Today I report to you from beautiful Islamabad, my new home. Of course I am keeping my perfectly comfortable place in Charlotte and expect to visit there from time to time. But Pakistan is my base for now and I am really enjoying it.
The environment and lifestyle in Islamabad is quite comfortable, as far as weather I would compare it to Denver. The air is generally dry and skies clear, and while the winters are less extreme, it does occasionally snow and the city is set against the backdrop of the Margalla hills. There is quite a bit of greenery around town, and although it is certainly a big city the traffic isn’t bad. People are welcoming and very friendly, so I feel comfortable and like it a lot.
One of the biggest surprises to me is how much I like Karachi (official population: 24 million). It is the business and finance center so I am down there all the time. Bernie Sanders might describe it as “huge,” and it is rather dusty, crowded and frenetic. Also the extreme poverty is right in front of you at every turn. But there is an energy to the city, and an ambition among the people that is palpable, and life affirming. Everything about it makes me want to root for the underdog and see people succeed. Though to be fair it’s always a bit of a relief to return to Islamabad.
Our aim is to build a new issues business in the capital markets, especially corporate bonds, securitizations and Sukuks, which are Sharia compliant debt. Pakistan is growing at about 4½%, the budget deficit is shrinking, and fiscal and monetary policy are not out of line with other countries that are in stimulus mode. Financing costs are getting more attractive all the time so I think we have a great product to sell and am optimistic.
There are some very interesting opportunities here. The textile industry is big, successful and growing, and that naturally means apparel has a major presence as well. Many people don’t realize that Pakistan has real tech expertise too. There is a lot of domestic software, and in a big coincidence a local company is a processing center on an outsource basis for my former client in Ghana.
One opportunity that intrigues me is the area of privatizations. Private equity has done well in power generation and distribution and there are more coming up. The government handling of electric tariffs has not provided the stability that investors like, and they have also fiddled with fuel inputs (the entire economy is clearly overregulated) but looking beyond that I sense there is money to be made.
Another positive sign is the China Pakistan Economic Corridor (CPEC). This is a series of infrastructure projects to connect China to the port of Gwadar on the Arabian Sea. This is likely to generate a lot of trade through and with Pakistan and accelerate all the related service industries. Think New York City in 1825, at the time the Erie Canal opened.
Well watch this space for future updates on business and fun stuff too. And come on by for a visit anytime. Meanwhile here is a photo of yours truly from the office balcony, set against a backdrop of the Margalla hills, immediately north of Islamabad. Note at far left the dome and minarets of the King Faisal Mosque, at one time the largest in the world.
The environment and lifestyle in Islamabad is quite comfortable, as far as weather I would compare it to Denver. The air is generally dry and skies clear, and while the winters are less extreme, it does occasionally snow and the city is set against the backdrop of the Margalla hills. There is quite a bit of greenery around town, and although it is certainly a big city the traffic isn’t bad. People are welcoming and very friendly, so I feel comfortable and like it a lot.
One of the biggest surprises to me is how much I like Karachi (official population: 24 million). It is the business and finance center so I am down there all the time. Bernie Sanders might describe it as “huge,” and it is rather dusty, crowded and frenetic. Also the extreme poverty is right in front of you at every turn. But there is an energy to the city, and an ambition among the people that is palpable, and life affirming. Everything about it makes me want to root for the underdog and see people succeed. Though to be fair it’s always a bit of a relief to return to Islamabad.
Our aim is to build a new issues business in the capital markets, especially corporate bonds, securitizations and Sukuks, which are Sharia compliant debt. Pakistan is growing at about 4½%, the budget deficit is shrinking, and fiscal and monetary policy are not out of line with other countries that are in stimulus mode. Financing costs are getting more attractive all the time so I think we have a great product to sell and am optimistic.
There are some very interesting opportunities here. The textile industry is big, successful and growing, and that naturally means apparel has a major presence as well. Many people don’t realize that Pakistan has real tech expertise too. There is a lot of domestic software, and in a big coincidence a local company is a processing center on an outsource basis for my former client in Ghana.
One opportunity that intrigues me is the area of privatizations. Private equity has done well in power generation and distribution and there are more coming up. The government handling of electric tariffs has not provided the stability that investors like, and they have also fiddled with fuel inputs (the entire economy is clearly overregulated) but looking beyond that I sense there is money to be made.
Another positive sign is the China Pakistan Economic Corridor (CPEC). This is a series of infrastructure projects to connect China to the port of Gwadar on the Arabian Sea. This is likely to generate a lot of trade through and with Pakistan and accelerate all the related service industries. Think New York City in 1825, at the time the Erie Canal opened.
Well watch this space for future updates on business and fun stuff too. And come on by for a visit anytime. Meanwhile here is a photo of yours truly from the office balcony, set against a backdrop of the Margalla hills, immediately north of Islamabad. Note at far left the dome and minarets of the King Faisal Mosque, at one time the largest in the world.
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