Pakistan Economy - News & Updates - Archive

[Neo]

Govt to build infrastructure at Karachi Shipyard​

* Federal government has allocated Rs 483.42 million for the fiscal year 2007-08 for KSEW infrastructure

ISLAMABAD: Federal government has decided to build basic infrastructure for construction of surface commercial cargo ships and frigates including F-22 P frigates (warships) in the country at Karachi, official sources said here Friday.

Federal government has allocated Rs 483.42 million for the fiscal year 2007-08 that would be met from local resources and releases would be made from federal Public Sector Development Programme (PSDP).

Keeping in view the importance, the federal government has already deleted Karachi Shipyard & Engineering Works Limited (KSEW) from its proposed list of privatisation in the recent past.

It is envisaged that if the shipbuilding project for local organisations like Pakistan Navy, Karachi Port Trust (KPT), Maritime Security Agency (MSA) and Pakistan National Shipping Corporation (PNSC) are undertaken successfully, then KSEW is likely to get export orders from friendly countries. This would significantly contribute towards earning foreign exchange for Pakistan.

Overall this project would provide enormous benefits to national exchequer in terms of saving foreign exchange, earning foreign exchange, jobs creations, transfer of technology in new shipbuilding techniques etc.

Construction of basic infrastructure for shipbuilding would be completed within 24 months. Official working paper of the project available with Daily Times here on Friday reveals that the project envisages construction of state of the art workshop for shipbuilding including civil works and up gradation of existing workshop at KSEW for construction of surface commercial cargo ships and frigates including F-22 P frigates (warships) in Pakistan.

The project envisages indigenous construction of surface ship would be started under the transfer of technology arrangement with China Shipbuilding and trading Company (CSTC). For effective implementation and coordination a project management team has been constituted.

According to the paper the project would enhance and improve the productivity of KSEW and ever-increasing demand of the industrial sector particularly of the shipbuilding industry of the country. KSEW is the only industry of its type (shipyard) in the entire country, which is fulfilling the needs of other local industries through shipbuilding and repair besides catering the vital needs of other local industries through manufacturing various items of general engineering utility. In order to undertake this project, it was felt mandatory to upgrade various machinery and infrastructure.

Construction of various types of ships by the government of Pakistan would provide benefits like creation of job opportunities, improvement in local vender industry etc. In addition, KSEW with the inclusion of these facilities would be able to construct more warships for domestic as well as international markets, which would be important source of foreign exchange earnings.

Re-arrangement for up-gradation of the KSEW workshop includes six areas including construction of foundation of installation of straightener machines and its production line, installation of NC cutting machines, construction of foundation, construction of foundation for two Gantry Cranes of lifting capacity of 50 tones each, construction of production line for edge, short blasting facility, ware house for storage of KOM and other civil works.

Daily Times - Leading News Resource of Pakistan

 

[Neo]

Pakistan yet to adopt efficient production pattern: WTO​

ISLAMABAD: Reforms in key sectors in Pakistan have been underway but adjustment toward a more diversified and efficient production pattern has not yet occurred.

This was observed in a report released by the World Trade Organization (WTO) Secretariat on tariff protection in Pakistan.

It said Pakistan has continued to lower its average level of tariff protection, nonetheless, border protection and domestic support still varies by sector, thus constituting potential impediments to the efficient allocation of resources and its sustainable economic development.

Agriculture remains the economy’s mainstay, despite decline of its GDP share from 24.1 percent in 2001/02 to 20.9 percent in 2006/07; it still accounts for more than 4 out of 10 jobs. The sector’s productivity is low by international and domestic standards, undermined by inefficient resource use; skewed distribution of farm holdings, accentuated by a thin land market that reflects insecure tenure, inefficient non-price allocation of water (involving significant irrigation subsidies), and irrigation systems in a drought-prone country; as well as poor quality inputs and infrastructure. Food security, based on self-sufficiency, a potentially costly policy, is a major government priority. Reforms since 2001/02 have been directed at a greater role for the private sector, including in marketing, and supplying farm inputs. Reportedly, domestic support measures (price and non-price) hinder diversification, in some cases they periodically penalize farmers (e.g. recently for wheat and rice), and are biased towards relatively low-value, water-intensive crops e.g. sugar cane; sugar seems to be particularly inefficient, with domestic prices exceeding world levels, by at times up to 50-60 percent.

