SPECIAL ADVERTISING SECTION

Photo. Shutterstock

Read full interviews here www.globalbusiness.uk.com

“We started our aggressive implementation of our decided agenda as Vibrant Growth part of a manifesto and promise to the country. Pakistan was basically facing four challenges, or the four E’s: economy, energy shortage, extremism, education/health/social safety net.” Entices FDI Having tackled these hurdles head on, Pakistan has sent a clear message to the international community that it is open for business The ambitious country has made across its entire fiscal spectrum as it looks to maximize returns on its plentiful natural and human resources. tremendous strides through structural “There is great potential in Pakistan and real economic growth reforms and is now an investment magnet. along with a strategic location and very attractive fiscal incentives for investors,” Dar adds. “Multinationals have been here for decades and are very happy, as we offer protection of foreign investment and oasting a diversified and well-managed, stable property. Pakistan has a huge consumer market and provides very economy, Pakistan continues to perform impressively against the backdrop of lower commodity prices and global economic downturn, as structural reforms act “Our economy has experienced as a catalyst for fiscal growth and substantial foreign direct investment (FDI). an amazing turnaround in a much BMacroeconomic reforms have vastly improved the prospects of shorter period than expected.” the country, which, with 200 million people, remains the region’s Mohammad Ishaq Dar outstanding investment hotspot courtesy of its pro-business climate, Minister for Finance, Revenue, Economic Affairs, Statistics and Privatization prudent monetary policy, low inflation, and currency stability. Spearheading this proactive approach to the wide-ranging and successful fiscal overhaul was the Minister for Finance, Revenue, attractive rates of return on investment. Macroeconomic stability has Economic Affairs, Statistics and Privatization, Mohammad Ishaq Dar. returned, and foreign-exchange reserves are at a level where investors “Our economy has experienced an amazing turnaround in a much feel comfortable.” shorter period than expected,” he states proudly. “Structural reforms Privatization is a key cog of Pakistan’s comprehensive strategic have brought down the deficit, accelerated economic growth, averted socioeconomic development plan—“Vision 2025.” The blueprint a potential default in 2014, and increased foreign exchange reserves. promises to transform the nation’s economy within a decade through

S1 www.fortune.com/adsections SPECIAL ADVERTISING SECTION

that helps private sectors to undertake investment. All the growth will come through the private sector–led initiatives. This is our basic approach. “Because of this comprehensive process it takes a lot of time to complete the transaction, as it has to go through many levels. There is an evaluation committee; a transaction committee; directors drawn primarily from the private sector; and a cabinet committee on privatization.” Partially privatized, the National of Pakistan (NBP) is a Mohammad Ishaq Dar Mohammad Zubair Shahid Khaqan Abbasi Minister for Finance, Revenue, Minister of State for Minister for Petroleum and major with interests such as corporate investment, Economic Affairs, Statistics Privatization Natural Resources retail and consumer banking, agricultural financing, and treasury and Privatization services. With more than 1,400 domestic branches—and over 20 a multipronged approach in all industries and throughout the public international branches—the financial giant is a leading player in the and private sectors. debt-equity market and has a growing interest in promoting and de- Several major state-owned enterprises are poised to pass along veloping small and medium-size enterprises, while at the same time the privatization pipeline in the next few years, most notably Fais- fulfilling its social responsibilities as a corporate citizen. alabad Electric Supply Company (FESCO), Pakistan International Operating out of modern headquarters in , the institution Airlines (PIA), and Pakistan Steel Mills (PSM). continues to act as trustee of public funds and as the agent to the Next in the shopwindow are Lahore Electric Supply Co. (LESCO), (SBP) in areas where SBP has yet to establish Islamabad Electric Supply Co. (IESCO), and Northern Power Genera- a presence. tion Company Ltd. (NPGCL). Their passing into nonpublic control will Despite the recent fall in crude oil prices, opportunities abound help the country’s energy shortage. Such candidates hope to emulate in the oil and gas sector as the country looks to satisfy its energy the success of Allied Bank, which has become an international appetite. “Oil operations have always been successful, and no oil financial titan since its transfer to private hands a decade or so ago. company has ever lost money in Pakistan,” says Shahid Khaqan Ab- “It is not the job of the government to run commercial organizations,” basi, minister for petroleum and natural resources. “Every company in states Mohammad Zubair, minister of state for privatization. “The the industry has worked here. The returns are good for pipelines and job of the government is to create a conducive business environment LNG (liquid natural gas) terminals.”

