Novacare Hospitals (Private) Limited has achieved financial close on a Rs 17 billion syndicated Islamic project finance facility for the development of a 250-bed tertiary care hospital and an associated feeder clinic in Islamabad. The financing arrangement, led by the Bank of Punjab (BOP), was formally marked at a signing ceremony on October 20, 2026, attended by the project's sponsors, management and representatives of participating financial institutions. The hospital project has an estimated total cost of Rs 28.5 billion, comprising Rs 17 billion in syndicated Islamic financing and Rs 11.5 billion in equity contributions from its sponsors. BOP arranged and structured the financing facility, serving as Intercreditor Agent and Joint Mandated Lead Advisor and Arranger alongside United Bank Limited and Habib Bank Limited.

Pak China Investment Company Limited participated as Co-Arranger, while PAIR Investment Company Limited and Pak Libya Holding Company Limited joined the financing syndicate as lenders. The Bank of Punjab has committed Rs 5.8 billion of its own financing to the facility. According to the bank, the transaction represents Pakistan's first greenfield hospital project financed through a syndicated Islamic project finance arrangement. The financing structure is intended to mobilise long-term capital for healthcare infrastructure, providing an example of how Islamic financing can support large-scale hospital developments. The Novacare project is being developed in DHA Phase V, Islamabad, and will provide 250 beds for tertiary care services alongside an associated feeder clinic. Novacare Hospitals is affiliated with Imperial College Healthcare NHS Trust in the United Kingdom, an arrangement intended to support the hospital's clinical governance and healthcare service standards.
Speaking at the ceremony, BOP President and Chief Executive Officer Zafar Masud described the financing as an investment in healthcare rather than simply a banking transaction.

He said the agreement had required close cooperation between the project's sponsors and six participating financial institutions. Masud expressed hope that the financing framework would make it easier for future healthcare infrastructure projects in Pakistan to secure long-term funding. Novacare Hospitals Chief Executive Officer Hans Kedzierski thanked the participating institutions and outlined the company's plans to provide healthcare services aligned with international standards, with a focus on patient care. The financial close marks a significant step in securing the funding required for construction and development of the hospital and its associated facilities.
However, the financing announcement did not specify a final construction completion date, hospital opening date or timetable for admitting patients. The project's operational launch will depend on the completion of construction, commissioning and other necessary arrangements.

Sindh Chief Minister Murad Ali Shah says the provincial government deliberately opened a newly paved Hyderabad road to traffic while electricity poles remained in its path, aiming to pressure the Hyderabad Electric Supply Company (HESCO) to complete their relocation.

The road connects Alamdar Chowk to Qasim Chowk and the Old National Highway. Images and videos showing poles obstructing traffic drew public criticism after the road was opened. Shah said the project required land from military authorities and cantonment boards. Sindh Chief Secretary later coordinated with the relevant authorities to arrange it. The provincial government had also paid HESCO to move the poles, but the work was delayed, he said.

The administration therefore paved the road and allowed traffic to use it, hoping public and media attention would prompt the utility to act. Shah said the coverage helped speed up the process. HESCO has since removed 25 poles. The mayor’s office and provincial ministers said the project is still under construction and has not been officially completed or inaugurated.

Pakistan Railways has intensified its operation to recover land from alleged encroachers along Ratta Railway Godown Road in Rawalpindi, but the demolition of residential properties has triggered a legal dispute over the alleged violation of a court injunction.
The railway administration launched the operation with heavy machinery on October 29, 2026, maintaining that the action followed the expiry of a court-issued stay order concerning the land.

Rawalpindi Divisional Superintendent of Railways Nooruddin Dawar said the operation was conducted against occupants of railway property after the relevant injunction had ended. He maintained that further operations would continue to recover railway-owned land from encroachers. However, a resident, Khalid Mehmood, has filed a contempt of court petition alleging that railway officials demolished residential houses despite an existing judicial injunction. According to the petition, the operation caused extensive damage to residential properties and resulted in the destruction of valuable household belongings. Mehmood also alleged that women and children were injured during the operation and required medical treatment.The petitioner claims that the disputed property is ancestral land belonging to his family and that litigation concerning its ownership is already pending before a civil court.

