New York | ReNews International Desk News
Private equity firm New Mountain Capital has agreed to acquire Asset Living, a major residential property management company, in a deal valued at more than 2 billion dollars.
The transaction marks a significant corporate real estate move in the United States, as investors continue to target companies linked to rental housing, student accommodation and affordable housing management.
Asset Living manages a wide portfolio of multifamily, student housing and affordable housing properties. The company’s business model is tied to the growing demand for professional property management services in the residential sector.
According to details, Asset Living Chief Executive Officer Ryan McGrath is expected to remain involved with the company after the deal. The transaction also includes an owned real estate portfolio, strengthening the property-linked nature of the acquisition.
Market observers say the deal reflects continued investor confidence in residential real estate services, even as high borrowing costs and affordability pressures continue to affect parts of the housing market.
The acquisition is also expected to support further consolidation in the property management sector, where large investment firms are increasingly seeking scale, recurring income and exposure to long-term rental housing demand.

Islamabad | ReNews Pakistan
Ignite, operating under the Ministry of Information Technology and Telecommunication, has signed an agreement with a Mobilink Bank-led consortium, which includes CyberVision International, to establish and operate the National Incubation Center Sialkot.
The initiative marks another major step in strengthening Pakistan’s innovation and entrepreneurship ecosystem by expanding startup support infrastructure beyond major metropolitan cities. NIC Sialkot is designed to provide a dedicated platform for technology driven startups, innovative businesses and young entrepreneurs in one of Pakistan’s most important industrial and export hubs.
The signing ceremony was held at the Ministry of IT and Telecommunication offices in Islamabad. Senior officials from the ministry, Ignite, Mobilink Bank and partner organisations attended the event.
Speaking on the occasion, Federal Minister for Information Technology and Telecommunication Shaza Fatima Khawaja said the establishment of NIC Sialkot reflects Prime Minister Shehbaz Sharif’s Digital Nation Pakistan vision. She said the government is committed to promoting innovation and digital entrepreneurship across the country by providing young entrepreneurs with access to the right resources, mentorship and growth opportunities.
Sialkot is globally recognised for its sports goods, surgical instruments, leather products and musical instruments industries. In recent years, the city has also emerged as a growing centre for e-commerce, digital trade and export oriented business activity. The establishment of NIC Sialkot is expected to build on this industrial strength by connecting traditional manufacturing sectors with modern technology, digital tools and startup-led innovation.
According to officials, NIC Sialkot will support up to 25 startups annually through a structured incubation programme. Selected startups will receive mentorship, business development support, investor linkages, market access opportunities, networking facilities and guidance to scale their ventures.
The centre is also expected to contribute to employment generation, technology adoption, industrial productivity and export competitiveness by helping entrepreneurs develop solutions that address local business needs while remaining globally competitive.
CEO Ignite Muhammad Bilal Abbasi said NIC Sialkot is another important milestone in Ignite’s mission to strengthen Pakistan’s startup ecosystem. He said the centre will help entrepreneurs transform innovative ideas into scalable businesses while encouraging technology adoption across industrial and export-oriented sectors.
The National Incubation Center Sialkot aims to empower local entrepreneurs to build companies capable of competing in national and international markets.
Applications for the inaugural Cohort 1 incubation programme have also been officially opened. Interested startups can apply through the NIC Sialkot website at www.nicsialkot.com.
President and CEO Mobilink Bank Haaris Mahmood Chaudhary said Pakistan’s economic resilience requires broad based participation rather than growth concentrated in a few major cities. He said innovation must be accessible, inclusive and rooted in local business realities.
He added that through NIC Sialkot, Mobilink Bank and its partners will equip entrepreneurs with mentorship, digital tools, financial solutions and market access to help them scale their businesses with confidence.
While the incubation centre will remain open to startups from all sectors, it will particularly encourage ventures aligned with Sialkot’s industrial strengths. These include sports technologies, healthcare and surgical technologies, manufacturing innovation, e commerce, export enabling solutions and emerging digital industries.
The centre will also focus on high-growth technology areas such as Artificial Intelligence, Industry 4.0, advanced manufacturing, smart supply chains, health technologies and digital commerce.
The National Incubation Center initiative is one of Pakistan’s leading technology incubation and acceleration programmes. It is funded by the Ministry of IT and Telecommunication and Ignite National Technology Fund. NICs operate as a nationwide network of regional centres in major cities, working in partnership with private sector organisations, academic institutions and global accelerators to support Pakistan’s startup ecosystem.

