that the visit was taking place at a time when Pakistan was undergoing a major digital transformation across various areas of governance, and noted that the country’s youth bulge could be leveraged to turn around Pakistan’s economic fortunes. Google Highlights Long-Term Commitment to Pakistan Vice President of Google, Wilson L. White, said it was a profound honour to be on his first visit to Pakistan, calling it a great milestone achieved on the day. He said the occasion marked the culmination of a long-standing commitment, as Google had been investing in and committed to Pakistan for over a decade, and that the opening of its local office was a very special moment. Google Supports Pakistan’s IT Export Ambitions He said the prime minister’s ambition of making Pakistan a US$30-billion IT export hub was very much aligned with Google’s own goals. He informed the meeting that over the past ten years, Google had contributed to more than Rs 3.9 trillion of economic activity for local Pakistani businesses and households, supporting over 960,000 jobs, adding that this was just the beginning. Google Commits to Pakistan’s IT Export Goals The Google Vice President said the company was committing to Pakistan’s IT export goals in three major ways: by investing in Pakistani people, in manufacturing and infrastructure around export hardware, and in local businesses. He said Pakistan’s digital transformation was only possible through investment in its people, and that Google had already contributed to the upskilling of over one million Pakistanis through its career certificate programmes, in collaboration with schools and teachers, to prepare them for the digital transformation ahead. Free Google Gemini Subscriptions for Students He further announced that Google Gemini subscriptions would be made free for all students in Pakistan for one year, with a formal announcement to follow later in the week. Senior Officials Attend Foundation Plaque Unveiling The prime minister, along with the Google delegation, was flanked by United States Charge d’Affaires Natalie Baker and Federal Minister for Information Technology and Telecommunication, Shaza Fatima Khawaja during the unveiling of the foundation plaque of the Google Pakistan office. PM Felicitates Google Team and Pakistani Officials Prime Minister Shehbaz Sharif felicitated the Google team and Pakistani officials on the occasion, calling it a wonderful day for the partnership and a stepping stone towards a long journey of collaboration in a field he described as both attractive and the need of the hour. Government to Empower Youth Through Technology He said the government would empower Pakistan’s youth through modern tools, techniques and technology, and thanked Google Vice President Wilson for visiting Pakistan, expressing hope that the visit would translate into dozens of such visits every year. He remarked that the partnership would blossom like a beautiful flower.

PM Directs Skills Training for Youth, Women to Unlock New Job Opportunities
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PM Directs Skills Training for Youth, Women to Unlock New Job Opportunities

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ISLAMABAD, Aug 18 (APP): Prime Minister Shehbaz Sharif on Tuesday directed the relevant authorities to pay special attention to equipping young people, particularly women, with skills to ensure their participation in new employment opportunities. Focus on Employment Opportunities Across Pakistan Chairing a review meeting on implementation of the National Youth Employment Policy, the prime minister stressed the need to give special attention to providing employment opportunities to young people across the country, particularly in Balochistan and Khyber Pakhtunkhwa. Skills Development Aligned With Market Demand He said that institutional reforms had been introduced in National Vocational and Technical Training Center (NAVTTC) and Small and Medium Enterprises Development Authority (SMEDA) to align the country’s skilled workforce with business and industrial demand, both domestically and internationally. The prime minister said that a review meeting on progress regarding the implementation of the National Youth Employment Policy should be held every month. Government Prioritizes Dignified Employment for Youth “Providing dignified employment to the country’s skilled and talented youth is among the government’s top priorities,” the prime minister said adding that the launch of the country’s first National Youth Employment Policy by the government reflects our sincere efforts. He emphasized that inter-ministerial cooperation and a comprehensive strategy were essential for implementing initiatives under the policy. He also issued special directions to launch awareness campaign aimed at informing young people about the benefits available to them under the policy. International Certifications and Language Skills During the meeting, it was informed that the NAVTTC was taking special measures to provide workers with international certifications and proficiency in the languages required for employment abroad. It was further informed that young people were being trained according to market demand to facilitate employment opportunities overseas. Digital Youth Hub Connects Youth With Job Opportunities “Government initiatives have also enabled the Digital Youth Hub to provide young people across the country with information on domestic and international employment opportunities through a single platform.” The meeting was further told that all ministries and relevant institutions were working together through coordination and consultation to ensure effective implementation of the National Youth Employment Policy. Youth Development Cells to Provide Career Guidance Youth Development Cells are being established in educational institutions. These cells will provide young people with guidance and career counseling, while also informing them about employment and skills-development opportunities, the meeting was informed. Chairman of the Prime Minister’s Youth Programme, Rana Mashhood, also briefed the prime minister on the measures taken in accordance with his directives. Senior Officials Attend Review Meeting The meeting was attended by Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar; Minister for Planning and Development Ahsan Iqbal; Minister for Economic Affairs Ahad Khan Cheema; Minister for Information and Broadcasting Attaullah Tarar; Minister for Climate Change Musadik Malik; Minister for Information Technology Shaza Fatima Khawaja; Chairman of the Prime Minister’s Youth Programme Rana Mashhood; and other senior officials of relevant government institutions.

