Companies Need to Immediately Share Details of Ultimate Beneficial Owners: SECP

Each company shall identify and obtain the “Ultimate Beneficial Owner” (UBO) information within three months from the date of coming into force of section 123A of the Companies Act, 2017 i.e. commencing on August 26, 2020.

According to the SECP document on the UBO issued here on Thursday for the companies, every limited liability partnership (LLP) shall within three months of coming into force of amended section 8 of the Limited Liability Partnership Act 2017 i.e. August 27, 2020, take reasonable measures to identify and obtain the information of its ultimate beneficial owners.

When contacted, the SECP officials told ProPakistani that section 123A of the Companies Act, 2017 became effective from August 26, 2020. Under this section, companies would be required to provide information of the UBO to the SECP within three months period. Strictly speaking, the three months period starts from August 26 and ends on Nov 26, 2020. However, the SECP can allow companies to submit this information to the SECP beyond this period after seeking necessary approval from the commission. But the compliance with the provision is mandatory for the companies.

The requirement to maintain UBO information is aimed at determining the true owners of a company who can only be natural persons. Corporate vehicles such as limited companies, limited liability partnerships and trusts, etc are at the heart of many tax evasion and money laundering schemes, as activities are not carried out in the name of real/natural persons, but by “legal persons” instead behind whom real controlling persons are concealed by the “corporate veil”.

UBO information is necessary to detect and prevent tax evasion, corruption, money laundering, terrorist financing, and other illicit behavior involving one or more companies or legal persons. Public trust in companies and markets largely depends on the existence of an accurate disclosure regime that provides transparency in the beneficial ownership and control structures of companies.

UBO information assists financial institutions in applying adequate customer verification procedures before the commencement of the relationship with their customers. This is also likely to assist the companies themselves in understanding their ultimate owners/controllers where there are complex corporate ownership and/or control structures, SECP said.

Different authorities may have a recognizable legal interest in obtaining information on UBO and control in order to investigate suspected illicit activities. Law enforcement authorities investigating and prosecuting money laundering and other crimes, tax authorities verifying compliance with tax laws, and securities regulators investigating market manipulation, unlawful insider trading, and fraud are just some of the authorities who may require information on UBO and control. Courts may also need such information in the context of litigation cases.

Legal and beneficial ownership information can assist law enforcement and other competent authorities by identifying those natural persons who may be responsible for the underlying activity of concern, or who may have relevant information to further an investigation, SECP maintained.

The SECP said that every company and every LLP has to prepare a register of its ultimate beneficial owners and shall timely record accurate and updated particulars in a timely fashion.

It said that the “Ultimate Beneficial Owner” “means a natural person who ultimately owns or controls a company, whether directly or indirectly, through at least twenty-five percent shares or voting rights or by exercising effective control in that company through such other means, as may be specified.

Every incorporated company and registered LLP shall have to provide a declaration of compliance to the registrar with the requirements to obtain, maintain, and update UBO information. In the case of a listed company, a copy of the said declaration shall also be filed with the Commission.

Additional particulars relating to the UBOs of subscribers holding at least 25% of shares, voting rights or controlling interest shall be obtained and maintained, and a declaration to this effect as required under section 16 of the Companies Act 2017 is required to be provided by the declarant authorized by the subscribers at the time of incorporation of a company in the “Application for Company Incorporation” on Inc. Form-II.

The foreign company shall also have to file a declaration that necessary UBO information at the time of “Registration of Documents of a Foreign Company” has been obtained and is available on record, as specified in FNC. Form-II, SECP added.

A comprehensive mechanism to identify and obtain the UBO information, as well as requisite forms, are provided in the Companies (General Provisions and Forms) Regulations, 2018. Similar mechanisms for limited liability partnerships and foreign companies are provided through amendments to the Limited Liability Partnership Regulations, 2018 and Foreign Companies Regulations, 2018 respectively.

For companies being newly incorporated, requisite amendments have been made to the Companies (Incorporation) Regulations 2017, SECP added.

