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

Samba Bank Acquisition Faces 90 Day Delay as Najd Gateway Extends Offer Deadline
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Samba Bank Acquisition Faces 90 Day Delay as Najd Gateway Extends Offer Deadline

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The proposed Samba Bank acquisition by Najd Gateway Holding Company has hit another delay, raising fresh questions about the timing and final structure of the deal. The acquirer has secured a 90 day extension to make its Public Announcement of Offer, pushing the deadline from August 19 to November 17, 2026. The development was disclosed by Arif Habib Limited, the Manager to the Offer, through a notice submitted to the Securities and Exchange Commission of Pakistan and the Pakistan Stock Exchange. Najd Gateway is seeking to acquire 84.51 percent of Samba Bank Limited and take control of the bank. The proposed transaction involves 852.04 million ordinary shares, representing 84.51 percent of the bank’s issued and paid up capital. The latest extension indicates that negotiations between the parties have not yet reached the stage required for the formal Public Announcement of Offer. Why the Samba Bank Acquisition Is Being Delayed The proposed Samba Bank acquisition dates back to a Public Announcement of Intention published on February 20, 2026, followed by an addendum issued on March 5. Under Regulation 7(1) of the Listed Companies Substantial Acquisition of Voting Shares and Takeovers Regulations, 2017, the Public Announcement of Offer was required within a prescribed 180 day period. That period was due to expire on August 19, 2026. However, ongoing negotiations prevented the acquirer from completing the announcement within the original timeframe. Najd Gateway has now exercised the option to extend the deadline by another 90 days, making November 17, 2026 the new deadline for the Public Announcement of Offer. 84.51 Percent Stake Makes Samba Bank Acquisition Significant The scale of the proposed transaction makes the Samba Bank acquisition more than a routine shareholding change. Acquiring 84.51 percent of a bank effectively provides the buyer with controlling influence over its strategic direction, management and future expansion. For existing shareholders, however, the prolonged negotiation period creates uncertainty. Investors now face another three months before the transaction moves to a potentially more definitive stage. The critical issue is that an extension does not guarantee completion of the acquisition. It only provides additional time for negotiations and regulatory and transaction-related processes. Delay Raises Questions for Samba Bank Investors The latest development deserves closer scrutiny because the transaction has already progressed through the announcement of intention and its subsequent addendum, yet the formal offer remains pending. That raises an important question for the market: what issues are keeping negotiations open for so long? Neither the notice nor the information provided explains the specific matters still being negotiated. This lack of detail leaves investors with limited visibility into whether the delay relates to valuation, transaction conditions, regulatory requirements, financing arrangements or other commercial considerations. For shareholders, greater transparency around the reasons behind the extended negotiations would help reduce uncertainty. What Happens Next The immediate deadline for the Samba Bank acquisition is now November 17, 2026. Until then, investors will be watching for further disclosures regarding the terms of the proposed offer and whether the parties successfully conclude their negotiations. If the Public Announcement of Offer is made within the extended period, the transaction could move into a more concrete phase. If negotiations face further obstacles, however, another delay could intensify concerns about the certainty and timeline of the proposed takeover. The coming three months will therefore be crucial for Samba Bank, Najd Gateway and shareholders waiting for clarity on one of the bank’s most consequential ownership developments.

Ghandhara Industries Partners With UD Trucks to Bring CBU Trucks to Pakistan in 2027
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Ghandhara Industries Partners With UD Trucks to Bring CBU Trucks to Pakistan in 2027

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Ghandhara Industries Limited has entered into a strategic partnership with Japan-based UD Trucks Corporation to market and distribute completely built-up (CBU) trucks in Pakistan, expanding the company’s commercial vehicle portfolio. The agreement is expected to strengthen Ghandhara Industries’ presence in Pakistan’s truck market while introducing another international brand to the local commercial vehicle sector. Partnership Agreement Formalised Ghandhara Industries formally signed a collaboration agreement with UD Trucks covering the import, marketing and distribution of UD Trucks vehicles in Pakistan. The company disclosed the development to the Pakistan Stock Exchange in compliance with applicable PSX and Securities Act requirements. Under the agreement, Ghandhara will be responsible for marketing and distributing the imported UD Trucks units in the country. UD Trucks Distribution to Begin in 2027 Ghandhara Industries plans to start importing and distributing UD Trucks in Pakistan during the first quarter of 2027. The company described the partnership as an important step towards expanding its product portfolio and strengthening its future growth prospects. The move will allow Ghandhara to offer commercial vehicles beyond its established Isuzu range through the CBU import route. Ghandhara Expands Its Commercial Vehicle Portfolio Established in 1963, Ghandhara Industries has traditionally focused on the assembly, progressive manufacturing and sale of Isuzu trucks, buses and pick-ups. The company’s manufacturing facility is located in Karachi’s SITE area, while its Isuzu business is supported by a nationwide dealer network. The addition of UD Trucks is expected to broaden the company’s product offering and provide fleet operators and transport businesses with additional commercial vehicle options. Japanese Truck Manufacturer Has Global Presence UD Trucks Corporation is a Japanese commercial vehicle manufacturer with operations spanning more than 60 countries. Its product portfolio includes diesel trucks, buses, chassis and specialised vehicles. Through the new partnership, UD Trucks will enter Pakistan’s market through imported CBU units, while Ghandhara will manage their local marketing and distribution. New Range Could Expand Choices for Fleet Operators The arrival of UD Trucks could give Pakistan’s fleet operators and transport companies greater access to international commercial vehicle models. The new products will also allow Ghandhara Industries to complement its existing Isuzu portfolio and potentially target different requirements within the heavy commercial vehicle market. However, the company has not yet disclosed details regarding the specific models that will be introduced, their expected prices or the scale of the planned imports. Details Expected Before Launch Ghandhara Industries has not disclosed the financial terms of the agreement, investment requirements or the initial UD Trucks model lineup. Further information regarding pricing, models, after-sales support and distribution arrangements is expected to emerge closer to the planned launch in early 2027. The company’s latest move comes as it continues to pursue product diversification and strengthen its position in Pakistan’s commercial vehicle industry.