www.fortune.com/adsections S2 SPECIAL ADVERTISING SECTION

The upbeat report came as no surprise to Dar, who said weeks prior to its release, “National reserves are at a historic high. We went Economy back in the international sovereign market after seven years; returned to the Sukuk market after nine years; and went back in the international equity market.” in Overdrive Pakistan’s banking sector is extremely competitive: Up to 40 financial service providers battle for a share of the fast-growing middle- Fiscal progress wins praise from global class market through mortgages, consumer finance, credit cards, loans, institutions and is a platform for growth. and savings and checking accounts. Large foreign players have also arrived in droves as they compete for investment, commercial, and retail customers. akistan’s remarkable macroeconomic turnaround over Industry leader National Bank of Pakistan (NBP) is currently financ- the past few years has not gone unnoticed by respected ing portions of the $50 billion of pioneering infrastructure projects global financial institutions such as the World Bank and under the CPEC, as president and CEO Syed Iqbal Ashraf, explains: the International Monetary fund (IMF). “CPEC is the turning point for Pakistan. It is a game changer as it will In August 2016, a group of experts from the IMF generate a lot of income for the good of the country. Before this govern- met with Finance Minister Mohammad Ishaq Dar and ment, we had a lot of our factories, textile mills, and other facilities that Pgovernment officials before publishing a glowing update on the coun- only operated at 30% to 35% capacity due to energy shortages. try’s fiscal progress, noting the government has laid the foundation for “This was a huge problem, but we will soon benefit from an addi- more inclusive growth. tional 3,600 megawatts of power capacity. One in Punjab is for 1,200 “Growth is expected to reach 5% in fiscal year 2016–17, sup- megawatts, and NBP, together with (HBL), has ported by buoyant construction activity, strengthened private sector underwritten the whole $1 billion project. This is the first time in the credit growth, and an investment upturn related to the China-Pakistan history of Pakistan local have underwritten an entire project of Economic Corridor (CPEC),” the IMF noted. “Average inflation is ex- such magnitude. pected at around 5.2%, remaining well-anchored by continued prudent “NBP acts in line with government thinking, and we serve monetary policy. Gross international reserves reached $18.1 billion at around 1.6 million pensioners each month—the only bank to perform end-June 2016, covering over four months of prospective imports.” this activity.”