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Latest Shoot Of The Adorable Couple Sajal Ali And Ahad Raza Mir

Pakistani stars Sajal Ali and her husband Ahad Raza Mir gave fans major couple goals and received immense love after getting married. Sajal and Ahad Raza Mir tied the knot in March 2020 and the couple has been treating their fans with adorable pictures of themselves.

Recently Sajal Ali and Ahad Raza Mir were featured in a latest shoot for “Zara Shahjahan”.

Sajal and Ahad looks adorable together as they are featured for “Ghazal” by Zara Shahjahan, Luxury Bridals 2020.

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Technology Transfer Imperative to Promote Renewable Energy in Pakistan: Experts

In an online meeting organized by SDPI, experts stressed that technology transfer will play a key role in promoting much needed renewable energy transition in Pakistan.

The online meeting regarding ‘Potential role of Chinese and Pakistan leaders in the renewable energy transition of Pakistan’ was held on Thursday. The meeting was organized by the Sustainable Development Policy Institute (SDPI) in collaboration with the Global Energy Interconnection Development and Cooperation Organization (GEIDCO).

A senior manager in the Development Bureau of GEIDCO, Zhang Xuan, while highlighting the role of various stakeholders, termed it highly important to promote and sustain green and low-carbon sustainable development. She said that the government, private sector, and civil society need to work together for this sustainable transition.

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CEO Khyber Pakhtunkhwa Board of Investment and Trade, Hassan Daud, while elaborating the importance of such initiatives, said,

Pakistan is focusing on using indigenous energy sources and having diversified energy supply sources in accordance with CPEC long term plan.

He added that renewable energy projects are thriving in Pakistan. The technology transfer and relocation of manufacturing units for solar power projects are of paramount importance to the sustainable clean energy transition in Pakistan. Therefore, the government is willing to support the Chinese state-owned and private companies in the best manner possible, he said.

Acting Division Director of Power Planning Research at GEIDCO, Dr. Gao Yi, informed the participants that both SDPI and GEIDO are looking forward to the clean energy transition of Pakistan. She said that the overall trend of renewable energy in South Asia is set to bring a significant drop in the cost of energy in the coming 30 years, and the subsequent increase in energy demand would result in significant economic development in South Asia with huge potential for energy trade.

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United Energy Power Limited (UEP Wind) Pakistan Director, Tanveer Mirza, remarked that the renewable energy sector is relatively new in Pakistan but has developed at a rapid pace and has been bringing in investment from multilateral financial institutions.

He also highlighted that the renewable energy sector in terms of policy and implementation has a lot of gaps. He said that the potential for manufacturing of Solar PVs and LED lighting is greatly available for local consumption and export.

Director of International Business TBEA Company, Shao Shan, commented,

Stable establishment of long-term relationships and partnerships between the two countries is the need of the hour.

Head of Environment and Climate Change Unit at SDPI, Dr. Imran Khalid, pointed out that the greenhouse gas emissions and energy availability need to be considered in the policy-making for quick implementation of the energy transition in Pakistan. Think tanks need to provide technical and social research support, along with communication support to ensure that the clean energy transition is sustainable and intra- and inter-country collaboration, he added.

Dr. Hina Aslam, Research Fellow Energy and Head of China Study Centre, SDPI, elaborated that a green and low-carbon development pathway is the key to taming the climate crisis, which is impacting human lives and livelihoods.

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Other speakers included Dr. Fiaz Chaudary from Energy Informatics Group, Lahore University of Management Sciences (LUMS), Senior Manager from Nari International Business Company, Lin Qi, and Director Longi New Solar Panel producer in China, Zhou Tianxiang.

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Fawad Chaudhry Announces National E-Sports Tournament in March

Federal Minister for Science and Technology, Fawad Chaudhry, has announced a national-level e-sports competition in Islamabad in March next year. He made the announcement while speaking with TV host and Vlogger Waqar Zaka on Thursday.

Zaka, who himself has been advocating and promoting the gaming industry’s national talent, approached the minister to convince him.

Details of the tournament and application process will be announced soon.

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Fawad Chaudhry also announced that the ministry will be introducing certifications in animation and game development in universities across the country to encourage the youth to be part of the multibillion-dollar industry.

