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Budget 2026-27: Proposed GST Hike Could Increase HEV Car Prices by Over Rs1 Million
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Budget 2026-27: Proposed GST Hike Could Increase HEV Car Prices by Over Rs1 Million

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Hybrid electric vehicle (HEV) buyers may face significantly higher costs if the federal government approves a proposal to increase the General Sales Tax (GST) on hybrid vehicles to 18 percent in Budget 2026-27. The proposed measure is part of broader discussions on rationalizing tax concessions for hybrid and electric vehicles. Industry reports suggest that changes to the current tax regime could lead to sharp increases in vehicle prices across several popular HEV models. Popular Hybrid Models Could Become More Expensive According to projected estimates circulating within the auto industry, some of Pakistan’s most popular hybrid vehicles could witness price hikes ranging from more than Rs400,000 to over Rs1 million if the proposed GST rate comes into effect. The biggest increase is expected for the GWM Haval H6 HEV. Its current price of Rs11.749 million could rise by approximately Rs1.029 million, taking the vehicle’s expected new price to Rs12.778 million. Similarly, the GWM Tank 500 HEV could become costlier by around Rs1.002 million. Its projected price would increase from Rs20.5 million to Rs21.502 million. Toyota Corolla Cross Also Expected to See Price Jump Toyota’s hybrid crossover lineup is also likely to be affected. The Corolla Cross 1.8 HEV, currently priced at Rs8.535 million, could increase by around Rs417,000, bringing its expected price to Rs8.952 million. Meanwhile, the Corolla Cross 1.8 HEV X could witness a rise of approximately Rs437,000, pushing its projected price to Rs9.372 million. Honda, MG and Jaecoo Models on the List Honda’s HR-V e:HEV may also become more expensive under the proposed tax structure. The hybrid crossover’s price could increase by about Rs788,000, taking it from Rs8.999 million to Rs9.787 million. MG’s HS Hybrid+ is expected to see an increase of roughly Rs832,000. If approved, the vehicle’s price could rise from Rs9.499 million to Rs10.331 million. Meanwhile, Jaecoo’s J5 Comfort and J5 Premium models could also face substantial increases. The J5 Comfort may rise from Rs6.699 million to Rs7.286 million, while the J5 Premium could increase from Rs7.699 million to Rs8.373 million. Auto Industry Awaits Budget Announcement The auto sector is closely watching the upcoming federal budget as uncertainty surrounds tax incentives for hybrid and electric vehicles. Recent industry discussions have highlighted concerns that reducing tax concessions could slow the adoption of cleaner vehicles in Pakistan. While the projected prices have generated concern among prospective buyers, the proposed GST increase has not yet been approved. The final decision will be announced when the government unveils the Federal Budget 2026-27. Until then, consumers and automakers remain on alert, as any change in the tax structure could significantly affect the cost of hybrid vehicles across Pakistan.