S3 www.fortune.com/adsections SPECIAL ADVERTISING SECTION

Meanwhile, as well as growing its conventional branch network, NBP is expanding its portfolio of branches that handle Islamic banking products, looking to tap into a market that has been growing around 35% a year. “We now have more than 110 Islamic branches at NBP and plan to apply for a license for an Islamic Bank with SBP, so we have a wholly owned subsidiary of Islamic banking,” he adds. Islamic banking practices fully compliant with Sharia law are also increasingly at the heart of other financial institutions’ activities, includ- ing . A medium-size commercial bank, the group boasts Nauman Ansari Sirajuddin Aziz Syed Iqbal Ashraf a robust corporate investment banking business and more than 300 President and CEO President and CEO President and CEO, NBP branches across 80 cities. Faysal Bank HabibMetro Bank “Our asset deposit/ratio has always been above market,” says Faysal Bank president and CEO Nauman Ansari. “Our strengths are our a significant quantum of Pakistan’s trade business, and in 2015 the employees and customers, both on the wholesale and the retail side. Asian Development Bank recognized us as its leading partner in Paki- This is why we are poised for growth—opportunities that may come stan due to our role in the promotion of regional trade.” from the CPEC infrastructure-development side, or an uptake on the “Last year was remarkable as we posted phenomenal year-on-year economic activity filtering down to small and medium-size enterprises profit growth of 71% growth, the second consecutive year we recorded or the retail sector. We have the infrastructure and the client franchise profit growth of more than 50%. HabibMetro Bank is well positioned, and are ready to capture that growth. and the market recognizes our inherent strength.” “The present era is a unique time for Pakistan,” says Aziz. “This is the first democratic environment that offers a truly business-friendly “This is the first time local banks climate. Favorable macroeconomic factors are complemented by improved law and order to provide an ideal platform to host business have underwritten an entire opportunities. The banking sector is very well positioned to capitalize project of such magnitude.” upon these opportunities along this promising trajectory.” Widely regarded as Pakistan’s most successful businessman, Mian Syed Iqbal Ashraf, President and CEO, NBP Muhammad Mansha is chairman of corporate and retail services pro- vider MCB Bank Ltd.—part of the Nishat Group, which he heads. The “The arrival of CPEC investment will really focus on infrastructure group has interests in insurance, cement, power, agriculture, and hospi- and the energy sector, and these areas form the backbone of any tality. “We have developed a system of cross-selling, where companies economy. A focus on these sectors will enable Pakistan to deliver the which have borrowed from us, or small businesses—their owners could kind of annual 7% GDP growth required. There is a sizable English- be given house loans, credit cards, and loans for appliances. Since speaking middle class and a very young population that is consump- these customers are known to us, it is a prudent business,” tion-orientated.” he comments. Pakistan’s undisputed leader of trade finance, HabibMetro Bank “If anyone wants to invest or establish a business presence in also offers highly innovative e-banking solutions and consumer banking Pakistan or participate in joint ventures, we are one of the largest insti- services. The group’s Islamic banking division is fully capable of cater- tutions in the country and can put people together and work together ing to clients of Sharia-compliant products. The bank is part of Habib for mutual benefit,” he adds. Bank AG Zurich. “My message is crystal clear—Pakistan is very attractive from a “We specialize in trade finance and offer market-leading structured tourism, climate, and investment perspective, a country with a rich trade products,” says Sirajuddin Aziz, president and CEO. “We handle culture and diverse history.”

www.fortune.com/adsections S4 SPECIAL ADVERTISING SECTION

Education Lays Foundation Stone The next generation of workers benefits from a world-class range of education Murtaza Hashwani Dr. Hasan Sohaib Syed Ibne Abbas establishments and career opportunities. Deputy Chairman Murad Pakistan High Commissioner Rector, UMT to the U.K.

