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SITE Association Leadership Change: Abdul Rehman Fudda Takes Charge After Ahmed Azeem Alvi Resigns
Pakistan

SITE Association Leadership Change: Abdul Rehman Fudda Takes Charge After Ahmed Azeem Alvi Resigns

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The SITE Association leadership change has captured the attention of Karachi’s business community, marking a significant shift in one of Pakistan’s most influential industrial bodies. With new leadership stepping in, stakeholders are watching closely to see how this transition will shape the future of industry in the region. Read More: https://theboardroompk.com/jazz-ceo-urges-global-investors-to-invest-now-at-austria-business-forum/ In a decisive move, the Executive Committee of the SITE Association of Industry formally accepted the resignations of key office bearers, including former President Ahmed Azeem Alvi. The decision paves the way for a fresh leadership team tasked with addressing pressing industrial challenges. Why the SITE Association Leadership Change Matters The SITE Association leadership change is more than a routine transition it reflects evolving priorities within Karachi’s industrial ecosystem. As one of the largest industrial zones in Pakistan, SITE plays a crucial role in driving manufacturing output, exports, and employment. The outgoing leadership, including Ahmed Azeem Alvi, Senior Vice President Khalid Riaz, and Vice President Muhammad Riaz Dhedhi, stepped down before completing their tenure. Their resignations were formally approved, ensuring a smooth and transparent transition. Such changes often signal a strategic reset, especially at a time when industries are grappling with infrastructure gaps, rising costs, and utility shortages. Abdul Rehman Fudda Elected President in SITE Association Leadership Change At a specially convened meeting, the Executive Committee unanimously elected Abdul Rehman Fudda as the new President. Supporting him in leadership roles are: • Ahmed Zulfiqar Chaudhry as Senior Vice President• Muhammad Tahir Goreja as Vice President This unanimous decision reflects strong internal consensus and confidence in the new leadership team. Upon assuming office, Abdul Rehman Fudda expressed gratitude for the trust placed in him and acknowledged the contributions of the outgoing team. His early statements indicate a focus on practical problem-solving and stakeholder collaboration. Key Challenges Highlighted After SITE Association Leadership Change The SITE Association leadership change comes at a time when industrial stakeholders are facing multiple operational challenges. These include: • Deteriorating infrastructure affecting logistics and productivity• Shortage of essential utilities such as electricity, gas, and water• Rising cost of doing business impacting competitiveness Rather than presenting these issues in isolation, the new leadership emphasized the interconnected nature of these challenges. Poor infrastructure disrupts supply chains, while unreliable utilities reduce production efficiency together slowing industrial growth. Fudda’s leadership is expected to prioritize engagement with government bodies and utility providers to seek long-term, sustainable solutions. Industry Leaders React to SITE Association Leadership Change The SITE Association leadership change has drawn strong reactions from senior industry figures. Patron-in-Chief Zubair Motiwala congratulated the new team and emphasized the importance of institutional strength through open dialogue and collaboration. He encouraged the leadership to take a more proactive stance in highlighting industry concerns, particularly those affecting production and economic growth. Similarly, Patron Saleem Parekh praised the outgoing office bearers for their service and urged members to actively participate in association activities. His remarks reflect a broader call for unity within the industrial community during challenging times. What This Leadership Shift Means for Karachi’s Industrial Future The SITE Association leadership change could mark the beginning of a more assertive and solution-driven phase for Karachi’s industrial sector. With a renewed mandate, the new leadership has an opportunity to: • Strengthen advocacy for industrial policy reforms• Improve coordination between businesses and government authorities• Drive initiatives that enhance productivity and competitiveness For investors, manufacturers, and policymakers, this transition signals both uncertainty and opportunity. Leadership changes often bring fresh perspectives, and in this case, the unanimous backing suggests a strong foundation for forward momentum. Final Thoughts The SITE Association leadership change is a pivotal moment for Karachi’s industrial landscape. As Abdul Rehman Fudda and his team take charge, expectations are high for meaningful reforms and tangible improvements. Whether this transition leads to measurable progress will depend on how effectively the new leadership navigates challenges and mobilizes collective action. For now, the business community remains cautiously optimistic watching closely as a new chapter unfolds.