Pakistan Fiscal Deficit Falls To 2.6% As Petroleum Levy Hits Record Rs1.567tr
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Pakistan Fiscal Deficit Falls To 2.6% As Petroleum Levy Hits Record Rs1.567tr

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Pakistan’s fiscal deficit fell to 2.6% of GDP in fiscal year 2025-26 (FY26), marking the lowest level since FY2003, as record provincial cash surpluses, higher petroleum levy collections and a sharp decline in interest payments helped improve the government’s fiscal position. According to the Ministry of Finance’s annual report on fiscal operations for FY26, the primary surplus also reached a historic 2.9% of GDP. The improvement came despite a 16% increase in the cost of running the civil government, which crossed the Rs1 trillion mark for the first time. The government’s petroleum levy collection emerged as one of the major sources of additional revenue during the year, reaching a record Rs1.567 trillion, up 29% from Rs1.22 trillion in FY25. The collection exceeded the original budget target of Rs1.468 trillion and was also higher than the revised target of Rs1.498 trillion. Petroleum Levy Collection Reaches Record Rs1.567tr The sharp increase in petroleum levy revenue came amid record consumer-end fuel prices following heightened geopolitical tensions and disruptions in international oil markets. The Rs1.567 trillion petroleum levy collection did not include an undisclosed amount collected through customs duty. The government also collected Rs26 billion through the carbon levy. For FY27, the government has set an even higher petroleum levy collection target of Rs1.676 trillion, along with a target of Rs50 billion from the climate levy on petroleum products. The increased dependence on petroleum-related revenue highlights the importance of fuel taxation in Pakistan’s fiscal framework. However, higher levies can also increase the cost of petroleum products for consumers, particularly when international oil prices are already elevated. Interest Payments Fall Sharply One of the biggest factors behind the improvement in the fiscal position was a substantial decline in interest payments. According to the Finance Ministry, interest payments fell to Rs6.947 trillion, equivalent to 5.5% of GDP, in FY26 from Rs8.887 trillion, or 7.7% of GDP, in FY25. This represented a reduction of Rs1.939 trillion in a single year. The decline was largely linked to the easing of the policy rate from 22% to 10%, which reduced the government’s debt-servicing burden. As a result, total government expenditure declined to Rs23.09 trillion in FY26 from Rs24.16 trillion in the previous fiscal year. Total expenditure also fell to 18.2% of GDP from 21.1%, while current expenditure declined to 16.3% of GDP, or Rs20.69 trillion, from 18.8%, or Rs21.5 trillion, in FY25. Provincial Surpluses Support Fiscal Position Record cash surpluses generated by the provinces also played a major role in containing the fiscal deficit. The four provinces collectively transferred a cash surplus of Rs1.45 trillion to the Centre in FY26, up 57% from Rs921 billion in FY25. The increase amounted to Rs529 billion in one year. The provincial surplus was also higher than the Rs1.38 trillion commitment under the national fiscal pact. Punjab contributed the largest amount, posting a surplus of Rs915 billion. This was 163% higher than its Rs348 billion contribution in FY25. Sindh’s surplus increased 24% to Rs350 billion from Rs283 billion. Khyber Pakhtunkhwa recorded a surplus of Rs165 billion, down from Rs176 billion a year earlier, while Balochistan posted a surplus of Rs20.74 billion. The large provincial cash balances provided significant support to the federal government’s overall fiscal consolidation efforts. Civil Government Expenses Cross Rs1tr Despite austerity and restructuring measures, expenditure on running the civil government increased substantially. Civil government expenditure rose 16% to Rs1.033 trillion in FY26 from Rs892 billion in FY25. It also exceeded the budget estimate of Rs971 billion. Defence expenditure increased by 18% to Rs2.588 trillion from Rs2.194 trillion. However, the spending was only Rs38 billion above the Rs2.55 trillion budget allocation. Meanwhile, subsidies were contained at Rs1.01 trillion, nearly 22% lower than the Rs1.3 trillion recorded in FY25. Development expenditure also declined to Rs727 billion from Rs786 billion. FBR Revenue Falls Short Of Target The government’s total revenue collection declined marginally as a share of the economy, falling to 15.6% of GDP in FY26 from 15.7% a year earlier. Federal Board of Revenue (FBR) collection reached Rs13.01 trillion, showing an increase of nearly 11% from Rs11.74 trillion in FY25. However, the collection remained around 10% below the government’s target. Despite the shortfall, higher petroleum levy receipts and provincial surpluses, combined with lower debt-servicing costs, helped the government achieve a significant improvement in its fiscal position. Primary Surplus Reaches Historic 2.9% Pakistan’s primary surplus, which measures government revenue against expenditure excluding interest payments, reached 2.9% of GDP in FY26. This was the highest level since the government began reporting the indicator in FY20. The primary account remained in deficit until FY24, when it moved into a surplus of 0.9% of GDP. It then improved to 2.4% in FY25 before reaching 2.9% in FY26. The overall fiscal deficit has also declined significantly from its peak of 8.9% of GDP in FY19. It stood at 8.1% and 7.1% in the following two years, before rising again to 7.9% in FY22. The deficit has subsequently declined amid fiscal consolidation measures implemented under successive IMF-supported programmes. Statistical Discrepancy Reaches Rs853bn Despite the improvement in headline fiscal indicators, the Finance Ministry reported a record Rs853 billion statistical discrepancy in FY26. The discrepancy was substantially higher than the Rs329 billion recorded in FY25 and had previously raised concerns from the IMF. The ministry attributed Rs448 billion of the discrepancy to the federal level and Rs405 billion to the provinces. According to the ministry, the federal discrepancy resulted from differences caused by reporting time lags and book adjustments involving the State Bank of Pakistan, FBR and Economic Affairs Division data. At the provincial level, Rs266 billion was attributed to increases in commercial bank deposits. Khyber Pakhtunkhwa and Balochistan accounted for Rs95 billion and Rs72 billion, respectively, largely due to movements in bank deposits.

