Bahra Electric, Pakistan Cables join hands to develop electrical products for energy sector

on 23/10/2024

Islamabad: Bahra Electric and Pakistan Cables Limited signed a Memorandum of Understanding to strengthen partnerships between the two organizations ushering a new era for collaboration in the industrial and energy sectors between the Kingdom of Saudi Arabia and Pakistan. The MoU was signed by Mr. Kareem Idriss, Deputy Chief Executive – Bahra Electric and Mr. Fahd K. Chinoy, CEO– Pakistan Cables at a signing ceremony in Islamabad on October 10th. The value of the MoU is estimated to be up to USD 100 million and is anticipated to contribute towards the strong economic relation between both the countries.
This was one of several MOUs signed during the visit of a Saudi delegation led by Honourable Mr. Khalid Bin Abdulaziz Al-Falih, Minister of Investment, Kingdom of Saudia Arabia.
The two sides agreed that Bahra Electric and Pakistan Cables will collaborate to develop electrical products for the energy sector, strengthen capabilities and supply chain resilience, and widen distribution networks. The two sides would continue to view the relationship between Bahra Electric and Pakistan Cables from a strategic and a long-term perspective, take effective measures to accelerate industrial development in the engineering and energy sectors, promote economic development and work together to jointly foster regional collaboration, and contribute towards building closer Pakistan-Saudi business relations
Bahra Electric is amongst the world largest cable manufacturers and is the fastest growing cable manufacturer in Saudi Arabia. Bahra Electirc boasts a wide product portfolio to serve the construction, electric utilities, distribution, industrial, oil & gas, and petro chemical sectors in Saudi, GCC and International Markets.
Pakistan Cables, is the pioneer of wires and cables industry in Pakistan. With an impressive history of over 7 decades, Pakistan Cables has the largest retail network in Pakistan across over 200 cities and town. It has recently enhanced capacity and added backward integration through its recent expansion in a world class modern manufacturing facility spread over 42 acres of land in Nooriabad, Sindh.
“We are very pleased today about the signing of the Memorandum of Understanding between Bahra Electric and Pakistan Cables which should pave the way for a comprehensive partnership. We see a fantastic window of opportunity for both the countries by leveraging on such partnerships which are critical to address rapid infrastructure developments for upgrading electrical grids and for liveable, sustainable, and smart cities. The objective of the MoU is to develop solutions for emerging energy market needs through globally recognised products and technologies and through improved industrial and business cooperation between our two countries.”, said the two companies in a joint statement.
About Bahra Electric, SA: Bahra Electric was established in 2008 as Bahra Cables. Initially focusing on establishing itself as the leading Wires and Cables manufacturer in the industry. The Company’s rapid growth and successive achievement has resulted in it becoming the 48th largest wire and cable company globally within the span of 8 years. Today, BE has a diversified product portfolio into several complementary electrical products, which now includes 11 main product lines serving our customers with their most important electrical needs.
About Pakistan Cables Ltd.: Founded in 1953, Pakistan Cables is the premiere and most reputable cable manufacturer in Pakistan. It is the first and oldest wires and cable manufacturer listed on the PSX since 1955. It is also a member company of the Amir S. Chinoy (ASC) group. The company has the largest geographical footprint in Pakistan with presence in over 180 cities. It is ISO9001:2015, ISO 14001:2015 AND OHSAS 18001:2007 certified and various cables type tested by KEMA, Netherlands. Pakistan Cables is the only building material company in Pakistan that has its carbon emission reduction targets approved and validated by SBTi. To learn more about Pakistan Cables Ltd.

Siemens Sells Energy Unit for Rs 17.8 Billion

on 23/10/2024

Siemens Pakistan Engineering Ltd (SPEL) has announced the approval of its board of directors to sell its energy business segment to Siemens Gamesa Renewable Energy (Pvt) Ltd, a non-affiliated entity, for approximately Rs 17.8 billion.
In a stock filing on Monday, SPEL reported that the net book value of the energy business as of the valuation date was around Rs 17.61 billion. This decision follows the 2020 spin-off of Siemens AG’s energy business and comes after the board’s in-principle approval during a meeting on March 10, 2023, communicated to stakeholders in a letter dated March 13, 2023.
On October 11, 2024, the board officially approved the sale, with a majority in favor, based on an independent fairness opinion from a global audit and consulting firm. The transaction is set to be executed on a going concern basis, meaning the business will continue to operate as usual under the new ownership.
The sale price of approximately Rs 17.82 billion is based on the valuation date of March 31, 2024. The final cash received and any gain or loss from the sale will be calculated based on the net book value as of the transaction’s closure date, along with other contractual terms.
The completion of this transaction is subject to shareholder and regulatory approvals.

