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

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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.

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Islamic Sukuk Bonds: Government Is Expected To Begin Bond Auction Next Week

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There is now more positive economic news for the people of Pakistan. The government is anticipated to begin the Sukuk Islamic Bond auction next week, after the central bank’s announcement of a large drop in the policy rate.

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SIFC Encourages Green Tourism: Reforming Visas to Increase Investment

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Enhancing investment in the tourism sector, Green Tourism Pakistan’s initiative has received backing from the Special Investment Facilitation Council.

Visa-On-Arrival for 126 countries, Visa-Free Entry for Gulf Cooperation Council nations, and 24-hour expedited visa processing are some of the main features of the Green Tourism Visa Policy.

It is anticipated that these endeavors will draw in about 80 million dollars in foreign direct investment and 8.3 billion rupees in domestic investment.

Green Tourism Private Limited has introduced hunting resorts in Naltar, Hunza, and Skardu, along with four- and five-star city hotels, to improve the tourism experience.

In the first phase of the project, 17 of the 78 areas have seen the start of development activity.

Approved is a central authority for Green Tourism that will supervise the growth of Air Operations.

To promote Religious Tourism, extra precautions have been taken to guarantee the security of visitors from all religions, including Sikhs and Buddhists.

Furthermore, in order to improve the quality of the tourist experience, the green guide quality program has been introduced to supply top-notch tour guides.

There is now a deluxe bus excursion from Islamabad to Peshawar that promotes local culture.

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July 2024 export data from Pakistan shows a significant rise.

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The Strategic Investment Facilitation Council (SIFC) has been instrumental in improving Pakistani products’ access to international markets, as seen by the significant surge in exports from the country at the start of the 2024–25 fiscal year.

With a 7.26% rise over the same month the previous year, July 2024 exports to the US were $476.017 million. After increasing by 7.74% annually, the United Arab Emirates emerged as the second-largest export destination.

The third and fourth places were occupied by exports to the UK ($183.303 million) and China ($60.100 million). A substantial increase in exports to Afghanistan was recorded in July of this year, rising from $46.262 million to $88.065 million, largely due to successful anti-smuggling efforts.

With a combined export volume of $553.951 million, more important export destinations included Germany, the Netherlands, Italy, Spain, Saudi Arabia, and Turkey.

A bright future for the national economy is suggested by the growing confidence major international markets have in Pakistani exports. Through the efforts of SIFC and the government, this greater access to global markets has been made possible.

Pakistan’s economy is predicted to remain stable as a result of the export growth that SIFC has enabled.

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