PM Approves Amendments to National Electricity Plan 2023-2027 and Integrated Energy Plan 2027-2060
Politics

PM Approves Amendments to National Electricity Plan 2023-2027 and Integrated Energy Plan 2027-2060

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ISLAMABAD, Aug 18 (APP):Prime Minister Muhammad Shehbaz Sharif on Tuesday approved a series of amendments to the National Electricity Plan 2023-2027 and a high-level design report for the Integrated Energy Plan 2027-2060. Cabinet Committee Directs Further Consultations The prime minister accorded his approval for the decisions as he chaired a meeting of the Cabinet Committee on Energy here at the Prime Minister’s House. While approving the amendments, the Cabinet Committee on Energy, chaired by Prime Minister Shehbaz Sharif, directed that further consultations be held with the Khyber Pakhtunkhwa government and the National Electric Power Regulatory Authority (NEPRA) before their implementation. Government Reaffirms Commitment to Energy Sector Reforms Prime Minister Shehbaz Sharif reiterated his government’s commitment to reforming the energy sector, ensuring sustainable and affordable power supply, and reducing the circular debt burden through structural and policy-level interventions. Amendments Cover Key Areas of Power Sector The Power Division presented the proposed amendments to the National Electricity Plan, which cover integrated energy planning, enhancement of power generation, supply of renewable energy to remote areas, cross-border electricity trade, expansion of the transmission network, tariff design, electricity conservation, system and marketing operations, risk identification, and administrative matters. Focus on Local Capacity and Digitization The amendments also address improving local capacity for fuels and technology, along with research, development and digitization in the power sector. Integrated Energy Plan 2027-2060 Approved The committee also approved the High Level Design Report for the Integrated Energy Plan 2027-2060, submitted by the Power Division. Officials briefed the meeting that the plan would incorporate stakeholders beyond the federal and provincial governments, with the objective of ensuring energy security and economic competitiveness in Pakistan’s power and energy sector. Strategy for Affordable and Low-Carbon Electricity Under the plan, a strategy will be devised to supply electricity to industrial and domestic consumers at reasonable rates, while promoting low-carbon energy and environment- and climate-friendly power generation sources. Circular Debt Position Reviewed Separately, the Power Division apprised the Cabinet Committee on Energy of the circular debt position in the power sector for the fiscal year 2025-2026, while the Petroleum Division presented a report on circular debt in the gas sector for the same period. Meeting Attended by Senior Officials The meeting was attended by federal ministers, senior officials of the Power and Petroleum Divisions, and other concerned authorities.

PM appoints Syed Ali Raza as Legal Adviser Public Affair Unit
Politics

PM appoints Syed Ali Raza as Legal Adviser Public Affair Unit

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Prime Minister Muhammad Shehbaz Sharif has appointed Syed Ali Raza as Legal Adviser to the Public Affairs Unit at the Prime Minister’s Office. According to a notification issued by the PM Office (Public) on August 18, the appointment takes effect immediately and will remain in place until further orders. Appointment Made on Honorary Basis Syed Ali Raza has been appointed on a pro-bono and honorary basis, meaning the position will be served without a regular remuneration arrangement. His appointment adds legal expertise to the Public Affairs Unit at the Prime Minister’s Office. Previous Experience in Punjab Raza previously served as Legal Adviser at the Chief Minister’s Office Punjab, giving him experience in providing legal advice within the provincial government structure. His previous government role is expected to complement his responsibilities in the Prime Minister’s Office. Education from Singapore and US Universities Syed Ali Raza is a graduate of the National University of Singapore and Stanford University. His academic background, along with his previous experience as a government legal adviser, forms part of his professional profile as he takes up the new assignment.

Bank Makramah Sponsor Commits Additional Rs10 Billion to Strengthen Capital Base
Business

Bank Makramah Sponsor Commits Additional Rs10 Billion to Strengthen Capital Base

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Bank Makramah Limited (BML) has announced a proposed additional equity investment of Rs10 billion from its Sponsor, H.E. Nasser Abdulla Hussain Lootah, reinforcing his continued support for the bank’s transformation and long-term growth. The bank’s Board of Directors has approved the proposal, which will be made as an advance against equity and remains subject to the required regulatory and corporate approvals. Sponsor’s Total Investment to Reach Rs51 Billion The proposed Rs10 billion injection will be funded entirely by H.E. Nasser Abdulla Hussain Lootah, with no new investors involved. Once completed, his aggregate equity investment and capital contribution in Bank Makramah will reach Rs51 billion. The latest commitment represents another major step in the Sponsor’s continued efforts to strengthen the bank’s financial position. Continued Support for Bank’s Turnaround The additional investment reflects the Sponsor’s confidence in BML’s management, turnaround strategy and long-term potential. The bank said the stronger capital foundation will allow management to remain focused on accelerating its transformation, strengthening operations and pursuing sustainable growth. The latest commitment also reinforces the Sponsor’s role in the bank’s ongoing recapitalisation and financial strengthening. Investment Journey Began in 2023 H.E. Nasser Abdulla Hussain Lootah’s involvement with the bank began with an initial Rs10 billion capital injection, which supported the acquisition of a majority stake in April 2023. This was followed by another Rs5 billion investment, currently held as an advance against equity. A subsequent merger with Global Haly Development Limited contributed Rs26.467 billion to the bank’s capital base, along with the integration of the Creekside Property. The proposed Rs10 billion investment would further increase the Sponsor’s aggregate contribution to Rs51 billion. Bank Makramah Targets Sustainable Growth The fresh capital commitment comes as Bank Makramah continues its transformation as an Islamic banking institution. The additional financial support is expected to provide greater strength to the bank as it works to develop its business, reinforce its financial position and pursue sustainable long-term growth. The Sponsor’s increasing investment also signals continued confidence in the bank’s future and its ability to build on its ongoing turnaround journey.

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