He maintains that his father transferred the property to him in 1976 and that a registered deed supporting his ownership claim has been submitted to the court.
The dispute reportedly concerns approximately 12 kanals and eight marlas of land near Rawalpindi Railway Station. Pakistan Railways asserts that the property belongs to the department, while Mehmood disputes that claim and maintains that the demolition operation interfered with his legal rights. Additional District and Sessions Judge Chaudhry Qasim Javed has issued contempt notices to four railway officers and the station house officers of Railway and Ratta police stations. The court has directed the respondents to submit their replies on November 5, 2026. In his petition, Mehmood has sought contempt proceedings against the officials concerned and compensation for the losses allegedly suffered during the demolition.

The central legal issue is whether an enforceable injunction remained in effect when the railway administration carried out the operation. Railway officials maintain that the relevant stay order had expired before the demolition, while the petitioner argues that judicial protection was still in force. The issuance of contempt notices does not establish that the officials violated a court order. The allegations remain subject to judicial examination and responses from the concerned parties.The dispute also raises separate questions concerning ownership of the land and the legal basis for the recovery operation. No final judicial determination on the competing ownership claims or the alleged violation of the injunction has been reported.The matter remains before the courts, with the next hearing scheduled for November 5.

Peshawar | ReNews National Correspondent

Khyber Pakhtunkhwa Governor Faisal Karim Kundi has directed the relevant authorities to begin restoring the ancestral homes of Bollywood actors Dilip Kumar and Raj Kapoor in Peshawar as soon as possible.

The direction was issued during a meeting on the preservation and development of Peshawar’s historical landmarks and tourist attractions. Faisal Karim Kundi also urged officials to accelerate heritage conservation work and improve facilities for visitors. Adviser for Development and Planning Usman Saifullah, Tourism Secretary Saadat Hassan and other officials attended the meeting. They briefed the governor on Peshawar’s historical and cultural significance, ongoing and proposed development projects, and plans to promote night tourism and heritage tourism.

The governor said said Peshawar reflected centuries of history, civilisation and culture, and stressed that the city’s historical identity should be highlighted to attract visitors from within Pakistan and abroad. To make historic sites easier to reach, he called for special tourist bus services. He also directed officials to place the vintage ambulance and old fire engines preserved at Gor Khatri at a suitable location where visitors could view them. The governor further ordered the installation of large information boards near the Peshawar Motorway Toll Plaza, introducing visitors to the city’s historical sites and cultural attractions.

He also emphasised the role of cultural activities in preserving Peshawar’s traditions, arts and literary heritage. Faisal Karim Kundi welcomed ongoing conservation efforts and said restoring landmarks and improving visitor facilities could help strengthen the city’s cultural identity.

Islamabad | ReNews National Correspondent

The federal government is considering new rules to regulate and promote Pakistan’s construction industry, including the possible creation of one or two authorities and a defect liability period of at least three years for major public projects. The proposals were discussed at a meeting on the draft Construction Industry Development Authority (CIDA) Bill, chaired by Economic Affairs Minister Ahad Cheema in Islamabad. The meeting was exploratory, and consultations with the Constructors Association of Pakistan (CAP) and other stakeholders are due to continue.

Officials are weighing whether to establish a single authority or separate bodies for regulation and industry promotion. The framework may also introduce Dispute Avoidance and Adjudication Boards for government projects to help resolve disputes before they escalate.

The Pakistan Public Procurement Regulatory Authority (PPRA) was asked to begin work on a defect liability period of at least three years for major projects. Smaller projects could be included in phases. Under such a requirement, contractors would be responsible for repairing covered defects that emerge during the liability period. The proposed framework also considers placing money withheld from contractors during that period in interest-bearing accounts. The funds, along with accumulated interest, would be returned after the liability period ends, subject to the final rules.

The government is also considering using standard contracts developed by the International Federation of Consulting Engineers, known as FIDIC, as a reference for the framework. A key issue is the definition of a “major” project. CAP wants the proposed liability and dispute-board requirements to apply only to projects worth Rs 20 billion or more. The government is seeking a lower threshold, which would bring more public infrastructure projects under the rules. No final limit has been announced. Finance Minister of State Bilal Azhar Kayani and Housing Secretary retired Captain Muhammad Mahmood attended the meeting. The proposals have not yet become law. If adopted, they could set clearer responsibilities for contractors on public projects, but the scope and practical effect will depend on the bill’s final provisions and the threshold selected.