Business

Pakistan’s food company establishes manufacturing facility in UAE

Published

11 months ago

Farwa

National Foods engages in manufacturing, sale of products.
Company has been granted with manufacturing licence.
Seeks to expand access to Middle Eastern markets: CEO.

KARACHI: Pakistani food company, National Foods, has established its first overseas manufacturing facility in Sharjah, United Arab Emirates (UAE), to increase its footprint on a global level and boost exports of edible goods, Arab News reported Wednesday.

According to The News, the company is principally engaged in the manufacturing and sale of a wide range of food products including pickles, ketchup and desserts

The UAE remains the primary overseas geographical market for the company’s products.

“As part of the strategy on international business, the company’s wholly-owned subsidiary ie, National Foods DMCC based in Dubai, has established a further subsidiary namely National Foods (FZE), in Sharjah, UAE,” the company said in a stock filing.

National Foods DMCC, the Dubai-based subsidiary, was formed in 2012 for the Middle East market and has helped expand the company’s global footprint, Abrar Hasan, CEO of National Foods, said.

The company had applied for a manufacturing licence in the UAE, which had been granted, he added.

“Now we will start manufacturing with the purpose of better access to the market particularly, the Middle Eastern markets. This will be the first overseas manufacturing facility,” Hasan told Arab News, adding that the facility would also help in the localization of products.

He said the company planned to expand beyond just Gulf countries and already had a presence in Canada, the UK and the US.

The company’s export sales increased from Rs2.2 billion to over Rs2.4 billion, mainly to the UAE, during the last fiscal year, while exports increased by Rs638 million during the first three months of the current fiscal year, according to a financial statement of the company posted on Pakistan Stock Exchange (PSX).

Share of exports is about 20% of National Food’s total turnover, Hasan said. Local sales remained around Rs40 billion during the fiscal year 2023 as compared to Rs36.6 billion in the previous year, according to the financial statement.

Pakistani analysts based in the UAE said the demand for Pakistani products was on the rise mainly due to the growing Pakistani diaspora.

“Pakistani diaspora is growing in large numbers in Gulf countries and at the same time the demand for Pakistani products is also rising,” Danish Kazi, a financial and political analyst based in UAE, said.

Business

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

Published

18 hours 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.