Pakistan

Finance Ministry Clarifies: Pakistan’s Total External Debt And Liabilities Stand At $138 Billion, Not Just Debt

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The Ministry of Finance (MoF) has issued a clarification on Pakistan’s external debt profile, responding to recent media claims about high interest rates and payments. Read More: https://theboardroompk.com/jazz-ceo-urges-global-investors-to-invest-now-at-austria-business-forum/ The statement emphasizes the need for context to understand the true structure of the country’s borrowings. Clarifying Total vs Public Debt Pakistan’s total external debt and liabilities stand at $138 billion. This broad figure includes public debt, public sector enterprises’ obligations, bank borrowings, private sector debt, and inter-company liabilities. The actual External Public (Government) Debt is much lower, at approximately $92 billion. Concessional Nature and Low Costs Nearly 75% of the external public debt comes from concessional and long-term sources. These include multilateral institutions (excluding IMF) and bilateral development partners. Only 7% consists of commercial loans, and another 7% is long-term Eurobonds. The average cost of external public debt is around 4%, far below claims of up to 8%. Interest Payments Rise Explained Public external debt interest outflows rose from $1.99 billion in FY2022 to $3.59 billion in FY2025. This marks an 80.4% increase, or $1.60 billion in absolute terms. The rise stems partly from global interest rate hikes, like US Federal Reserve actions from 2022-2023. Additional inflows came from concessional multilateral sources and the IMF’s Extended Fund Facility. The government stresses prudent debt management and transparency amid efforts to stabilize the economy.

Trump Imposes 10% Global Tariff After Supreme Court Strikes Down Emergency Duties
Pakistan

Trump Imposes 10% Global Tariff After Supreme Court Strikes Down Emergency Duties

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US President Donald Trump signed an executive order on February 20, 2026, imposing a temporary 10% import duty on goods from all trading partners, effective February 24, 2026. Read More: https://theboardroompk.com/jpmorgan-recruits-chips-and-defense-veterans-for-1-5-trillion-security-push/ This move comes hours after the US Supreme Court struck down his previous sweeping tariffs imposed under the 1977 International Emergency Economic Powers Act (IEEPA). The high court ruled 6-3 that the president exceeded his authority by using emergency powers for broad import taxes, invalidating duties ranging from 10% to 50% on various countries. New Tariff Under Alternative Trade Law The new 10% tariff is enacted under Section 122 of the Trade Act of 1974, which permits up to 15% duties for 150 days to address serious balance-of-payments deficits. Trump cited the US’s worsening trade imbalance as justification for the measure. Exemptions include aerospace products, passenger cars and light trucks, compliant goods from Mexico and Canada under the USMCA, pharmaceuticals, critical minerals, and certain agricultural items. The order also halts collection of the now-illegal IEEPA tariffs, with potential refunds for previously paid duties estimated at over $175 billion, though the process may face delays through litigation. Administration Plans Further Actions and Investigations Trump announced new probes under Section 301 for unfair trade practices and Section 232 for national security concerns, which could lead to higher, targeted tariffs after the 150-day period. Treasury Secretary Scott Bessent stated that these steps would maintain roughly the same tariff revenue levels in 2026, describing the approach as “less direct” but effective. Trump remarked that alternatives exist and could generate even more revenue, with rates potentially varying by country based on trade behavior. Officials emphasized that the shift introduces more procedural structure compared to the emergency-based duties. The decision injects short-term uncertainty into global trade but aims to preserve leverage in ongoing negotiations. Markets and trading partners are monitoring developments closely amid broader US trade policy shifts.

