IMEC is an Indian hair-brained scheme to bypass the Red Sea and troublesome Houthis by devising an overland route to Europe. Maritime traffic will go to the UAE; from there it will move overland by truck and rail through Saudi Arabia, Jordan and Israel to the port of Haifa. There it will be loaded on ships to Europe. War and the sheer stupidity of the scheme have set it aside for the time being. Work has progressed on the India-UAE link. Now it seems Pakistan is also joining this end.

Pakistan–Dubai ports framework agreement is the January 2024 inter-governmental deal between Pakistan and Dubai/DP World(Please see the Appendix 1 for details of this company and its former Chairman) that set up cooperation in marine logistics, a dedicated freight corridor, and an economic zone near Karachi. It seems National Logistical Corporation (NLC) of Pakistan will take the lead from this end. The recent takeover of PNSC could be to facilitate the action.

The latest Pakistan–Dubai ports framework agreement is the January 2024 inter-governmental deal between Pakistan and Dubai/DP World that set up cooperation in marine logistics, a dedicated freight corridor, and an economic zone near Karachi. It was signed in Davos and names DP World as Dubai’s nominated entity, with Port Qasim Authority acting for Pakistan.

What it covers

The agreement focuses on developing a multimodal logistics park, freight terminals, and a dedicated freight corridor linked to Karachi. It also includes dredging the navigation channel and creating an economic zone at Port Qasim to attract more than US$3 billion in investment.

Main projects

One major project under the framework is the Karachi Port to Pipri Marshalling Yard freight corridor, which is meant to improve cargo movement and reduce logistics costs. Another is the Port Qasim economic zone, which is intended to expand industrial activity around the port area. The dredging work is part of making port access deeper and more efficient for larger shipping operations.

There is consideration for a feeder shipping service between Pakistan and UAE.

Current status

By early 2026, the partnership was still active, with Pakistan’s president discussing continued port, rail, and logistics cooperation with DP World leadership. A reported first phase of a $400 million freight corridor linking Karachi Port and Pipri was formally partnered in September 2025, showing the framework had moved into implementation. So this is not just a paper agreement anymore; it has already progressed into concrete logistics and rail development.

Without the overland portion, it is beneficial for Pakistan. We get a $3 Billion investment to improve logistics infrastructure.

Appendix 1

Dubai Ports World (DP World) is an investment arm of the UAE, investing in maritime ports and infrastructure. Its last Chairman & CEO was Sultan Ahmed bin Sulayem. He had a long-standing relationship with the infamous pedophile Jeffrey Epstein. A treasure trove of sexually explicit emails was discovered. Among them, he evaluated the girls he had exploited and a quote “I loved the torture video”. He was fired after the connection with Epstein was discovered.

Please visit our main website www.BDSPakFauj.com

اردو کے لیے سب سے بڑا خطرہ آن لائن ہے جہاں سوشل میڈیا پر اردو کمنٹس رومن (انگریزی) حروف تہجی میں لکھے جاتے ہیں۔  پڑھے لکھے لوگوں کی بڑی تعداد اردو لکھنے کی مہارت کھو رہی ہے۔  میری آپ سے گزارش ہے کہ ان لوگوں کو اردو میں لکھنے کی ترغیب دینے کے لیے ایک پروگرام ترتیب دیں۔  Reddit ایک بہت اچھا ذریعہ ہو سکتا ہے.Reddit

A common refrain is “Fauj hamari hai”. This was famously proclaimed by Imran Khan himself. And currently, all PTI leaders repeat this again and again.

But who is the enemy? Who are you fighting against? Is it PMNL? Sheriff Family? or Zardari? No clear answer! If you can not define your adversary, how do you expect to win?

PTI thinks that by avoiding this question, they are preserving a “national asset”. They say that they do not want to destroy the part of the government which works! Their thesis is that a handful of Generals are controlling the army and committing an illegal takeover of power. They conveniently forget the role of the ISI, especially the lower ranks, who are the torturers and enforcers. I would classify about 20% of the army as having gone rogue.

Muddled thinking of PTI produces no result. Imran Khan is in jail, PTI as an organization is broken, and the leaders are either in jail or broken by torture.

The second muddled thinking is that they could win against the army without violence. PTI was one hundred percent sure that the Fauj would not fire on the fellow Pakistanis. Wrong again! In every notable conflict, the army has resorted to violence, even extreme violence. Examine the Rabaa massacre (2013) in Egypt, the Jaleh Square massacre (1978) in Tehran, or the St. Petersburg massacre (1905). In all these examples, the army has shown ruthlessness for which they are trained.

An army is fundamentally organized to use controlled force to achieve political objectives, so violence becomes its defining instrument rather than an end in itself. Its training, structure, and doctrine are built around the capacity to apply force effectively under discipline, because in conflict situations, persuasion alone cannot stop an opposing armed force. Success is therefore often measured by outcomes tied to the use of force—such as securing territory, neutralizing threats, or compelling an adversary to change behaviour. At the same time, professional militaries emphasize restraint, rules of engagement, and accountability, since unchecked violence can undermine legitimacy, strategy, and long-term stability. Such restraints are thrown overboard when critical objectives are at stake. PTI was relying on such restraints, but ruthless generals seldom abide by the rules.