PTC Demands 10-Year Fixed Financing, FTR Restoration in Budget 2026-27
Pakistan

PTC Demands 10-Year Fixed Financing, FTR Restoration in Budget 2026-27

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Pakistan Textile Council (PTC) Chairman Fawad Anwar has called on the government to introduce three major reforms in Budget 2026-27. He wants 10-year fixed-rate financing for industry, restoration of the Final Tax Regime (FTR), and abolition of advance taxes on exporters. Anwar says these steps are critical to reviving investment and boosting Pakistan’s export competitiveness. Export Sector Faces Mounting Pressures The export sector faces serious challenges. High financing costs, elevated energy tariffs, liquidity constraints, and a complex tax regime are discouraging fresh investment. Together, they are limiting export growth. Fixed-Rate Financing to Unlock Industrial Expansion Anwar stresses that industrial projects need long-term financial planning. Unpredictable borrowing costs hurt investor confidence. He calls for a dedicated financing facility with a fixed markup rate for up to 10 years. This would support expansion, technology upgradation, and new export-oriented manufacturing units. Advance Taxes Hurt Exporters’ Cash Flows Multiple advance tax deductions are squeezing exporter liquidity. PTC wants these removed entirely. Anwar argues that eliminating advance taxes will lower the cost of doing business and free up capital for production. FTR Restoration Will Simplify Taxation Restoring the Final Tax Regime will simplify Pakistan’s tax structure for exporters. It will also improve documentation and let businesses focus on growing production and exports rather than managing tax compliance. Pakistan Can Capture Global Supply Chain Shift PTC says Pakistan holds significant untapped export potential. Global supply chains are currently reconfiguring, creating a major opportunity. However, the country needs policy reforms to reduce business costs and create a stable investment environment to capture this opportunity. Budget 2026-27 a Chance for Export-Led Growth Anwar calls the upcoming budget a defining moment. “The right budgetary decisions can unlock new investment, increase production capacity and place the economy on a stronger growth trajectory,” he said. PTC hopes Budget 2026-27 will deliver practical, growth-oriented reforms. The Council wants Pakistan to emerge as a competitive global manufacturing and export hub.

Budget 2026-27: Lasbela Chamber Demands Industrial Revival Through Major Tax and Energy Reforms
Pakistan

Budget 2026-27: Lasbela Chamber Demands Industrial Revival Through Major Tax and Energy Reforms

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Budget 2026-27 is emerging as a defining moment for Pakistan’s economy, with business leaders warning that the country could lose investment opportunities unless policymakers take bold steps to reduce business costs and improve competitiveness. The Lasbela Chamber of Commerce and Industry (LCCI) has presented a comprehensive set of recommendations to the federal government, calling for sweeping reforms in taxation, energy, trade, investment, and industrial development. The chamber believes that Pakistan’s economic recovery depends on creating a stable and predictable business environment that encourages investment, boosts exports, and generates employment. Budget 2026-27 Must Restore Investor Confidence The business community argues that policy uncertainty has become one of the biggest obstacles to economic growth. According to LCCI, investors need long-term visibility before committing capital to large-scale projects. The chamber has urged the government to introduce a multi-year macroeconomic stabilization framework that includes clear targets for controlling inflation and reducing fiscal deficits. It also called for a transparent foreign exchange policy to eliminate uncertainty and strengthen investor confidence. Business leaders believe that consistency in economic policies will send a strong signal to both local and international investors that Pakistan is serious about long-term industrial growth. Tax Reforms Take Center Stage in Budget 2026-27 Taxation remains one of the most pressing concerns for Pakistan’s industrial sector. LCCI has called for an immediate end to ad hoc tax measures that create uncertainty for businesses. The chamber is advocating a gradual reduction in corporate tax rates to bring Pakistan closer to regional competitors that offer more attractive tax environments. In addition, it has proposed simplifying the tax system, reducing withholding taxes, and introducing time-bound dispute resolution mechanisms. These measures, according to the chamber, would reduce compliance costs and encourage businesses to expand operations. Industry stakeholders argue that a more predictable tax regime would help attract new investment while allowing existing industries to focus on growth rather than regulatory challenges. High Energy Costs Threaten Industrial Growth One of the strongest warnings from the chamber relates to Pakistan’s rising energy costs. Manufacturers have repeatedly stated that expensive electricity and energy tariffs are eroding their competitiveness in international markets. To address the issue, LCCI has proposed long-term competitive power purchase arrangements and targeted subsidies for vulnerable industrial units. The chamber also emphasized the need to accelerate renewable energy adoption, which could help lower electricity costs over time and reduce dependence on traditional energy sources. Business leaders believe that without affordable energy, Pakistan risks losing industrial investment to neighboring economies that offer lower production costs. Export and Investment Incentives Could Drive Recovery LCCI has urged the government to make exports a central pillar of Budget 2026-27. The chamber is seeking targeted incentives for export-oriented industries, pharmaceuticals, agro-processing, high-value manufacturing, and mineral value-addition sectors. It has also recommended fast-track one-window approval systems for major investment projects to reduce bureaucratic delays. To strengthen export performance, the chamber wants faster duty drawback payments, quicker tax refunds, and the modernization of ports and customs operations through digital systems and round-the-clock services. According to industry experts, these measures could significantly improve Pakistan’s ability to compete in global markets. SMEs Need Easier Access to Finance Small and medium enterprises continue to face financing challenges despite their critical role in economic activity. LCCI has proposed credit guarantee schemes, expanded refinance facilities for exporters, and greater access to SME and green financing programs. The chamber also called for dedicated funding for SME incubators, industrial clusters, and special industrial zones. Business leaders say easier financing would help companies invest in expansion, create jobs, and adopt modern technologies. Technology and Skills Development Seen as Future Growth Drivers The chamber’s recommendations go beyond traditional fiscal measures. LCCI has called for tax credits for employee training programs, stronger collaboration between industry and academia, and incentives for automation and digital transformation. It also emphasized the importance of expanding broadband infrastructure and supporting environmentally sustainable business initiatives. These measures are aimed at helping Pakistan’s industries become more productive, technologically advanced, and globally competitive. Budget 2026-27 Could Shape Pakistan’s Industrial Future As preparations for Budget 2026-27 enter their final stages, the message from Pakistan’s business community is clear: industrial growth requires bold reforms, not temporary fixes. The Lasbela Chamber believes that lower taxes, affordable energy, stronger export support, and investor-friendly policies are essential for restoring confidence in the economy. With businesses seeking stability and competitiveness, the upcoming budget may prove to be one of the most important economic policy decisions in recent years. If policymakers adopt these recommendations, Pakistan could position itself as a more attractive destination for investment, manufacturing, and export-led growth in the years ahead.

