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Pakistan ranks second on Arabia Fast Growth platform - Salman - 12-04-2011 02:21 PM
Pakistan ranks second on Arabia Fast Growth platform
KARACHI: Pakistan unleashed its potential once again at the global platform as it has been ranked number 2 on Arabia Fast Growth platform, terming it an emerging hub of talented entrepreneurs.
Pakistan’s 70 fast growing companies qualified for the Arabia500, putting the country in second position after Turkey with 117 winners. AllWorld Network announced the Pakistan winners of the Arabia500+Turkey, a ranking of the fastest growing young companies in the Middle East and North Africa, Turkey and Pakistan. A significant number of companies are IT based with worldwide growing business. In January 2011, 10 IT companies amongst AllWorld Network Pakistan Fast Growth 25.
Each Pakistan entrepreneur on the ranking has grown an average of 40 percent annually between 2008 and 2010, created an average of 200 jobs per company, and is succeeding in industries from web technology to transportation, food to textiles, and construction to consulting. With average of only 42 years old, nearly all of them plan to establish another entrepreneurial venture in the next two years.
The fastest growing company from Pakistan, E2E Supply Chain Management, grew at 1,918 percent between 2008 and 2010, with revenues above $50 million and 297 employees. Of the Arabia500 winners from 15 countries, E2E was the third fastest growing.
Taking the second spot for Pakistan was Exceed Private Limited with a growth rate of 1,320 percent and 90 employees, and in sixth position overall on the Arabia500. Pakistan also had the most number of women entrepreneurs on the Arabia500, and Luscious Cosmetics of Pakistan topped the list of the fastest growing Arabia500 women entrepreneur with growth of 392 percent and 82 employees.
In January 2012, AllWorld will announce the winners of the Pakistan 100, with 70 having already qualified. Joining AllWorld to create the Pakistan 100 is an investment company Cyan Limited, recently established by the Dawood Group.
Companies from around the country were invited to apply, and thousands of application emails went out from Pakistan 100 partners Mishal, P@SHA, LadiesFund, TiE and prior Pakistan 25 winners including Exceed, Abacus, Rozee.pk, E2E, and Sofizar, City University and Corvit Networks.
“Pakistan is open for business. Pakistani entrepreneurs are defying widespread misperception about our country and building world-class enterprises that are globally competitive,” official statement quoted Pakistan 100 Founding Director Malik Ahmad Jalal added on the occasion.
“Pakistan Fast Growth entrepreneurs show that the best bet for the country’s economic future is relying on the entrepreneurial spirits of its citizens,” he added.
The strong performance of Pakistani companies in Arabia500 illustrates that in spite of the challenges there continues to be strong business and investment opportunity in Pakistan. Pakistani companies in Arabia500 are surfacing new horizons for growth and quickening the pace of economic development and regional integration