The companies working in Pakistan [in the gaming industry] tell me that they have a number of vacant posts, but no applicants. So we are designing a course in collaboration with these companies and launching certification programs in our universities.

In the first phase, graduates will be preferred for the certification program, which will then be extended to 12-graders, he noted.

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Chaudhry had revealed the details about the certifications in a tweet last week.

“If you are not interested in reading and are interested in video games on the phone, be prepared. Bringing a special program of video games programming,” he had tweeted.

اگر آپ کو پڑھنے سےدلچسپی نہیں اور فون پر ویڈیو گیمز سےرغبت ہے تو تیاری رکھیں @MinistryofST ویڈیو گیمز پروگرامنگ کا خصوصی پروگرام لارہی ہے تا کہ ہم 90 ارب ڈالر کی اس انڈسٹری کاحصہ بن سکیں، Animation اور ویڈیو گیمز سرٹیفیکیشن پروگرام نوجوانوں کیلئے Game ہی نہیں Game Changer ہوں گے

— Ch Fawad Hussain (@fawadchaudhry) November 24, 2020

With a net worth of 90 billion USD, the gaming industry is bigger than Hollywood, Fawad said and added that the industry has shown a 20 percent annual growth in Pakistan over the years.

He encouraged gamers to be a part of the multibillion-dollar industry, which will be a game-changer for them.

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Imran Khan Announces Monthly Stipend for Two Million Special Persons

Prime Minister Imran Khan has announced financial support for the families of differently-abled persons under the second round of Ehsaas Kafalat program.

PM Khan made the announcement on his official Twitter handle, saying that under the Ehsaas Kafaalat Policy for Special Persons, two million differently-abled individuals will receive a monthly stipend of Rs. 2,000.

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Prime Minister @ImranKhanPTI has announced that 2 million families will now benefit from the “Ehsaas Kafaalat Policy for Special Persons” under which differently-abled individuals will receive a monthly stipend of Rs. 2000.#IDPD #EhsaasKafaalat pic.twitter.com/sK5cx99yne

— Prime Minister's Office, Pakistan (@PakPMO) December 3, 2020

“This is a step toward a disability-inclusive and sustainable post-COVID-19 world,” he remarked.

The announcement came as the world observes the International Day of Persons with Disabilities on the day.

According to the government and other sources, Pakistan has up to 27 million differently-abled persons, o.27 percent of the total numbers worldwide, which is one billion.

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KP to Introduce BS Programs Across All Colleges

The International Day of Disabled Persons is directed at promoting the rights and well-being of persons with disabilities in all spheres of society and development.

In this regard, Pakistan had adopted a bill to curb discrimination against millions of differently-abled Pakistanis through the joint parliamentary session in September.

It ensures equal participation of differently-abled persons in politics, education, employment, and equality before the law. The bill also protects them from abusive, intolerant, and discriminatory behavior.

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Fire Loading Begins At Karachi Nuclear Power Plant

In a major development, the fuel loading process at the 1100 MW K2 unit at the Karachi Nuclear Power Plant (KANUPP) has successfully been initiated.

With this, Pakistan has taken another step towards overcoming the long-running crippling power shortage.

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According to details, members of the Pakistan Atomic Energy Commission (PAEC) and China National Nuclear Corporation (CNNC) started the fuel loading process on Wednesday after receiving the go-ahead from the Pakistan Nuclear Regulatory Authority (PNRA).

Before becoming operational in April 2021, the K2 unit now needs to achieve ‘criticality’ and connection to the national grid.

Earlier in September, PAEC and CNNC had successfully completed the Hot Functional Tests (HFTs) at the K2 unit.

CNNC is building two 1100 MW ‘Hualong One’ reactors at KANUPP; K2 and K3. The construction of K2 and K3 reactors had started in 2015 and 2016 respectively. K3 is set to become operational in 2022.

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Hualong One is China’s indigenous pressurized water nuclear reactor design that is going to be the mainstream nuclear technology in the years to come. Also known as HPR1000, Hualong One technology is a third-generation nuclear reactor design with the highest acceptability in the current nuclear power market.

