Karachi Division

Karachi | ReNews Pakistan
The National Accountability Bureau (NAB) Karachi has recovered 80 acres of government land in Hyderabad that was allegedly illegally allotted to Bahria Town, according to an official statement issued by the bureau.
The recovered land is located in Deh Ganjo Takkar within the Gulshan e Sarmast housing scheme and is estimated to be worth around Rs6 billion. NAB said the land had allegedly been handed over to Bahria Town through an unlawful allotment at a much lower price of Rs 383 million.
According to NAB, the amount was also not fully paid, while the terms and conditions attached to the allotment were not fulfilled.
The bureau stated that the land was originally allocated for the establishment of a university. However, Bahria Town allegedly failed to comply with the conditions set for the allotment, raising serious questions over the use and transfer of government property.
Following NAB’s intervention, the Hyderabad Development Authority cancelled the allotment and took back possession of the land. The authority also forfeited the partially paid amount linked to the allotment.
The recovery comes at a time when broader legal proceedings involving Bahria Town owner Malik Riaz, his son, and others are already underway. Last week, an accountability court issued perpetual arrest warrants for Malik Riaz, his son, and other accused persons in connection with a land grabbing case.
Earlier in 2025, NAB had filed a reference against Bahria Town owners, government officials, and political figures over the alleged illegal transfer and conversion of government land for private housing schemes.
NAB said the latest recovery is part of its continuing action against illegal occupation, misuse, and transfer of public land.

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.