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Crescent of Excellence awarded to Umar Farooq Zahoor for securing $700 million in direct international investment.

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President Asif Ali Zardari has awarded Pakistan’s highest civilian honor, the Hilal-e-Imtiaz, to Dubai-based businessman Umar Farooq Zahoor, acknowledging his contributions to the state of Pakistan, particularly for attracting foreign direct investment amounting to hundreds of millions of US dollars.

In August of the previous year, President Asif Ali Zardari granted the Hilal-e-Imtiaz (Crescent of Excellence) to Umar Farooq Zahoor. Farooq was one of more than 100 individuals, both Pakistani and foreign, who were awarded civil honors on Sunday during a special presidential investiture ceremony at the President House in observance of Pakistan Day.

Umar Farooq Zahoor was awarded the civic honor Hilal-e-Imtiaz by the President of Pakistan in recognition of his contributions and exemplary services in attracting hundreds of millions of dollars in direct foreign investment from abroad.

Government sources indicated that Zahoor had facilitated the influx of hundreds of millions in direct foreign investment to Pakistan over the past three years.

This investment has been allocated to infrastructure, ports, and logistics, with projects exceeding $2 billion in diverse sectors, including energy, distribution, agriculture, IT, logistics, and real estate currently under progress.

Zahoor has been instrumental in enhancing bilateral business relations between Pakistan and the Gulf nations, utilizing his extensive regional network and diplomatic acumen to promote investment and economic cooperation.

Upon receiving the Hilal-e-Imtiaz, Umar Farooq Zahoor stated, “This is a moment of great honor and privilege for me.” I take pride in having secured approximately $700 million in direct foreign investment for Pakistan over the past three years. Receiving such a distinguished honor from my homeland is a moment of immense pride for myself, my family, and my friends. I am grateful and humbled by the state of Pakistan for deeming me deserving of this honor. This acknowledges my contributions to Pakistan in attracting investment. I am dedicated to exerting all efforts to bolster Pakistan’s economic development and international stature.

A few months ago, the Intergovernmental Institution for the Use of Micro-algae Spirulina Against Malnutrition (IIMSAM), an autonomous intergovernmental observer to the United Nations Economic and Social Council, appointed Umar Farooq Zahoor as a pro bono ambassador at large to advocate for Spirulina and further the UN Millennium Development Goals in combating global malnutrition.

“Umar Farooq has been appointed Pro Bono Ambassador at Large in the office of the Secretary General,” as stated in a letter from Remigio Maradona, MSA, the Permanent Secretary General.

IIMSAM informed Zahoor that the ambassador will assist in addressing malnutrition by overseeing the global free distribution of Spirulina, particularly in underserved regions, including Pakistan, in accordance with the UN’s Sustainable Development Goals for 2020-2030.

His designation as a pro bono ambassador at large, as stated in the letter from IIMSAM, bolsters the organization’s mission to address malnutrition by enabling the gratuitous distribution of spirulina to underprivileged populations globally, especially in Pakistan, in accordance with the UN’s Sustainable Development Goals for 2020-2030 during the Decade of Action.

IIMSAM operates as an autonomous international observer to the UN Economic and Social Council, a designation conferred by ECOSOC Resolution 2003. The organization is essential in combating worldwide hunger by advocating for and disseminating Spirulina, a very nutritious microalga.

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After the IMF accord, PSX records significant gains.

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The Pakistan Stock Exchange (PSX) gained momentum as the benchmark KSE-100 Index gained more than 1,300 points during the opening hours of trade on Wednesday, just hours after the International Monetary Fund (IMF) and Pakistani authorities reached a staff-level agreement on the first review under Pakistan’s Extended Fund Facility (EFF) and on a new arrangement under the Resilience and Sustainability Facility (RSF).

After the staff-level deal with the global lender, the bulls quickly recovered, and the KSE-100 Index was trading at 118,220 points.

Market analysts claim that a recent study on the viability of the Reko Diq project in Balochistan by the Oil and Gas Development Company (OGDC) and Pakistan Petroleum Limited (PPL) gave investors encouraging indications.

Automobile assemblers, cement, chemical, commercial banks, oil and gas exploration firms, OMCs, power generating, and refineries were among the major industries that saw significant purchasing.

Aside from that, following positive macroeconomic news, index-heavy equities such as OGDC, MARI, PPL, HUBCO, PSO, SNGPL, and SSGC also saw positive trading.

After moving south, PSX gains ground.

Following a weak day, the Pakistan Stock Exchange (PSX) saw some improvement during Tuesday’s trade.

The KSE-100 Index lost 562 points at the start of trading, falling to 115,877. However, it quickly bounced back, rising 400 points to 116,904.

After dropping 2,002 points, the PSX ended Monday’s trading session at 116,439 points. Selling pressure caused it to plummet.

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PEL Ships Transformers to Start US Exports

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Through stable and efficient trade regulations, the Special Investment Facilitation Council has helped promote Pakistani industrial exports internationally.

With the first shipment of transformers departing Pakistan for the United States on March 13, 2025, Pak Electron Limited formally started exporting its goods to the United States.

PEL wants to increase its worldwide visibility and investigate new overseas prospects. Under its power and appliances segment, the company produces high-quality goods like transformers and home appliances.

Additionally, PEL has alliances with major global corporations including General Electric, Mitsubishi, and Hitachi.

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The FBR has extended the deadline for sales tax returns until March 27.

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The Federal Board of Revenue (FBR) extended the deadline for submitting Sales Tax and Federal Excise reports to March 27, 2025, to assist taxpayers.

The FBR has issued an official notification concerning the prolongation, as per reports.

The initial deadline for submitting Sales Tax and Federal Excise reports for the February 2025 tax period, originally set for March 18, 2025, has been extended to March 27, 2025.

The determination has been rendered pursuant to Section 74 of the Sales Tax Act 1990 and Section 43 of the Federal Excise Act 2005.

FBR officials indicated that the extension is intended to alleviate challenges encountered by taxpayers, permitting them to complete their returns within the specified timeframe without inconvenience.

Taxpayers are encouraged to utilize the extended deadline and submit their returns punctually to evade any possible fines.

The FBR regularly extends tax return deadlines to assist the corporate sector and facilitate seamless tax compliance.

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