Pakistan’s Debt And Liabilities Edge Close To Rs100 Trillion
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Pakistan’s Debt And Liabilities Edge Close To Rs100 Trillion

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Pakistan’s total debt and liabilities climbed to nearly Rs100 trillion by the end of June 2026, highlighting the country’s continued dependence on borrowing despite some improvement in the debt-to-GDP ratio and lower debt servicing costs. Debt Stock Rises To Rs99.6 Trillion According to the latest State Bank of Pakistan debt bulletin, total debt and liabilities increased to Rs99.6 trillion during FY2025-26, up Rs5.2 trillion, or 5.5 percent, from the previous year. Public debt accounted for around 87 percent of the total. Despite the increase in the absolute debt stock, total debt and liabilities declined to 78.5 percent of GDP, improving by 4.2 percentage points compared with the previous year. Total debt excluding liabilities reached Rs97.9 trillion, representing an annual increase of Rs6.3 trillion. IMF-Related Debt Increases Pakistan’s IMF-related debt rose 17 percent to Rs3.1 trillion during the year. The increase followed the receipt of two tranches worth $2.2 billion under the Extended Fund Facility and another $450 million in climate financing. The figures highlight the continued importance of multilateral financing in supporting Pakistan’s external and fiscal requirements. Debt Servicing Costs Decline Pakistan spent approximately Rs12 trillion on servicing its debt and liabilities during FY2025-26, equivalent to around $43 billion. Although the amount remained substantial, it was Rs1.2 trillion, or 9 percent, lower than the previous year. The decline was largely attributed to lower interest rates. Interest expenses fell from Rs9.5 trillion to Rs7.3 trillion, representing a reduction of nearly one-fourth. Principal repayments, however, increased 29 percent to Rs4.5 trillion. Much of these repayments were financed through fresh borrowing. Gross Public Debt Reaches Rs86.7 Trillion Gross public debt, which represents the federal government’s responsibility, increased to Rs86.7 trillion. The stock rose by Rs6.2 trillion, or 7.7 percent, during the year. However, as a proportion of GDP, public debt declined from 70.6 percent to 68.3 percent. The improvement in the debt-to-GDP ratio reflects the impact of economic growth and fiscal consolidation, even as the overall debt stock continued to rise. Primary Surplus Provides Some Relief Pakistan recorded its third consecutive primary budget surplus under the IMF programme. The primary surplus excludes interest payments and was supported mainly by stronger tax collection and reductions in some subsidies. Officials noted that without the primary surplus, the country’s total debt stock would have crossed the Rs100 trillion mark and the debt-to-GDP ratio would have been higher. External Debt And Liabilities Reach $138.6 Billion In dollar terms, Pakistan’s external debt and liabilities increased to $138.6 billion by the end of FY2025-26, up $3.3 billion from the previous year. External debt growth remained slower than in earlier periods because of limited availability of foreign credit and the State Bank’s purchases of foreign currency from the domestic market. SBP Governor Jameel Ahmad said the central bank had cumulatively purchased $28 billion from the domestic market, including $9 billion during FY2025-26. Transparency Concerns Remain Despite the improvement in some fiscal indicators, concerns remain over the transparency of Pakistan’s overall debt obligations. A separate US State Department report on budget transparency observed that information on some government debt obligations, including significant liabilities of state-owned enterprises, remained limited. The report also raised concerns about the level of parliamentary and civilian oversight of military and intelligence budgets. It recommended timely publication of the executive budget proposal and greater disclosure of government debt and state-owned enterprise liabilities. Interest Payments Remain A Major Fiscal Burden Debt servicing continues to consume a significant portion of Pakistan’s fiscal resources. Interest payments alone are projected to reach around Rs8 trillion during the current fiscal year, underscoring the pressure debt servicing places on government spending. While the decline in the debt-to-GDP ratio and lower interest expenses provide some relief, the continued rise in the absolute debt stock remains a major challenge for Pakistan’s fiscal position.