ith around 130 million young people currently, curriculum to make it more creative and innovative so as to produce Pakistan’s human-resource potential is among students with creativity and innovation, critical thinking and problem- the most promising in the world. The develop- solving skills. A very basic reform of the curriculum improves the quality ment of this untapped wealth of talent is a key at university level and increases our chances of success. cog in the Vision 2025 wheel. “We have also recently launched the U.S. Pakistan Knowledge Cor- The socioeconomic development strategy ridor, which will give our students greater access to U.S. universities and sitsW upon seven core pillars—the first of which is education, as Vision bring U.S. universities’ expertise to Pakistan to develop our own universi- 2025 strategy chief Professor Ahsan Iqbal, who is also the minister for ties’ education.” Now an independent, not-for-profit private institution of planning, development and reform, is eager to explain: “This is the age higher learning, the University of Management and Technology (UMT) is of the knowledge economy, and the primary asset of any economy is the at the forefront of Pakistan’s higher-education sector, with thousands of quality of the people,” he says. “Our large population has to be converted students in more than 150 disciplines. At present, 13 schools and four into a demographic dividend through investment in good education and institutes operate under the UMT umbrella. training. We are expanding the reach of higher education and opening a Assessed by the Higher Education Commission (HEC) as being in university in every district. We are also linking education to more techni- the highest rank of education establishments, UMT is also the first in the cal disciplines to boost productivity. “We are also reforming the school Punjab among medium-size universities in the general category that has evolved into a premier institution of higher learning during the past 26 years. “UMT is a manifestation of what is possible and what is needed Hashoo Hotels in Pakistan,” says Dr. Hasan Sohaib Murad, rector of UMT. “We have HASHOO HOTELS more than 10,000 students in … diversified disciplines and we attract Pakistani people from abroad who are willing to teach here. “Retaining Pakistanis within Pakistan, where they engage in research and teaching, is a great phenomenon and without government support. UMT is contributing to Pakistan’s development as a dynamic nation and is helping the middle class. We target the middle class and people whose parents have set up small and medium-size enterprises, as well as micro- enterprises and people who want to stay in Pakistan for the long term and are willing to lend their life to Pakistan. People come to UMT to gain knowledge and a degree and then leave to live in some of the country’s 100 or so cities.” Some of UMT’s most talented graduates will undoubt- Blending five-star service edly end up working for leading private-sector companies and successful with the best locations, Pakistani conglomerates like the Hashoo Group. The 56-year-old firm the Hashoo Group’s has extensive interests in many areas, including cotton and commodity range of luxury hotels has trading, hospitality, oil and gas exploration and production, information established the dynamic technology, investments, minerals, ceramics, pharmaceuticals, travel and firm as Pakistan’s premier tourism, and real estate. provider of world-class Pakistan is famous for its hospitality for business HASHOO HOTELS hospitality and for offering a warm and leisure travelers. welcome to foreign leisure and busi- Boasting an outstanding Nation’s Pride ness travelers, thousands of whom reputation, the group will have stayed in luxury hotels is also a successful Hashoo Hotels run under the two most recognized niche player in budget www.hashoohotels.com brands in the country: Marriott and hospitality. www.pchotels.com www.ruba-sez.com.pk Pearl Continental. The high-end hotels have be-

S5 www.fortune.com/adsections SPECIAL ADVERTISING SECTION

come synonymous for blending traditional personal service with efficiency and convenience for guests. This combination of service excellence is now complemented by the group’s innovative new Hotel One brand, Sindh: Pakistan’s which has already become the fastest-growing express chain of hotels in Pakistan. Hashoo Group Deputy Chairman Murtaza Hashwani is delighted with Heartbeat the impact of the Hotel One business and expects the exciting brand to benefit greatly from the rapid rise in domestic tourism and substantial The region blends a strategic location with investment in highway infrastructure. huge renewable energies and a proactive, “We have the infrastructure, but not the accommodation, and this is investor-friendly regional government. exactly where we see opportunity,” he states. “We are presently mapping the country to see where we need to put the Hotel One low-budget con- cepts, which will be targeted mostly at the younger generation.” ulsating with financial, industrial, and import/export activ- Given Hashoo Group’s vast experience in hospitality and other sectors ity around the clock, Sindh province is a major contribu- of the economy, it is not surprising the company continues to set the tor to national economic well-being. standard in each of the diverse economic arenas in which it operates. K-Electric (KE) is powering efforts to satisfy Sindh’s “Our core business is hotels, and oil and gas, but we have many real growing demand for energy through heavy investment estate investments,” the senior executive adds. “We intend to focus on in new-generation capacity. The company is electrifying growing our existing portfolio of luxury and budget hotels and resorts, and Pareas for industrial and residential consumers. real estate. We have been buying land for many years. Pakistan is still a Formerly known as Karachi Electric Supply Company Ltd., the group grossly undeveloped property market, where clearly the demand outstrips is a vertically integrated electric corporation involved in generating, supply, including offices, residential, industrial and retail property—like transmitting, and distributing power to around 20 million inhabitants shopping and entertainment.” across Karachi. Foreign investors in Pakistan benefit from a range of fiscal incentives The group is investing huge sums in new equipment and technology provided by the federal and regional governments, with officials at all and employs more than 11,000 people. The firm’s network covers an levels determined to drive sustainable development in multiple industries area of 6,500 square kilometers (2509.6 square miles) with industrial, and sectors. commercial, agricultural, and residential areas relying on its power Beneficiaries include countless U.K. businesses, and the two distribution. Given its importance to the fortunes of Sindh, K-Electric countries will celebrate 70 years of successful and ever-growing bilateral is growing hand in hand with the regional economy and is determined bonds in 2017. “Pakistan-U.K. bilateral economic ties form the basis of to invest in new power plants and transmission technology. On the our relations’ upward trajectory,” says Syed Ibne Abbas, Pakistan high technical side, the company is also establishing smart solutions for its commissioner to the U.K. distribution network. “The U.K. remains the second-largest overseas investor in Pakistan, “We are the pulse of Karachi. We touch every single household in as well as Pakistan’s largest export partner among all European countries. the city and the surrounding area,” says Tayyab Tareen, chief executive Pakistan has pursued a forward-looking reform agenda, which has officer of K-Electric. brought about economic turnaround in the country.” “Karachi is the backbone of Pakistan. If Karachi thrives, if economic Such companies could certainly take advantage of tax incentives or activity improves in Karachi, then it affects the whole country as well, low-tax areas such as Ruba SEZ (Special Economic Zone)—a multi- whether it is the balance of payments or the overall business activity. purpose industrial complex that provides a solid growth platform for “The city has grown extraordinarily, putting a lot of strain on the enterprises. By facilitating access to excellent infrastructure, Ruba SEZ network,” Tareen says. “Every individual has a mobile phone, TV, and enables firms to minimize costs and maximize profits. other electrical appliances, and the use of electricity in every sphere has “Our vision is an investor-friendly environment that appeals to increased. The per capita income has also grown and so has the per forward-thinking investors across the globe. We are creating a corporate capita consumption of electricity.” environment that draws highly qualified, experienced, and knowledge- The executive adds, “Karachi’s energy requirement is growing faster able professionals to help avoid a brain drain of our valuable talent,” says than the rest of Pakistan. The demand for power will continue to grow, Ruba SEZ Group president and CEO Shah Faisal Afridi. and we will add more generation capacity and diversify our fuel mix. We

