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Karachi: Mr. Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI), has expressed his objective optimism for rapid increase in bilateral trade volumes between Pakistan and Iran. It is pertinent to note that today FPCCI hosted a prominent Iranian business and government delegation at the Federation House – laying the groundwork for a massive expansion in cross-border economic ties. Mr. Atif Ikram Sheikh apprised that, following extensive B2B meetings and policy discussions, FPCCI leadership confidently projected that scaling the bilateral trade volume between Pakistan and Iran to $10 billion within the next few years is highly achievable through strategic alignment and the resolution of technical barriers to trade. The Iranian delegation consisted of H. E. Mr. Hasani, Deputy Governor for Economic Affairs of Sistan and Baluchestan Province; H. E. Mr. Akbar Eissa Zadeh, Consul General of Iran in Karachi; Mr. Mohammad Saeed Arbabi, CEO of the Chabahar Free Zone and other prominent business personalities. Mr. Saquib Fayyaz Magoon, SVP FPCCI, informed that the dialogue focused heavily on unlocking immediate commercial opportunities in core sectors; including, logistics, transportation, maritime linkages, rice and meat exports. Mr. Saquib Fayyaz Magoon, SVP FPCCI, highlighted the operational mechanisms required to reach these trade targets. Unlocking this $10 billion potential requires formalizing and fully operationalizing our barter and regional trade mechanisms. Mr. Abdul Mohamin Khan, VP & Regional Chairman Sindh, FPCCI, has said that by fostering direct, robust B2B linkages and establishing secure, alternative payment channels, we can overcome existing bottlenecks and significantly reduce the cost of doing business between our two nations. Mr. Nasir Khan, VP FPCCI, addressed the critical infrastructure required for this trade volume and pointed toward maritime and logistical synergy. We must pivot our perspective and view the ports of Gwadar and Chabahar as complementary assets rather than competitors. By integrating our logistics, transportation and maritime strategies, we can transform this region into a premier global transit hub – facilitating seamless cargo movement and joint industrial ventures. Mr. Asif Sakhi focused on the immediate export potential and underscored the importance of agricultural and food sectors. Pakistan possesses an immense, untapped capacity to meet Iran’s growing food security needs. Our premium rice and halal meat sectors are fully equipped to capture a massive share of the Iranian market. To realize this, we urge authorities on both sides to drastically simplify customs procedures, modernize border management and ensure uninterrupted cold-chain logistics, he added. The visit concluded with a consensus on establishing dedicated follow-up on the B2B linkages. FPCCI reiterated its commitment to aggressively pursuing the $10 billion trade target through sustained economic diplomacy and private-sector advocacy.

Karachi: The Emirates Group today released its 2025-26 Annual Report, achieving new record profit, revenue, and cash balance levels, despite a disruptive and challenging 12th month in its financial year. Emirates airline maintained its position as the world’s most profitable airline, reporting a record PBT of AED 22.8 billion (US$ 6.2 billion), up 7% from last year, with a PBT margin of 17.4%. The airline also achieved record revenue of AED 130.9 billion (US$ 35.7 billion), representing a 2% increase year-on-year, while its cash assets climbed to their highest-ever level of AED 54.9 billion (US$ 15.0 billion), 10% higher than on 31 March 2025. The Emirates Group delivered a record-breaking financial performance for the year ended 31 March 2026, reporting a profit before tax (PBT) of AED 24.4 billion (US$ 6.6 billion), marking a 7% increase compared to last year and achieving a PBT margin of 16.2%. The Group also posted record revenue of AED 150.5 billion (US$ 41.0 billion), up 3% year-on-year, while its cash assets reached an all-time high of AED 59.6 billion (US$ 16.2 billion), reflecting a 12% increase over the previous year. Additionally, the Group recorded an EBITDA of AED 41.1 billion (US$ 11.2 billion), underscoring its strong operational profitability.The Group declares a dividend of AED 3.5 billion (US$ 1.0 billion) to its owner, the Investment Corporation of Dubai (ICD).The UAE corporate tax rate applied to the Emirates Group increased from 9% to 15% this year, due to the adoption of Pillar Two tax rules in the UAE. After accounting for the tax charge, the Group’s profit after tax is AED 21.0 billion (US$ 5.7 billion), up 3% from 2024-25 His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group said: “These outstanding results, despite significant challenges in the last month of our financial year, reaffirm the strength and resilience of the Emirates Group’s business model, which is rooted in safety, excellence, innovation, people and partnerships. “For the first 11 months of 2025-26, the picture across the Group was very positive. Strong demand for our products and services was driving revenue, and we were achieving healthy margins thanks to our sustained investments in product, people, technology and brand. Month after month, we were surpassing our targets. “On 28 February, military activity massively disrupted global commercial air traffic in the Gulf region, including in the UAE. Emirates and dnata quickly mobilised to support our people and affected customers, protect our assets, and ensure business continuity. “We are fortunate to be based in Dubai, where years of infrastructure investments and a cohesive aviation ecosystem has enabled the government to quickly secure safe corridors for commercial flights. Emirates and dnata have since gradually restored operations at DXB. Although we are still operating at a lower passenger capacity than pre-disruption, cargo operations have ramped up to support the movement of essential goods into and through the UAE.”