Sindh To Collect Stamp Duty Online; Signs Service Level Agreement (SLA) With Pakistan Single Window (PSW)
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Sindh To Collect Stamp Duty Online; Signs Service Level Agreement (SLA) With Pakistan Single Window (PSW)

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Sindh has taken a major step towards digitising government revenue collection after the Board of Revenue Sindh (BoRS) signed a Service Level Agreement (SLA) with Pakistan Single Window (PSW) for the digital collection of Sindh Stamp Duty through the PSW platform. The agreement was signed on August 12, 2026, in Karachi by Naveed Abbas Memon, Chief Domain Officer at PSW, and Nazir Ahmed Qureshi, Member RS&EP at the Board of Revenue Sindh. Senior officials from both organisations attended the ceremony, which was also graced by Khalid Haider Shah, Senior Member of the Board of Revenue. The agreement formalises the transition of the existing electronic stamp duty collection arrangement from Pakistan Revenue Automation Limited (PRAL) to PSW. Digital Stamp Duty Collection Moves To PSW Under the new arrangement, Sindh Stamp Duty collection will be supported through PSW’s digital infrastructure. The transition is intended to provide the Board of Revenue Sindh with a more modern platform for managing stamp duty-related transactions and monitoring government receipts. The move forms part of PSW’s broader efforts to extend its digital infrastructure to government departments and facilitate more efficient electronic government services. Real-Time Monitoring Of Stamp Duty Collections A key feature of the new system is a dedicated interface for the Board of Revenue Sindh. Through this interface, the department will be able to monitor stamp duty collections in real time. It will also allow officials to conduct daily and monthly reconciliation of collected amounts against government receipts. The enhanced visibility is expected to strengthen revenue monitoring and improve the efficiency of the reconciliation process. Transition From PRAL To PSW The agreement also marks the transfer of the existing electronic stamp duty collection arrangement from PRAL to PSW. The new system will use PSW’s digital infrastructure to support the collection process, while providing the Board of Revenue Sindh with greater oversight of revenue flows. The transition represents another expansion of PSW’s role in digitising government transactions and services. PSW Expands Digital Government Services The integration of the Board of Revenue Sindh adds to the list of provincial and federal government bodies that have brought their processes onto the PSW platform over the past year. The development reflects PSW’s continuing efforts to expand the use of its digital infrastructure beyond its existing functions and into a wider range of government transactions. For Sindh, the digital stamp duty arrangement is expected to provide greater visibility over collections while supporting more efficient revenue administration.

10kW Solar System In Pakistan Offers Major Savings Despite Net Metering Changes
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10kW Solar System In Pakistan Offers Major Savings Despite Net Metering Changes