www.fortune.com/adsections S6 SPECIAL ADVERTISING SECTION

are looking into renewables, coal, and gas.” Karachi is a fast-moving financial center as underlined by many gleaming headquarters of major national and foreign banks, while the region has a vast array of industrial interests and boasts extensive agri- cultural and pharmaceutical operations. Sindh contains two of Pakistan’s most important commercial seaports—Port Bin Qasim and the Port of Karachi—and is poised to become a state-of-the-art hub for renewable energies through the devel- opment of cutting-edge wind, hydro, and solar-power plants. Murad Ali Shah Naheed Memon Tayyab Tareen The provincial government is also focused on exploiting more Chief Minister of Sindh Province Chairperson CEO traditional sources of fuel given the region’s substantial reserves of coal SBI K-Electric oil and gas, while vast coal deposits at Thar of 198 billion U.S. tons are greater than the combined hydrocarbon reserves of Saudi Arabia, Officials regularly interact with oil and gas companies for exploration and Kuwait, and Iran. commercial joint ventures and are responsible for prospective planning, “Sindh has the solution to Pakistan’s energy needs in the short, policy formulation, and conservation strategies. medium, and long term,” says Murad Ali Shah, chief minister of Sindh The entity’s crowning moment was its bold move to take a 51% province. “We have a wind corridor, which experts say has the potential stake in the Thar Coal Power Project that diluted risk and resulted in the to generate 50,000 megawatts of electricity. Projects take time to formation of the Sindh Engro Coal Mining Company (SECMC) to bring achieve financial closure, but by 2018, we should have 3,000 mega- the ambitious project to life. watts of wind energy. “This part of Pakistan offers a phenomenal amount of business “We are spending about $800 million on new infrastructure in Thar- potential, which any wise investors are looking for,” reiterates Agha Wasif parkar district, including roads, irrigation projects, airports, and accom- Abbas, secretary of energy for the Sindh government. “Once we have modation, and so on. A major problem was a lack of drinking water, so success stories on the ground, that should generate a lot of comfort.” we built a large hybrid reverse-osmosis (RO) plant with a daily capacity Sindh Board of Investment (SBI) is at the vanguard of local efforts to of 2 million gallons, which runs on solar power and gas.” attract major new investment to the region, with the agency responsible Shah believes that Sindh province will optimize its energy potential for the promotion of investment in all economic sectors. in the next decade through the utilization of existing resources and the Operations include the facilitation of local and foreign investors to discovery of new ones. “Our long-term energy needs can be fulfilled identify and establish projects quickly and further improvements to by indigenous Thar coal, [but] we need a federal policy decision for Sindh’s international competitiveness that, in turn, boost economic and exploration, as exploration has stopped,” he says. “We would like the social development. international private sector to invest here as energy is available here, as “Our key mandate is to facilitate investments, and we achieve this by are seaports, this is also a major advantage.” linking them with all the other line departments such as Driving this sustainable and impressive development energy, services, irrigation, mines, and minerals,” explains of regional energy resources is the local administra- SBI chairperson Naheed Memon. tion’s energy department, which endeavors to develop, “We constantly showcase the potential, investment, generate, supply, and distribute renewable energy. and projects that have been structured by the public-pri-

