KARACHI: More than 1,200 Pakistani companies and individuals have confirmed their participation in Dubai expo, an upcoming mega event scheduled to kick off on October 1, a local organizer said on Tuesday.
Beginning next month, the expo will continue until April 2022.
It was originally supposed to take place between October 20, 2020 and April 10, 2021 but was postponed due to the coronavirus pandemic.
About 190 countries will participate in the mega event and have set up over 200 thematic pavilions to display their culture and highlight the investment opportunities.
“We have got an overwhelming response since more than 1,200 individuals and corporate representatives have confirmed their visit to Expo 2020,” Hira Saleem, founder and managing director of Events 360 which is organizing tours for the event, told Arab News.
“In addition to that, about 2,500 people have shown interest in traveling with us,” she continued. “All of these individuals are corporate representatives. People across Pakistan are quite interested in Expo 2020.”
The Pakistani event manager said she was confident to attract a large number of individuals to the event when the UAE authorities announced travel relaxations.
“Our target is 25,000-plus people from Pakistan which I feel is a small number at the moment,” she added. “We will exceed the target within the next couple of months.”
Pakistan has set up its pavilion under the theme, Pakistan: The Hidden Treasure, to promote tourism, commerce and investment.
Constructed at the cost of $28.72 million, the pavilion was officially handed over to the Pakistani authorities on March 14.
It occupies a large piece of land that is about 35,000 square feet and is located in the Opportunity District.
Throughout the six months, countries will arrange cultural events and business seminars at the expo to entertain people and highlight opportunities for trade and commerce.
A huge influx of about 25 million visitors from around the world is also expected during the event.
'Overwhelming response': Over 1,200 Pakistani companies, individuals confirm participation in Dubai Expo
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'Overwhelming response': Over 1,200 Pakistani companies, individuals confirm participation in Dubai Expo
- Over 1,200 Pakistani companies and individuals have confirmed their participation in the mega event beginning next month
- Pakistani event manager says she was confident to attract a large number of people after the UAE authorities relaxed visa restrictions
Pakistan’s first non-life Shariah-compliant takaful operator says ‘historic’ IPO oversubscribed 21 times
- Pak-Qatar General Takaful Limited offered 30 million shares to investors with ceiling price of Rs14 per share
- Company says IPO proceeds will be used for investments in software, infrastructure, setting up new branches
ISLAMABAD: Pakistan’s first non-life Shariah-compliant takaful operator announced on Thursday that its initial public offering (IPO) was oversubscribed 21 times at the country’s stock exchange, saying the development reflected strong investor confidence in the Islamic insurance system.
The Pak-Qatar General Takaful Limited said earlier this month it would issue 30 million shares with a floor price of Rs 10 and a ceiling price of Rs 14 per share. Institutional investors will receive 75 percent of the shares on offer, while the remaining 25 percent will be allocated to retail investors, it added.
“Pak-Qatar General Takaful Limited’s (PQGTL) IPO book-building has concluded with a historic oversubscription of [21x] times, marking the first-ever IPO of a dedicated General Takaful company at PSX,” the company said in a statement.
It said investors responded “strongly” as the strike price closed at Rs 14 per share, compared to the floor price of Rs 10. Total demand reached Rs 4.74 billion [$17 million].
The company said successful bidders will be provisionally allotted 22.5 million shares while the remaining 7.5 million shares will be offered to retail investors on Jan. 28-29.
Shahid Ali Habib, CEO of Arif Habib Ltd., which was the lead manager for the IPO, said that country’s first-ever IPO of any dedicated general takaful company, has made a historic debut at PSX.
Habib said this reflects investor confidence in Pakistan’s fast-growing takaful sector and PQGTL’s strong market position.
The statement further said proceeds from the IPO will be utilized to fund strategic initiatives, such as investments in software and other intangible assets, hardware and infrastructure, marketing and brand development and human resource enhancement.
Proceeds will also be used to establish new branches and transform existing ones to improve operational efficiency and customer experience, it added.
Pak-Qatar General Takaful Limited is part of Pakistan’s pioneer Islamic financial services group and is backed by Qatar-based financial institutions.
