Karachi Division

Karachi | ReNews Pakistan
Dubai Islamic Bank Pakistan Limited (DIBPL) has successfully closed a USD 76 million financing facility in connection with the acquisition of a majority stake in Attock Cement Pakistan Limited.
The acquisition involves an 84.06% stake in Attock Cement Pakistan Limited by a consortium comprising Fauji Cement Company Limited and Kot Addu Power Company Limited. The transaction is being described as a significant development in Pakistan’s mergers and acquisitions landscape, particularly in the industrial and cement sectors.
DIBPL played a central role in the transaction as the largest financier, lead advisor and Shariah advisor. The bank structured and arranged the financing through a Shariah compliant solution, with Mohsin Tayebaly & Co serving as transaction legal counsel.
Muhammad Ali Gulfaraz, President of DIBPL, said the bank was pleased to support the strategic acquisition through a comprehensive financing and advisory solution. He stated that the transaction reflected DIBPL’s continued focus on enabling complex and high-impact deals while delivering value to its clients.
Khadija Wajahat, Head of Investment Banking at DIBPL, said the milestone highlighted the strength of Dubai Islamic Bank’s global platform, combining financing, advisory and Shariah structuring capabilities. She added that the bank remained committed to supporting strategic transactions that contribute to sustainable economic growth.
According to DIBPL, the successful closure of the financing also reflects its ability to provide innovative financial solutions for major conglomerates in Pakistan. The bank also acknowledged its partnership with the management teams of the acquiring companies and their sponsors, noting that close coordination helped execute a transaction of this scale and complexity.
The deal marks the transfer of a strategic industrial asset from foreign to local ownership. It is expected to support long-term value creation and contribute positively to Pakistan’s domestic economy.

Karachi | ReNews Pakistan
The Sindh High Court has expressed concern over the delay in the completion of Karachi’s Red Line Bus Rapid Transit project, observing that the slow pace of work continues to cause serious difficulties for citizens.
A two member bench comprising Justice Nisar Ahmed Bhanbhro and Justice Saleem Jessar heard a petition filed by the contractor of Red Line BRT Lot Two. The petition raised the issue of the sealing of the contractor’s office and the ongoing dispute between the contractor and relevant authorities over the execution of the project. During the hearing, Justice Nisar Ahmed Bhanbhro remarked that the pace of work from University Road to Safoora did not appear satisfactory, adding that the court was also concerned over the delay in the project. The court observed that side roads should have been constructed immediately after the project began in order to reduce public inconvenience.
The bench further remarked that an entire lifetime cannot be given for the completion of a project. The court questioned how the project could be completed within the stipulated timeframe when the designs themselves were being provided late.
The petitioner’s counsel argued that repeated changes in the project design were a major reason behind the delay. According to the counsel, the design was changed several times on the grounds that the K-IV water supply line would also be laid along the project route.
The lawyer told the court that an impression had been created among the public that the contractor alone was responsible for the delay, whereas citizens were suffering due to the ongoing dispute between the contractor and the government, and the actual reasons behind the delay had not been clearly brought to light.
Justice Saleem Jessar observed that the Red Line BRT is a major infrastructure project and that contracts for such projects are usually awarded after the completion of designs. The court questioned how work could move forward smoothly when the design itself was incomplete.
The petitioner’s counsel also alleged that the matter was being deliberately delayed so that the contract could be awarded to another company. According to the counsel, the relevant authorities had also written to the Asian Development Bank, claiming that the contractor was not performing the work properly.
In response, Justice Saleem Jessar remarked that, prima facie, the authorities appeared to be attempting to absolve themselves of responsibility.
During the hearing, the petitioner’s counsel completed his arguments. The court directed the Advocate General Sindh and the counsel for TransKarachi to present their arguments at the next hearing.

Karachi | ReNews Pakistan
Sindh Chief Minister Murad Ali Shah has directed authorities to speed up work on several major development projects in Karachi, setting clear deadlines for their completion and warning that delays or poor quality construction will not be tolerated.
According to a statement issued by the Chief Minister’s House, Murad Ali Shah conducted early morning visits to multiple infrastructure sites across the city on Sunday. During the inspections, he reviewed the pace of construction work and instructed officials to ensure that all projects are completed with both speed and quality.
The chief minister said the provincial government’s priority is to restore smooth traffic flow and provide safe, reliable infrastructure to the people of Karachi. He noted that Shahrah e Bhutto and the Red Line corridor are among the city’s most important transport routes and must be completed without unnecessary delays.
Murad Ali Shah announced that the Bhutto Expressway would be opened for traffic before Eid, describing the project as a “gift” for the citizens of Karachi. He also directed that all mixed traffic lanes along the Red Line corridor be completed within two months.
During the visit, Secretary Transport Asad Zamin and TransKarachi CEO Zubair Channa briefed the chief minister on the progress of work and implementation of earlier instructions. Officials informed him that repair, patchwork and rehabilitation work on mixed traffic lanes was already underway, while road widening had also started through adjustments to New Jersey barriers.
The chief minister expressed concern over recurring waterlogging problems on key routes and directed the relevant departments to prepare a permanent solution. He also ordered that construction work be carried out in multiple shifts so that delays are reduced and inconvenience to commuters is minimised.
Reviewing progress on the Shahrah-e-Bhutto project, officials informed Murad Ali Shah that nearly 93 percent of the 38 kilometre corridor from Jam Sadiq Interchange to M-9 Kathore Interchange had been completed. They added that the remaining work is expected to be finished within the coming weeks.
The chief minister also ordered the immediate resumption of work on the Mosamiyat Flyover, saying that funds and resources would be provided for the project. He said the flyover is important for reducing traffic pressure on University Road and improving mobility in the surrounding areas.
Murad Ali Shah further reviewed work on the Munawar Chowrangi Underpass, which is being developed to improve connectivity between Kamran Chowrangi and Gulistan e Jauhar. He instructed authorities to accelerate construction and complete the project as soon as possible.
Separately, the chief minister inspected the Azeempura Flyover in Shah Faisal Colony and directed that the project be completed within 90 days. The flyover is expected to support signal-free traffic movement towards Jinnah Terminal and nearby areas.
Officials also briefed the chief minister on the Pehlwan Goth Road project. The project includes the construction of a dual carriageway, drainage and sewerage systems, and LED street lighting to improve road infrastructure and civic facilities in the area.