Sindh Province, investments worth building on

www.sbi.gos.pk

S7 www.fortune.com/adsections SPECIAL ADVERTISING SECTION

vate partnership unit as to the projects and areas the Sindh government expansion and a greater focus on consolidation. Though not planned, wants to develop. This includes [the proposed new city of] Zulfiqarabad, any opportunity for growth through mergers and acquisitions will be in Thatta District, where there is a port we really want considered if financially viable. to develop.” “ aims to be a mid-tier Pakistani bank in the next five As Pakistan’s financial capital, Karachi benefits from excellent years as it benefits from new developments and fresh business generated infrastructure that allows banks and financial institutions—such as insur- by our branches’ reaping their full potential, which we expect will give a ance companies and investment funds—of all sizes and origins to run significant boost to our profitability and growth momentum.” efficiently and profitably as they serve millions of clients at investment, An innovative and successful manufacturing enterprises in Sindh business, and retail levels. province is Orient Textile Mills, a company that is the template for how a Among the most successful “local” financial providers is Sindh Bank niche firm can thrive through great management and product quality. Ltd., which manages more than 250 branches in 125 cities, despite Unlike some competitors, Orient Textile Mills possesses operational being set up only in 2011. It was established as a government-owned experience in all areas of fabric production and packaging through com- commercial bank, offering microfinance loans and other banking ser- petent individuals and strong manufacturing base, which have created vices, but has grown quickly and enjoys an outstanding reputation. rapid growth. Iqbal Ebrahim, CEO of Orient Textile Mills, is very satisfied with his company’s track record of growth: “We bring an innovative approach to “Sindh Province has the solution the world of textiles, providing all solutions within a single system and acting as a liaison between the end user and cotton grower,” he states. to Pakistan’s energy needs in the “We make high-end fabric such as jacquards and dobby for homes, short, medium, and long term.” and apparel with Ebrahim Textile Mills as the primary processing unit. Murad Ali Shah, Chief Minister of Sindh Province Our philosophy is to produce superior quality goods, and we see our- selves well positioned with high-value products. “We attract high-end designers who are looking for vendors that meet their stringent requirements for quality,” says Ebrahim. “Our reputa- Unlike many of its rivals, Sindh Bank is committed to the communi- ble design base has enabled us to increase our market share internation- ties in which it operates and the economic development and progress ally. We currently have design studios in Paris and Pakistan.We are proud of Sindh province through financial services that allow people to create to be a quality and design-based company.” businesses and generate employment opportunities. Popular with foreign investors, Sindh Bank continues to expand at a rapid rate and is involved in key projects across the region. “We are very bullish on macroeconomic prospects of Sindh province and of Pakistan in general,” says Tariq Ahsan, president and CEO. “Sindh accounts for 34% of Pakistan’s total industrial capacity in large-scale manufacturing, and 25% of small-scale manufacturing. “About 60% of the country’s oilfields and 44% of the gas fields are here, which produce 56% of oil and 55% of Pakistan’s gas. The province Growth also has one of the largest coal reserves in the world, huge potential for renewable energy with a 60-km-wide [37.28 miles] and 180-km-deep for all [111.8 miles] wind corridor,” says Ahsan. “Our initial plan since launch was ‘fast’ organic growth, such as By maximizing through a network of branches. Future plans are for slower branch revenue collection, SRB is striving to ensure economic prosperity in Sindh and Pakistan

