Lahore | ReNews Pakistan
The Lahore High Court has declared the disconnection of a separate domestic electricity connection to recover outstanding dues from an industrial electricity connection illegal, setting an important legal principle regarding the recovery of outstanding payments by power distribution companies from industrial consumers.
Justice Javad Hassan issued the ruling while hearing a petition filed by Ghazi Akhtar Khan, brother of Prime Minister’s Adviser Haroon Akhtar Khan. The court directed the relevant authorities to hear the petitioner within two weeks and issue a reasoned decision in accordance with the law.
The court also restrained the authorities from taking any coercive action against the petitioner. The key point of the ruling is that a consumer’s separate domestic electricity connection cannot be used as a means of pressure or recovery for outstanding dues related to an industrial connection.
The decision is significant for the corporate and industrial sectors, as many businesses may have separate electricity connections for industrial and domestic purposes. In such cases, the prescribed legal procedure for recovery of outstanding dues and the separate status of each connection become particularly important.
The ruling also raises important considerations for power distribution companies regarding the recovery of outstanding payments from industrial consumers. The companies may need to ensure that legal requirements are followed while dealing with separate electricity connections held by the same consumer.
The decision could have wider implications for future disputes between industrial consumers and power distribution companies over outstanding dues, disconnection measures and the legal rights associated with separate electricity connections.

Islamabad | ReNews Pakistan
President Asif Ali Zardari has directed the Federal Board of Revenue, FBR, to implement a decision issued in favor of a corporate taxpayer by an Alternate Dispute Resolution Committee, ADRC, setting aside the positions previously taken by the Federal Tax Ombudsman and the tax authority.
The matter arose from FTO Order No. 1499/2026 and involves a corporate taxpayer engaged in manufacturing equipment for Pakistan’s oil and gas exploration and production sector.
The taxpayer had challenged the FBR’s decision to dissolve an ADRC that had been constituted following directions from the Supreme Court of Pakistan.
According to tax expert Khurram Shahzad Butt, the committee, headed by a retired Lahore High Court judge, completed its proceedings on December 23, 2025, and ruled in favor of the taxpayer. The decision discharged the principal tax liability under dispute in the presence of the relevant departmental team from the Chief Tax Office, Islamabad.
However, the Secretary Sales Tax Operations subsequently dissolved the committee on January 12, 2026, arguing that it had failed to decide the matter within the prescribed statutory period. The taxpayer was reportedly given neither prior notice nor an opportunity to be heard before the committee was dissolved.
In its original order dated February 20, 2026, the Federal Tax Ombudsman did not decide the validity of the ADRC’s December 23 ruling or direct its implementation. Instead, it ordered the FBR to constitute a fresh ADRC and introduce institutional safeguards.
The taxpayer later filed a review petition, but the FTO declared it non maintainable on April 6, 2026, noting that the FBR had separately approached the President against the earlier order. That representation was subsequently dismissed.
The presidential direction now requires the FBR to honor and implement the original ADRC decision in favor of the taxpayer, making the case an important development for corporate tax dispute resolution and taxpayer rights in Pakistan.

Islamabad | ReNews Pakistan
The Cabinet Committee on Privatisation has approved the restructuring plan for FESCO, GEPCO and IESCO, marking a major step forward in the government’s plan to privatise the first batch of power distribution companies.
The approval was granted at a meeting chaired by Deputy Prime Minister and Foreign Minister Ishaq Dar.
Under the approved restructuring arrangement, the land assets of the three DISCOs will be carved out and transferred to the government owned Power Holding Company, which will serve as the holding company for these assets.
Dar directed the authorities concerned to ensure expeditious implementation of the plan, saying the government’s privatisation initiative is aimed at improving the quality of services provided by power distribution companies while reducing their operational and financial losses.
The restructuring will be implemented through a Scheme of Arrangement, SoA, which will be filed with the Securities and Exchange Commission of Pakistan, SECP, for the required regulatory process.
Faisalabad Electric Supply Company, FESCO, Gujranwala Electric Power Company, GEPCO, and Islamabad Electric Supply Company, IESCO, form the first batch of DISCOs selected for privatisation.
The Privatisation Commission Board had earlier recommended approval of their restructuring plans and schemes of arrangement as part of efforts to create a commercially viable transaction structure and attract private sector investors.
The restructuring is expected to separate selected assets from the operating companies and prepare the three DISCOs for the next stages of the privatisation process.

Washington | ReNews International Desk News
Nvidia has made a minority investment in US data centre developer Cloverleaf Infrastructure, highlighting how the artificial intelligence boom is creating a new race for land, power and development-ready data centre sites.
The strategic partnership, announced on August 21, will see Nvidia invest in privately held Cloverleaf, although the companies did not disclose the financial terms of the deal.

Cloverleaf specialises in identifying and developing large sites that can support data centres, with a particular focus on securing access to the substantial electricity supplies required by AI infrastructure.

Its business model is centred on creating powered, construction-ready locations where technology companies can build large data centres, or what Nvidia describes as AI factories, more quickly.

