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Gwadar airport being constructed at cost of $260 million

03:34 PM | 4 Jul, 2016
Gwadar airport being constructed at cost of $260 million
ISLAMABAD - Gwadar International Airport, which will be capable of handling the largest passenger planes including the A380 Boeing jet, is being constructed at a cost of US$ 260 million, after receipt of a grant from the Chinese government.

This was said during a meeting of the Parliamentary Committee on China-Pakistan Economic Corridor (CPEC).

Additionally, the committee was informed that the Chinese government had given a grant of $10 million for building the Pakistan-China Vocational and Technical Training Institute aimed at helping the local population of Gwadar getting skills and employment.

Gwadar Port Authority chairman also informed the committee that the water problem of Gwadar was being sorted out with the construction of Sawad dam, through which water would be provided to Gwadar via a 83 km pipeline and the water shortage of Gwadar would be resolved in that manner.

A briefing was also given on the various financial incentives being provided to potential investors in the Special Economic Zone of Gwadar as a result of which there was growing interest among investors both in Pakistan and abroad for investment in the Special Economic Zone.

With these new incentives, the Gwadar port is also being activated and three new ships will arrive from China this month, bringing construction material.

Regarding the provision of electricity for Gwadar, the committee was informed that as a result of an agreement with an Iranian company, an additional 100 MW of electricity would be available for Gwadar by the end of 2017.

Chairman of the Parliamentary Committee Senator Mushahid Hussain said that the Committee was guided by three key principles in its working, namely consensus through consultation with all political parties and provinces, transparency in projects and decision making and inclusive development, and a focus on implementation in letter and spirit of the decisions taken at All-Parties Conference held at the Prime Minister's House on May 28, 2015.

Among these decisions, building of Western route on a priority basis was agreed unanimously by all leaders and political parties, in addition to the rapid development of Gwadar port.

The chairman NHA briefed the committee in detail regarding the progress being made on the Western route which he said would be completed by August 2018.

Work on it was already underway at different segments and this would initially be a modern 4-lane highway which would eventually be upgraded into a 6-lane motorway, for which planning was underway.

Allocations have already been made and construction is underway to fast track construction of the Western route, which the Chairman NHA underlined would be completed a year earlier than the Eastern route.

The Committee directed the Ministry of Planning and Development to prepare a projection of requirement for electricity for Gwadar and Balochistan as a whole.

Sarfraz Ali
Sarfraz Ali

The author is working as Editor Digital Media for Daily Pakistan and can be reached @ItsSarfrazAli.

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Rupee below 290 against US dollar in interbank market

KARACHI – The Pakistani rupee on Tuesday continued its ascent, trading at less than Rs290 against the US dollar in the morning interbank market, primarily due to stringent measures in the financial sector.

The US dollar was valued at Rs289.78 around 9:48 am, as reported by the Forex Association of Pakistan, marking a decrease of Rs1.18 from the previous day’s closing rate of Rs290.86.

This ongoing rise in the value of the rupee follows the crackdown on illegal dollar trading initiated earlier this month, with strong support from the military.

In the open market, the rupee also made gains against the dollar, trading at Rs292 compared to the previous day’s rate of Rs293, according to the Exchange Companies Association of Pakistan.

Saad Bin Naseer, the director of the financial services platform Mettis Global, noted that this marked the 16th consecutive day of appreciation for the PKR, amounting to nearly a 6% increase.

Naseer attributed this surge primarily to administrative measures, stating that it seems the government’s crackdown on speculative elements contributing to rupee depreciation is having an effect.

He also suggested that if this trend persists and the Afghan border remains closed, the rupee could continue to appreciate in the future. However, he emphasized the importance of attracting foreign direct investment (FDI) into export-oriented sectors for long-term stability.

Gold Rate in Pakistan Today – September 26, 2023

Today Gold Rate in Pakistan

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 210,100 on Tuesday. The price of 10 grams of 24k gold was recorded at Rs180,130.

Likewise, 10 grams of 22k gold were being traded for Rs168,730 while a single tola of 22-karat gold was being sold at Rs196,807.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

Today Gold Price in Pakistan - 26 September 2023

City Gold Silver
Lahore PKR 210,100 PKR 2,587
Karachi PKR 210,100 PKR 2,587
Islamabad PKR 210,100 PKR 2,587
Peshawar PKR 210,100 PKR 2,587
Quetta PKR 210,100 PKR 2,587
Sialkot PKR 210,100 PKR 2,587
Attock PKR 210,100 PKR 2,587
Gujranwala PKR 210,100 PKR 2,587
Jehlum PKR 210,100 PKR 2,587
Multan PKR 210,100 PKR 2,587
Bahawalpur PKR 210,100 PKR 2,587
Gujrat PKR 210,100 PKR 2,587
Nawabshah PKR 210,100 PKR 2,587
Chakwal PKR 210,100 PKR 2,587
Hyderabad PKR 210,100 PKR 2,587
Nowshehra PKR 210,100 PKR 2,587
Sargodha PKR 210,100 PKR 2,587
Faisalabad PKR 210,100 PKR 2,587
Mirpur PKR 210,100 PKR 2,587

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