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The rising cost of electricity is pushing more Pakistani households towards rooftop solar, with a 10kW solar system in Pakistan emerging as an increasingly attractive option for consumers seeking to reduce their dependence on the national grid. Although the government has tightened solar net-metering rules because of the growing financial and technical impact of rooftop generation on the power system, consumers who can afford the upfront investment continue to install solar systems. Many households are also moving towards off-grid solutions and battery storage to maximise self-consumption and reduce exposure to rising electricity tariffs. Industry estimates suggest that a 10kW rooftop solar system can generate between 1,200 and 1,500 units of electricity per month, depending on the location, sunlight conditions and seasonal variations. This level of generation can cover a substantial portion of the electricity requirements of an upper-middle-income household. 10kW Solar System Can Cut Monthly Electricity Costs With electricity tariffs remaining high, solar generation can provide significant savings for households with substantial monthly consumption. Consumers paying electricity tariffs between Rs45 and Rs60 per unit can potentially save between Rs50,000 and Rs90,000 per month through solar self-consumption, depending on their electricity usage and the amount of generation available. Under the traditional net-metering arrangement, households first use the electricity generated by their solar panels. Any surplus generation can then be exported to the national grid, with distribution companies providing credits that are adjusted against electricity bills. For example, a household consuming around 1,200 units per month and generating approximately 1,400 units through a 10kW solar system could export nearly 400 units to the grid. Combining savings from self-consumption with credits for exported electricity could provide total monthly financial benefits of around Rs55,000 to Rs60,000 under the assumptions cited by industry participants. However, the financial return depends heavily on the applicable electricity tariff, export compensation rate, household consumption pattern and regulatory framework. Solar Capacity Has Expanded Rapidly Pakistan has witnessed a dramatic increase in rooftop solar adoption over recent years. Analysts estimate that solar net-metering capacity expanded nearly 37-fold in six years, reaching around 7,000 MW by June 2026. When net-metering and off-grid generation are combined, the installed generation capacity is estimated at around 20,000 MW. The rapid expansion has created challenges for the national power system. Large amounts of rooftop solar generation during daylight hours can sharply reduce demand from the national grid, creating what is commonly known as the duck curve. The situation becomes particularly challenging during periods when solar generation falls rapidly but electricity demand remains high. This can create operational and financial pressures for conventional power plants and the national grid. The growing solar capacity has therefore contributed to the government’s policy shift from the traditional net-metering framework towards net billing. 10kW Solar System Installation Cost The upfront cost remains one of the biggest considerations for households considering solar. According to industry estimates, installing a 10kW system currently costs between Rs1.5 million and Rs2.2 million, depending on the quality of solar panels, inverter technology, batteries, mounting equipment and installation standards. Despite the high initial investment, the payback period has become considerably shorter because of higher electricity tariffs. Based on prevailing electricity prices and the assumptions surrounding system generation, experts estimate that a 10kW solar system can recover its initial cost in approximately 2.5 to four years. After the payback period, the system can continue generating electricity for many years, although components such as inverters and batteries may require replacement during the system’s lifetime. Experts estimate that a properly maintained solar system could operate for around 20 to 25 years. Over that period, consumers could potentially save between Rs15 million and Rs25 million, depending on electricity prices, system performance and future policy changes. Why Pakistan Is Moving Towards Solar The expansion of rooftop solar has not been driven by government policy alone. Several economic factors have made solar increasingly attractive to consumers. The Pakistani rupee has depreciated by around 75% over the period cited by industry analysts, while electricity tariffs have increased by nearly 140%. At the same time, solar panel import prices declined by approximately 60% between FY2021 and FY2025. The combination of expensive grid electricity and cheaper solar equipment significantly improved the economics of rooftop installations. Consumers are also increasingly looking beyond traditional net metering. Changes in regulations and concerns about future export compensation have encouraged households to maximise the amount of solar electricity they consume themselves. Battery Storage Could Transform Solar Adoption The solar market is also shifting towards battery energy storage systems (BESS). Instead of exporting large amounts of surplus electricity during the day, households can store excess solar generation and use it during evening and night-time hours when solar production is unavailable. The market is reportedly moving from smaller residential battery modules towards larger systems with capacities of around 14–16 kWh. Falling battery costs and growing consumer confidence are supporting this transition. Battery storage could also help reduce pressure on the national grid by allowing consumers to rely more heavily on their own stored electricity during peak demand periods. The government is encouraging BESS deployment as part of efforts to manage the impact of large-scale rooftop solar adoption and reduce pressure on the national grid, particularly during winter months. Policy Changes Remain A Key Risk Despite the strong financial case for rooftop solar, investors face uncertainty over future regulations. Net-metering rules, export compensation rates and other aspects of the electricity market remain subject to decisions by the National Electric Power Regulatory Authority (Nepra) and the Power Division. Any significant reduction in compensation for exported electricity could affect the payback period of systems designed around selling surplus generation to the grid. For this reason, experts increasingly recommend focusing on self-consumption and battery storage rather than relying entirely on grid exports. Pakistan’s rooftop solar market is therefore entering a new phase. While traditional net metering helped accelerate adoption, the combination of higher electricity prices, cheaper solar technology and expanding battery storage is encouraging consumers to build systems designed primarily for their own energy needs.

Pakistan Privatization Plan Gains Momentum as Government Targets DISCOs, Banks and Airports
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Pakistan Privatization Plan Gains Momentum as Government Targets DISCOs, Banks and Airports