China developed the Hualong One reactor to rival US-made AP1000 and European-made Evolutionary Pressurized Reactor. Hualong One reactor is better than both of the US and European-made reactors in terms of technology and cost.

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Most Talented New Pakistani Actors of 2020

There are new additions to the Pakistani drama industry every year but there are only a handful of new actors who impress the viewers with their acting skills. With the advent of private channels and so many new production houses, the new actors have more opportunities now. That is the reason why we see new faces on our television screens more often now. Social media definitely plays an important role in helping these new actors carve their own identity and reach out to their fans. Some of these actors got the wonderful opportunity of working with the most talented team right at the beginning of their careers. There were others who were only seen on screen for a short period of time but their performance left a lasting impression. Sometimes a single scene can say a great deal about an actor’s potential and at other times there are a variety of scenes that clearly show an actor’s range. Acting is a challenging profession that requires a lot of hard work. Therefore, no matter how naturally gifted an actor is, he or she will not be able to make it too far if there isn’t a certain level of commitment and passion involved.

Here is a list of those new Pakistani drama actors of 2020 who have what it takes to make it big in the industry.

Ameer Gilani
Ameer Gilani made his acting debut with the drama serial Log Kya Kahenge but he got recognition from his second project Sabaat. He is one of those few new actors on the list who played the leading role in a star-studded drama serial early on in their career. Ameer Gilani has always been passionate about performing arts, it is something he did for fun but never thought that he would one day get to live his dream. He started his showbiz career as a model and when he was offered Sabaat, he did his homework before taking it up. He read the script and prepared himself to play Hasan’s character. He lost weight because he needed to look leaner for the role. Hasan’s character is rather complex and Ameer has done complete justice to it. Ameer Gilani is happy with the choice he made and he takes his acting career really seriously. Once he completes his studies he intends to pursue his passion with even more dedication.

Hina Javed
Hina Javed instantly had the viewers’ attention when she made her first appearance in Mere Pass Tum Ho as Hania’s sister. Hina Javed had a lot of difficult dialogues but she did complete justice to her role. This was Hina’s best acting venture and she was really excited to work with such a good team. Hina Javed is really passionate about acting and she performs well too therefore this list would be incomplete without her.

Hadi Bin Arshad
Hadi Bin Arshad made his television acting debut with the blockbuster drama serial Alif. He played the role of Jahangir Sultan in the drama. His character did not get a lot of screen time and exited from the story early on but Hadi’s performance left a lasting impression. He is a young actor who decided to play a role which had a lot of room for performance, as his debut. This suggests that he is the kind of actor who is already quite confident about his acting skills. The viewers would definitely want to see more of this talented actor. Hopefully, we will get to see him playing another meaty role which gives him the opportunity to show more of his good acting skills. He has the potential to be an outstanding performer if he continues to choose the projects he is a part of, wisely.

Fatima Sohail
Fatima Sohail was a television presenter before she decided to start acting. Everyone is well aware of the circumstances in which Fatima Sohail started this new journey. She made her acting debut by playing a negative character in the hit drama serial Mera Dil Mera Dushman. Through this character, Fatima convinced the viewers that she had the potential to be a good actor. She has the confidence and the skills, hopefully we will get to see her in substantial projects in the future.

Tania Hussain
Tania Hussain made her television debut with the drama serial Kashf. She played a supporting character in the drama and she impressed the viewers with her debut performance. Her character went through a few transformations in the drama, Tania Hussain made sure that each one of these changes is portrayed well on screen. She has the kind of acting skills that can make you love and hate the character she plays on the screen. Her mother is a well-known Pakistani model who recently started acting.

Arshia Akbar
Arshia Akbar started her showbiz career a few years back as a child star from the drama serial Udaari. Since then she has played some supporting characters including the one she is playing in Ghissi Pitti Mohabbat. Arshia always had the confidence needed to become a great actress. With time her acting skills have been groomed even more and we can already see how good she would do in different characters.