KSE-100 Index Faces Heavy Pressure as Geopolitical Tensions Shake Investor Confidence
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KSE-100 Index Faces Heavy Pressure as Geopolitical Tensions Shake Investor Confidence

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The KSE-100 Index opened the week on a bearish note, reflecting growing unease in Pakistan’s equity market. The benchmark index closed at 168,953.70 points, losing 1,525.24 points or 0.89 percent in a single session. The decline was driven by escalating geopolitical tensions in the Middle East, which triggered risk aversion across banking, energy, and fertilizer sectors. Market sentiment weakened sharply as investors reacted to rising uncertainty in global oil markets and fears of prolonged regional instability. KSE-100 Index Under Intense Volatility Pressure The KSE-100 Index traded within a wide range of 928.09 points, highlighting intraday volatility. The index touched a high of 169,360.54 before sliding to a low of 168,432.45, reflecting aggressive selling pressure throughout the session. Trading activity remained active but tilted heavily toward the downside. Total volume in the index stood at 137.85 million shares, but sentiment was overwhelmingly negative, with 84 companies declining, 15 advancing, and 1 remaining unchanged among the index constituents. This imbalance underscores the broad-based nature of the selloff rather than isolated sector weakness. Heavyweight Stocks Drag the KSE-100 Index Lower The decline in the KSE-100 Index was largely driven by major blue-chip stocks, particularly from banking and energy sectors. Key index drags included: • UBL, reducing the index by 147.38 points• ENGROH, contributing a negative 108.11 points• HBL, down 107.07 points• FFC, also down 107.07 points• PPL, losing 91.51 points These heavyweights alone accounted for a significant portion of the overall decline, showing how concentrated pressure in large-cap stocks can rapidly influence index direction. On the positive side, selective stocks helped cushion losses, including: • PSEL, adding 87.20 points• JVDC, contributing 65.37 points• PSX, adding 28.58 points• LOTCHEM, contributing 10.72 points• TPLRF1, adding 9.17 points Despite these gains, they were insufficient to offset broad market weakness. Sector-Wise Breakdown of KSE-100 Index Weakness A deeper look into sector performance reveals widespread selling pressure across the KSE-100 Index. The most negative contributions came from: • Commercial Banks: minus 535.84 points• Cement: minus 213.44 points• Oil and Gas Exploration: minus 166.62 points• Fertilizer: minus 159.99 points• Technology and Communication: minus 110.57 points This shows that investor risk-off behavior was not limited to one sector but spread across core economic pillars of the market. However, some sectors provided limited support: • Miscellaneous sector added 84.36 points• Property sector contributed 65.37 points• Real Estate Investment Trusts added 9.95 points• Chemical sector contributed 5.33 points• Glass and Ceramics added 4.32 points Even so, these gains were not strong enough to counterbalance heavy losses in large-cap sectors. Broader Market Mirrors KSE-100 Index Decline The broader market followed the same trajectory as the KSE-100 Index, reinforcing overall bearish sentiment. • All-Share Index closed at 101,912.99, down 972.54 points or 0.95 percent• Total market volume reached 657.97 million shares• Market value stood at Rs 22.59 billion• Total trades recorded: 385,694 across 494 companies• Advancers: 116• Decliners: 336• Unchanged: 42 The data highlights widespread selling pressure across mid-cap and small-cap stocks as well, indicating a systemic market reaction rather than isolated sector rotation. Geopolitical Shock Triggers Global Risk-Off Sentiment The downturn in the KSE-100 Index was strongly influenced