The edible oil manufacturing industry is protected by relatively high specific tariffs. Certain agricultural exports are covered by various controls, restrictions, and support measures, including direct and indirect subsidies, such as on freight, and income tax concessions. The state-owned Trading Corporation of Pakistan still engages in significant trade of several essential commodities e.g. wheat, sugar, and cotton as a means of providing subsidized foodstuffs to poor households and to cover emergency situations. State regulation (by seemingly independent statutory regulators) of and participation in the energy sectors remains significant. Petroleum, natural gas (state duopoly), and electricity sales are subject to licences and extensive price controls, but are moving at variable speeds towards more competitive regulatory regimes.

Daily Times - Leading News Resource of Pakistan

 

[Neo]

Pakistan to have 3-G mobile services by 2010: PTA chief​

ISLAMABAD: Third generation (3-G) mobile phone services will be introduced in the country by 2010 and its licence-issuing process is probably starting at the end of this year.

Briefing journalists at a press conference here on Friday Chairman PTA Major General (R) Shahzada Alam Malik said that licences would be awarded through competitive bidding.

For this purpose auction of the spectrum would be carried out this year and it was hoped that by the end of 2009 or early in 2010, the 3-G services would be available in Pakistan. The new technology of 3-G mobile services would enable consumers to use Internet facility with high speed, make video calls and other value added data services.

The PTA chairman said the authority had created a conducive and investor friendly environment in the telecom sector by awarding licences in a fair and transparent manner, resulting in huge investment and related socio-economic activities. Through prudent government policy, the telecom sector had attracted $2 billion annually. But a considerable gap still existed between the “haves” and “have-nots” in Pakistan, particularly in rural areas, where a large potential existed. All operators (mostly foreign) were rolling out their networks rapidly all over the country, which required huge investments.

Telecom sector had emerged, over the past few years, as the largest recipient of foreign investment in the Pakistani economy. The liberal policies, level playing field for all operators and competition were major drivers for this influx of FDI in the sector. During 2006-07, telecom sector received over $1824.3 million FDI comprising 35.6 percent of the total FDI in the country.

Renowned international telecom operators and investors had acquired stakes in Pakistan telecom sector showing utmost confidence in the telecom policies and regulatory environments of the country.

The PTA chief said country now has 77 million mobile phone subscribers, 2.1 million WLL and 4.7 million fixed line consumers. At present, over 90 percent population is covered by telecom services.

Malik said services of the operators were regularly monitored in order to ensure the quality according to the licencing conditions. During the year 2007, PTA surveyed services of Internet Service Providers (ISPs) and mobile phone operators. Earlier, the surveys were conducted manually but for the first time, this year, the PTA carried out surveys through the latest automated equipment. Results of mobile and ISPs surveys were subsequently highlighted for the awareness of telecom consumers.

Daily Times - Leading News Resource of Pakistan

 

[Neo]

53.7% decline in services export during Nov ​

KARACHI: The export of services declined heavily by 53.77% in November last compared with November 2006, the latest official data showed on Friday.

Total exports during November 2007 stood at $ 225.390 million against $ 487.543 million of November 2006 whereas import of services posted 19.63% growth to $ 944.426 million against $ 789.433 million of November 2006.

Due to disappointing export performance, the deficit in services trade surged by 138.18% to $ 719.036 million compared to $ 301.890 million of November 2006.

Also, the deficit in services trade widened by 36.38% in November last compared to preceding month of October due to negative growth in export and higher imports that grew by 23.52% during the month under review.

According to analysts of foreign trade, like goods trade, services sector has also been adding burden to the country’s trade deficit due to poor export which is likely to continue in the coming months due to uncertainty and instability caused by recent events especially assassination of former prime minister Benazir Bhutto and ensuing violence and riots leaving adverse impact on country’s service export sector. “The consequences of the current disturbance and chaos would be felt in the coming days when the services exports are feared to bear its brunt particularly the tourism sector, which used to earn considerable foreign exchange for the country”, analyst Khurram Schehzad predicted.

Daily Times - Leading News Resource of Pakistan

 

[Neo]

FTSE decision helps KSE-100 index gain 200.50 points ​

KARACHI (January 19 2008): Late buying has supported the KSE-100 to close in positive at 13,874.54 points level, with a net gain of 200.50 points, mainly due to FTSE decision to defer its previous decision to remove Pakistan from its Global Equity Index Series (GEIS). The KSE-30 index surged by 285.64 points to close at 16,485.91 points level.