Government Must Immediately Reduce Additional Levies and Charges Consumers Association of Pakistan Chairman Kaukab Iqbal has expressed serious concern and disappointment over the sharp increase in petroleum prices, stating that the extraordinary rise in petrol and diesel rates is another wave of inflation imposed on the public. He said the decision will not only affect daily life but will also increase transportation costs, agricultural expenses, industrial production costs, and the prices of essential commodities across the country. Talking to the media in Karachi, Kaukab Iqbal stated that Pakistan is already facing severe inflation, unemployment, and economic pressure, and the sudden increase in petroleum prices has become unbearable for the poor and middle class. He said that while international market conditions have their impact, additional domestic levies, internal charges, and various indirect costs have multiplied the financial burden on consumers. He further stated that higher public transport fares will directly affect workers, students, employees, and ordinary citizens, while increased diesel costs will raise agricultural production expenses, leading to further hikes in food prices. Rising logistics and freight charges will trigger another wave of inflation in the country. The Chairman of Consumers Association of Pakistan urged the Government of Pakistan to immediately reduce unnecessary taxes, levies, and additional charges imposed on petroleum products in order to provide relief to the public. He also called for emergency measures and special support for the transport, agriculture, and essential goods supply sectors to control the growing inflationary pressure. He also urged Oil and Gas Regulatory Authority to ensure strict implementation of official fuel prices across the country and to take immediate action against overcharging, under-measurement, and hoarding practices at fuel stations. Kaukab Iqbal emphasized that the current situation requires serious national attention and immediate practical measures to protect the public from further economic hardship.

Pakistan is taking decisive steps to attract $6 billion in oil refinery investment. The government plans to exempt machinery imports from sales tax. This move aims to clear the path for long-delayed refinery upgrades across the country. High-Level Meeting Breaks the Deadlock Finance Minister Muhammad Aurangzeb chaired a high-level meeting on Thursday. Petroleum Minister Ali Pervaiz Malik attended alongside senior officials. Representatives from the Federal Board of Revenue, OGRA, and refineries were also present. The meeting focused on removing tax and policy bottlenecks. These bottlenecks have stalled refinery modernisation for nearly two years. The uncertainty has affected not only refineries but also banks that must finance billion-dollar upgrade projects. The finance minister gave clear assurances to refinery representatives. He said the government was aware of industry concerns. He pledged that all outstanding issues would be resolved swiftly. Reason behind the Stall The Finance Act 2024 changed the tax status of petroleum products. They moved from “zero-rated” to “exempt” status under sales tax rules. This shift disrupted the financial models of both ongoing and planned refinery projects.Under the new arrangement, refineries can no longer fully adjust input sales tax against output tax liabilities. Industry estimates show that a significant proportion of operational and project-related taxes will now add directly to business costs. This has shaken investor confidence and threatened project viability. Government Plans Stability Clause to Protect Investors A key proposal under discussion is a stability clause. This clause would be written into agreements between OGRA and individual refineries. It would guarantee that no policy shift occurs while upgrade work is in progress. Such a clause is critical for projects with long gestation periods. Refineries invest over many years. They need regulatory and fiscal certainty to secure financing from local and international lenders. Officials confirmed that several proposals are under active review. These include mechanisms to restore investor confidence, ensure cash flow stability, and preserve project viability without undermining fiscal goals. Monday Meeting to Finalise Proposals Another meeting is scheduled for Monday. Petroleum Minister Ali Pervaiz Malik will chair it. The meeting will finalise all proposals and prepare a summary for the Economic Coordination Committee for formal approval. Prime Minister Shehbaz Sharif has already directed all relevant ministries to streamline refinery upgrade implementation. He is personally overseeing progress. Industry participants expressed optimism that a workable solution will emerge within weeks. Why This Investment Matters for Pakistan The Brownfield Refinery Policy was designed to push refineries toward major upgrades. The goal is to produce cleaner Euro-V compliant fuels. It also aims to reduce furnace oil output and cut reliance on imported petroleum products. Pakistan’s energy import bill remains a heavy burden on foreign exchange reserves. Refinery upgrades directly address this burden. Upgraded refineries will produce cleaner fuels domestically. This reduces costly imports and improves the country’s trade balance. The government has called refinery modernisation a strategic national priority. Officials linked it directly to fuel quality improvement, environmental compliance, import substitution, and long-term energy security. Industry Response Refinery executives welcomed the government’s proactive engagement. They described Thursday’s meeting as a positive signal. However, they stressed that policy continuity and fiscal predictability are non-negotiable for multibillion-dollar investments. Industry leaders also called for a broader stability framework. This framework would protect approved investments from sudden fiscal policy changes. They believe such assurances will strengthen confidence among investors, lenders, and international technology partners. If the government delivers on its commitments, the Brownfield Refinery Policy has the potential to transform Pakistan’s entire downstream petroleum sector.