by rising geopolitical tensions in the Middle East. Renewed military exchanges between Israel and Iran pushed international oil prices higher, raising concerns over supply disruptions and prolonged regional instability. Higher crude oil prices added inflationary pressure to global markets, forcing investors to adopt a cautious stance. Pakistan’s energy-sensitive market responded with immediate selling pressure in banking, fertilizer, and oil-related stocks. Investors reduced exposure to risk assets as uncertainty increased around global growth and commodity price volatility. Market Snapshot: High-Volume Stocks Several stocks recorded heavy trading activity despite the bearish trend: • TPLP: 60.58 million shares, up 10.18 percent• TPL: 43.79 million shares, up 6.72 percent• PACE: 26.33 million shares, down 0.77 percent• WAVESAPP: 24.32 million shares, up 1.23 percent• THCCL: 22.71 million shares, up 4.84 percent• BECO: 21.04 million shares, down 4.12 percent• WTL: 20.81 million shares, down 0.78 percent• PAKQATAR: 20.71 million shares, up 2.18 percent• DSIL: 20.30 million shares, up 10.01 percent• PQGTL: 19.80 million shares, up 10.00 percent Long-Term Performance Still Positive Despite Short-Term Weakness Despite recent pressure, the KSE-100 Index remains up 43,326 points or 34.49 percent for the fiscal year. However, it is down 5,101 points or 2.93 percent year-to-date, reflecting short-term volatility amid global uncertainty.

DIB Pakistan’s New Brand Identity, Signals the Next Phase of Purpose-Driven Growth
Breaking News, Business

DIB Pakistan’s New Brand Identity, Signals the Next Phase of Purpose-Driven Growth

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Karachi, June 8, 2026: DIB Pakistan unveiled its new global brand identity across many branch locations nationwide, marking two decades of service in Pakistan, embracing a bold, purpose-driven new chapter. The transformation reflects the Bank’s commitment to carrying forward the legacy of DIB (UAE), which has pioneered Islamic banking for over 50 years, while reinforcing its vision for the future as the most progressive Islamic financial institution in the world. The new logo combines a distinctive DIB wordmark with the “Globus” symbol, bringing to life a modern vision of global Islamic banking. At its heart is a vibrant three-dimensional globe encircled by a radiant Islamic arabesque pattern, symbolizing the Bank’s rich Islamic heritage and global outlook. The green and gold elements reflect enduring values and tradition, while the bold burgundy core represents DIB’s passion for delivering innovative products and solutions that create lasting value for its customers. Muhammad Ali Gulfaraz, Chief Executive Officer, DIB Pakistan, expressed his enthusiasm for the rebranding, stating, “The rebranding is anchored in our belief that Progress Never Stops. It is a purposeful expression of growth, resilience, and forward momentum, reflecting the broader significance of DIB Pakistan’s renewed strategic direction. This transformation reinforces our commitment to strengthening and expanding our presence across the country. Through continued investment in technology and innovation, we aim to advance financial inclusion and contribute to the prosperity of the communities we serve.” Complementing the new branding, now visible at Jinnah International Airport, and many branch locations nationwide, the Bank has also redesigned the mobile banking app and has gone live delivering seamless digital experiences at customers’ fingertips. Guided by its enduring commitment to ethical banking, customer-centricity, and sustainable progress, DIB, as a leading bank from UAE, steps into its next chapter as an ethical, trust-led, digitally empowered institution, with conviction that it will always aim to provide innovative banking solutions for its valuable customers.