Superior quality textiles and customer service from [email protected] www.srb.gos.pk www.orient-textile.com an innovative company www.shopatorient.com www.fortune.com/adsections S8 SPECIAL ADVERTISING SECTION

With a population of more than 200 million, a growing middle class, and a rapidly expanding economy, Pakistan relies on the vision and dynamism of its entrepreneurs and easy business facilitation of government to keep the country moving forward. Among the many players oiling the wheels of the economy is the WAK Group of Com- panies, a hugely successful and diversified Gulzar Ahmed Khan Waqar Ahmed Khan Ammar Ahmed Khan Lt. Gen. (Ret.) Ahmad conglomerate that boasts lucrative interests in Founder, WAK Group Chairman WAKGROUP CEO WAKGROUP Shuja Pasha energy, real estate, and manufacturing. Created of Companies Group Chief Advisor 50 years ago by the father of Waqar Ahmed Khan and Ammar Ahmed Khan, Mr Gulzar Ahmed Khan, chairman will be assembling all their consumer electronic products in Pakistan.” of WAK Group of Companies, the pioneering business empire is WAK Group is also deeply involved in CSR (corporate social responsi- undergoing a consolidation exercise, after which it aims to zoom ahead bility) and philanthropic projects under the aegis of the Gulzar Founda- with purpose. tion, which has been created to manage its corporate philanthropy. “I see myself and my brother as custodians of the group and want to The executive is confident such success will be achieved elsewhere build on the incredible legacy he achieved,” Waqar Ahmed Khan states too. “Our vision in the real estate sector, with Pak Arab Housing, is to proudly and determinedly, adding his father was a visionary who laid the create affordable housing for the common man. There is a shortage of foundations for decades of success through housing societies in Lahore about a million houses in Lahore, so we will be launching 20,000 to in the 1970s. “He bought land outside Lahore—big chunks—and devel- 25,000 apartments in the form of complexes in gated communities, with oped societies where he gave people everything: water, gas, electricity. high-tech facilities creating affordable, self-owned housing for the major- Today, that land is in the center of Lahore and is very valuable. There is ity of the populace. where he made the money. From there he moved into energy. He was “Resources will always flow to the opportunity, and the opportunity among the few people initially to get into LPG [liquefied petroleum gas].” frontier has changed,” he says. “It has shifted significantly, in the Turning to the present and future, Khan aims to ensure WAK Group past five years, from the west to the east. A major recent change was the of Companies is at the forefront of socioeconomic development and inclusion of Pakistan in the emerging-market bucket from the f spearheads innovation in all the sectors it operates, with a particular rontier market. emphasis on producing resources locally for the benefit of society. “This market is underpriced and undervalued—hence, very lucrative “Imports affect the balance of payments and the foreign exchange. for the intelligent investor. We are very close to that point of convergence Other than education and health care, the area we really need to concen- where things will come together and it will happen. That is the message trate on is oil and gas,” he says. “It should be expanded, and we have to anyone who is looking into Pakistan. The dynamic executive outlines huge growth plans on the downstream marketing of products. some exciting expansion plans for the WAK Group of Companies as he “We have a gas company, WAKGAS, that just took over Petrowell, an looks for his enterprise to play an integral role in boosting living standards oil-marketing company,” he adds, “where we will be setting up 500 gas through job creation in various fields: “I see our group surpassing $10 stations, and we have a license and an approval to set up a 40,000-bar- billion in turnover by 2021, and I would like to employ more than rel-a-day oil refinery up north. 100,000 people throughout Pakistan,” he says. “The cement and sugar “Whether you bring crude up north or whether you bring diesel, factories we are going to construct in my hometown are part of this freight is freight, so why not base it on a local crude and be able to dis- strategy, and I am going to hand out lots of free shares to employees so tribute it locally so you create a savings to the local man and taxpayer? their lives can change for the better as well. We believe in passing the benefit to the consumer. As the vision expands, “The idea for our operations is not just to make money, but to make we will be entering into a joint venture with a multinational company and life easier for others.”

