Business

Karachi’s iconic Regent Plaza hotel gets Rs14.5bn offer from SIUT

Published

1 year ago

Farwa

erty owned by Pakistan Hotel Developers Limited (PHDL) into a tertiary-care general hospital, according to documents seen by The News.

Speaking to the publication, SIUT Trustee Syed Shabbar Zaidi confirmed that they had offered to buy the hotel, saying it was a 47,000 square feet built structure, which could be converted into a healthcare facility within a span of one year.

“Karachi badly needs another tertiary-care health facility and constructing a large health facility by acquiring land would take years. In these circumstances, it is the best option to acquire a built structure in the heart of the city and convert it into a health facility,” said Zaidi.

He maintained that it was close to most of the health facilities, including the National Institute of Cardiovascular Diseases (NICVD), the National Institute of Child Health (NICH) and the Jinnah Postgraduate Medical Center (JPMC).

Responding to a query, he said the deal is yet to be accepted by the PHDL but hoped that they would accept the offer in the interests of the people of Pakistan as well as other countries who come to Karachi for treatment of various complicated ailments.

Regarding the availability of funds for the purchase of the property, he vowed to take loans and raise funds from the public to acquire the facility.

In September, the Pakistan Stock Exchange (PSX) was informed that the SIUT Trust intends to conduct due diligence on the five-star hotel in Karachi built on a plot measuring 13,200 square yards.

The PHDL also owns two other pieces of land in Thatta with a total area of about 14 acres.

The hotel comprises 400 rooms with an occupancy rate of 20% for the 2021-22 fiscal year, the latest data available showed. This rate was 9% in the previous year due to COVID-19.

In the first nine months of 2022-23, PHDL reported a net profit of Rs45.5 million, i.e. a 38.3% decrease from the previous year.

Business

With its second-largest surge ever, PSX approaches 114,000 points.

Published

2 days ago

Farwa

Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

Business

In interbank trade, the Pakistani rupee beats the US dollar.

Published

1 week ago

Farwa

In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

Published

1 week ago

Farwa

The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.