LUMS Energy Institute report on buildings

The LUMS Energy Institute has unveiled a report titled Sustainable Architecture: Advancing Energy Efficient Buildings. The report addresses the acute energy challenge and how adopting energy-efficient practices in residential construction can drastically reduce loads.

A press release quoted LUMS Energy Institute Director Dr Fiaz Ahmad Chaudhry as saying that Pakistan’s expenditure of nearly $100 billion on power plants, predominantly for summer cooling loads, is unsustainable. By adopting the energy-efficient practices, the country can reduce cooling loads by at least 50 per cent, he said.

KE, House of Habib to promote localisation

K-Electric Ltd inked a memorandum of understanding (MoU) with the House of Habib to collaborate for sourcing locally manufactured components for its electricity infrastructure requirements, a press release said. It said K-Electric is committed to initiatives focused on localisation and has already begun streamlining reliable local alternatives for components such as protection covers for HT bushing, DO cutout, fuse base, cable end caps and personal protection equipment, including safety gloves. Both organisations have joined hands to fortify and indigenise the power sector supply chains through emphasis on locally sourced components, which will serve as resourceful catalysts in energising the city.

Meezan Bank advises on Sukuk issue

Meezan Bank Ltd acted as lead joint financial adviser in the ground-breaking listed Ijarah Sukuk Issuance for the government of Pakistan through the Pakistan Stock Exchange, according to a press release. The Sukuk allows retail investors to access Sharia-compliant government securities in the denomination of Rs5,000. Other joint financial advisers included Dubai Islamic Bank (Pakistan) Ltd, Bank Alfalah Ltd and Bank Islami Pakistan Ltd. This maiden auction, held on December 8, at the PSX aimed at raising Rs30 billion but surpassed all expectations. It was oversubscribed by more than 13 times of the participated realised value. The cut-off yield was set at 19.5pc.

Jubilee Life recognised by PSX

Farhan Faridi, Group Head for Retail Operations, Marketing and Administration at Jubilee Life Insurance Ltd, received the Top 25 Companies Award by the Pakistan Stock Exchange from Prime Minister Anwaarul Haq Kakar at a ceremony held at Mohatta Palace, Karachi. A press release said it is the fourth time that Jubilee Life won the accolade in the last decade. It is the only insurance company in Pakistan to bag the award this year, it added.

UBL receives PSX award

United Bank Ltd (UBL) received the Top 25 Companies Award at a ceremony in Karachi recently, said a press release. UBL President Muhammad Jawaid Iqbal said the bank is honoured to be recognised as one of Pakistan’s top companies for 2022. “This achievement is a testament to the unwavering support of our customers and the dedicated efforts of our employees,” he added.

Bank Alfalah joins hands with IFC

Bank Alfalah and the International Finance Corporation (IFC) formalised a green banking advisory agreement, according to a press release. The agreement underscores Bank Alfalah’s dedication to fostering sustainable and accountable green banking practices, it added. It follows the bank’s successful adoption of the State Bank of Pakistan’s Environmental and Social Risk Management framework, aligning with the Green Banking Guidelines introduced in October 2017.

USSEC, PPA sign MoU

The US Soybean Export Council (USSEC) and the Pakistan Poultry Association (PPA) signed a memorandum of understanding (MoU) in Dubai on December 12, a press release said. Pakistan’s poultry industry has been a major consumer of US soy with soybean meal being a key ingredient in poultry feed. US soy’s high quality and nutritional profile have played a vital role in exponentially growing Pakistan’s poultry industry.

Published in Dawn, The Business and Finance Weekly, December 18th, 2023