Connecting Economies: A Call for Integrated Growth in the SCO Region:

on 23/10/2024

Prime Minister Shehbaz Sharif addressed the 23rd meeting of the Council of the Heads of Government (CHG) of the Shanghai Cooperation Organization (SCO) this week, emphasizing the critical role of a robust SCO in achieving sustainable development in the region. He underscored the importance of advancing a shared vision for an economically integrated area, advocating for investments in connectivity projects that transcend political considerations.
In his National Statement, the Prime Minister stated, “Pakistan firmly believes that a stronger, more effective SCO is essential to achieving sustainable development in our region. We must approach connectivity initiatives without the constraints of political agendas, focusing instead on enhancing our collective capacities.” He urged member states to collaborate towards building a well-integrated, prosperous region that would benefit all involved.
Sharif welcomed participating leaders for a group photo and highlighted the diverse collaborative efforts of the SCO, spanning areas such as academic exchanges, tourism, poverty alleviation, and the empowerment of women and youth. These initiatives reflect a collective determination to promote prosperity through unity.
Attendees at the summit included prominent leaders such as China’s Premier Li Qiang, Belarus’s Prime Minister Roman Golovchenko, Kazakhstan’s Prime Minister Olzhas Bektenov, Russia’s Prime Minister Mikhail Mishustin, Tajikistan’s Prime Minister Kohir Rasulzoda, Uzbekistan’s Prime Minister Abdulla Aripov, Kyrgyzstan’s Chairman of the Ministers’ Cabinet Zhaparov Akylbek, Iran’s Trade Minister Seyyed Mohammad Atabek, and India’s External Affairs Minister Subrahmanyam Jaishankar. Additionally, Mongolia participated as an Observer State, represented by Prime Minister Oyun-Erdene Luvsannamsrai, while Turkmenistan attended as a Special Guest with Deputy Chairman of the Cabinet of Ministers Rashid Meredov.
Prime Minister Shehbaz expressed support for ongoing SCO reforms aimed at modernizing the organization and enhancing the capabilities of the SCO Secretariat and the Regional Anti-Terrorist Structure. He reminded attendees that the essence of the SCO transcends mere political alliances and economic partnerships; it lies in the rich tapestry of cultures and the diversity of its people.
He reiterated Pakistan’s commitment to fostering people-to-people ties and cultural exchanges that help bridge divides and cultivate mutual understanding. “In unity and with shared purpose, we can build lasting legacies and enrich the future of all our nations,” he remarked.
Reflecting on Pakistan’s role as the chair of the SCO CHG last year, Sharif reaffirmed the nation’s dedication to regional peace, stability, enhanced connectivity, and sustainable socio-economic development as fundamental to the SCO’s progress. He noted that the joint communique from the meeting exemplified a shared commitment to fostering sustainable and inclusive economic growth while leveraging enhanced connectivity and green development strategies.
Highlighting several initiatives launched during Pakistan’s Chairmanship, he mentioned the SCO Economic Preference Base, increased cooperation among Trade Promotion Organizations, the Creative Economy framework, and the SCO New Economic Dialogue Program. “These initiatives chart a promising course,” he said, “but we must now transition to tangible actions through coordinated implementation to strengthen our cooperation in vital sectors such as trade and economy.”
Addressing the situation in Afghanistan, the Prime Minister pointed out that the country presents invaluable opportunities for trade and transit that could benefit all SCO member states. He stressed that a stable Afghanistan is essential for fully realizing these opportunities and called on the international community to provide urgent humanitarian support. He also urged the Afghan interim government to pursue political inclusivity and ensure that Afghan territory is not exploited for terrorism against neighboring nations.
Sharif emphasized the importance of investing in regional infrastructure—particularly in transport and energy—as indispensable for advancing economic integration. While supporting all SCO connectivity initiatives, he highlighted the need for a robust SCO connectivity framework that would not only enhance regional trade but also advance the vision of a connected Eurasia.
He called for the expansion of flagship projects like the Belt and Road Initiative (BRI), the China-Pakistan Economic Corridor (CPEC), and the International North-South Transport Corridor (INSTC), focusing on developing road, rail, and digital infrastructure to foster integration and cooperation across the region.
The Prime Minister also addressed the issue of poverty, assuring that Pakistan is committed to providing the necessary impetus to collective efforts aimed at addressing its root causes and improving the quality of life for all citizens.
On climate change, he described it as an “existential crisis” that transcends national borders, citing the devastating impact of the 2022 floods, which resulted in an economic loss of approximately $30 billion. He stressed the need for prioritizing environmental cooperation within the SCO to build resilience and secure a sustainable future for future generations.
Furthermore, Sharif condemned unilateral coercive measures and protectionist policies that contradict international law, arguing that they stifle economic growth, hinder technological advancement, and exacerbate inequality. He advocated for reforms in the global financial architecture and trade regimes to foster equitable global development.
In closing, he encouraged leaders to motivate their private sectors to create a conducive environment for business and investment within the SCO region. He praised the Pakistan Federation of Chambers of Commerce and Industry for its collaborative efforts with SCO External Ministers in Islamabad, facilitating productive dialogues that strengthen economic ties. He emphasized the importance of nurturing such initiatives to deepen economic cooperation and drive regional prosperity, commending the platforms provided by the SCO Interbank Union and the SCO Consortium of Economic Analytic Think Tanks for addressing banking challenges and conducting research on economic and trade dynamics.