Lahore, Pakistan – Pak Suzuki Motor Company has officially launched the Suzuki Fronx, introducing a new XUV category in Pakistan’s automotive market. The company described the launch as a major step toward redefining modern mobility through innovation, style, and practicality. Masafumi Harano, Managing Officer & Executive General Manager for Automobile Marketing across Asia, Latin America, and Oceania, highlighted Suzuki’s global strength in compact, efficient, and high-quality vehicles. He emphasized the company’s philosophy of “Sho Sho Kei Tan Bi” — Smaller, Lighter, Fewer, Shorter — noting that compact mobility is the smart choice in today’s world. Hiroshi Kawamura spoke about Suzuki’s legacy of enabling mobility in Pakistan and shared the company’s vision to provide reliable, affordable, and evolving mobility solutions that align with changing lifestyles. He described the Fronx as a strategic addition aimed at creating a more aspirational and modern vehicle lineup while reaffirming Suzuki’s customer-focused slogan, “By Your Side.” Takashi Yokoyama explained that the Fronx was designed to deliver joy, style, and ease of driving in a compact form. Inspired by the elegance and strength of a thoroughbred horse, the vehicle features a bold coupe-style silhouette that blends urban sophistication with a commanding road presence. Positioned as an XUV in Pakistan, it reflects a mix of practicality and premium styling. Aamir Shaffi described the Fronx as Suzuki’s strategic entry into a new vehicle segment aimed at modern, style-conscious customers. He noted that the vehicle fills a gap in the market by combining style, performance, and value while also offering hatchback and sedan users an upgrade path toward the growing global SUV trend. The Suzuki Fronx comes equipped with features designed to enhance everyday driving, including parking sensors, a rear camera, push-start system, cruise control, and steering-mounted controls. It also offers a 9-inch infotainment system with Apple CarPlay, Android Auto, and voice command functionality. Safety features include six airbags, ABS with ESP, and Hill Hold Control, all built on Suzuki’s HEARTECT platform. The vehicle is powered by a 1.5L K-Series engine paired with a 6-speed transmission and is available in three variants in Pakistan.

