Investment conference: ‘flydubai shows impressive growth since launch’

UAE-based banks plan to expand operation in Pakistan.

KARACHI:

Low-cost carrier flydubai has shown impressive growth since its launch in October 2010 in Pakistan despite heavy competition and slump in the industry, Chief Executive flydubai, Ghaith al Ghaith said.

The growth is almost double the overall industry growth, the executive said while speaking at the UAE trade and investment conference on Thursday.

The aviation industry is playing an important role to strengthen ties between UAE and Pakistan, which is evident from the growing number of air travellers between both countries.

The event was organised at Karachi Expo Centre parallel to UAE Expo 2011, a three-day event that will conclude today (Friday).

Pakistan and UAE have a long history of cooperation in the aviation industry. “When UAE wanted to start Dubai-based Emirates decades ago, UAE leased two aircraft from Pakistan,” he added.

“Our aviation industry is also playing an important role in increasing business between UAE and Pakistan,” he said. The total trade between both countries crossed $9 billion and is expected to further grow as over 6,000 Pakistani companies have registered in the UAE with the number still growing,” Ghaith said.

President and CEO of Pakistan Telecommunication Company Limited (PTCL) Walid Irshaid said that his company would make more investment in Pakistan to fully transform PTCL into a world-class telecom company. He said that Pakistan is a growing market and they were making long-term investments to offer a world class network to local consumers who were quality conscious.

Regional general manager Asia Pacific North and Indian subcontinent Etihad Airways, Joost den Hartog said that his airline is running daily flights from Karachi, Islamabad, Lahore to UAE and twice a week from Peshawar. “We are planning to enhance our operations in Pakistan amid expansion of our fleet,” said.

Hartog said that his airline is now catering to Pakistanis living in the US, Canada, Europe and Middle East and will soon start lifting Pakistani passengers for Frankfurt and Munich.

Pakistan Ambassador to UAE Jamil Ahmed Khan advised Pakistani businessmen to take advantage of re-export business opportunities in the United Arab Emirates, the third largest re-export destination in the world. He said that 40% of exports to UAE are re-exported to African countries.

He said that Pakistani exports to UAE could be enhanced from the current 2% of Emirates’ global trade to 6% through implementation of joint planned efforts.

Chief Executive Officer of Bank Al Falah, Atif Aslam Bajwa said that his bank has plans to further expand its operations in Pakistan.

Chief Executive Dubai Islamic Bank Junaid Ahmed also said his bank has plans to expand its branch network from 73 to 100 in Pakistan by next year and offer the entire range of Shariah compliant products in Pakistan.

Institute of Business Administration Director Dr Ishrat Husain said that foreign investors were never touched in Pakistan by any regime even during nationalisation in 1972. He said Pakistan has liberalised its foreign exchange regime to such an extent that profits, royalties and fees can be fully repatriated.

Published in The Express Tribune, December 2^nd, 2011.