Pakistan Govt Proposes Linking Power, Gas Tariffs to Household Earnings Under IMF Reforms
Pakistan

Pakistan Govt Proposes Linking Power, Gas Tariffs to Household Earnings Under IMF Reforms

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The federal government of Pakistan is preparing a significant overhaul of electricity and gas pricing, shifting from the current consumption-based slab system to an income-linked model, as reported on February 20, 2026. Read More: https://theboardroompk.com/pakistan-has-the-talent-but-needs-the-will-to-win-the-ai-race-says-devsinc-ceo/ This change aims to make subsidies more targeted and efficient amid ongoing energy sector reforms. Shift from Usage to Income Criteria Under the existing system, tariffs depend on units consumed, with lower slabs receiving subsidies. The proposed model would base subsidies and pricing primarily on household income levels rather than consumption volume. Higher-income households would pay closer to actual energy costs, while lower-income groups continue receiving support. Officials indicate this targets aid more effectively to deserving consumers and reduces inefficiencies in the power and gas sectors. Tied to IMF Commitments and Broader Reforms The initiative aligns with Pakistan’s obligations under the IMF’s Extended Fund Facility (EFF), which requires structural improvements to address circular debt, cross-subsidies, and sector losses. The IMF has stressed that tariff adjustments should protect lower- and middle-income families from undue burden. Discussions involve integrating the new system with social protection databases or income verification mechanisms for accurate assessment. No exact implementation timeline or detailed slabs (e.g., income quantiles Q1-Q4) have been finalized publicly, but groundwork is underway. Public Reactions and Potential Challenges Online comments reflect skepticism and concern, with users questioning enforcement, potential incentives for income under-reporting, and calls to address root issues like mismanagement first. Some view it as shifting burdens to compliant taxpayers while benefiting those evading systems. The proposal follows recent tariff discussions, including fixed charges and industrial relief, highlighting ongoing efforts to balance fiscal sustainability with consumer protection in Pakistan’s energy pricing landscape.

Pakistan has the Talent but Needs the Will to Win the AI Race, says Devsinc CEO
Pakistan

Pakistan has the Talent but Needs the Will to Win the AI Race, says Devsinc CEO

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February 20, 2026 – Pakistan is well positioned to capture growth in the global IT market, particularly in the GCC and North American Regions. Usman Asif, Global CEO, Devsinc says that the worldwide IT market is projected to exceed USD 6 trillion in 2026, and AI alone expected to add USD 4.4 trillion to global corporate profits annually which Pakistan can tap into, through targeted institutional support. Read More: https://theboardroompk.com/fbr-cracks-down-on-textile-spinning-units-with-digital-eye-enforcement/ Usman Asif said that Pakistan, which graduates 300,000 IT professionals each year, has both the talent and the momentum to compete; however, the country must act decisively on a few fronts to hit its USD 15 billion export target by 2030. Speaking at the CXO dinner event at Indus AI Week in Islamabad recently, he stressed on increasing women’s participation in the IT industry, expanded fiber optic infrastructure, and increased investment in rural youth training and upskilling across the country. “These aren’t just social initiatives. They’re economic imperatives,” he said. “Women represent half our population but account for barely 20% of our IT workforce. This is economic malpractice.” He highlighted that Pakistan is currently witnessing eighteen consecutive months of growth in IT exports with USD 2.24 billion earned in the first half of FY2025-26 alone and we need to keep this momentum going. Usman Asif was among the many industry leaders at the Indus AI Week to address Pakistan’s technology trajectory and received a formal award from Federal IT Minister Shaza Khawaja in recognition of Devsinc’s contributions to the sector. He also acknowledged the Ministry of IT and Telecommunications, PSEB, PASHA, and SIFC for regulatory reforms and coordination that have supported the sector’s growth, including foreign currency retention policies and facilitation at international events. On Devsinc’s own ambitions, Usman Asif was equally direct: “Our aspiration is to help shape a Pakistani technology company recognized on the global stage; valued not only for efficiency, but for innovation, reliability, and quality.” Devsinc’s delegation at the event included Chief Business Officer, Atta Ur Rehman; SVP Ecommerce, Umar Farooq Rana; SVP Sales Engineering, Rehmat Qadir; and Head of Global Marketing Moiz S. Varind.