Karachi: Atif Ikram sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has expressed his grave concerns over the critical expansion in Pakistan’s trade deficit – which has surged by 20.28% to reach $32 billion during the first 10 months of the current fiscal year (July-April FY26). Mr. Atif Ikram Sheikh, in an urgent appeal to policymakers, emphasized that the only sustainable solution to stabilize the nation’s fragile external account and protect foreign exchange reserves shall be a comprehensive and fast-tracked strategy to aggressively incentivize the export sectors. FPCCI Chief, analyzing the latest figures released by the Pakistan Bureau of Statistics (PBS) on Tuesday, highlighted the severely disproportionate ratio between the country’s exports and imports. During the July to April period of FY26, Pakistan’s import bill climbed by nearly 7%, reaching a staggering $57.19 billion. In a stark contrast, total export proceeds over the same ten-month time-frame contracted by 6.25% – falling to $25.21 billion from $26.89 billion in the corresponding period last year. Mr. Arif Ikram Sheikh explained that this immense gap means the country is importing more than double the value of what it exportاs, pushing the cumulative trade deficit up by 20.28% from $26.59 billion a year ago. FPCCI President stressed that the business community’s apprehensions are further magnified by the monthly data for April 2026, which recorded a 46-month high monthly trade deficit of $4.07 billion. While April witnessed a 14.03% year-on-year recovery in monthly export receipts, reaching $2.48 billion – but, this growth was entirely eclipsed by massive import payments. Mr. Saquib Fayyaz Magoon, SVP FPCCI, maintained that the monthly imports surged by 7.46% year-on-year and a dramatic 28.41% month-on-month, clocking in at an overwhelming $6.55 billion. FPCCI asserts that these figures unequivocally prove that temporary import compression tactics have failed – and, structural export weaknesses must be immediately addressed. Mr. Saquib Fayyaz Magoon stated that, while FPCCI acknowledged a marginal relief from the services sector – where the trade deficit narrowed by 6.7% to $2.15 billion during July-March FY26, backed by a healthy 17% rise in services exports to $7.35 billion – the apex body reiterated that merchandise exports remain the core engine of Pakistan’s economy. The traditional manufacturing and textile sectors simply cannot compete on the global stage while battling the region’s highest energy tariffs, a highly restrictive monetary policy and a continuously deteriorating ease of doing business, he added. Mr. Abdul Mohamin Khan, VP & Regional Chairman Sindh, FPCCI, reiterated that, to avert a potential balance of payments crisis, FPCCI strongly advocates for an immediate pivot toward export-led economic growth. We have outlined a set of critical, data-driven interventions required from the government – primarily focusing on reducing the crippling cost of industrial production. Mr. Abdul Mohamin Khan pointed out that these interventions should include the urgent rationalization of electricity and gas tariffs for export-oriented industries to bring them at par with regional competitors, alongside a significant reduction in the policy rate to spur industrial borrowing and capacity expansion, he added. FPCCI is also calling for the immediate disbursement of all pending export rebates, the introduction of targeted tax incentives for non-traditional export sectors such as IT, engineering goods and pharmaceuticals – and aggressive diplomatic efforts to secure zero-duty access or Free Trade Agreements (FTAs) with major global markets.

Karachi, 30 April 2026: Pakistan Telecommunication Company Limited (PTCL) notes recent media reports regarding a potential change in the investment position of e& (formerly Etisalat) in Pakistan. The company would like to reject the baseless and speculative reports and is not aware of the sources referenced in these reports. As a publicly listed entity, PTCL emphasizes the importance of accurate and responsible reporting, as unverified information may lead to unnecessary market speculation. PTCL’s shareholders remain fully committed to the company’s long-term strategy and growth trajectory. This is reflected in key strategic initiatives, including the acquisition of Telenor Pakistan and Orion Towers, Ufone’s 5G spectrum acquisition, and the continued expansion of the company’s fiber network across the country.

KARACHI: A high-level trade delegation of the Karachi Chamber of Commerce & Industry (KCCI), led by Senior Vice President KCCI, Muhammad Raza, departed on Thursday for a week-long official visit to Bangladesh and Sri Lanka, aimed at strengthening bilateral trade ties and exploring new avenues of economic cooperation. Read More: https://theboardroompk.com/dubai-islamic-bank-pakistan-limited-dibpl-closes-usd-financing-for-acquisition-of-attock-cement-pakistan-limited/ The delegation comprises a diverse group of prominent exporters, manufacturers, traders, and entrepreneurs representing key sectors including textiles, agro-commodities, food products, building materials, industrial supplies, and value-added goods. During the visit, the KCCI delegation will hold a series of Business-to-Business (B2B) meetings with leading chambers of commerce, trade bodies, and business communities in Bangladesh and Sri Lanka. Meetings with government authorities, policymakers, and relevant stakeholders are also scheduled to discuss trade facilitation, market access, and opportunities for joint ventures and investment. Speaking prior to departure, Senior Vice President KCCI, Muhammad Raza, stated that the visit reflects KCCI’s continued efforts to promote Pakistan’s exports and strengthen economic linkages with regional economies. He emphasized that both Bangladesh and Sri Lanka offer significant potential for expanding trade, particularly in sectors such as textiles, agriculture, food processing, construction materials, and industrial inputs. He further noted that the delegation will actively engage with counterparts to explore mutually beneficial collaborations, identify new markets for Pakistani products, and address issues hindering trade growth.The visit also aims to enhance institutional cooperation between KCCI and counterpart organizations, paving the way for sustained business-to-business engagement and long-term economic partnerships.KCCI remains committed to facilitating the business community by providing international exposure, promoting trade diplomacy, and creating meaningful opportunities for growth in global markets.