Coats Group plc has inaugurated a cutting-edge 120KW ground-mounted solar power facility at its Lahore factory, as per a press release. This state-of-the-art plant annually produces 175.2MWh of solar energy, resulting in a 3.42pc reduction in energy consumption from conventional sources and mitigating 75.3 tons of CO2 emissions.

Featuring advanced P-Type Bi Facial solar panels, the plant harnesses energy from both sides, enabling the factory to derive 18pc of its power from renewable sources during daylight hours.

OGDCL partners with HANDS

Oil and Gas Development Company Limited (OGDCL) has partnered with the Health and Nutrition Development Society (HANDS) to construct 84 climate-resilient houses at Umaid Ali Rawtani village of Jhal Magsi district of Balochistan. The groundbreaking ceremony for constructing climate-resilient houses occurred at Umaid Ali Rawtani village. According to a press release, OGDCL and HANDS signed a Memorandum of Understanding to establish the model village at a cost of Rs85m.

UBL’s remittances award

According to a press release, United Bank Limited (UBL) won the ‘Highest Remittance Mobilising Bank of Pakistan’ award at the Pakistan Remittance Summit 2023, held in Malaysia. UBL’s achievement is attributed to the success of UBL Tezraftaar, which has the highest market share for the home remittances business in the banking industry and caters to the diverse needs of both senders and recipients.

Bank Alfalah’s digital payments centre

Bank Alfalah inaugurated Pakistan’s first digital payments sales and service centres in Badar Commercial DHA and Disco Bakery Gulshan in Karachi to facilitate and provide convenient access to merchants and small-scale businesses. According to the press release, the centre will handle automated daily fund withdrawals and deposits of customers and be the nexus in the area with over 200 merchants.

Habib University shines globally

Habib University was recognised as a premier liberal arts institution transforming higher education in the global South in two seminal events in the USA — the New England Commission of Higher Education (NECHE) Annual Meeting 2023 and a celebration of global philanthropists at Stanford University. In a first for any Pakistani university, Habib University had the distinct honour of being invited to speak at NECHE (New England Commission of Higher Learning), one of the oldest accreditation bodies globally known for its commitment to higher education.

BOP’s EXIM Bank transaction

The Bank of Punjab (BOP) becomes the first bank to execute a transaction for the Export Import Bank of Pakistan (EXIM Bank) under its newly launched Export Finance Scheme(EFS) Facility, according to a press release. Under the facility, EXIM Bank will channel the government interest rate subsidy to banks to offer low-cost financing to exporters.

IBA’s UNICON membership

The Centre for Executive Education at the Institute of Business Administration (IBA), Karachi, is now an Associate Member of The Consortium for University-Based Executive Education (UNICON), according to a press release. UNICON is a global consortium of business school based executive education organisations.

Shariah-compliant EV bikes

Faysal Bank Limited (FBL) and Pakzon Electric Motors Pvt Limited formalised a strategic alliance by signing a memorandum of understanding, as per a press release. The event marked the formalisation of a partnership enabling customers to access electric motorbikes through Shariah-compliant easy monthly instalment plans. Faysal Islami Noor Cards and Faysal Takmeel will be the key channels to offer these plans.

Published in Dawn, The Business and Finance Weekly, December 25th, 2023