On Friday, the market started under pressure and remained volatile during the first half due to prevailing uncertainty on political front and law and order situation in the country, which kept the market participants sidelined and the KSE-100 index hit 13,578.10 points intra-day low level.

However, buying euphoria developed in the second half on the back of FTSE decision, which supported the index to close in green with healthy gains. The market participants opted to take fresh positions in the oversold market.

The market witnessed healthy trading activity as the ready market volume increased to 237.314 million shares as compared to 195.329 million shares traded a day earlier. The futures market turnover surged to 41.917 million shares against 40.731 million shares on Thursday.

The overall market capitalisation increased by Rs 69 billion to Rs 4.264 trillion. Trading took place in 340 scrips, out of which 239 scrips closed in positive and 68 scrips in negative, while the value of 33 scrips remained unchanged.

PTCL was the star performer of the day with 31.091 million shares and the scrip surged by Rs 0.35 to close at Rs 39.05. Azgard Nine was the second highest volume leader with 16.868 million shares, but it declined by Rs 0.85 to close at Rs 49. In banking sector, NIB Bank, NBP and Bankislami surged by Rs 1.05, Rs 6.65 and rupee one to close at Rs 22.20, Rs 227.90 and Rs 19 respectively.

Arif Habib Sec increased by Rs 5.50 to close at Rs 170.80, Lucky Cement gained Rs 2.95 to close at Rs 115.05, TRG Pakistan surged by Rs 0.40 to close at Rs 12.95, Pace (Pak) Limited closed at Rs 30.75, with a net gain of Rs 0.80, while Dost Steel Limited gained Rs 1.65 to close at Rs 37.

Siemens Pakistan and Bata (Pak) were the highest gainers, with Rs 62 and Rs 20 gains to close at Rs 1,719 and Rs 487 respectively, while Rafhan Maize and Jahangir Siddiqui Co were the biggest losers. They lost Rs 110 and Rs 59.70 to close at Rs 2,400 and Rs 1134.35 respectively.

Ahsan Mehanti at Shehzad Chamdia Securities said that buying euphoria witnessed in oversold market in the second half of the session. The investors' confidence revived on the back of the FTSE index provider decisions that not to exclude Pakistan from FTSE Global equity Index series, he added.

The market participants opted to take fresh positions in the oversold market, he said, adding the news regarding new gas reserves would positively affect the PPL earning and rise in LPG/furnace oil prices, affecting earnings of oil sector, were also positive for investors, he said.

Business Recorder [Pakistan's First Financial Daily]

 

[Neo]

NIP developing industrial park at Korangi Creek ​

KARACHI (January 19 2008): The National Industrial Parks Development and Management Company (NIP) is in the process of developing Korangi Creek Industrial Park (KCIP) in Korangi Creek.

According to NIP sources, Jurong International Company, Singapore, renowned internationally for their expertise and wide experience in this field has developed the design concept and master plan of this Industrial Park, whereas Nespak has been given the responsibility for subsequent architectural design, engineering services and supervision of this project.

The park will have two zones namely high density and low density zones. The high density zone is reserved for gems and jewellery and IT while the other zone will accommodate garments, food processing, printing/packaging and light engineering.

The Company will establish its own estate management for the maintenance of the park, its utilities, environment and commercial buildings with a view to satisfy customer's requirements, so as to sustain the investment goals of estate owners and occupants.

The second NIP project, Bin Qasim Industrial Park (BQIP) is being set up by the company on a 930-acre land at Pakistan Steel Downstream Industrial Estate in Karachi. NIP entered into an agreement with Pakistan Steel Mills (PSM) for handing over the physical possession of land for developing, marketing and managing of an Industrial Park catering for medium/large entrepreneurs.

The third project Auto Cluster Industrial Park (ACIP) has been planned at Sheikhupura Road in Lahore, which is spread over an area of over 170 acres of land. In this project auto vendors will be provided manufacturing, assembling and warehousing facilities.

The company offers plot sizes ranging from 4 to 16 kanals to the potential entrepreneur. The prime objective of setting up the ACIP is to support just-in-time deliveries to Original Equipment Manufacturers (OEMs) in the vicinity. This would enable the auto manufacturers to increase their production and add revenue generation to the entire supply chain.

