Dawood Group Explained
The Dawood Group (Urdu: داؤد گروپ) is a group of companies headquartered in Karachi. It is active in diverse businesses and industries of the Dawood family-business and is owned by Dawood family.
History
Dawood Group was founded by Ahmed Dawood.[1] [2]
Ahmed Dawood was one of the country’s senior industrialists[3] who was by 1933 with his firm the biggest supplier of imported yarn to the textile mills in India.[4] He left India after the partition and migrated with his three brothers Suleman Dawood, Siddique Dawood, and Sattar Dawood. The Dawood Corporation was the first entity set up in Karachi and Manchester, UK, to start business activities in 1948. It started initially from a small office and a shop in Karachi but their business grew over the coming decades.
While in 1970 all the undertakings together made it count as one of the largest business groups in the country, the following year marked an abrupt change: Following the creation of Bangladesh in 1971, almost 60% of the businesses led by Ahmed Dawood and all investments in East Pakistan were lost due to the nationalisation there.[5] The remaining enterprises in Pakistan suffered further setbacks after the nationalisation in the early-mid-1970s.
Former subsidiaries
West Pakistan (later Pakistan)
- Burewala Textile Mills, acquired in 1957 from Pakistan Industrial Development Corporation and later merged into Dawood Lawrencepur Limited in 2004[6] [7]
- Central Insurance Company, now known as Cyan Limited[8]
- Dawood Mines, it was involved in coal mining[9]
- Dawood Cotton Mills Limited, merged into Dawood Lawrencepur Limited in 2004[7] [8]
- Dilon Limited, merged into Dawood Lawrencepur Limited[7] [8]
- Lawrencepur Woolen & Textile Mills Limited, merged into Dawood Lawrencepur Limited[7] [8]
- Memon Cooperative Bank, it was founded in 1958 by Dawood family as an intra-caste credit bank for Memon community.[10] The bank was nationalised in 1974[11]
- Pakistan Bank Limited, nationalised in 1974, now part of Allied Bank Limited[11] [12]
- Dawood Petroleum, nationalised in 1973, now part of Pakistan State Oil[11]
- Pakistan National Oil, nationalised in 1973, now part of Pakistan State Oil[11]
East Pakistan (later Bangladesh)
See also
Notes and References
- News: Bordonaro . Agatha . Five Tips for Leading a Successful Family Business . 19 July 2021 . Columbia Business School (Columbia University) . 6 January 2017.
- Shoukat . Ayesha . From Rags to Riches: Corporate Elite of Pakistan from 1947-1970 . Asian Journal of Social Sciences and Management Studies . 2020 . 7 . 1 . 12 . 10.20448/journal.500.2020.71.8.16 . 19 July 2021. free .
- Book: Cragg . Claudia . The new maharajahs : the commercial princes of India, Pakistan and Bangladesh . 1996 . Century . London . 0712677615 . 68.
- Brochure in Commemoration of the Inauguration of the Dawood Foundation . Dawood Foundation . 20 April 1961 . 6 . 19 July 2021.
- Yusuf . Muhammad Fazlul Hassan . Nationalisation of Industries in Bangladesh. Political and Administrative Perspectives . University of Tasmania . 1980 . 19 July 2021.
- Behind the Headlines: Dawoods: Empire and the Terror. 1972. Pakistan Forum. 3. 3. 13–16. JSTOR. 10.2307/2568939. 2568939 .
- Web site: Dawood Lawrencepur Limited. BR Web Desk | Recorder. Report. 13 May 2020. Brecorder.
- Web site: Dawood Hercules gets 61m shares of SNGPL. Dilawar. Hussain. 12 June 2003. DAWN.COM.
- The Upper Bourgeoisie from the Muslim Commercial Community of Memons in Pakistan, 1947 to 1971 . 2643012 . Levin . Sergey . Asian Survey . 2 June 1974 . 14 . 3 . 231–243 . 10.2307/2643012 .
- The Upper Bourgeoisie from the Muslim Commercial Community of Memons in Pakistan, 1947 to 1971 . 2643012 . Levin . Sergey . Asian Survey . 2 June 1974 . 14 . 3 . 231–243 . 10.2307/2643012 .
- Web site: Managing state-owned enterprises | Political Economy . The News International.
- Web site: Banks Nationalization Act, 1974.