Strategy for Success

Sowing division in the Army is an old strategy. It has worked whether one is fighting one's own army or that of an adversary. The British won at Plessy and Sri Rangapatnam by sowing discord among Indian armies. Similar to breaking the army through the revolt of the lower ranks brings success. It is called the “Colonel’s Revolt.” Col. Nasser and Col. Gaddafi are the prime examples. This success is based on the fact that the power of the generals depends on the obedience of the subordinates. If the subordinates (colonels) refuse to follow orders, the whole power structure collapses. Therefore, PTI should have cultivated colonels.

Story of Success

1971 Pakistan Military Officers' Revolt, also known as the Majors and Colonels Revolt, refers to the deposition of Yahya Khan's regime in Pakistan by Pakistani military officers such as Brigadier Farrukh Bakht Ali, Brigadier Iqbal Mehdi Shah, Colonel Aleem Afridi, Colonel Agha Javed Iqbal, Lt Col Mohammed Khursheed Hussain and other officers. Their goal was to overthrow the government and transfer power to the elected civilian representatives. The revolt succeeded as General Yahya Khan and his government resigned, with Zulfikar Ali Bhutto then taking power as President of Pakistan.

On May 20, 2026 the operational control and 30% shares of Pakistan National Shipping Corporation (PNSC) were transferred to Fauj controlled National Logistic Corporation (NLC). Although NLC is a government owned entity, it is under control of the Fauj. It is reported that the government approved a sale of the 30% stake, but they do not state the payment amount.

Reason of Sale

The stated reason was to restructure PNSC to improve efficiency and integrate freight transport, with officials saying it would help tap emerging maritime and transshipment opportunities. Balderdash! It was a takeover!

Stated policy goals

The government said the move would support an “optimum and integrated” freight system by combining shipping and road logistics under NLC.

It was also presented as a way to expand the national shipping fleet and reduce reliance on foreign shipping lines, which was said to lower foreign freight costs.

What does it mean?

More control of Fauj over business!

On May 20, 2026 the operational control and 30% shares of Pakistan National Shipping Corporation (PNSC) were transferred to Fauj controlled National Logistic Corporation (NLC). Although NLC is a government owned entity, it is under control of the Fauj. It is reported that the government approved a sale of the 30% stake, but they do not state the payment amount.

Reason of Sale

The stated reason was to restructure PNSC to improve efficiency and integrate freight transport, with officials saying it would help tap emerging maritime and transshipment opportunities. Balderdash! It was a takeover!

Stated policy goals

The government said the move would support an “optimum and integrated” freight system by combining shipping and road logistics under NLC.

It was also presented as a way to expand the national shipping fleet and reduce reliance on foreign shipping lines, which was said to lower foreign freight costs.

What does it mean?

More control of Fauj over business!

I plan to visit Georgia as tourist this September. I am in love with the Chekessian coat (with bullet loops) and would like to have a photograph of myself in cherkeska choka! Could some one suggest a studio in Tbilisi when I can get a photograph of myself in full regalia (coat, hat). I will try to pose as the bravest warrior!

Great Profitability If you have Pricing advantage over raw materials!

Fauji Fertilizer (FFC) purchases Natural Gas (feed stock) at Rs 580/mmBTU from its sister company Mari Energy. This is NOT the market price, which is set by Oil & Gas Regulatory Authority (OGRA). It is currently set at Rs 1,597/mmBTU. All competitors of FFC purchase at the listed price. Therefore FFC has an advantage of about Rs 1,000/mmBTU and it shows in the results.

• FFC and its competitors sell the output Urea and DAP at roughly equal prices.
• After Tax Profits - comparison 1Q 2026 vs 1Q 2025

Company	Rs Mil	Rs Mil
FFC	17,476	13,278	30.1%
ENGRO	2,891	3,929	-26.4%

• Market Share - 1Q 2026

Company	Urea	DAP
FFC	58%	63%
ENGRO	26.9%	18%

THIS IS WHAT HAPPENS WHEN YOUR NATURAL GAS FEED STOCK IS Rs. 1,000/mm BTU LESS THAN COMPETITORS! PRIVILEGE!

Fauji Fertilizer Company reported strong Q1 2026 results: net profit of Rs 17.5 billion and EPS of Rs 12.1. It also declared a first interim cash dividend of Rs 8.5 per share.

Key figures

• Turnover: Rs 95.3 billion.
• Gross profit: Rs 29.1 billion.
• Profit before tax: Rs 17.5 billion.
• EPS: Rs 12.14 in the PSX filing, rounded to Rs 12.1 in news coverage.
• Production: 654 thousand tonnes of urea and 166 thousand tonnes of DAP.
• Offtake: 601 thousand tonnes of urea and 182 thousand tonnes of DAP.
• Market share: 58% in urea and 63% in DAP.