Under the partnership, Nvidia will also work with Cloverleaf on the foundational infrastructure required for AI facilities, bringing computing, power, cooling and building requirements together earlier in the planning process.

Cloverleaf, which was founded in 2024, says it has already advanced several large-scale projects across North America, including developments designed for gigawatt scale demand.

Rapid growth in artificial intelligence means access to advanced chips is no longer the only major constraint on expansion. Large AI data centres also require significant amounts of land, reliable electricity, cooling capacity, water and strong connections to power grids.

That shift is pushing technology companies such as Nvidia beyond their traditional role as hardware suppliers and deeper into the infrastructure and real estate needed to operate the computing systems they sell.

Nvidia has described land, power and the building shell as the foundation of AI factories, while Cloverleaf specialises in preparing sites capable of supporting generations of high-density computing infrastructure.

The investment also reflects an emerging real estate trend in which land with access to large amounts of electricity is becoming increasingly valuable as technology companies compete to secure locations for the next generation of AI data centres.

Karachi | ReNews Pakistan
Globe Residency REIT, linked to the Globe Residency Apartments project in Karachi's Naya Nazimabad, has reported a sharp increase in revenue for FY2026 and announced a 40 percent cash dividend for its unit holders.
According to its financial results for the year ended June 30, 2026, the REIT recorded sales of approximately Rs 4.80 billion, compared with around Rs 2.63 billion in the previous financial year.
The figures represent an increase of about 82.5 percent in annual sales.
Net profit also increased to approximately Rs 578.18 million, up from Rs 539.23 million a year earlier.
Earnings per unit improved from Rs 3.85 to Rs 4.13.
Globe Residency REIT announced a cash dividend of Rs 4 per unit, equivalent to 40 percent of the unit's Rs 10 face value, for FY2026.
The latest distribution marks the REIT's fourth consecutive annual payout since its listing on the Pakistan Stock Exchange. It distributed Rs 3.50 per unit for FY2025, Rs1.75 for FY2024 and Rs 3 per unit for FY2023.
Globe Residency REIT is managed by Arif Habib Dolmen REIT Management Limited and is described as Pakistan's and South Asia's first listed developmental REIT.
Its underlying project, Globe Residency Apartments, is located within Naya Nazimabad in Karachi and comprises around 1,344 apartments across nine towers.
The latest financial performance reflects stronger sales from the underlying residential project, along with an improvement in profitability and returns distributed to unit holders.

London | ReNews International Desk News
German banking group Deutsche Bank has signed a 15 year lease for five floors at YY London in Canary Wharf, marking another major office letting in one of London’s most important financial districts.
The agreement has been reached with the owners of YY London, Oaktree Capital Management and Quadrant. The refurbished office building covers around 415,000 square feet and is located at 30 South Colonnade in the heart of Canary Wharf.
Market reports indicate that Deutsche Bank is taking around 250,000 square feet of office space at the building. The bank is expected to occupy five floors, making it one of the largest tenants at YY London.
The move forms part of a wider restructuring of Deutsche Bank’s London office operations. The bank currently occupies space at 10 Upper Bank Street in Canary Wharf, where its existing lease is due to expire in 2028. Teams working in infrastructure, technology and operations are expected to move to YY London as part of the transition.
Deutsche Bank’s main United Kingdom headquarters will remain at 21 Moorfields in the City of London, meaning the YY London lease will strengthen rather than replace its existing London presence.
YY London underwent a major refurbishment after Oaktree Capital Management and Quadrant acquired the property in 2019. The redevelopment was completed in 2023 and transformed the building into a modern office complex with terraces, rooftop space, smart building technology and a strong focus on sustainability.
Financial technology company Revolut is also a major occupier of YY London and has established its global headquarters in the building. The addition of Deutsche Bank significantly increases occupancy at the property and further strengthens its position as a major office destination in Canary Wharf.
The deal is also significant for the wider Canary Wharf office market, which has been working to attract major corporate tenants following changes in office demand and the departure or relocation of some large companies.
Deutsche Bank’s 15 year commitment indicates continued demand for modern, high quality office space in Canary Wharf and provides another sign of renewed confidence in the district’s commercial property market.

Karachi | ReNews Pakistan
International Steels Limited has recommended the sale of its entire 17% stake in Chinoy Engineering & Construction (Pvt) Limited for Rs 350 million.
According to material information submitted to the Pakistan Stock Exchange on August 20, ISL’s board recommended selling 4.845 million ordinary shares in CECL at Rs 72.24 per share.
The proposed transaction has a total value of Rs350 million.
The sale is not yet final and will require approval from International Steels’ shareholders at the company’s 19th Annual General Meeting, scheduled for October 5, 2026.
The transaction will also remain subject to all necessary regulatory approvals. ISL said the formal notice for the Annual General Meeting would be issued in due course.
Chinoy Engineering & Construction was established in 2024 as an associate venture of International Industries Limited, Pakistan Cables Limited and International Steels to pursue opportunities in the construction and engineering sectors.
CECL operates in areas including design, construction, demolition and infrastructure development.
International Steels is among Pakistan’s major flat steel manufacturers and produces cold rolled, galvanized and colour coated steel products for industrial and commercial use.