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The Pakistan Privatization Plan is entering a potentially decisive phase as the government and Pakistan Business Council move to expand private-sector participation in state-owned enterprises, capital markets and major public services. The plan includes possible privatization of power distribution companies, banks and airports, along with restructuring, rightsizing and the listing of major public-sector entities. The development signals a major shift in Pakistan’s economic policy, but it also raises an uncomfortable question: can privatization deliver better services and stronger governance, or will it simply transfer inefficient public assets into private hands without fixing the underlying problems? Advisor to the Finance Minister Khurram Schehzad held discussions with Pakistan Business Council Chairman Ziad Bashir and Chief Executive Officer Javed Kureishi at the Finance Division. The meeting focused on attracting investment, restructuring state-owned enterprises and creating a business environment capable of supporting long-term economic growth. Pakistan Privatization Plan Puts DISCOs, Banks and Airports in Focus Under the Pakistan Privatization Plan, the government is considering greater private-sector involvement in power distribution companies, banks and airports. The stated objective is to improve efficiency, attract investment and raise the quality of public services. The proposal is significant because DISCOs remain closely linked to Pakistan’s chronic power-sector inefficiencies, including distribution losses, weak recoveries and governance problems. Bringing private investors into the sector could introduce stronger financial discipline, but privatization alone will not solve structural weaknesses if regulatory oversight remains ineffective. The proposed privatization of banks and airports also deserves close scrutiny. The government must ensure that transactions are transparent, competitively structured and designed to protect consumers and taxpayers rather than merely generate short-term fiscal receipts. State Life IPO Could Open a New Capital Market Chapter Another important element of the Pakistan Privatization Plan is the proposal to bring major public-sector entities to the capital markets through Initial Public Offerings. The State Life Insurance Corporation is among the entities being considered for an IPO. A successful listing could broaden investor participation, improve corporate transparency and expose a major public-sector institution to greater market discipline. However, listing a state-owned company should not be confused with genuine reform. An IPO can improve transparency only if investors receive meaningful financial information, independent governance is strengthened and management is held accountable for performance. Rightsizing Could Become the Real Test of Reform The Pakistan Business Council has supported the government’s rightsizing initiative and agreed to submit recommendations on privatization, SOE restructuring and areas where private-sector participation could improve economic efficiency. This is perhaps the most important part of the government’s agenda. Pakistan has repeatedly announced plans to reform loss-making state enterprises, yet implementation has often been slowed by political resistance, institutional interests and concerns over employment. Rightsizing therefore cannot simply mean reducing government employees. It must involve eliminating overlapping institutions, improving management accountability, digitizing operations and stopping politically motivated appointments. Without these measures, Pakistan could end up privatizing individual entities while leaving the broader culture of inefficient public-sector management untouched. Pakistan Privatization Plan Also Targets Tax Reform The discussions also covered tax rationalization and the development of a medium-term tax policy framework. The government and PBC agreed on the need for a predictable, transparent and competitive tax system that encourages investment and business expansion. PBC welcomed measures under the Federal Budget FY27 that focus on broadening the tax base and increasing economic activity rather than relying mainly on higher tax rates. It also supported incentives for exporters and businesses designed to reduce the cost of doing business. This is an area where the government deserves credit, but implementation will determine whether the policy produces results. Businesses need consistency, not temporary concessions followed by sudden tax changes. Privatization Will Not Work Without Transparency The Pakistan Privatization Plan could become one of the country’s most consequential economic reform programmes, but its success should not be measured by the number of entities sold. The real test will be whether privatization reduces fiscal pressure, improves services, attracts fresh investment and creates competitive markets. The government and PBC have agreed to continue consultations on economic reforms, private investment and competitiveness. That engagement is useful, but the business community must also demand transparency over valuations, bidding procedures, regulatory safeguards and post-privatization performance. Pakistan does not merely need to sell state assets. It needs to build institutions capable of ensuring that private ownership delivers public economic value. If the government gets this balance right, the Pakistan Privatization Plan could help move the economy from state dependence toward investment-led growth. If it focuses only on raising immediate cash, however, privatization could become another short-term fiscal exercise rather than the structural transformation Pakistan urgently needs. Final Takeaway Pakistan’s renewed privatization push reflects a broader attempt to reduce the state’s role in commercial activity while attracting private investment and improving the performance of public-sector entities. The focus on DISCOs, banks, airports, State Life and SOE rightsizing could create meaningful opportunities for reform. However, successful privatization will depend on transparent transactions, credible valuations, effective regulation and stronger corporate governance. Selling state assets without addressing their underlying structural weaknesses would provide only temporary fiscal relief rather than lasting economic reform.

Pakistan Car Sales Surge 79.6 Percent in July 2026, But Monthly Drop Raises Fresh Questions
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Pakistan Car Sales Surge 79.6 Percent in July 2026, But Monthly Drop Raises Fresh Questions