Meanwhile, NIP has signed an agreement with Pakistan Stone Development Company (PASDEC) to establish and develop marble cities at Risalpur and Warsak and demarcation of 100 acres of land for marble city, Risalpur has been completed.

Business Recorder [Pakistan's First Financial Daily]

 

[Neo]

Housing sector wooing foreign investment worth $1.5 billion: minister ​

ISLAMABAD (January 19 2008): Housing Sector is poised to rope in huge foreign investment of dollars 1.5 billion to address the acute housing problems in the country, Caretaker Minister for Housing and Works Nisar Muhammad Khan said.

"For the first time in the history of the Ministry for Housing and Works such a huge foreign investment will come to the housing sector in Pakistan," he said in an interview with APP here.

The minister said that he had held two meetings with Attorney General of Pakistan to facilitate the foreign investor in signing the Memorandum of Understanding. He said that public-private partnership in overcoming the housing shortage was the need of the hour as private and informal sector plays a vital role in housing construction.

The minister said the time has come that government should play the role of a facilitator and encourage the private sector and foreign investors in the housing sector. To a question about non-implementation of national housing policies prepared in 1992 and 2001, Nisar Khan said that non-implementation complicated the housing situation in the country.

He further said that he would soon meet President Pervez Musharraf and discuss the issue to come up with such policy measures which are pragmatic and implementable. To a question about launching of new housing sectors in the federal capital, he said that unfortunately this should have been done as a top priority and up to the required level.

About delay in acquisition of land in Sector G-14, the minister said that the sector was launched for federal government employees by the Federal Government Employees Housing Foundation in 2003 to meet the growing demand of housing units.

But after a lapse of four years land has not been acquired as yet due to tussle with the landowners, hindering the development work in sector G-14/1,2,3, he said.

He however said that acquisition of land had been delayed due to disputes regarding built-up property in the area. The minister hoped that after getting possession of the land development work would be started during this year.

To a question about sector F-12, the minister said that majority of unauthorised people have occupied the land there and the Capital Development Authority (CDA) has asked the ministry to get it vacated.

He said a proposal has been put forward to reserve sector F-13 for Federal Government Employees Housing Foundation as there is no problem of encroachments in that area. Nisar Khan said that main hurdle to initiating new housing scheme was scarcity of land, particularly in and around urban centers.

He said that land value continues to increase with unchecked tendencies of speculation resulting in virtual non-availability of affordable land especially for low-income groups.

The Ministry of Housing and Works in its advisory committee meeting has asked the federal and provincial governments to purchase cheap land in the outskirts of cities for constructing low-cost housing, he said.

Pakistan Housing Authority (PHA) has launched a scheme to construct 36,000 flats for low-paid federal government employees in the federal capital and all provincial headquarters, Nisar Khan said. Under a pilot project 1,000 flats have already been constructed in sector G-11 in Islamabad while another 1,000 would be built there for which the CDA has been asked to purchase land.

Nisar Khan said that similar schemes were also being undertaken in all the four provincial metropolises to resolve housing problem of federal government employees. To a question about role of financial institutions in housing sector, the minister said that shortage of finance continues to be a major constraint in construction and maintenance of housing.

The country's annual additional requirement is estimated at around 5,70,000 housing units whereas the actual annual production stands at around 3,00,000 housing units resulting in a recurring backlog of 2,70,000 housing units annually, Nisar Khan said. He said that 5,00,000 housing units should be built per annum to meet the growing needs and to also clear the backlog.

Business Recorder [Pakistan's First Financial Daily]

 

[Neo]

PTA to acquire technical facility in telecom sector ​

ISLAMABAD (January 19 2008): Pakistan Telecommunication Authority (PTA) has singed a contract to get in place a technical facility to root out grey traffic in telecom sector, causing losses of billions to the economy, said its Chairman Shahzada Alam here on Friday.

An official said that grey traffic was causing over rupees three billion financial loss annually, the issue Chairman PTA hoped, would be resolved in weeks. Speaking at a news conference, he said equipment of the system would be shipped to Pakistan in about two weeks.

"The primary source of grey traffic is through utilising the Voice over Internet Protocol (VoIP) due to their low installation and operational costs and the system put in place by the PTA will filter all illegal VoIP traffic, terminated in the country through submarine cables," he said.