Chinese Research Center, Pakistani Food Processor Sign MoU to Develop Industrial Tomato Varieties in Pakistan
Pakistan

Chinese Research Center, Pakistani Food Processor Sign MoU to Develop Industrial Tomato Varieties in Pakistan

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Karachi 08 June 2026: The Beijing Jingwa Agricultural Science and Technology Innovation Center (Jingwa Center) and Pakistan’s Iftekhar Ahmed Food & Beverages Pvt. Ltd. have signed a Memorandum of Understanding (MoU) to develop and introduce high-quality tomato varieties tailored for industrial processing in Pakistan. The agreement was signed during the Pakistan-China Information Technology, Telecom, Battery Energy Storage System, and Agriculture B2B Investment Conference held in Hangzhou as part of Prime Minister Shehbaz Sharif’s official visit to China. The MoU was signed by Waheed Ahmed, Director Marketing of Iftekhar Ahmed Food & Beverages Pvt. Ltd., and Zhao Guodong, Director Business Development of the Jingwa Center. Under the agreement, the Chinese research institution will provide new tomato varieties specifically selected for industrial use, featuring high Brix levels, strong solids content, and superior pulp yield, making them suitable for the production of high-quality tomato paste and puree. The collaboration will begin with a research and development phase in Sindh, where six to seven candidate tomato varieties will undergo comprehensive field and greenhouse trials. Chinese and Pakistani experts will jointly evaluate the varieties for adaptability to local climatic conditions, soil characteristics, cultivation practices, and disease pressures. In addition to supplying seed varieties, the Jingwa Center will transfer advanced agricultural technologies, modern cultivation techniques, and technical expertise aimed at improving tomato productivity and quality. The partnership also seeks to promote year-round tomato production through controlled environment agriculture, helping ensure stable yields and consistent quality. Following successful trials and adaptation, the most suitable varieties will be introduced for commercial cultivation and industrial processing in Pakistan, with continued technical support from the Chinese side. Commenting on the agreement, Waheed Ahmed, Director Marketing of Iftekhar Ahmed Food & Beverages Pvt. Ltd., said the collaboration with the Chinese research institution would play an important role in promoting research and development in Pakistan’s agriculture sector. He said the development and local cultivation of suitable industrial tomato varieties would help save foreign exchange currently spent on importing tomato paste, which amounts to approximately $1 million annually. In addition, the initiative is expected to boost Pakistan’s exports of value-added agricultural products. Waheed Ahmed further stated that the partnership could attract investments of up to $7 million in the local production of industrial tomato varieties. He added that the final selected seed variety would be registered in Pakistan and made available to farmers on a large scale, paving the way for wider adoption and significantly increasing tomato production in the country. Representatives of both organizations described the agreement as an important step toward strengthening agricultural cooperation between Pakistan and China and modernizing Pakistan’s tomato value chain. The partnership is expected to support Pakistan’s import substitution efforts, reduce dependence on imported tomato paste, enhance local processing capacity, and contribute to food security through the development of a sustainable and climate-resilient tomato production system in Sindh. Iftekhar Ahmed Food & Beverages Pvt. Ltd., operating under the 60-year legacy of Iftekhar Ahmed & Co. (IAC), is among Pakistan’s leading fruit and vegetable processing and export companies. The company exports products to more than 30 countries and operates Pakistan’s largest aseptic processing facility for fruit pulps, concentrates, and tomato paste, along with a 35,000-metric-ton cold storage network in Karachi and Sargodha.

