KARACHI: The CEO of Kuwaiti state-owned firm EnerTech said on Wednesday the firm wanted to invest in Pakistan’s southern Sindh province, especially in the areas of water distribution, solar systems, and cattle breeding for the export of halal meat.
He said this while leading a delegation to meet Sindh Chief Minister Syed Murad Ali Shah, and other energy-related senior Pakistani officials.
EnerTech is a fully-owned subsidiary of Kuwait’s National Technology Enterprises Company (NTEC).
“Established in 2012, EnerTech’s mission is to initiate its own development projects and participate in projects within the energy, clean technology, recycling, water, waste management and renewable energy sectors,” the company said on its website.
The visiting delegation told the chief minister the firm was interested in working with the provincial government in the water sector.
“Our company would make direct investment and where necessary they would work on PPP [public-private partnership] mode,” CEO Abdullah Al Mutairi was quoted as saying in a statement from the Sindh CM’s office.
Mutairi thanked the chief minister for giving his company an opportunity to work in Sindh and said his firm was already working in the southwestern Balochistan province.
Shah said there were multiple opportunities for investment in the Thar desert region, inviting the delegation to visit the area.
He said his government had a comprehensive plan to boost the agriculture sector in the province by installing solar tube wells and introducing calf breeding for export.
“This initiative would be made with the support of the private sector or on a public-private partnership basis,” the CM said, adding that his government was launching a water scheme to provide tap water in different districts of Karachi and calling on the Kuwaiti company to launch a water distribution system in the city.
Currently, much of Karachi’s water needs are met either by the informal private sector or controlled by organized crime.
Shah said the provincial agriculture department had vast cattle farming centers and he would welcome EnerTech to work with the agriculture department to promote and rear new calf breeds for the export of halal meat.
He also invited the Kuwaiti company to become involved in a project to install solar tube wells in the province.
Kuwaiti company to invest in solar and water schemes, cattle breeding in Pakistan’s Sindh
https://arab.news/984xg
Kuwaiti company to invest in solar and water schemes, cattle breeding in Pakistan’s Sindh
- Sindh chief minister meets delegation led by CEO of Kuwaiti state-owned firm EnerTech
- Company CEO says ready to make direct investments and work on a public-private partnership basis
Pakistan stocks hit record high on hopes of rate cut, improved US ties
- Benchmark index gains 2,662 points, or 1.44 percent, to close at an all-time high of 187,761 points
- Engro, UBL, Hub Power, Fauji Fertilizer, Meezan Bank and Service Industries added 1,554 points to index
ISLAMABAD: The Pakistan Stock Exchange (PSX) hit a record high as it surpassed the 187,500-point mark on Monday, with analysts citing improving ties with the United States and expectations of an imminent interest rate cut.
The benchmark KSE-100 index gained 2,662.86 points, or 1.44 percent, to close at an all-time high of 187,761.69 points, up from the previous close of 185,098.83 points, according to PSX data.
The stock gains came a day after President Donald Trump invited Prime Minister Shehbaz Sharif to join the so-called “Board of Peace” for Gaza, amid increasing Pakistan-US diplomatic and economic engagement since Trump’s rise to presidency.
“Falling government bond yields and improving Pakistan-US relations played a catalyst role in record close at PSX,” Ahsan Mehanti, chief executive officer of Arif Habib Commodities, told Arab News.
Meanwhile, Karachi-based market research firm Topline Securities said bulls extended their rally as hopes of a rate cut by the State Bank of Pakistan (SBP) fueled investor sentiment.
“Investor sentiment remained upbeat, largely fueled by rising expectations of an imminent interest rate cut,” it said in a post on X. “Market participants increasingly priced in a 50bps reduction in the upcoming monetary policy, which kept buying interest alive and underpinned broad-based gains.”
In December, the SBP cut its key policy rate by 50 basis points to 10.5 percent, resuming monetary easing after four meetings in a move that surprised many despite International Monetary Fund guidance to keep policy “appropriately tight” to anchor inflation expectations.
Engro Holdings Limited (ENGROH), United Bank Limited (UBL), Hub Power Company Limited (HUBC), Fauji Fertilizer Company Limited (FFC), Meezan Bank Limited (MEBL) and Service Industries Limited (SRVI) collectively added 1,554 points to the benchmark index on Monday, according to Topline Securities.
“Total market volumes stood at 1,195 million shares, while the value of shares traded amounted to Rs63.7 billion,” the research firm said. “[Bank Makramah Limited] BML led the volume chart, emerging as the most actively traded stock with 246 million shares.”