The facility would then be able to block all these illegal VoIP flows, he said, adding: "We expect the facility to be operational by the end of February." Shahzada Alam Malik said the PTA would introduce third generation mobile phone service to improve the telecommunication system and facilitate the people. The 3-G mobile service would enable the consumers to use internet with high speed, make video calls and other value-added data services, he said.

He said the auction of the spectrum would be carried out this year and the service would be made available in the country by the end of next year. The PTA had created a conducive and investors-friendly environment in the telecom sector by awarding licenses in a fair and transparent manner, attracting in investment of two billion dollars annually, Malik added.

He said the sector had emerged over the past few years, as the largest recipient of foreign investment expanding the country's economy. He said the PTA granted license to five mobile companies in AJK and Northern Areas and they had started their services in these areas.

He said the PTA deposited Rs 1.2 billion with AJ&K Council and Northern Areas Secretariat on account of initial license fee collected from mobile phone operators.

He said the PTA had also launched the second phase of deregulation of fixed line services in the area in September last year. The PTA Chairman said the recently launched Wimax service in Pakistan would help the subscribers to make video calls and telephony through special handsets, while callers would be able to see live video and picture of each other in addition to voice conversation.

He said the PTA had blocked 170, 000 illegal SIMs in one year and developed a comprehensive SOP for the sale of new mobile connections and verification of antecedents of the users. "This is being implemented in collaboration with the National Data-based Regulatory Authority (Nadra), he added.

"Seventeen franchise companies were closed down as they were involved in selling SIMs to people without meeting required criterion," he added. He said Pakistan was one of the first countries in south-east Asia to implement the Mobile Number Portability within a period of two years. He said approximately 55,000 subscribers had been ported out successfully from one cellular mobile operator to the one of the choice of the subscribers.

He said the PTA instructed all mobile companies to launch an awareness campaign and warn those that were involved in sending unsolicited messages/fraudulent calls to the consumers. In this connection, he said the PTA had established a complaint cell with a toll free number 0800-55055, operational 24 hours.

Business Recorder [Pakistan's First Financial Daily]

 

[Neo]

Telenor: clients exceed 15 million ​

OSLO (January 17 2008): Norwegian telecom group, Telenor said on Wednesday that its mobile operator in Pakistan had seen its subscribers grow to above 15 million, passing that landmark in less than three years in the business. At the end of November, Telenor Pakistan had 13.91 million customers.

"In 2007, the company grew nearly 200 percent in terms of customers, experiencing the highest growth in the industry in Pakistan by a wide margin compared to its competitors," Telenor said in a statement.

Business Recorder [Pakistan's First Financial Daily]

 

[Contrarian]

Pakistan to have 3-G mobile services by 2010: PTA chief​

Who was the man who was telling me that Pakistan already has 3-G services, and has had them operational for a while now. And that was when i SPECIFICALLY mentioned that having EDGE does not correspond to having 3-G. The man said Pakistan has 3-G except for video calling...

Feel pissed off at that guy now, dont talk when you dont know.

 

[Neo]

Can someone clarify please?

 

[Proud to be Pakistani]

Who was the man who was telling me that Pakistan already has 3-G services, and has had them operational for a while now. And that was when i SPECIFICALLY mentioned that having EDGE does not correspond to having 3-G. The man said Pakistan has 3-G except for video calling...

Feel pissed off at that guy now, dont talk when you dont know.

I mentioned that Pakistan has EDGE and WIMAX..

You didnot mention that having edge is not 3-G service!

Check the link i also posted at that time from Mobilink, as i also donot live in Pakistan!

Here again i Post the same as EDGE!.....

Mobilink introduces EDGE for the first time in Pakistan. Experience the sharp edge of technology.

EDGE

When you feel the need to experience the sharp edge of technology, EDGE is the answer for you. With EDGE you can download email or data faster than ever before. Starting from Islamabad and reaching out to other cities, Mobilink leads the way in evolution to the next generation of technology. Separate subscription is not required for EDGE.

Links: Mobilink World - GPRS/EDGE
Mobilink - New Offers


If you did mention what you claim and i still said that Pakistan has 3G then please post the post and i shall agree that i was mistaken!

 

[Contrarian]

Here it isL
I started by saying:

Neo, quick question,
are there 3G networks in Pakistan? have 3G services started for mobile phones?

