Emirates Telecommunications Group Company (etisalat by e&) announced on Monday its decision to buy a $400 million stake in the Super App developed by Uber Technologies and its subsidiary Careem. With this move, e& will become a majority shareholder in Careem’s Super App alongside Uber and all three of Careem’s co-founders, a statement issued by the ride-hailing company said. Super apps offer
Pakistan on Monday asked China to expedite the process for implementation of the first phase of $10 billion Mainline-1 (ML-1) — the 1,872km railway track along with associated facilities from Karachi to Peshawar — and $2bn Karachi Circular Railway (KCR) as agreed between the leadership of the two nations in November. Pakistan “requested strong support of National Development and Reforms Commis
The US dollar appreciated by Rs2.44 to Rs287.09 against the rupee in the interbank market on Monday. The State Bank of Pakistan (SBP) reported the dollar settled at Rs287.07 while the exchange companies quoted the closing price at Rs289.10 for the interbank market. The market remained normal with continued stress for importers to open letters of credit. However, the fluctuations in the excha
The government plans to embark on a 10-year transition strategy to shift from gas to electricity in commercial, industrial and residential sectors, and push energy-efficient buildings under a Rs45 billion energy efficiency and conservation project, which envisages energy savings of over Rs500bn a year. The project was formally cleared by the Central Development Working Party a few days ago for
The export-oriented businesses of Pakistan are unlikely to sustain the burden of additional billions of rupees amid the withdrawal of subsidised electricity, restricted imports, all-time high-interest rates, and the rupee’s devaluation against the US dollar. President Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Irfan Iqbal Sheikh said the private sector in Pakistan is unde