Rimha Ahmed
Rimha Ahmed recently caught the attention of the viewers when she played an important supporting role in the drama serial Uraan. Rimha was also part of the web series Churails. She has what it takes to make it big in the industry; good looks and natural acting talent. Rimha has also appeared in popular Pakistani dramas such as Khaani and Choti Si Zindagi. She also played a leading role in TV One’s drama Rock Star. She is the daughter of a famous Pakistani actress Rashida Tabassum who has played supporting roles in many popular dramas. Although Rimha Ahmed is only 20 years old, she herself feels that she is an old soul. She describes her own personality in these words, “An old soul stuck in the body of a 20-year-old. Tired of this superficial world. Can’t stand Fake, Judgemental, or negative people. I like cheesy songs.”

Abul Hasan
Abul Hassan is another new actor who has shown through his performances that he has the talent to be a good actor. He played Ali’s role in Soteli Mamta and made his presence felt. His role and acting in Ghissi Pitti Mohabbat is further evidence of his abilities as an actor.

Maha Hassan
Maha Hassan is another young actress who started her acting career with two of the biggest blockbusters this year. The great thing is that in both these dramas, Ishqiya and Nand, the characters she chose to play were equally confident and level-headed. Maha Hassan does not only have a screen presence but she seems to be really wise considering she chose to start her career with characters that were not typical or done-to-death. Maha got proper training for acting from NAPA and completed her studies before joining the industry.

Adnan Samad Khan
Gulzar Hussein from Basti Malook won the Ehd-e-Wafa viewers over from his very first appearance. The fact that Adnan Samad Khan was so perfect for the role he was shown playing, made him an instant hit. His role for the most part was comic but he also nailed some of the scenes which showed a more serious and responsible side of his character. Adnan Samad Khan is definitely a newcomer to look out for. He has tons of confidence and he also knows his craft well. As long as he chooses the projects he works on in the future carefully, he will surely be doing wonders.

Aliha Chaudhry
Aliha Chaudhry has been associated with showbiz for a few years now but she got noticed more than ever recently when she played the role of Asmara in Ghissi Pitti Mohabbat. She started her career as a VJ, then she started singing, modeling was next and in 2018 she ventured into acting. Aliha is a confident actress who has impressed the viewers with her performance in Ghissi Pitti Mohabbat.

Durr-e-Fishan Saleem
Durr-e-Fishan Saleem who is playing a supporting character in the drama serial Dil Ruba is a University of London graduate. Her acting skills are impressive and she also has a pleasant screen persona. She has the looks and a natural knack for acting therefore this list would be incomplete without her. She has played the role of a loving and innocent sister in Dil Ruba without overdoing different elements of her character. Durr-e-Fishan’s career started on a perfect note and we are pretty sure she will make it big in the industry.

Javeria Kamran
Javeria Kamran played a rather complicated and at times twisted character in the popular drama serial Anaa. Although this was Javeria Kamran’s first television appearance, she gave an impressive performance throughout. Everyone hated Nashwa for the longest time but the viewers loved Javeria’s performance throughout. Javeria Kamran is definitely off to a great start. In 2020 she starred in the drama serial Sabaat alongside Sarah Khan. Javeria is good looking and talented, she will surely make a name for herself in the industry in a few years. Javeria started her television career as a host on Atv’s live music show and her big break came when she was offered to play Nashwa’s role in Anaa.

Hareem Sohail
Hareem Sohail is a young actress who made her television debut with the drama Ghissi Pitti Mohabbat. She is the daughter of a well-known television actress Beena Chaudhry. Hareem Sohail started working in dramas when she was only 7 years old but she had to discontinue acting because she needed to give time to her studies. Hareem always wanted to be an actor since she grew up watching films and acting was always her biggest dream. The role she played in her debut drama was rather unusual and bold. This was definitely a bold choice on her part to start her career with such a role. Her performance has been impressive throughout even though she is working with the top actors of the industry, you never feel that this is the first time that she is facing the camera.

