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We are proud to select Dr. Abdul Hafeez Shaikh, Senator and Minister of
Investment and Privatization, as our “Man of the Year”. Dr. Abdul Hafeez
Shaikh is a man of great vision, integrity, dynamism, knowledge, and track
record. During his six years in positions of leadership within the
government, he has worked selflessly and with determination to perform his
duties and serve his country. He has emerged as a role model of a dedicated
and result- oriented leader.
During his tenure as the Minister of Finance, Planning, and Development of
Sindh, he is remembered as the architect of the financial recovery of the
province. He restored financial discipline, rationalized and reduced taxes,
increased revenues, paid old bills and the overdraft of the State Bank,
increased allocations for poverty alleviation and the social sector, and
enhanced the relationship with international financial institutions, revamped
the development portfolio, and gave a transparent Provincial Finance
Commission Award. His decisions, announced in the budget to make education
free up to matric, provide books to students in elementary schools, and give
monthly stipends to girls in middle school, were revolutionary and have been
emulated in other provinces.
In his current position, he has transformed and accelerated the privatization program and made it the most successful period in the country’s privatization history. Twenty eight transactions have been completed in the most professional and transparent manner, enhancing the image of the country. Longstanding and difficult transactions have been bid out including Habib Bank, PTCL, KESC, Pak- Arab Fertilizer, National Refinery, Mustehkan and Javedan, Thatta, Associated Cement, Falettis, and Hyatt Regency projects. The scale of his achievement is obvious by a simple comparison. In the thirteen years of privatization before his tenure Rs. 96 billion worth of transactions were concluded, less than 8 billion per year. The three years of his ministry transactions worth Rs 270 Billion have been bid out at an average of Rs 90 billion per year.
Dr. Hafeez Shaikh has introduced the innovated “Privatization for the People” program to offer shares in the companies to ordinary citizens through the stock market. Under this program, almost a million people have been given shares in OGDC, National Bank, PPL, Sui Southern, KAPCO, and UBL. These shares have appreciated by over Rs. 60 billion, benefiting the common man.
Dr. Hafeez Shaikh has been successful in projecting Pakistan and its business opportunities, and increasing investment in all sectors, including Foreign Direct Investment, which has gone from $800 million three years back to a projected $3 billion this year.
For his extraordinary achievements and contribution to national development, Dr. Hafeez Shaikh deserves the award for “Man of the Year”.