Islamabad | ReNews Pakistan
Federal Minister for Planning, Development and Special Initiatives Professor Ahsan Iqbal has said that the federal government is establishing a modern Federal Special Economic Zone over 500 acres in Karachi’s Port Qasim area, which will be completed by December 2026.
Speaking exclusively to the media, Ahsan Iqbal said the project would prove to be an important milestone for industrial development, investment promotion and export growth in the country. According to him, a total of Rs7 billion has been allocated for the project, of which Rs1.5 billion has already been spent.
The federal minister said that an additional Rs5.5 billion has been allocated in the federal budget for fiscal year 2026-27 to complete the project. He added that Prime Minister Muhammad Shehbaz Sharif has issued instructions to complete the project at the earliest, under which construction and development work is progressing rapidly.
Ahsan Iqbal expressed hope that the Port Qasim Special Economic Zone would be completed and made operational by December 2026. He said Prime Minister Shehbaz Sharif is giving special attention to the development of the business and industrial sectors so that new employment opportunities can be created, investment can increase and the export sector can be further strengthened.

Islamabad | ReNews Pakistan
Pakistan and Saudi Arabia have signed several important agreements aimed at further strengthening investment and economic cooperation between the two countries. The development came during the two day meeting of the Pakistan Saudi Joint Business Council, attended by investors, government representatives and business leaders from both sides.
During the meeting, agreements were reached between Saudi Arabia and Pakistan for the construction and development of ports and motorways, while both countries also agreed on the construction of the Hyderabad Karachi Motorway. In addition, agreements were signed for investment and development in the real estate and minerals sectors.
The agreements were signed in the presence of former caretaker federal minister Gohar Ejaz, while Prince Mansour bin Saud, head of the Saudi delegation, signed the agreements on behalf of Saudi Arabia.
According to officials, the meeting was hosted by the SIFC and the Pakistan Saudi Joint Business Council. It was jointly chaired by Gohar Ejaz and Fawad Mukhtar, while the Saudi delegation was led by Prince Mansour bin Saud.
During the meeting, Saudi investors were given a detailed briefing on joint investment projects in Pakistan, along with opportunities in the power sector, transmission lines, smart metering, petroleum and minerals.
Business to business and government level meetings were also held between the two countries, during which participants discussed new investment prospects, joint ventures and ways to enhance economic cooperation. Officials said the agreements would pave the way for Saudi investment in Pakistan’s infrastructure, energy, minerals and real estate sectors.

Karachi | ReNews Pakistan
Quantum Global Data Centre, a venture of the Gul Ahmed Energy Group, has announced plans to develop Pakistan’s largest Tier III data centre with an initial investment of $230 million, marking a major step toward strengthening the country’s digital infrastructure.
The company said commercial operations of the facility are expected to begin in 2027. According to QGDC, the project has the potential to attract total investment of up to $600 million over the next three to four years as the company expands its infrastructure to meet rising demand for digital services, cloud computing and artificial intelligence applications across Pakistan.
The announcement was made at the Q Summit, where QGDC also signed a strategic partnership agreement with Huawei Pakistan. Under the partnership, both sides will work on the development of the data centre as well as the establishment of a science and technology park aimed at supporting Pakistan’s broader digital transformation agenda.
QGDC Chairman Danish Iqbal said Pakistan is still in the early stages of artificial intelligence adoption, but the country is already spending between $700 million and $800 million annually on related technologies and services. He said demand for computing power is expected to grow rapidly as businesses, institutions and digital platforms increase their reliance on advanced technology.
Danish Iqbal warned that Pakistan could become increasingly dependent on imported computing capacity and foreign data services if local infrastructure is not developed at a faster pace. He said large scale investment in data centres is essential to support economic growth and ensure that the country is prepared for future demand in artificial intelligence, cloud services and advanced computing.
According to the company, demand for local data centre capacity is already significant and is expected to rise further as businesses, hospitals, educational institutions, financial institutions and digital platforms continue shifting their operations to cloud based systems.
The project is expected to help reduce reliance on overseas data infrastructure, improve local digital capacity and support the growth of emerging technologies across multiple sectors of the economy. Industry observers believe the development could become an important milestone for Pakistan’s technology ecosystem at a time when digital transformation is becoming central to economic competitiveness.

Lahore | ReNews Pakistan
The Pakistan China Joint Chamber of Commerce and Industry has welcomed the establishment of Pakistan’s first coal based fertilizer plant under the China Pakistan Economic Corridor, describing it as a game changing project for the country’s agriculture, industrial development and food security.
According to PCJCCI, the project involves an investment of $1.12 billion and is expected to increase local fertilizer production while reducing Pakistan’s dependence on imported fertilizers. The chamber said the project would play an important role in strengthening the agriculture sector, ensuring timely and relatively affordable fertilizer supplies for farmers, promoting industrial activity and creating new employment opportunities.
PCJCCI President Nazir Hussain said the use of local coal resources for fertilizer production was a highly significant development for Pakistan. He said the initiative would help ensure continuity in fertilizer supply, reduce import pressure and lower production costs for farmers.
He said the first coal based fertilizer plant under CPEC was not merely an industrial project but a strategic investment in Pakistan’s agricultural future. The availability of affordable and consistent fertilizer, he added, would directly support higher crop yields, strengthen food security and improve the competitiveness of Pakistan’s agricultural exports.
PCJCCI Senior Vice President Brigadier Mansoor Saeed Sheikh said China had achieved remarkable success in agricultural modernization, offering valuable lessons for Pakistan. He said Pakistan had immense untapped potential across its diverse agro-climatic zones, which could be utilized through modern irrigation, smart farming and improved cultivation practices.
He said dryland farming could be promoted through modern technology, while the Indus Delta region could benefit from Chinese models of integrated rice and fish farming. He added that modern Chinese techniques, particularly water-based cultivation systems, could also be adopted in Sindh’s coastal areas and small islands to increase agricultural output despite environmental and water-related challenges.
PCJCCI Vice President Amir Ali said the coal-based fertilizer plant would not be limited to fertilizer production but would also serve as a foundation for broader agricultural reforms and modernization. He said China’s expertise in agricultural mechanization, smart farming, aquaculture and agro-industrial development could help Pakistan fully utilize the potential of its agriculture and blue economy sectors.
Chamber officials said the project reflected how Chinese investment could contribute effectively to Pakistan’s long-term development goals, food security, industrial expansion and sustainable agricultural growth.