Muhammad Hunbal
Muhammad Hunbal, Khurshid of Ehd-e-Wafa also made a brief appearance in the popular drama serial but the viewers loved his performance. He did really well in a role that was both entertaining and emotional. Muhammad Hunbal emotes really well which is why he did exceptionally well in the emotional scenes. Saife Hassan is a talented director who always extracts the best performances out of even those actors who are performing for the first time. Muhammad Hunbal and other new actors who worked in Ehd-e-Wafa were definitely lucky because they got such a good director to lead them.

Fareeha Raza
Fareeha Raza is a new actor in the Pakistani drama industry who is playing the role of Aksa, Momina’s friend, in the drama serial Alif. Fareeha Raza has given a decent performance throughout. She has given the character she is playing the right treatment by never going overboard. Fareeha Raza has also been part of a web series therefore she was in a way acquainted with acting before working in Alif. Fareeha Raza is definitely a natural and she is sure to go a long way.

Abbas Ashraf Awan
We all hated Atif in Sabaat but the actor playing the role did complete justice to his character. Abbas Ashraf Awan is a new Pakistani actor whose performance in Sabaat has been right on point. He played a supporting character in the drama and his performance never disappointed. With some grooming, Abbas Ashraf can easily play leading roles in dramas.

Sehar Khan
Sehar Khan has already played the lead in dramas as she started her career last year. Most of the dramas she played the leading role in were not too popular therefore she caught the viewer’s attention more than ever playing Roshni’s character in Mushk. She is also one of the most promising young actresses right now who will surely be seen in other quality dramas in the future too.

Areeba Shahood
Areeba Shahood also made her acting debut with the drama serial Anaa. She played a character that was rather simple but went through a lot. Areeba Shahood’s performance was great throughout. She also has an acting style which is different. She added grace to the character she was playing. Areeba is Shahood Alvi’s daughter therefore it does not come as a surprise that acting comes naturally to her. She has what it takes to make it big in the industry.

Mujtaba Abbas Khan
Mujtaba Abbas Khan made his debut in acting with the drama serial Tera Ghum Aur Hum. He is playing a supporting role in the drama but unlike so many other new actors lately, he has a definite grip on his dialogue delivery and his portrayal is always perfect. Mujtaba’s performance shows that no role is small or insignificant if the actor playing the role, breathes life into it.

Naeema Butt
Naeema Butt made her acting debut with a powerful role in the drama serial Ehd-e-Wafa. Although her character was not been a permanent part of the drama, her performance left the viewers in awe of her talent. She played the role of Ghazala, Shariq’s sister, in the drama. There are few actors who start their acting careers with roles that are not run-of-the-mill and Naeema Butt is one of them. She also played a leading role in the drama serial Daasi. Naeema Butt has already shown that she can do different kinds of roles. She is the most talented and versatile among the new actors.

Momina Iqbal
Momina Iqbal has already done a film and has played supporting characters in a few dramas. Ehd-e-Wafa was her first big drama but like the other dramas she has worked in, in Ehd-e-Wafa too she has been given limited screen time. Momina Iqbal has a pleasant personality and she has the potential to make it big in the industry. Now she will be seen playing a leading role in the drama serial “Bhool Ja Aae Dil”.

Laiba Khan
Laiba Khan started acting purely by chance, she never imagined herself as a professional actress but now she has already worked in some popular dramas such as Mera Dil Mera Dushman and Tarap. The fact that she got such solid roles early on in her career goes to show that the producers have faith in Laiba’s talent as an actress. Laiba Khan’s siblings are already child stars and her sister Eman played the leading role in the drama serial Damsa and she has been associated with the industry for many years now. Laiba started taking interest in the field because of her sister.

Are there any other new Pakistani actors who you think should be on the list? Who is your favorite new actor right now? Share your views.

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Karachi Traffic Police Reduces Challan After Bribery Incidents

The Additional Inspector-General (IG) of the Karachi Police Department, Ghulam Nabi Memon, has directed the city traffic police to reduce challan for motorcyclists.

A media report suggests that the Additional IG has directed traffic police officials to be lenient with motorcyclists and to reduce their challans.