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Pakistan car sales delivered a dramatic year on year jump in July 2026, with sales of cars, light commercial vehicles, vans and jeeps reaching 19,818 units, up 79.6 percent from 11,034 units recorded in July 2025, according to the latest data released by the Pakistan Automotive Manufacturers Association. The headline figure points to a powerful recovery in Pakistan’s automobile market, but a closer look at the numbers tells a more complicated story. Total car sales fell 12.9 percent month on month from 22,741 units in June 2026, while the broader LCV, van and jeep segment suffered a steep monthly decline. The contrasting figures suggest that Pakistan’s auto market is recovering, but the recovery is not evenly distributed across vehicle categories. Pakistan Car Sales Growth Led by Passenger Vehicles The biggest driver behind the July surge was passenger cars. Sales reached 17,216 units during the month, representing a remarkable 141.3 percent increase compared with 7,135 units in July 2025. Passenger car sales also increased 12 percent compared with June 2026, when manufacturers sold 15,378 units. This makes passenger vehicles the strongest part of the domestic automobile market and indicates that consumer demand for conventional passenger cars has improved significantly over the past year. The 1,300cc and above category accounted for 9,066 passenger cars sold in July. Toyota’s Corolla, Yaris and Corolla Cross led this segment with 4,283 units, followed by Honda’s Civic and City with 2,529 units. Suzuki Swift recorded 2,018 units, while Hyundai Elantra and Sonata posted 211 and 25 units respectively. The below 1,000cc segment was the second largest category, recording 7,710 units. Suzuki Alto dominated this market with 7,217 units, while Suzuki Every contributed 493 units. The 1,000cc segment remained extremely small, with only 392 units sold. Suzuki Cultus accounted for the entire category, while the discontinued Suzuki WagonR recorded zero sales. Pakistan Car Sales Expose a Major Weakness in LCV and Jeep Demand While passenger cars posted spectacular growth, the LCV, van and jeep segment tells a very different story. Sales in this category dropped 33.3 percent year on year to 2,602 units from 3,899 units in July 2025. More importantly, sales collapsed 64.7 percent month on month from 7,363 units in June. This sharp contraction deserves greater attention than the headline growth number. It suggests that demand for commercial and utility vehicles remains under considerable pressure, potentially reflecting weaker business activity, financing constraints or changes in fleet purchasing patterns. Toyota Fortuner and IMVs led the category with 806 units, followed by Haval and Tank models sold by Sazgar with 663 units. JAC Pickup, distributed by Ghandhara, recorded 357 units, while Hyundai Porter posted 286 units. Other notable sales included Hyundai Tucson at 171 units, Jetour at 133 units, Honda BR-V and HR-V at 111 units, Isuzu D-Max at 44 units, Hyundai Santa Fe at 17 units and Dewan Kia Shehzore at 14 units. The newly introduced Suzuki Fronx did not record any sales in July. Auto Production Also Accelerates The production side of the industry showed improvement. Pakistan’s total vehicle production increased 54.8 percent year on year to 21,668 units in July 2026 from 13,998 units a year earlier. Passenger car production rose 75.6 percent to 17,307 units from 9,856 units. Production of LCVs, vans and jeeps, however, increased only 5.3 percent year on year to 4,361 units. On a monthly basis, total production increased 3.7 percent, while passenger car production rose 13.8 percent. LCV, van and jeep production declined 23.3 percent from June. The production figures indicate that manufacturers are responding to stronger passenger car demand, although the uneven performance across segments remains a concern. FY26 Car Sales Show a Broader Market Recovery For the full financial year 2026, sales of cars, LCVs, vans and jeeps reached 206,436 units, compared with 148,042 units in FY25, representing growth of 39.4 percent. The annual increase is significant because Pakistan’s automobile industry has faced prolonged pressure from high vehicle prices, expensive financing, currency volatility and economic uncertainty. However, the July figures also demonstrate why simply describing the market as being in a full recovery could be premature. Passenger cars are driving the rebound, while commercial and utility vehicles are showing substantial weakness. The critical question for the industry is whether this passenger car momentum can continue without a corresponding recovery in commercial vehicle demand. Electric Vehicles Remain a Small Part of Pakistan’s Auto Market Electric vehicle sales also showed improvement, although from a very low base. Dewan Honri-Ve sold 48 units in July 2026, compared with 24 units in July 2025. The 100 percent year on year increase is encouraging for the electric vehicle segment, but the absolute sales volume remains too small to materially change Pakistan’s overall automobile market. For now, conventional passenger vehicles continue to dominate domestic sales. What the July Numbers Really Mean for Pakistan’s Auto Industry Pakistan’s automobile market is clearly performing better than it was a year earlier, but the latest data should be read with caution. The 79.6 percent year on year increase in Pakistan car sales is impressive, yet it is heavily concentrated in passenger vehicles. The 64.7 percent monthly collapse in LCVs, vans and jeeps exposes a significant weakness that the headline growth figure can easily conceal. The industry therefore appears to be experiencing a selective recovery rather than a uniform boom. If purchasing power improves, vehicle financing becomes more accessible and economic activity strengthens, manufacturers could sustain the recovery. If those conditions fail to materialize, the sharp difference between passenger car demand and commercial vehicle demand could become an important warning signal for the automobile sector. For investors, manufacturers and policymakers, the real story is not simply that Pakistan car sales surged in July. The more important question is whether this growth represents a durable revival of automobile demand or a concentrated rebound in selected passenger vehicle categories. Final Takeaway Pakistan’s July 2026 auto sales data presents a mixed picture. Passenger vehicle demand has recovered strongly, driving a 79.6 percent year-on-year increase in combined car, LCV, van and

10Pearls Enters Into A Strategic Digital Transformation & Innovation Partnership With Novacare
Business

10Pearls Enters Into A Strategic Digital Transformation & Innovation Partnership With Novacare

