Muhammad Ali takes oath as Caretaker Minister of Ministry of Energy

August 17, 2023 (MLN): Muhammad Ali has been appointed as the Caretaker Minister for the Ministry of Energy to look after matters of Energy, Power, and Petroleum. 

 The finalization of cabinet appointments was carried out by caretaker prime minister Anwaar-ul-Haq on Thursday wherein the 18-member cabinet took the oath to assume their roles.

With over 30 years of domestic and international work experience in finance, technology, digital media, real estate and manufacturing sectors, as well as in Pakistan’s public sector, Muhammad Ali has been a successful serial entrepreneur and a policymaker at the national level in Pakistan.

Currently, he is serving as the Chairman of MAGM Ventures, previously known as MAGM Holdings.

An MBA from the Institute of Business Administration (IBA), University of Karachi, Mr. Ali is a well-known professional and entrepreneur. He started his career with Citibank and moved on to Smith New Court Securities in London.

In 1994, Mr. Ali finalized a joint venture with Indosuez W.I. Carr Securities (Asian brokerage arm of Credit Agricole Indosuez) and led Indosuez W. I. Carr Securities, Pakistan for six years. During his tenure as CEO, the company became one of the largest and best-rated brokerage houses in Pakistan, attracting one of the highest levels of foreign portfolio investment in the country’s equity markets amongst all market intermediaries.

Mr. Ali also led the expansion of W.I. Carr’s business activities to Bangladesh and finalized the group’s strategy for the Middle East and North African markets.

Mr. Ali then changed his focus to private equity investments and setting up new businesses. He has been the driving force behind the creation and success of various companies in Pakistan, the Middle East, and North America in the financial, real estate development, information technology, and digital content management sectors. Mr. Ali was responsible for idea generation, planning, funding, and setting up of these businesses.

Mr. Ali has also served as a Director on the Boards of reputable companies like Engro Corporation Limited, Karachi Stock Exchange (Guarantee) Limited, Dawood Bank Limited, etc.

He has also served as Chairman of the Securities Exchange Commission of Pakistan (SECP).

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