FBR Cracks Down on Textile Spinning Units with “Digital Eye” Enforcement
Pakistan

FBR Cracks Down on Textile Spinning Units with “Digital Eye” Enforcement

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The Federal Board of Revenue (FBR) is taking decisive action against textile spinning units that have delayed or refused to install its advanced digital eye monitoring system, aiming to bring unprecedented transparency to Pakistan’s textile industry. This move is part of the FBR’s broader strategy to combat tax evasion and monitor the movement of cotton bales across production facilities. Read More: https://theboardroompk.com/glenn-maxwell-psl-11-signing-australian-star-chooses-psl-over-ipl-in-surprise-move/ Strict Enforcement Ahead for Spinning Units Following repeated deadline extensions, the FBR has now instructed all field offices to initiate stringent enforcement against non-compliant spinning units. Officials confirmed that measures could include sealing of business premises, suspension of sales tax registration, financial penalties, import embargoes, blacklisting, and denial of clearance for goods from non-compliant facilities. Out of 421 registered spinning units in Pakistan, around 300 are operational, making these facilities a key target for the new monitoring system. By installing the digital eye, the FBR aims to track and record the flow of cotton, particularly the unreported or “Gol Maal” stock that escapes the tax net. Digital Eye: Targeting Undocumented Cotton Pakistan consumes approximately 13 million cotton bales annually, of which 5 to 6 million are locally produced. Currently, around 9 million bales are documented for taxation, while the rest are believed to circulate unofficially without payment of sales tax. The FBR sees the spinning stage as a critical choke point for curbing such practices. The digital eye textile monitoring system uses video analytics to capture and track the movement of cotton bales at spinning facilities. By doing so, the FBR aims to ensure all locally consumed cotton is documented, preventing misuse and plugging revenue gaps caused by unregistered production. Legal and Industry Challenges Implementation of the FBR digital eye textile monitoring system has not been without challenges. Some spinning units, supported by the All Pakistan Textile Mills Association (APTMA), resisted the installation. Legal action was also sought in the Lahore High Court, though the court declined to grant a stay on enforcement, clearing the path for immediate action. To encourage compliance, the FBR introduced a tax credit facility to offset the cost of installing the monitoring technology. Furthermore, a joint committee of FBR and APTMA representatives was formed to oversee smooth deployment. Despite these efforts, non-cooperation from certain units has prompted the FBR to signal that enforcement will proceed “at any cost.” Economic Implications for Pakistan’s Textile Sector The textile industry is a backbone of Pakistan’s economy, contributing significantly to exports and employment. By enforcing the digital eye textile monitoring system, the FBR not only aims to increase tax compliance but also strengthen accountability in the supply chain. Tracking undocumented cotton could lead to more accurate production records, increased government revenue, and a fairer playing field for compliant businesses. Industry analysts suggest that full implementation of the FBR digital eye could potentially recover revenues lost to unreported cotton consumption and discourage future evasion. Units that comply could benefit from smoother operations and greater credibility in both domestic and international markets, while non-compliant facilities risk severe disruption and financial loss. Looking Ahead With deadlines already expired and legal obstacles cleared, the FBR is determined to enforce its monitoring system nationwide. Spinning units that resist compliance now face immediate punitive measures, signaling a new era of digital surveillance and accountability in Pakistan’s textile sector. This development underscores the government’s focus on modernizing tax collection and ensuring transparency in one of the country’s most crucial industries. For textile entrepreneurs, adopting the digital eye system is no longer optional but essential for uninterrupted operations and compliance with national regulations.