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10Pearls has entered into a strategic technology partnership with Novacare to support the development of a digitally advanced healthcare ecosystem in Pakistan. The collaboration will combine 10Pearls’ expertise in artificial intelligence, digital engineering and technology with Novacare’s clinical vision and healthcare priorities. Under the partnership, 10Pearls will provide strategic advisory services and technical expertise across artificial intelligence, digital innovation, cloud solutions, data, analytics and operational excellence. Novacare will identify high-impact use cases, provide strategic direction and align business priorities across its digital healthcare initiatives. The collaboration aims to help Novacare develop one of the region’s most digitally advanced hospitals while maintaining internationally aligned clinical, administrative and patient-care standards. 10Pearls And Novacare Target Digitally Advanced Healthcare The partnership is designed to support Novacare’s broader vision of combining technology with high-quality clinical care. As artificial intelligence and digital technologies increasingly influence healthcare delivery, the companies plan to develop solutions that are safe, scalable and grounded in clinical requirements. The collaboration will also focus on capability building and knowledge transfer for Novacare’s clinical and technology teams. This is intended to strengthen local healthcare technology expertise while supporting the hospital’s long-term digital transformation strategy. Novacare is developing a hub-and-spoke healthcare network across Pakistan, with its flagship Novacare Hospital Islamabad planned as a 250-bed multispecialty facility. Digital Hospital Programmes To Include EHR And Systems Integration 10Pearls will support several of Novacare’s core digital hospital programmes, including the implementation of an electronic health record system. The partnership will also focus on systems integration and interoperability across the hospital environment. These capabilities are important for connecting different clinical and administrative systems and enabling information to move efficiently across healthcare operations. According to 10Pearls, its experience in healthcare technology extends beyond software development and includes an understanding of clinical workflows, healthcare operations, regulatory requirements and compliance considerations. This approach is expected to help ensure that technology solutions are designed around the practical needs of healthcare professionals and patients. AI And Data To Support Healthcare Innovation Artificial intelligence, data and analytics are central components of the partnership. 10Pearls will provide expertise in AI and digital innovation, while Novacare will identify areas where technology can create meaningful operational and clinical value. The companies said the collaboration will focus on using technology to enhance clinical excellence, improve patient outcomes and streamline care delivery while maintaining patient safety, privacy and regulatory compliance. The partnership also reflects the growing role of AI in healthcare administration and care delivery, where digital systems can support decision-making, automation and operational efficiency. Building Healthcare Technology Talent In Pakistan Beyond technology implementation, the partnership includes a focus on developing capabilities within Novacare’s teams. Knowledge transfer and capability building will support clinical and technology professionals as they work with emerging digital healthcare systems. This could help strengthen Pakistan’s healthcare technology workforce and create greater local capacity to operate and develop digitally enabled healthcare services. Novacare CEO Highlights Patient-Centred Vision Hans Kedzierski, Director and CEO of Novacare, said the organisation’s ambition is to build a healthcare environment where clinical standards, workflows and patient experience operate together. He said 10Pearls was selected because of its understanding of hospital operations alongside its technology expertise. The partnership therefore extends beyond the implementation of individual software solutions and is intended to support the broader transformation of Novacare’s hospital operations. 10Pearls Sees Partnership As Healthcare Innovation Opportunity Zeeshan Aftab, Co-founder of 10Pearls, said the company was proud to partner with Novacare as it develops an ambitious healthcare venture in the region. He highlighted the alignment between Novacare’s technology-enabled healthcare vision and 10Pearls’ focus on purposeful innovation. The companies said technology should complement clinical excellence while improving patient outcomes and care delivery without compromising safety, privacy or regulatory compliance. The partnership represents another step toward integrating AI, cloud technology, data infrastructure and digital systems into Pakistan’s healthcare sector. 10Pearls And Novacare Partnership Could Accelerate Digital Healthcare The strategic collaboration brings together healthcare expertise and digital engineering capabilities with the goal of creating a more connected and technology-enabled hospital environment. As Novacare develops its healthcare network and flagship Islamabad facility, the partnership with 10Pearls is expected to support electronic health records, systems interoperability, AI initiatives, cloud solutions, data analytics and operational transformation. The broader significance of the agreement lies in its potential to demonstrate how technology can be integrated into healthcare delivery while keeping clinical quality, patient experience and safety at the centre of digital transformation. About 10Pearls10Pearls is an award-winning, AI-Native digital engineering partner with 1,400+ experts across four continents. 10Pearls helps healthcare organizations design, build, and scale secure, compliant digital solutions that support clinical operations, patient experience, and regulatory readiness — from AI and automation to cloud modernization and data infrastructure. 10Pearls’ healthcare clients span hospital networks, health systems, and healthcare technology innovators, alongside Global 2000 enterprises and high-growth companies across financial services, energy, telecommunications, and industrial sectors. Headquartered in the Washington, D.C. metro area, 10Pearls operates consulting, product engineering, and software development centers across North America, Latin America, Europe, the Middle East, and Asia. To learn more, visit www.10pearls.com About NovacareNovacare is developing a world-class, hub & spoke healthcare network across Pakistan, to enhance years of quality life within families & communities, and to create an unrivaled professional environment for the next generation of world-leading Pakistani healthcare practitioners. Its flagship facility, Novacare Hospital Islamabad, is a 250-bed multispecialty hospital designed to deliver internationally accredited, digitally advanced care. For more details, visit www.novacare.health ContactsSakina TahirAssociate Director Marketingsakina.tahir@10pearls.com

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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