Dollar Surges to Two-Month High on Strong US Jobs Data
Business

Dollar Surges to Two-Month High on Strong US Jobs Data

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The US dollar climbed to a two-month peak after robust American employment figures strengthened expectations of Federal Reserve interest rate hikes later this year. This surge is pressuring global currencies amid ongoing geopolitical tensions. Fed Rate Hike Bets Intensify Stronger-than-expected US nonfarm payrolls data showed 172,000 new jobs added last month. This has raised the probability of at least two 25-basis-point rate hikes by the Fed in 2026. Global Currency Pressures The euro dropped to a two-month low against the dollar, while the British pound also weakened. Commodity currencies like the Australian and New Zealand dollars hit fresh lows. Traders now see over 70% chance of a December Fed rate increase, up sharply from recent weeks. Persistent energy price shocks linked to Middle East conflicts are fueling inflation concerns.c8525bThe yen traded near 160.34 per dollar, hovering close to intervention territory. Japan’s recent currency support efforts have been largely erased by renewed dollar strength. Analysts note the resilient US labor market despite energy challenges. This combination makes monetary tightening more likely according to economists at Capital Economics. Bank of Japan officials are expected to consider rate hikes this month. However, escalation in regional conflicts could alter their plans. Cryptocurrency markets showed mixed reactions with Bitcoin rebounding modestly. Ether posted stronger gains amid broader market volatility. For emerging markets including Pakistan, a stronger dollar could increase import costs and pressure local currencies further. It may also complicate external debt servicing. Investors remain cautious as technology stocks faced selling pressure across Asia. Broader risk sentiment stayed subdued despite some crypto recovery.

Gold Prices Fall Over Rs3,000 Per Tola in Pakistan Amid Global Market Decline
Business

Gold Prices Fall Over Rs3,000 Per Tola in Pakistan Amid Global Market Decline

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Gold prices recorded a sharp decline in Pakistan on Monday, June 8, 2026, following a downturn in international bullion markets despite continued geopolitical tensions in the Middle East. According to rates issued by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat gold per tola dropped by Rs3,094. The new price stood at Rs452,233 per tola, compared to Rs455,327 in the previous trading session. Gold Rates Decline Across All Major Categories The price of 10 grams of 24-karat gold also registered a significant decrease. It fell by Rs2,785 to Rs386,987, down from Rs389,772 a day earlier. The decline reflects the broader trend seen in international precious metal markets, where investors adjusted positions amid changing market conditions. International Gold Market Sees Losses In the global market, gold prices dropped by $30 per ounce. The international rate declined to $4,297 per ounce from $4,328.92 recorded during the previous session. Market observers said the decline came despite growing uncertainty in the Middle East and rising oil prices linked to renewed tensions between Iran and Israel. Silver Prices Also Move Lower Silver prices followed gold’s downward trend in the local market. The price of silver per tola fell by Rs94 to Rs7,173. During the previous trading session, silver was selling at Rs7,267 per tola. The decline reflects broader weakness across precious metals as investors reassessed market risks and opportunities. Middle East Tensions Remain in Focus Meanwhile, reports of explosions in Tehran, Tabriz, and Isfahan early Monday renewed concerns about stability in the region. The developments reduced hopes for a quick easing of tensions and raised fresh questions about energy supplies moving through the Strait of Hormuz. Oil markets remained sensitive to the situation, with traders closely monitoring developments between Iran and Israel. Analysts Cite Changing Investor Sentiment Market analysts attributed the decline in gold prices to shifting investor sentiment and fluctuating demand for safe-haven assets. They said traders continue to balance geopolitical risks against expectations surrounding global economic conditions and financial markets. Investors are also closely watching diplomatic efforts involving the United States and Iran, along with broader developments across the Middle East. Long-Term Outlook Remains Positive Despite recent volatility, analysts remain optimistic about gold’s long-term prospects. They believe the precious metal will continue to attract investors seeking protection against inflation, currency depreciation, and geopolitical uncertainty. While short-term price movements may remain unpredictable, gold continues to be viewed as one of the world’s most reliable safe-haven assets during periods of economic and political instability.