The top official has announced that action will be taken against officers who take bribes from motorists. He added that owing to numerous complaints from the public, the department has put the officials on duty under strict surveillance. He also affirmed that officials who are caught taking bribes or behaving rudely will be sternly dealt with.

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Memon explained that this step has been taken to emphasize that the public service duty of the authorities should be performed in a professional manner. He also acknowledged that a reduction in the challan amounts will be a huge relief for motorcyclists.

In conclusion, he affirmed that the changes being enforced within the department are for the good of both the public and the department.

While the residents of Karachi have welcomed and praised the directives of the Additional IG, whether they are followed through by the officers on duty remains to be seen.

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Punjab Govt to Encourage Investment Along Rawalpindi Ring Road

An important meeting regarding the establishment of Industrial Estate and Special Industrial Zones under the Rawalpindi Ring Road Project was held at the Secretary Industries Office, Lahore.

A detailed briefing regarding the establishment of the industrial estate and special industrial zones along with the Ring Road project was given in the meeting. Special Assistant to the Chief Minister, Sardar Tanveer Ilyas, said that the Punjab government will encourage and provide all kinds of facilities for investment along the Ring Road.

He assured that the Punjab Board of Investment will extend all possible assistance for the establishment of industrial zones.

Chairman RDA, Tariq Murtaza, said that building planning will be done in consultation with the Chamber of Commerce and the private sector. The project will be taken forward with suggestions, recommendations, and consultation from Rawalpindi Chamber and Islamabad Chamber.

The Rawalpindi Chamber of Commerce suggested that the space for the relocation of the wholesale market and cottage industry should be allotted towards Rawat while industrial zones be established along the motorway.

Former President RCCI, Asad Mashhadi, also lauded the Punjab government for initiating consultation with all stakeholders. The Ring Road project will undoubtedly prove to be a game-changer for Rawalpindi, he added.

He further stated that, “The Rawalpindi Chamber will play a vital role for the early completion of this project and assured full support in this regard. This is an important project for the development of Rawalpindi.”

He said that the main objective of the project was to shift markets, solve traffic congestion and promote the cottage industry.

The Rawalpindi Chamber of Commerce was represented by former President Asad Mashhadi and former Senior Vice President Sheikh Hafeez while Special Assistant to the Chief Minister for Business and Chairman Punjab Board of Investment Sardar Tanveer Ilyas, President of Islamabad Chamber of Commerce Sardar Yasir Ilyas were present on the occasion. Elias, former ICCI presidents Khalid Javed, Shehban Khalid, RDA chairman Tariq Murtaza and other government officials were also present.

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11% Increase in Oil Sales Recorded From July to November

Following the easing of the lockdowns after the first wave of COVID-19, a significant increase in the demand for fuel has been observed in Pakistan. Consequently, the petroleum sector saw an 11 percent growth in oil sales between July and November 2020 as reportedly 8.1 million tons of oil were sold during this period.

As per reports, Motor Spirit (MS) and High-Speed Diesel (HSD) are largely responsible for the rise in the demand for oil, having sold 3.4 million tons and 3.1 million tons respectively within the first five months of the current fiscal year of 2020-21 while the demand for furnace oil rose by 31 percent.

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Abdul Rafay, an analyst of the industry, has attributed the growth in the demand for oil to the revival of industrial and other business activities in Pakistan following the easing of the lockdowns during mid-2020. He said that the rising demand within the automotive market is also largely responsible for the rise in the demand for oil.

Last month, the sales of the oil marketing companies (OMC) increased by 21 percent to 1.7 million tons on a year-on-year basis. However, the demand for petroleum reportedly increased by only one percent on a month-on-month basis owing to the enforcement of the smart lockdowns following the resurgence of the coronavirus in Pakistan. Hence, monthly sales for MS and HSD came in at 693,000 tons and 802,000 tons, respectively.

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Rafay believes that this demand is likely to increase even more with the initiation of upcoming developmental projects and the growing demand from independent energy producers.

He added that with the increase in the sales of vehicles and the impending arrival of new players in the automotive market, the auto industry is also likely to contribute massively to the bump in the demand for oil.

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