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Archive for the ‘Press Releases’ Category

Gerry’s dnata wins multi-year contract with Saudi Arabian Airlines

Friday, July 15, 2016

Karachi July 14 2016 – Gerry’s dnata, the largest ground handler in Pakistan, has signed a multi-year agreement with Saudi Arabian Airlines (Saudia) to provide full ground handling services for the airline’s Pakistan operations across Karachi, Lahore, Peshawar, and Islamabad. Gerry’s dnata’s position is further strengthened with the lion share amongst ground handlers and further underpins the position of the key aviation partner in the industry.

Saudia operates 41 weekly flights, not including pilgrimage flights, from destinations in the Kingdom of Saudi Arabia to its four points in Pakistan, using a mix of aircraft types including the B 777, B747, A330, A 300 and B 757s. Gerry’s dnata has been selected to provide passenger, baggage and ramp handling services for these operations. Gerry’s dnata will also arrange employment for approximately 60 staff of the airline, ensuring a smooth transition in operations and creating opportunities for the local market.

“There is a very strong, historic bond between Pakistan and Saudi Arabia, and it is one of our busiest destinations for outbound travel from Pakistan” said Gary Chapman, Presidentdnata. “Gerry’s dnata is proud to add Saudia to its portfolio. It will create many opportunities for both companies. We believe our success lies in putting the customer and safety at the heart of everything we do, and in helping them achieve their objectives. We have invested heavily in facilities; people, process innovation and technology across Pakistan, and I’m confident our team will provide Saudia the highest level of service and quality we are known for.”

Gerry's dnata wins multi-year contract with Saudi Arabian Airlines

“We have been supporting the aviation industry in Pakistan since 1993, and over the years, have helped the industry continue to grow and meet the needs of the travel communities. This new partnership will further strengthen our position both on a local and global level.” he added.

Saleh bin Nasser Al Jasser, Director General of Saudia, said “In line with our transformation efforts towards 2020, we have selected Gerry’s dnata to provide full ground handling services for Saudia across our strategically important Pakistan market. Saudia has long been associated with dnata as a provider of high quality ground handling services and we are very pleased to extend our strong partnership to include Gerry’s dnata in Pakistan. The Saudia team have invested significant effort to ensure the delivery of more efficient and better quality handling services for our guests; we very much look forward to the Gerry’s dnata team in Pakistan supporting our goals as we work together to identify potential future opportunities to collaborate further”.

Gerry’s dnata footprint spans across seven airports in Pakistan, including Karachi, Lahore, Islamabad, and Peshawar, and makes it the largest ground handler in Pakistan, now able to welcome over three million passengers in and out of these locations every year.

Saudia is an award-winning airline that operates to over 81 destinations with a fleet of 119 aircraft. With its 41 weekly flights to Pakistan, Gerry’s dnata can look to serve 4.2 million customers and handle over 5 million pieces of baggage.

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CAREEM Announces $100M Investment in Research and Development amid Global Expansion

Tuesday, July 12, 2016

Strategy involves expanding the company’s engineering footprint in Pakistan through acquiring team of 50 world-class technology engineers from home-gown company VentureDive

Karachi – July 12, 2016 –CAREEM, the region’s leading app-based car service, today announced a new research and development (R&D) strategy and plans for global expansion. Over the next five years, CAREEM will invest $100M in R&D, which includes growing its team inUAE and Pakistan, and opening new R&D centersin Egypt and Germany. The investment will accelerate innovation in transportation-related technology infrastructure for the region and keep CAREEM at the forefront of this dynamic new industry.

“Over the last few years, the region has witnessed a surge in technological innovation and has become home to rapidly growing technology startups,” said Magnus Olsson, co-founder and chief navigator, CAREEM. “These startups are using technology to improve the lives of people in the region. CAREEM is committed to continue innovating to offer the region a safe and reliable transportation option. In order to do that, we have to double-down on R&D, which is why we have announced this investment today.”

A key element of the new R&D strategy involves expanding the company’s engineering footprint in Pakistan. As part of this strategy, CAREEM and VentureDive — a technology solutions company that creates and invests in technology products and services that simplify and improve lives of people worldwide – have agreed that CAREEM will acquire a team of 50 VentureDive engineers that helped build the technology stack of CAREEM.

“We are thrilled to see that a technology team we incubated is being acquired by CAREEM, a regional institution backed by global investors,” said Atif Azim, CEO, VentureDive. “This helps validate our mission of creating products of global prominence out of Pakistan, and takes us a step closer to our vision of creating a technology organization and an entrepreneurial ecosystem in the region that are recognized as second to none in the world.”

Over the last decade, the Middle East has become a strategic hub for organizations with an international presence due to its proximity to emerging markets. Dubai specifically has experienced massive population growth and was recently listed as one of the five fastest-growing metropolitan areas in the world, according to the Brookings Institute. As a result, local institutions must be able to meet the growing demand for new products and services. The R&D center in Germany will provide CAREEM withaccess to a global talent pool and booming startup scene to provide its users with a higher level of service and increase awareness of its expanding global presence.

Founded in 2012 by Mudassir Sheikha and Magnus Olsson, ex-McKinsey consultants, and Dr. Abdulla Elyas, CAREEM has experienced more than 30 percent month-over-month growthsince its inception and hasexpanded across 27 cities in the MENA region and Pakistan. The company currently has 3 million registered users and more than 50,000 Captains and is backed by investors Saudi Telecom Ventures, Al Tayyar Travel, The Abraaj Group, Beco Capital, Impulse, Lumia Capital and Wamda Capital.

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LG Releases Preliminary Earnings for Second-Quarter 2016

Tuesday, July 12, 2016

Karachi / SEOUL, July 12, 2016 — LG Electronics Inc. (LG) today announced its preliminary earnings results for the second quarter of 2016.

Tentative consolidated revenues for the second of 2016 is 14 trillion KRW and operating profit is 584.6 billion KRW. Revenues are expected to be 0.5 percent higher than the same period the year prior while operating profit will be 139.5 percent higher year-over-year.

  2016 2Q 2016 1Q QoQ 2015 2Q YoY
SALES 14,001.7 13,362.1 4.8% 13,925.7 0.5%
OPERATING PROFIT 584.6 505.2 15.7% 244.1 139.5%

These figures are the tentative consolidated earnings based on K-IFRS. This tentative earnings is provided as a service to investors prior to LG Electronics’ final earnings results including net profit and details regarding each division which will be announced officially later this month.


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