To which you replied:

3G is available in Pakistan since 1.5 years as per my last visit to Pakistan, but i think still video calls are not allowed. Only mobile TV option is there.

Any news..

Me:

Mate, 3G does not mean just internet on the mobile. 2G networks have internet as well.

3G networks by default mean very high data transfer rates which means video calls. Mobile TV is also available in India, though there are no 3G networks in India, it can be done in 2G networks as well.

You:

In this field....

I have 3G and i know what a 3G network means more than you for a fact.

No offense thou.

Me:

So then are you sure that there are 3G networks in Pakistan?

Then you gave me some links.

Then i replied AGAIN:

Okay cool!
But how come video calling is not there then?
I was asking because India has edge services as well, but there is no 3G network, which entails video calling...
EDGE has been present for atleast the last 3 years in major cities in India. But 3G is still not present, and im quite keen on using it.

How many operators are there for the cell network in Pakistan?

AFAIK,in India the spectrum for 3G services has not even been allocated yet by the govt, let alone the companies develop the required infrastructure.
In India, ALL the spectrum is kept by the defence services, and they are bloody reluctant to give it.

The govt in India is again giving spectrum and licence to some new players in the GSM field, and it was taken from the defence services, there is a huge mess over it.

So as you can see, you were quite clearly saying you KNOW MORE Than me about 3G services and whatnot. I did not contest you, since i did not know about the exact position in Pakistan and took your word for it. This is AFTER mentioning that India has EDGE but its not 3G...!

 

[Proud to be Pakistani]

Dear ....

Please know that i didnot mean to portray that Pakistan is better in telecom then India, If you think that, i said i know 3G because i have it in U.A.E and when i went to Pakistan it was not working but i know that WIMAX service is available in Pakistan and it is by far a better system then 3G tech. Kindly check the WIMAX tech and 3G tech comparison or i can post for mutual information. True that it seems to be wrong but i mentioned that Edge is available and i asked also if Video Calling is available and posted link from mobilink to authenticate by view for mobile TV in pakistan.

 

[Neo]

Saudi food group plans acquisitions in Pakistan​

RIYADH, Jan 19: Saudi food company Savola Group will seek acquisitions of cooking oil firms in Pakistan and other Asian countries and push into real estate at home after its fourth-quarter profit fell 24 per cent as high commodity prices slashed margins.

The world’s largest producer of branded cooking oil wants to take stakes in cooking oil firms in India, Indonesia and Pakistan, as well as firms producing oilseeds, such as corn and sunflower, Chief Executive Sami Baroum said.

“We are looking for vertical expansion opportunities, going upstream, to have better control over margins,” Baroum told Reuters in an interview.

“We are heading to some countries with strong potential, namely India, Indonesia and Pakistan for edible oil in particular,” he said.

Savola — which produces 1.4 million tons per year of cooking oil which it sells in markets including Morocco, Turkey and Iran — had not yet identified investments, Baroum said.

Shares of Savola dropped as much as 6.6 per cent after the firm reported profit of 177 million riyals in the three months to December 31 after a global surge in commodity prices slashed its margins and it spent more on marketing.

The stock was down 4.25 per cent at 1218 GMT.

“The fourth quarter reflected the worst impact on our earnings from the rise in raw material prices, which hit unprecedented levels,” Baroum said.

Savola is constrained in its ability to pass along commodity price rises to consumers and has to shoulder a lot of the increases.

King Abdullah last month ordered subsidies on some food products to ease the impact of inflation on ordinary Saudis after inflation hit 16-year highs of six per cent and 6.5pc in November and December, respectively.

“Instead of selling low-margin products we focused on high-margin products, through re-branding, which required investment in marketing and sales,” Baroum said.

Savola, also the second-largest sugar refiner and owner of the largest retail chain in the Middle East, has earmarked 18 billion riyals ($4.8 billion) for expansion in North Africa and Central Asia, Baroum said in June.

Some 60 per cent of the funds would go toward expanding existing activities such as edible oils, sugar refining and supermarket retailing, Baroum had said.

The firm expects to start production at its new $140-million edible oil plant in Algeria by end-May at the latest, Baroum said.

The conglomerate also plans to push into the Saudi real estate sector and wants to make more acquisitions of packaging and plastics companies, he said.

Saudi food group plans acquisitions in Pakistan -DAWN - Business; January 20, 2008