Karachi Waste Management Project SWEEP Accelerates for a Cleaner, Greener City
Pakistan

Karachi Waste Management Project SWEEP Accelerates for a Cleaner, Greener City

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The Karachi Waste Management Project SWEEP is rapidly emerging as a transformative initiative set to redefine how Pakistan’s largest city handles its growing waste challenge. Approved for acceleration by the Sindh government, this ambitious project signals a major shift toward sustainable urban living in Karachi. Led by Syed Murad Ali Shah and implemented in collaboration with the World Bank, SWEEP is more than just a waste management upgrade it represents a long-term vision for environmental protection, public health, and climate resilience. Why Karachi Waste Management Project SWEEP Matters Karachi, a megacity generating thousands of tonnes of waste daily, has long struggled with outdated disposal systems and environmental hazards. The Karachi Waste Management Project SWEEP directly addresses these issues by introducing an integrated and modernized approach. The project focuses on: • Reducing the city’s carbon footprint• Ensuring compliance with environmental standards• Improving waste collection and disposal efficiency• Supporting informal waste workers and their livelihoods Murad Ali Shah emphasized that integrated solid waste management is essential not only for cleanliness but also for safeguarding public health and strengthening climate resilience. Infrastructure Driving the Karachi Waste Management Project SWEEP A key strength of the Karachi Waste Management Project SWEEP lies in its infrastructure development, which replaces outdated systems with modern, environmentally compliant facilities. Modern Garbage Transfer Stations (GTS) New Garbage Transfer Stations are being constructed at multiple strategic locations, including Sharafi Goth, Dinga Morr, Imtiaz, and Gutter Baghicha. These facilities are designed to: • Streamline waste collection and transfer• Enable efficient waste segregation• Reduce environmental and health risks As of early 2026, the Sharafi Goth station has crossed the halfway construction mark, while others are progressing steadily toward completion, expected by August 2026. Jam Chakro Landfill Site (LFS) The Jam Chakro landfill site is a cornerstone of the Karachi Waste Management Project SWEEP. Spread across 485 acres, this engineered landfill introduces: • Scientific waste disposal methods• Leachate management systems to prevent groundwater contamination• Gas wells to control emissions With a current progress level of over 40 percent, the site is being developed in phases and is designed to handle up to 7,000 tonnes of waste daily over a lifespan of approximately 6.5 years. Environmental and Economic Impact of Karachi Waste Management Project SWEEP Beyond infrastructure, the Karachi Waste Management Project SWEEP is expected to deliver wide-ranging environmental and socio-economic benefits. Environmentally, it will significantly reduce pollution levels and help Karachi align with global sustainability standards. Economically, it creates opportunities for improved livelihoods, particularly for waste pickers who are often part of the informal economy. The project also aligns with Pakistan Vision 2025, which prioritizes sustainable urban development, pollution control, and modernization of municipal services. Challenges and the Road Ahead Despite strong progress, the Karachi Waste Management Project SWEEP faces challenges, including delays and performance gaps. The Sindh government has directed authorities to maintain momentum, address bottlenecks, and ensure timely delivery of all project components. The urgency is clear: Karachi’s growing population and waste generation demand immediate, scalable solutions. A Cleaner Karachi on the Horizon The Karachi Waste Management Project SWEEP is not just a development project it is a critical step toward reshaping the future of urban living in Pakistan. By combining modern infrastructure, environmental responsibility, and social inclusion, the initiative promises to transform Karachi into a cleaner, greener, and more livable city. As implementation accelerates, all eyes are on how effectively this flagship project delivers on its promise and whether it can become a model for other cities facing similar urban challenges.