What drove results

FFC said higher fertilizer sales volumes lifted revenue, while dividend payouts by associated companies also increased to Rs 6.8 billion from Rs 2.8 billion a year earlier. The company also said it maintained uninterrupted operations and tight cost control during the quarter.

Dividend

The board declared a first interim cash dividend of Rs 8.5 per share for Q1 2026.

If you want, I can also give you the full Q1 2026 financial summary in table form or compare it with Q1 2025.

What Do They Do:
Shaheen Insurance is a insurance company engaged in broad non-life and takaful portfolio including fire and property damage, marine/aviation/transport, motor vehicles, health, miscellaneous classes, and window takaful operations. The detailed product list also includes liability insurance, public liability, third-party liability, directors and officers liability, group/personal accident, workmen compensation, fidelity guarantee, travel, all risks, burglary, money insurance, group health, and plate glass cover.

Company Profile:
Shaheen Insurance is headquartered at Karachi. Its branch network spans Karachi, Karachi Corporate, Hyderabad, Lahore, Lahore Corporate, Faisalabad, Islamabad, Peshawar, Sialkot, Multan, Sargodha, and Rahim Yar Khan. Approximate number of employee is 135.

Shaheen Insurance is a listed company at Pakistan Stock Exchange, with symbol SHNI

Financial Information:

Period	Revenue PKR mln	YoY growth	Net income PKR mln	Net income growth	Profit margin
2019	367.09	-	60.00	-	16.35%
2020	293.93	-19.9%	35.60	-40.7%	12.11%
2021	235.31	-19.9%	31.08	-12.7%	13.21%
2022	392.20	66.7%	53.38	71.8%	13.61%
2023	592.45	51.1%	116.30	117.9%	19.63%
TTM Sep-2024	873.60	47.4% vs 2023	165.10	41.9% vs 2023	18.90%

Performance:
Although the Net Income growth in 2020 and 2021 was negative, the Profit Margin was positive. Since then Net Income Growth and Profit Margin have recovered.

Pakistan’s insurance industry assets rose from Rs 2,900 billion in 2023 to Rs 3,554 billion in 2024, while gross premiums grew 7% year on year to Rs 677 billion. This provides a useful benchmark backdrop: Shaheen Insurance’s recent revenue and profitability growth appears stronger than the broad sector’s 2024 top-line growth rate.

Shaheen Knitwear is a subsidiary of Shaheen Foundation, the business unit linked with the Pakistan Air force (PAF) welfare organization. Very little publicly available information is available for this company. This company has WRAP Certification (certifies products are manufactured in lawful, humane and ethical manner) since 1980. The company produces Knitwear / apparel manufacturing, including fleece, jersey, interlock, and rib garments. The product line includes men’s wear, children’s wear, and women’s wear.

Management: We have identified (names withheld) Marketing Manager, Merchandising Manager and Production Manger.
Location: Karachi, Sindh, Pakistan, near PAF Base Masroor / Shershah Gate.
No. of Employees: 27
Markets: Products are sold Internationally to buyers / export customers. (USA, Netherlands, Belgium) And also to Domestic and wholesale/apparel buyers. Export between 2022-2025 was a modest US $9.05 million. No information on local sale is available.

We provide, from time to time, details of a Fauji company. Today it is Shaheen Splash. Very little information was found on open sources. It seems it is a Product line and NOT a subsidiary corporation of Shaheen Foundation. It operates in Karachi where it purifies and sells drinking water. We could not find a separate web site and the Facebook site is non-functional. No financial, operational or management information is available.

We maintain a Database of Fauji businesses and their financial information (where available). This information is updated regularly. Please visit BDSPakFauj.com

The ancient business mantra is; BUY LOW, SELL HIGH. Sounds intuitive, but not easy in a fair market place. But for few well connected in Pakistan, it is easy.

To produce fertilizer, natural gas is required as feed stock (Process gas). Well head price of feed stock is fixed by Oil & Gas Regulatory Authority (OGRA). Fauji Fertilizer and Fatima Fertilizer obtain gas from Habib Rahi Limestone (HRL) reservoir of Mari Energy. This gas is priced at Rs. 580 per mmBTU. Please note Mari Energy is also a Fauji company. Therefore it is like right hand buying from the left hand. It is called self dealing, not allowed in accounting. It is to be noted that additional small (80 MMscfd) amount of gas is from Port Qasim at US$ 5.37 per mmBTU (roughly Rs. 1,490 - 1,510).

Competitors of Fauji Fertilizers & Fatima Fertilizers is ENGRO and others. They all receive gas at OGRA set price of Rs. 1,597. Therefore Fauji Fertilizer and its cohort Fatima Fertilizer have an advantage of about Rs. 1,000/mmBTU! Even IMF has taken notice of such differential and huge advantage.

There seem to be tight business relationship between principals of Fatima Fertilizer (Arif Habib, Fawad Mukhtar) and Fauji businesses. Please note that Arif Habib group bought Pakistan International Airways (PIA) with Fauji Foundation in the back. Perhaps a future takeover.