Riyadh Air, Saudi Arabia’s newest airline, is gearing up to commence operations in 2025, with its headquarters based in Riyadh. Initially, the airline will concentrate on establishing connections between Riyadh and various cities across Asia, Africa, and Europe. However, by 2030, Riyadh Air aims to expand its network to encompass over 100 destinations worldwide.

With a commitment to modern technology, safety, and environmental sustainability, Riyadh Air aims to set new standards in the airline industry. Passengers can anticipate experiencing the renowned warmth and hospitality characteristic of Saudi Arabia during their flights. The airline has unveiled the design of its planes, incorporating colors inspired by Saudi Arabia’s landscapes and traditional motifs.

Crown Prince Mohammad bin Salman bin Abdulaziz announced the establishment of Riyadh Air in March 2023. The airline is owned by the Public Investment Fund, a sovereign wealth fund of Saudi Arabia. Riyadh Air has been assigned the airline code RX by the International Air Transport Association (IATA).

Daraz Group, an e-commerce company owned by Alibaba, is undergoing operational changes, including layoffs aimed at restructuring for greater efficiency. The exact number of employees affected has not been disclosed, but last year, the company had approximately 3,000 employees worldwide and had to lay off 11% of them due to challenging market conditions. These conditions include factors such as the Ukraine crisis, supply chain disruptions, high inflation, increased taxes, and reduced government support.

The newly appointed acting CEO, James Dong, has emphasized the necessity of these changes to ensure the company’s strength and continued growth. The focus will be on enhancing customer experience by offering a broader range of affordable products and improving the platform’s usability for sellers.

Daraz’s primary markets are Pakistan and Bangladesh. Originating as a fashion retailer online in Pakistan in 2012, Daraz was acquired by Alibaba in 2018. The company’s operations extend beyond online sales to encompass package delivery, payment processing, and financial services. Daraz boasts millions of shoppers, thousands of sellers, and a diverse array of brands on its platform.

The Board of Directors of The Bank of Punjab (BOP) met on February 20, 2024, to review and approve the Bank’s annual audited Financial Statements for the year ended December 31, 2023. Despite facing challenges within the macroeconomic environment, the Management team received commendation for delivering outstanding results that were in line with the Bank’s strategic business plan. These results earned recognition from various stakeholders and market evaluators.

Throughout 2023, The Bank of Punjab received several local and international awards, highlighting its commitment to excellence and innovation in the banking sector:

1. EFP Disability Inclusion Excellence Award: Recognized for fostering a workplace culture of inclusivity.
2. Employer of Choice Award: Acknowledged as a top employer for gender diversity among Pakistan’s leading corporations.
3. SBP’s Banking on Equality Rating: Ranked number one in Pakistan for promoting gender equality in banking.
4. MasterCard Market Leader in the New Segment Award: Recognized for leadership in a new market segment.
5. Best Public Sector Bank for Islamic Retail Banking: Honored for excellence in Islamic retail banking services.
6. Best Bank for Small & Medium Businesses: Awarded twice at the Pakistan Banking Awards for outstanding support to SMEs.
7. MasterCard ‘Driving Contactless In-Transit Payments’ Award: Recognized for innovation in contactless payments.
8. AsiaMoney’s Best Bank for SMEs in Pakistan: Acknowledged for excellence in serving small and medium-sized enterprises.

In addition to receiving accolades, The Bank of Punjab expanded its product and service offerings in 2023, with a focus on strengthening its Islamic banking footprint. This expansion contributed to robust financial growth, with the Bank’s Balance Sheet reaching Rs. 2.2 Trillion, deposits surging to Rs. 1.5 Trillion, and before-tax profit reaching Rs. 21.2 billion.

Key financial metrics included a 33% increase in Net Interest Margin (NIM) and a 67% rise in Non-Markup/Interest Income. Investments and Gross Advances reached Rs. 913.2 billion and Rs. 849.5 billion, respectively, while Equity improved to Rs. 80.8 billion.

Despite economic challenges, The Bank of Punjab enhanced its risk profile and raised capital, resulting in improved Capital Adequacy Ratio (CAR) and Leverage Ratio. The Board proposed a Cash Dividend of 10% for shareholders, reflecting confidence in the Bank’s financial strength.

Furthermore, The Pakistan Credit Rating Agency (PACRA) maintained the Bank’s long-term entity rating at “AA+” and its short-term rating at “A1+,” affirming its robust financial position.

Currently, BOP operates a nationwide network of 815 online branches, including 160 Taqwa Islamic Banking Branches, and provides 24/7 banking services through 794 ATMs and digital banking channels. The Bank plans to continue its branch expansion in 2024, with a focus on Islamic banking services.

The Pakistani government has decided to proceed with the long-delayed gas pipeline project in two phases. Initially, they will lay down 81 kilometers of the pipeline from Gwadar, where Iran has already completed its portion, with plans to later connect it to Nawabshah. This strategy has been approved by the Special Investment Facilitation Council (SIFC). The first step involves laying the 81-kilometer section, followed by the connection to Nawabshah at a later stage.

To execute this plan, the Petroleum Division will seek approval from the federal cabinet, and the finance ministry will secure funds from the Gas Infrastructure Development Cess (GIDC) board. Initially, the 81-kilometer pipeline will supply gas to Gwadar from the IP gas line project.

Iran has granted Pakistan an extension until September 2024, beyond the original 180-day deadline, regarding the completion of their part of the project. Failure to respond positively may lead Iran to pursue international arbitration, potentially resulting in an $18 billion penalty. Nevertheless, Iran has expressed willingness to collaborate with Pakistan to find a mutually beneficial solution before the deadline.

While tensions between the two countries delayed a planned visit by a team of Iranian experts to Pakistan in January, the situation has since normalized. Both nations are now actively cooperating to resolve the outstanding issues. Under the guidance of the SIFC, the Petroleum Division will collaborate with the Ministry of Foreign Affairs to facilitate the visit of the Iranian delegation to Pakistan. Together, they aim to devise a viable plan to ensure the successful completion of the project.

The Islamabad High Court has halted the Election Commission of Pakistan (ECP) from officially announcing the victors of the elections in NA-46, NA-47, and NA-48. This development follows petitions lodged by Amir Mughal, Shoaib Shaheen, and Mohammad Ali Bukhari, who contested as independent candidates with the support of the PTI. They contested the outcomes of the February 8 elections, where their adversaries Anjum Aqeel Khan, Tariq Fazal Chaudhry, and Raja Khurram Shahzad Nawaz were declared triumphant by the ECP. Despite the ECP initially instructing to maintain the status quo, they subsequently issued notices affirming Khan, Chaudhry, and Raja as the successful candidates. In reaction, the court accepted the appeals and temporarily suspended the election results.