Islamabad | ReNews Pakistan
Meezan Bank’s Easy Home Housing Finance has achieved a major milestone under the Prime Minister’s Apna Ghar Housing Finance Programme, disbursing Rs1 billion in loans since the launch of the initiative.
According to the bank, the achievement reflects the Government of Pakistan’s vision to promote affordable housing and expand access to housing finance for underprivileged segments of society.
As Pakistan’s largest Islamic bank, Meezan Bank said it remains committed to facilitating home ownership through Shariah compliant financial solutions, with a particular focus on salaried individuals and middle income households.
The bank is providing housing finance facilities under the programme through a network of 350 designated branches across the country, with special emphasis on helping low-income and salaried customers turn their dream of owning a home into reality.
The milestone is also part of the State Bank of Pakistan’s broader objective to promote affordable housing and increase access to formal housing finance, supporting national efforts toward financial inclusion, economic development and improved living standards.

Islamabad | ReNews Pakistan
Anjuman e Tajiran has strongly opposed the proposed Asan Tax Scheme for traders, warning that the new tax regime could lead to double taxation and place an additional financial burden on retailers and small shopkeepers already facing difficult economic conditions.
The objections were raised after Minister of State for Finance Bilal Azhar Kayani proposed a simplified tax scheme for traders ahead of the federal budget 2026 27. Traders’ representative Muhammad Naeem Mir, who is also chief coordinator of the Tajir Dost Scheme, has written an urgent letter to Prime Minister Shehbaz Sharif, urging him to review the proposed tax framework before its inclusion in the upcoming budget.
In his letter, Mir questioned the need for introducing another tax mechanism for traders when taxes are already being collected at source from wholesalers, distributors, dealers and retailers under Sections 236G and 236H of the Income Tax Ordinance 2001.
He argued that the proposed scheme would effectively duplicate the existing tax structure and amount to double taxation. He said traders and shopkeepers are already contributing taxes through advance tax deductions and income tax returns, and any additional tax would be unjustified.
According to Mir, provincial governments are already collecting various taxes and levies from businesses, while the federal government and the Federal Board of Revenue are also increasing pressure on taxpayers to meet revenue targets. He said the business community, particularly small retailers, cannot afford another layer of taxation at a time when market conditions remain challenging.
Mir warned that the introduction of a new tax scheme could create uncertainty among traders and trigger fresh confrontation between tax officials and the trading community in field formations. He said the government should avoid measures that may create unrest among shopkeepers and small businesses.
Recently, Minister of State for Finance Bilal Azhar Kayani held a meeting with a delegation of Markazi Tanzeem Tajran Pakistan, led by its president Kashif Chaudhry, to discuss the proposed simplified tax scheme for the upcoming budget. However, Naeem Mir refused to attend the meeting in protest.
Mir said there was no justification for launching another registration scheme for shopkeepers and traders after the failure of the Tajir Dost Scheme. He said the government should instead use data available through Sections 236G and 236H to enforce return filing among unregistered retailers.
He explained that advance tax on purchases under Section 236G, applicable to purchases made by distributors, dealers and wholesalers from manufacturers and commercial importers, had been reduced from 2 percent for non-filers to 0.1 percent for filers.
Similarly, advance tax collected on sales to retailers by manufacturers, commercial importers and distributors under Section 236H had been reduced from 2.5 percent for non-filers to 0.5 percent for filers. However, non filers are still required to pay 2 percent under Section 236G and 2.5 percent under Section 236H.
Mir maintained that the revenue potential from Sections 236G and 236H is far higher than the estimated Rs50 billion expected from the failed Tajir Dost Scheme. He said the FBR should focus on effective enforcement through existing tax data rather than launching a fresh scheme.
“There should be no additional tax on traders and shopkeepers,” Mir said, adding that traders should not be overburdened but should contribute their due share to the national exchequer through a fair and practical tax system.
He urged Prime Minister Shehbaz Sharif to reconsider the proposed Asan Tax Scheme and take steps to protect traders, shopkeepers and small businesses from unnecessary financial pressure.