Sindh Government Executing Over Rs 2 Trillion Worth of Projects in Karachi, Nasir Hussain Shah
Pakistan

Sindh Government Executing Over Rs 2 Trillion Worth of Projects in Karachi, Nasir Hussain Shah

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Karachi: Sindh Minister for Local Government, Housing and Town Planning Syed Nasir Hussain Shah has said that development projects worth more than Rs 2 trillion are currently underway in Karachi, with many nearing completion while others are at the initial stages. He noted that the Frontier Works Organization (FWO) is assisting in the execution of several projects, while development work is in progress on nearly 140 roads across the city. Speaking at a meeting with industrialists at the Korangi Association of Trade and Industry (KATI), Shah said that Sindh Chief Minister Syed Murad Ali Shah had allocated Rs9 billion in development funds for Karachi’s business community, including Rs2 billion specifically for the Korangi Industrial Area. The event was attended by KATI President Muhammad Ikram Rajput, Deputy Patron-in-Chief Zubair Chhaya, Standing Committee Chairman Masood Naqi, Senior Vice President Zahid Hameed, Vice President Muhammad Talha Ali, KITE Limited CEO Saleem uz Zaman, former chairmen and presidents including Junaid Naqi, Johar Qandhari, Danish Khan, Sheikh Umer Rehan and Ehteshamuddin, CPLC Chief Zubair Habib, Secretary Local Government Dr Waseem Shamshad Ali, KDA Director General Asif Jan Siddiqui, SBCA Additional Director Sindh Region Shakeel Ahmed, Karachi Water and Sewerage Corporation COO Asadullah Khan, MD Sindh Solid Waste Management Board Tariq Nizamani, Kanwar Qutubuddin senior government officials and a large number of industrialists and KATI members. Nasir Hussain Shah said that water supply to KATI would be improved on a priority basis. He noted that Karachi receives water from a source located nearly 200 km away, making supply management a significant challenge. He added that the Sindh government is acting on KATI’s proposals regarding Pumping Station-II (PS-2) for the Korangi Industrial Area. He also stated that a Garbage Transfer Station (GTS) is being developed on the causeway in line with international standards and includes Pakistan’s first mechanised landfill facility. The Sindh government, he said, is working with international organisations to mitigate the effects of climate change through various initiatives. Discussing the Yellow Line Bus Rapid Transit project, Shah revealed that Chief Minister Murad Ali Shah and Sindh Transport Minister Sharjeel Inam Memon had proposed increasing the number of buses and improving urban infrastructure through the allocated project funds instead of constructing a dedicated corridor that could worsen traffic congestion. He acknowledged that the Sindh government has reservations regarding the current design of the Yellow Line project. The minister further announced that a committee comprising officials from the Sindh Building Control Authority (SBCA) and the Karachi Development Authority (KDA) had been formed to resolve issues relating to Mehran Town. The committee, in consultation with KATI, will prepare recommendations for granting industrial status to the area. Highlighting Karachi’s economic importance, Shah described the city as the “economic lifeline” of Pakistan. He said that despite perceptions that provinces gained extensive authority after the 18th Constitutional Amendment and the NFC Award, Karachi and Sindh received only limited allocations under the Public Sector Development Programme (PSDP) between 2013 and 2018, and only 3 to 4 percent promised projects only 1 to 2 percent were executed. He alleged that the federal government largely neglected Sindh, particularly Karachi, during this period. He added that while some projects were approved during the Pakistan Democratic Movement (PDM) government in 2022, Sindh was simultaneously hit by two major natural disasters that damaged nearly 70 percent of the province’s infrastructure, forcing the provincial government to redirect resources towards reconstruction and development. Shah also expressed confidence that the Pakistan Peoples Party (PPP), which received increased public support in the last general elections, would achieve a sweeping victory in Sindh in the 2029 elections. Earlier, KATI President Muhammad Ikram Rajput praised the Sindh government, particularly the Local Government and Urban Development Department, for completing Shahrah-e-Bhutto and several other development projects in Korangi. He said these initiatives represent a major step forward in improving Karachi’s infrastructure, urban development and economic activity. Rajput said that major infrastructure projects such as Shahrah-e-Bhutto would help reduce traffic congestion, improve connectivity and create new opportunities for industrial areas, businesses and residents. He identified water scarcity as one of the most pressing challenges facing industries in Korangi. Due to insufficient water supply from the Karachi Water and Sewerage Corporation, industrial units are forced to rely on costly water tankers, significantly increasing production costs and undermining the competitiveness and sustainability of local industries. He urged the authorities to ensure a reliable and uninterrupted water supply to industrial areas on a priority basis in order to support investment, industrial growth and exports. Rajput also welcomed the Sindh government’s decision to allocate Rs2.1 billion for development projects in the Korangi Industrial Area, describing it as a positive initiative. However, he noted that the area’s infrastructure challenges are so extensive that additional funding will still be required. Deputy Patron-in-Chief Zubair Chhaya said that Rs 600 million from the provincial grant would be spent on resolving sewage and drainage issues in the Korangi Industrial Area. He called on the Sindh government to support the long-term maintenance of the infrastructure. Chhaya also raised concerns over the construction of a modern dumping site near the Korangi Causeway and Shahrah-e-Bhutto, warning that it could create environmental and operational problems for the area. He suggested identifying an alternative location and also called for improved planning of connectivity between the Malir Expressway and Karachi Airport. He further proposed constructing a flyover in Shah Faisal Colony instead of Azeempura. Standing Committee Chairman Masood Naqi urged the government to grant industrial status to Mehran Town, noting that legal obstacles had previously prevented progress but that the courts had now delivered a verdict, paving the way for action. He said granting industrial status to the area would also generate significant additional revenue for the Sindh government. Naqi reiterated KATI’s concerns regarding the Yellow Line project, arguing that the current design could severely affect infrastructure in the industrial zone and disrupt industrial operations. He called on the Sindh government to revise the project’s design in consultation with stakeholders.

