SBP, Graana.com partner to host expats in Dubai
Graana.com, in collaboration with the State Bank of Pakistan, hosted overseas Pakistanis at the launch event of 'Roshan Apna Ghar Scheme' in Dubai.
President Arif Alvi graced the occasion as the chief guest of the event.
The president will meet leading businessmen, investors, entrepreneurs, senior representatives of information technology companies, and media persons during his stay.
Alvi is on a two-day visit to the United Arab Emirates (UAE), where he also formally inaugurated the Pakistani pavilion at Expo 2020 Dubai. He is also scheduled to interact with members of the Pakistani community in the UAE.
The other esteemed guests of the event included Commerce Minister Abdul Razak Dawood, Governor State Bank of Pakistan Reza Baqir, Deputy Governor Jameel Ahmed, Meezan Bank President & CEO Irfan Siddiqui, Habib Bank Limited President & CEO Muhammad Aurangzeb, and Bank Alfalah President & CEO Atif Bajwa.
Addressing
the
event, president Alvi said: "The present government is boosting the country's economy through various initiatives, including the real estate sector. The Roshan Digital Accounts (RDA) and Roshan Apna Ghar (RAG) initiatives were introduced for the financial inclusion and facilitation of overseas Pakistan - which are one of our biggest assets, given the positive inflow of remittances."
Taking the stage, SBP Governor Raza Baqir informed: "The government of Pakistan has taken proper measures to ensure the emphasis was being laid on the protection of capital and promotion of transparency for the overseas Pakistanis through Roshan Apna Ghar programme that facilitates investment in real estate housing under this scheme."
Expressing his views in this regard, Chairman Imarat Group and CEO Grana.com Shafiq Akbar said, "Overseas Pakistanis are the biggest asset of Pakistan, and with Roshan Digital Bank Accounts, the investment potential of overseas Pakistanis is fully realised."
The board of directors of Summit Bank has agreed to sell at least 51 per cent controlling interest to a
UAE-based investor at Rs2.51 per share, a regulatory filing said on Monday.
The smallest listed bank in terms of total assets will let Nasser Abdulla Hussain Lootah, who currently owns 0.51pc shares in the bank, subscribe to new ordinary shares by way of fresh equity injection.
Post-subscription, the acquirer will purchase existing shares from minority shareholders through a public tender offer to bring its shareholding to at least 51pc and gain management control.
According to JS Global Head of Research Amreen Soorani, the final size of the transaction cannot be ascertained at the current stage of the transaction.
The value of Summit Bank on the Pakistan Stock Exchange (PSX) is approximately Rs7.75 billion. Its share price increased 13pc to Rs2.94 on Monday. It's gone up almost 22pc in the last week alone.
The bank has not issued financial results since the quarter ending on Dec 31, 2018. The bank posted an annual net loss of Rs8.7bn in 2018, which followed net losses of Rs1.9bn and Rs2.1bn in the preceding two years.