Yousuf Hussain, president and CEO of Faysal Bank Limited, has been elected president of the Overseas Investors Chamber of Commerce and Industry (OICCI) for the 2024-2026 term.

In addition to Hussain, Jason Avancena, managing director and CEO of Nestle Pakistan Ltd, has been appointed as senior vice president, while Syed Ali Akbar, managing director and CEO of Pakistan Tobacco Company (Pvt.) Ltd, will serve as vice president.

The newly formed managing committee includes prominent leaders from various sectors, including:

In maiden address, Yousuf Hussain acknowledged the complex economic environment facing Pakistan, noting both challenges and opportunities.

He was of view that the country of 242 million stands at a pivotal moment while inflation is easing and we are seeing slight GDP growth recovery, significant structural challenges remain. These can drive necessary reforms and foster a sustainable business environment.”

Outgoing president Rehan Shaikh emphasized the chamber’s role in collaborating with government entities to address economic challenges. He highlighted OICCI’s efforts in promoting Pakistan’s investment opportunities to foreign delegations, positioning the country as an attractive destination for foreign direct investment (FDI).

Abuzar Shad, Khalid Usman, Shahid Nazir take oath as LCCI president, SVP, VP

Your source for latest Pakistan, world news. Stay updated on politics, business, sports, lifestyle, CPEC, and breaking news. Accurate, timely, and comprehensive coverage.

ISLAMABAD – The Competition Commission of Pakistan (CCP) has held its first hearing for the Phase II Merger Review concerning PTCL’s acquisition of 100% shareholding in Telenor Pakistan (Private) Limited (TP) and Orion Towers Private Limited (OT).

The hearing was presided over by CCP Chairman Dr. Kabir Ahmed Sidhu, along with members Salman Amin and Abdul Rashid Sheikh.

Senior Counsel Ms. Rahat Kaunain Hassan represented PTCL, emphasizing the potential economic benefits and growth opportunities the transaction could bring to Pakistan. Hatem Bamatraf, President & Group CEO of PTCL, Robert Middlehurst, and PTCL’s senior management also shared key insights into the merger.

The CCP then offered opportunity to M/s Wateen Telecom Limited, represented by Mian Sami-ud-Din. He concluded his preliminary submissions.

Other key attendees included Khurram Ashfaque, CEO of Telenor Pakistan, Andreas Hogberg, CEO of Orion Towers, Fawad Ahmad Khan, Group Director of Regulatory Strategy & Compliance (PTML), Amer Shahzad, DG Wireless Licensing (PTA), and representatives from Jazz, Wateen, Transworld Associates, Cm Pak LDI Ltd, and the Frequency Allocation Board.

The CCP’s Phase II Merger Review, conducted under Section 11(6) of the Competition Act 2010, is focused on examining the market share dynamics and potential risks of market concentration. As the review continues, the CCP encourages all stakeholders to provide their input.

The next hearing is scheduled for October 2, 2024, where Wateen will present its arguments on merits and other stakeholders will also be making their submissions on the proposed merger.

LAHORE – The Lahore Development Authority (LDA) continued operations against illegal commercial buildings and defaulters of commercialization fees in Lahore.

On Monday, LDA sealed more than three dozen buildings for illegal commercial use and not paying commercialization fees during operations in Faisal Town, Gulberg, Allama Iqbal Town and Mustafa Town.

The sealed premises include Qasim Ali Shah Foundation, Leads University Campus, The Educators, private bank, academy, beauty parlor, clinic, grocery shops and other businesses.

LDA Chief Town Planner-I Assad-uz-Zaman supervised the operations which were carried out by the enforcement teams with the help of Police.

According to the LDA officials, several notices were served to the owners of these buildings before the operations were carried out.

LDA Director General Tahir Farooq has directed continuing indiscriminate operations against illegal commercial buildings and commercial fees defaulters in Lahore.

Kashmir Bakers among 17 businesses sealed in Lahore