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Abraaj co-founder offered $20million to secure Nawaz’s cooperation in selling K-Electric stake: WSJ

ISLAMABAD: Private equity firm Abraaj’s co-founder offered to pay $20million to a Pakistani businessman in the year 2016 to to secure cooperation of then Prime Minister Nawaz Sharif in the sale of firm's stake in K-Electric, US based newspaper Wall Street Journal reported. In a report documenting Abraaj's fall, the newspaper reported earlier this week that in the year 2016,  Abraaj was looking to sell its stake in K-Electric, the electricity provider to Karachi so the firm's co-founder Arif Naqvi tried to secure the…

Dubai awards contract for final phase of solar park

DUBAI: The Gulf desert emirate of Dubai on Saturday announced the award of a $3.8-billion contract for the final phase of a solar park aimed at generating 5,000 megawatts of electricity by 2030. The local government said the contract for the fourth and final phase went to Chinese conglomerate Shanghai Electric and ACWA Power of Saudi Arabia. The solar park named after Dubai's ruler, Sheikh Mohammed bin Rashed Al-Maktoum, went online in 2013 and the final phase is to be launched in stages from 2020, bringing the overall…

China to fund 4,000 MW power transmission line in Pakistan

ISLAMABAD: State Grid of China will help build a 4,000 MW power transmission line in Pakistan in a project valued at $1.5 billion, Pakistan said on Friday, the latest in a series of Chinese investments in its South Asian neighbour. The high-capacity transmission line will be the first of its kind in Pakistan and will link Matiari town in the south, near a new power station, to Lahore city in the east, a key link in transmission infrastructure, the Pakistani government said. An agreement on the project was signed on…

Shanghai Electric unveils $9 bn business plan for K-Electric

ISLAMABAD: China's Shanghai Electric plans to spend $9 billion overhauling electricity infrastructure in K-Electric, just months after the multinational revealed it was buying the power company. China is ramping up investment in Pakistan as part of a $46 billion project unveiled last year that will link its far-western Xinjiang region to Gwadar port with a series of infrastructure, power and transport upgrades. In a presentation made to Pakistani authorities, Shanghai Electric said it would invest an average of $700…

Abraaj sells K-Electric shares to Shanghai Electric worth $1.77 bn

The Abraaj Group on Sunday announced that it has agreed to divest its 66.4% shareholding in K-Electric to the Shanghai Electric Power Company Limited for US$ 1.77 billion. In a press statement, the company said that this is one of the largest private sector transactions in Pakistan and represents one of the most well-recognised operational turnaround stories. K-Electric (formerly Karachi Electric Supply Corporation) was privatised in 2005, and Abraaj bought a majority stake in 2009 which transformed the strategic asset…