aik by BankIslami Named Best Shariah Compliant Digital Financial Solution at Pakistan Digital Awards 2026
Pakistan

aik by BankIslami Named Best Shariah Compliant Digital Financial Solution at Pakistan Digital Awards 2026

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Karachi, June 06, 2026 – aik by BankIslami has been awarded the Best Shariah Compliant Digital Financial Solution at the Pakistan Digital Awards 2026. The award recognizes aik’s role in delivering a seamless, fully Shariah-compliant digital banking experience to an ever-growing base of Islamic banking users across Pakistan. Read More: https://theboardroompk.com/sbp-go-cashless-campaign-records-pkr-34-billion-digital-transactions-during-eid-ul-azha-2026/ In 2025, aik was launched with a mission to bring Riba-free, Shariah-compliant banking within reach of every Pakistani. Equipped with technology-driven and digital-first features, aik makes Islamic banking easy and seamless for users across Pakistan. Ashfaque Ahmed, Chief Officer of aik, commented on the achievement: “This recognition reflects the trust our users have placed in us and the dedication of the team behind aik. We built this platform on the belief that digital finance does not have to come at the cost of one’s values. We remain committed to continuing our journey of innovation and expanding access to Riba-free banking.” The recognition reinforces the shared mission of aik and BankIslami to expand access to Shariah-compliant digital banking in Pakistan. As aik continues to grow and expand its footprint, this recognition celebrates the ground covered while keeping sight of the road ahead.

The Boardroom PK delivers trusted business news, analysis, and insights from Pakistan and beyond, keeping readers informed, inspired, and ahead in the evolving world of business and leadership.

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