WAKGROUP A family-owned enterprise, established by the patriarch, Senator Gulzar Ahmed Khan with a presence in multiple sectors. WAKGROUP is client-focused, environmentally friendly and committed to providing high-quality products and a world-class experience.

WAK Group 135 Block E-1, Stadium Road, Gulberg III, Lahore, Punjab, PAKISTAN | Tel: +92 42 5870230–6 | www.wakgroup.com

S9 www.fortune.com/adsections SPECIAL ADVERTISING SECTION

Fertilizer Firm on Road to Riches FFBL satisfies fertilizer demand for a growing population while successfully diversifying into new businesses and investing earnings into vital services for millions of non-privileged individuals.

akistani firm FFBL is one of the fastest-growing divisions of Fauji Group and is principally engaged in manufacturing key FFBL’s fertilizer plant at . crop nutrients such as di-ammonium phosphate (DAP) and urea. It is categorized as a blue-chip company on the emerg- business awards. While some enterprises might ingP Pakistani Stock Exchange, with a market capitalization of $500 be satisfied with such progress, Aslam sees an million. FFBL is distinguished as having one of the highest dividend even brighter future for the business given the pay-out ratios among the listed companies in Pakistan, with more than significant amount of investment that is likely to $1 billion given to the national exchequer for taxes and duties to date. be required by organizations to serve the basic Not only does FFBL boost the national agricultural output of the dietary and energy needs of a growing global world’s sixth most populous country through the production of a vital population. fertilizer type, but it also provides jobs for thousands of people. “We are the second-largest company in the Fauji Group, and the fastest-growing one,” Lt. Gen. (Ret.) “We earn money for the very noble he states. “We do business for a purpose, and Muhammad Haroon 80% of our profits are plowed into a charitable Aslam, Chief Executive purpose of providing health care and trust, where we run health centers, dispensa- and Managing Director FFBL ries, schools, and universities. All are supported education to 10 million recipients.” through our income. This is the difference between an ordinary business Lt. Gen. (Retd.) Muhammad Haroon Aslam and Fauji Group. We earn money for the very noble purpose of providing Chief Executive and Managing Director of FFBL health care and education to 10 million recipients.” FFBL’s ongoing success is not only restricted to Pakistan either. For the last three years, the company has been on a path of Several years ago, the firm decided to invest significantly in a joint pragmatic diversification through the setting-up of new projects, as well venture with leading Moroccan phosphates player Office Chérifien des as investment in established ones. FFBL has, as of now, undertaken Phosphates. This resulted in a successful and profitable partnership projects worth more than $1 billion, and within this realm, set up a known as Pakistan Maroc Phosphore (PMP). halal abattoir and packaging facility, as well as a dairy company. At the “PMP, as part of our business group, is doing well as we continue to same time, it has invested its sizable cash flows in a recognized com- pursue the paths of expansion and diversification,” the chief executive mercial bank, a cement manufacturer, and wind- and coal-based power adds. “Fauji Group is proud to firmly stand for its values, both commer- companies. cial and humanitarian. We currently have a number of business propos- This well thought-out diversification plan with a measured, risk- als from international and local organizations and as we evaluate them, based growth strategy has started reaping positive results and is ex- we will continue to focus on our strategy of long-term value creation.”• pected to double FFBL’s market capitalization during the next few years. As the company prepares to earn more than $1.5 billion a year in revenues through its consolidated businesses, it is also laying a strong emphasis on its most treasured core value—corporate social responsibil- ity. It invests a significant portion of its earnings into a charitable trust, which is used to take care of the education and health of families of ex-servicemen. subsidiaries Headed by the amiable and popular retired Lt. Gen. Muhammad Haroon Aslam, chief executive and managing director, FFBL has an impressive track record of expansion and has won several international www.fortune.com/adsections S10