New York | ReNews International Desk News
Goldman Sachs is expanding its commercial real estate business with an agreement to acquire LCN Capital Partners in a deal worth up to $410 million.
LCN Capital Partners is a real estate investment firm specialising in sale leaseback and net lease properties, where companies sell their properties to investors and continue using them under long-term lease agreements.
The acquisition will give Goldman Sachs greater exposure to a segment of commercial real estate that is increasingly attracting institutional investors looking for long term rental income.
Under sale leaseback transactions, businesses can sell properties they own to raise capital while continuing to operate from the same locations as tenants.
Net lease properties also offer investors relatively predictable income because tenants typically take responsibility for several property related expenses in addition to rent.
The deal represents another step by Goldman Sachs to expand its real estate investment and asset management business beyond traditional banking activities.
LCN’s experience in acquiring and managing corporate properties could also help Goldman Sachs increase its access to large companies seeking to release capital tied up in real estate.
The transaction, valued at up to $410 million, highlights continued institutional interest in specialised commercial property investments despite broader uncertainty in parts of the global commercial real estate market.
The acquisition is expected to strengthen Goldman Sachs’ position in long term income producing real estate and expand its ability to offer property investment strategies to institutional clients.

Islamabad | ReNews Pakistan
The federal government is moving to overhaul and clarify Pakistan’s legal framework governing the use of Right of Way (RoW) by telecom companies, as authorities work on amendments aimed at facilitating the expansion of digital infrastructure while strengthening protections for private property owners.
The proposed changes are being considered as part of the Pakistan Telecommunication Reorganization Amendment Bill 2026, with Right of Way provisions emerging as one of the key areas requiring greater legal clarity.
Federal Minister for Law and Justice Senator Azam Nazeer Tarar has directed the Ministry of Information Technology and Telecommunication to address the legal and practical issues identified in the proposed legislation before submitting a revised framework for further consideration.
The matter was reviewed at a committee meeting chaired by the law minister and attended by Federal Minister for Information Technology and Telecommunication Shaza Fatima, along with senior officials of the relevant ministries.
A major focus of the discussions was the division of authority among federal, provincial and local governments when telecom companies seek access to land or property for installing infrastructure.
Telecommunication networks require access to land and other properties for infrastructure such as fibre-optic cables, ducts, poles, towers and related facilities. Uncertainty over permissions, jurisdiction and compensation can delay network expansion and create disputes between telecom operators, government agencies and property owners.
The government is therefore seeking a clearer framework defining how Right of Way should be granted and regulated across public property, common development areas and privately owned property.
The committee particularly examined the rights of private property owners and requirements for telecom operators to obtain written consent before installing infrastructure on privately owned premises.
Compensation associated with the use of property for telecom infrastructure was also discussed. The proposed framework is expected to provide greater clarity over the legal requirements telecom companies must meet when accessing property and the protections available to affected owners.
Tarar stressed that the regulatory framework should strike a balance between two important objectives: accelerating the expansion of Pakistan’s telecommunications and digital infrastructure while ensuring that private property rights are not compromised.
The government considers removal of ambiguity surrounding Right of Way particularly important as Pakistan expands broadband and fibre connectivity and prepares its regulatory environment for newer telecommunications technologies.
Another important element under consideration is the inclusion of new and emerging technologies within the country’s telecommunications regulatory framework. The committee discussed how such technologies could be accommodated through appropriate rules and regulations without requiring repeated major legislative changes as the sector evolves.
Responsibilities after telecom infrastructure has been installed are also expected to receive greater legal attention.
Officials discussed defining the respective obligations of telecom companies and property owners regarding the protection, maintenance and restoration of property affected by infrastructure installation. This could help address disputes arising when roads, buildings, land or other property are altered or damaged during telecom deployment.
Clear restoration requirements could become increasingly significant as fibre-optic and other digital networks expand into urban and residential areas where telecom infrastructure frequently intersects with roads, public spaces and privately owned property.
The proposed reforms also seek to address overlapping regulatory jurisdictions, an issue that can complicate infrastructure deployment when different federal, provincial or local authorities exercise control over particular properties or development areas.
A more clearly defined legal structure could provide telecom operators with greater certainty about which authority must grant permission while simultaneously giving property owners a clearer understanding of their rights, consent requirements and potential compensation.
The Ministry of Information Technology and Telecommunication has now been directed to revise and finalise the proposed legislation after addressing the legal and practical concerns identified during the review.
Once these issues have been incorporated, the proposed amendments will be presented to the committee again for further consideration before the legislative process moves to its next stage.
If approved, the changes could establish a more uniform Right of Way regime for Pakistan’s telecom sector, potentially reducing infrastructure deployment disputes while creating stronger safeguards for property owners as the country expands its digital connectivity.