Lucky Cement Completes 34MW Wind Power Project as Part of Green Energy Push..

on 22/10/2024

Lucky Cement Completes 34MW Wind Power Project as Part of Green Energy Push

Lucky Cement has successfully completed its 34MW wind power project, marking a significant step toward sustainable energy. The project is part of the company’s broader initiative to reduce its carbon footprint and transition towards renewable energy sources.

Located in Jhimpir, Sindh, the wind farm is expected to contribute clean energy to the national grid, aligning with Pakistan’s energy diversification goals. By investing in renewable energy projects, Lucky Cement aims to lower its reliance on conventional energy sources and reduce greenhouse gas emissions.

This project is a milestone for the company’s green energy ambitions and supports Pakistan’s ongoing efforts to expand renewable energy capacity.

Commemorative Postage Stamp Issued to Mark 50 Years of Tarbela Dam

on 18/10/2024

The Pakistan Post issued commemorative postage stamp worth 50 Rupees to mark 50 years of Tarbela Dam. A ceremony was held at WAPDA House for showcasing the commemorative postage stamp.  Chairman WAPDA Engr Lt Gen Sajjad Ghani (Retd) was the chief guest of the ceremony. Additional Director General (Operation) Pakistan Post, Rizwan Javed Hashmi unveiled the commemorative postage stamp. The ceremony was attended by Post Master General (Central Punjab), Deputy Post Master General (Admn), WAPDA’s Member Finance, Member Water, Member Power, Secretary and GMs from across the country.

Speaking on the occasion, the Chairman thanked the Pakistan Post for issuance of the commemorative postage stamp. He said that Tarbela Dam is a testament to Pakistan’s engineering prowess and commitment to the socio-economic development of the country. The commemorative postage stamp is a fitting tribute to this iconic project. The postage stamp will serve as a reminder of Tarbela Dam’s significance for generations to come.

Later, Additional Director General (Operation), on behalf of the Pakistan Post, presented album of the commemorative postage stamp to the Chairman.

It is important to note that Tarbela Dam, completed in 1974, has been playing an instrumental role for economic development and social uplift in Pakistan during the last 50 years. The contribution Tarbela Dam Project has made towards progress in the country can be judged form the fact that it has released 406 million acre feet (MAF) of stored water from the reservoir for agriculture and contributed 590,361 million units of low-cost and environment friendly hydel electricity to the National Grid. Economic and financial benefits of one MAF of water in Pakistan are estimated at US$ 1,000 million (US$ 1 billion). Therefore, total benefits accrued from Tarbela Dam during the last 50 years stand at more than four hundred billion dollars.