Pakistan, US Partner on $1B+ Redevelopment of PIA-Owned Roosevelt Hotel
Pakistan

Pakistan, US Partner on $1B+ Redevelopment of PIA-Owned Roosevelt Hotel

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Pakistan and the United States signed a memorandum of understanding (MoU) on February 19, 2026, to jointly redevelop New York’s historic Roosevelt Hotel, owned by Pakistan International Airlines (PIA). Read More: https://theboardroompk.com/kse-100-index-rebound-a-stunning-comeback-that-caught-investors-off-guard/ The agreement, announced by Pakistan’s Finance Division, aims to unlock significant value from this prized overseas asset while advancing Islamabad’s privatization efforts for state-owned properties. The MoU establishes a framework for cooperation on the hotel’s operation, maintenance, renovation, and redevelopment. It was signed by U.S. General Services Administration (GSA) Administrator Edward C. Forst and Pakistan’s Finance Minister Muhammad Aurangzeb, witnessed by Prime Minister Shehbaz Sharif and U.S. Special Envoy Steve Witkoff. Strategic Economic Initiative Amid Privatization Push Pakistan views the century-old Midtown Manhattan hotel—closed since 2020—as worth over $1 billion in redevelopment potential. The pact aligns with the government’s strategy to restructure loss-making assets under its $7 billion IMF program, focusing on privatization to generate revenue and ease fiscal pressures. The collaboration involves the GSA facilitating the project alongside Pakistan’s Ministry of Defence. Negotiated under President Donald Trump’s leadership via envoy Witkoff, the deal strengthens bilateral economic ties, complementing U.S. support for Pakistan’s Reko Diq mining project. No specific redevelopment plans, timelines, or financial commitments were detailed in the MoU, which serves as a non-binding starting point for technical, commercial, and economic assessments. Background and Broader Implications The Roosevelt Hotel, near Grand Central Terminal, previously served as a migrant shelter dubbed the “New Ellis Island” before closing permanently post-pandemic. Owned by PIA for decades, it represents a valuable but underutilized foreign holding for cash-strapped Pakistan. The agreement signals deepening Pakistan-U.S. engagement, coinciding with Sharif’s Washington visit for Trump’s Board of Peace inaugural meeting. While questions linger about the GSA’s unusual role in a foreign asset, officials emphasize maximizing value and fostering partnership without an outright sale. This move could pave the way for major redevelopment, potentially transforming the property into a luxury or mixed-use site in a prime location.

Real Estate Can Stabilize Pakistan’s Economy with Right Policies: CEO Eighteen
Pakistan

Real Estate Can Stabilize Pakistan’s Economy with Right Policies: CEO Eighteen

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Islamabad: By 2026, Pakistan’s growing population, rapid urbanization, and rising demand for secure, well-planned communities are expected to significantly increase the need for quality housing, said by CEO Eighteen housing Dr. Mohamed Mansour. Read More: https://theboardroompk.com/imf-pakistan-visit-2026-signals-a-crucial-economic-checkpoint/ While talking to journalists, Dr. Mohamed Mansour said that the real estate extends far beyond residential development. It is an interconnected industry that fuels construction, banking, manufacturing, retail, and services—creating employment opportunities at every level. From skilled engineers and architects to daily-wage laborers and small suppliers, housing projects contribute directly to income generation and economic circulation. Leadership at Eighteen, one of Pakistan’s premium housing developments, has emphasized that planned urban communities and large-scale real estate projects will play a central role in strengthening the economy over the coming years. CEO eighteen emphasized that green spaces, and commercial zones in a private housing project not only enhance quality of life but also attract domestic and overseas Pakistani investment. Projects like Eighteen demonstrate how modern housing societies can support government infrastructure goals while easing pressure on major urban centers, he added. Dr. Mohamed Mansour believes that with consistent policies, regulatory clarity, and access to financing, real estate can become a stabilizing force for Pakistan’s economy. Housing societies that prioritize transparency, planning, and community development can help formalize the sector and attract long-term capital. He emphasized that these unlawful developments undermine the credibility of the real estate sector and discourage long-term capital inflows from the overseas diaspora, which remains a vital source of national investment. He further stressed that strong regulatory enforcement, effective oversight, and strict checks and balances across housing societies would help stabilize the real estate sector and restore investor confidence. Such measures, he noted, would encourage both local and overseas investors to reinvest in this critical sector, which directly and indirectly supports more than 250 allied industries and plays a pivotal role in driving economic growth. Commenting on the policy rate and its impact on real estate, he noted that a single-digit SBP policy rate would significantly boost investment in productive and running industries such as real estate by lowering the cost of borrowing and improving access to financing. Reduced interest rates would enable developers, businesses, and homebuyers to plan long-term investments with greater confidence.

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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