Biography of Asad Umar: Early Life, Education, Politics, Investments
Biography of Asad Umar:
Asad Umar, born on September 8, 1961, has had a notable
career in Pakistani politics and business. He first entered the National
Assembly of Pakistan in September 2013 and served until May 2018. After a brief
hiatus, he returned in August 2018 and continued until January 2023. During his
tenure, he held several key positions, including Federal Minister for Planning,
Development, Reforms, and Special Initiatives, from November 2019 to April
2022.
Ministerial and Committee Roles
Umar's contributions extend beyond his ministerial roles. He
chaired the House Standing Committee on Finance, Revenue, and Economic Affairs
and served as the Minister of Finance, Revenue, and Economic Affairs from
August 2018 to April 2019. Before his political career, Umar was a prominent
business executive, notably serving as the CEO of Engro Corporation from 2004
to 2012.
Political Party Involvement and Resignation
In addition to his governmental responsibilities, Asad Umar
was active within the Pakistan Tehreek-e-Insaf (PTI) party, serving as its
secretary-general from December 2021 to May 2023. However, he resigned from his
party positions following violent attacks in May 2023, which were reportedly
linked to PTI protestors protesting against the arrest of Imran Khan in the Al
Qadir Trust case.
Early Life and Education
Asad Umar was born in Rawalpindi in 1961, the youngest among
six brothers and one sister. His father, Major General (retd) Ghulam Umar, had
a distinguished military career and was close to President Yahya Khan, serving
as Pakistan's first National Security Advisor from 1969 to 1971. After his
father retired from the military, the family moved to Karachi. Umar completed
his undergraduate degree in commerce (B.Com) from the Government College of
Commerce & Economics. Later, he graduated from the Institute of Business
Administration (IBA) Karachi in 1984 with an MBA degree.
Family Background and Influences
Asad Umar's father, Major General (retd) Ghulam Umar, played
a significant role in Pakistan's military and governmental affairs during his
career. He was known for his close association with President Yahya Khan and
held the esteemed position of Pakistan's first National Security Advisor from
1969 to 1971. Umar is also related to Mohammad Zubair, currently serving as the
Chief Spokesperson for Nawaz Sharif and Maryam Safdar. Mohammad Zubair was
appointed as the 32nd Governor of Sindh by the Pakistan Muslim League-N
government.
Early Career and International Experience
Asad Umar's career began with HSBC Pakistan after his
graduation, where he worked for seven months. He then joined Exxon Chemical
Pakistan in 1985 as a business analyst and was stationed in Canada, where he
became the sole Pakistani employee of Exxon working abroad. His return to
Pakistan coincided with the management buyout of Engro in 1991. Subsequently,
Umar was appointed as the first CEO of Engro Polymer & Chemicals in 1997,
the petrochemical arm of the group.
Biography of Asad Umar: Early Life, Education, Politics, Investments / Minister of Finance of Pakistan/Pakistan Tehreek-e-Insaf/ Journey/ Life lessons
Leadership at Engro Corporation
By 2004, Asad Umar had risen to the position of President
and CEO of Engro Corporation. Under his leadership, Engro adopted a global
outlook, notably becoming the first Pakistani private sector company to engage
McKinsey & Company, a renowned US consulting firm, to devise strategic
plans. This initiative led to significant structural changes within Engro,
including expansions into international markets such as acquiring a US-based
food company and venturing into the fertilizer industry in North Africa to
cater to the European market.
Recognition and Transition
In recognition of his contributions to public service, Asad
Umar was awarded the Sitara-i-Imtiaz in 2009. Despite his successful tenure at
Engro Corporation, Umar opted for early retirement in April 2012 at the age of
50, amid speculation about his future plans, which included a potential shift
towards politics. Throughout his career, he earned a reputation for
transforming a chemical company into a prominent conglomerate and was widely
regarded as one of Pakistan's most esteemed and well-compensated CEOs. His
annual compensation in 2011 alone amounted to approximately PKR 68.6 million.
Early Political Career
Asad Umar began his political journey in 2012 when he joined
Pakistan Tehreek-e-Insaf (PTI) and swiftly rose to the position of Senior Vice
President. He made his mark in national politics by winning a seat in the
National Assembly of Pakistan from Constituency NA-48 (Islamabad-I) in the
August 2013 by-elections, defeating a candidate from the Pakistan Muslim League
(N) with 48,073 votes. As an MNA, he served on several influential standing
committees including Industries and Production, Cabinet Secretariat, and
Finance, Revenue, and Economic Affairs.
Ministerial Tenure and Legislative Influence
Re-elected in the 2018 Pakistani general election from
Constituency NA-54 (Islamabad-III), Asad Umar continued his parliamentary
career with PTI. He was appointed Minister for Finance, Revenue, and Economic
Affairs in Prime Minister Imran Khan's cabinet in August 2018. During his
tenure, he played a crucial role in economic policy, presenting the amended
finance bill for fiscal year 2018-2019 and engaging with international bodies
like the IMF for financial support. Despite his contributions, he resigned from
the Finance Ministry in April 2019 but continued to influence economic policy
as Chairman of the Standing Committee for Finance, Revenue, and Economic
Affairs until November 2019.
Expanded Responsibilities and Leadership Roles
Beyond finance, Umar's career diversified as he took on
significant roles in the government. He served as the Focal Person for
Coordination among Government Agencies for Karachi's Mega Projects from
November 2019. He was reinducted into the Federal Cabinet in November 2019 as
Minister for Planning, Development, Reform, and Special Initiatives, overseeing
projects like the China–Pakistan Economic Corridor and chairing the Cabinet
Committee on Energy and the National Command and Operation Center during the
COVID-19 pandemic.
Party Leadership and Departure
As a prominent figure within PTI, Asad Umar was appointed as
the party's secretary-general in December 2021 by Chairman Imran Khan. However,
amidst political turbulence following Imran Khan's arrest in May 2023 and
subsequent unrest, Umar resigned from his party position in May 2023,
condemning the attacks and marking an end to his active involvement in
politics.
Leadership and Board Memberships
Asad Umar has held prominent leadership roles and
directorships across various sectors in Pakistan. He has served as Chairman of
the Pakistan Business Council, Pakistan Energy and Chemical Skill Development
Company, and all subsidiaries of Engro Corporation. Additionally, he has been a
director on the boards of institutions such as the State Bank of Pakistan,
Karachi Stock Exchange, Oil & Gas Development Company (OGDC), Pakistan
State Oil (PSO), Port Qasim Authority, Genco Holding Company, Dawood Hercules,
Karachi School for Business & Leadership (KSBL), and Pakistan Center for
Philanthropy. He has also contributed as a director of the Pakistan Dairy
Development Company.
Membership and Committee Contributions
In addition to his leadership roles, Asad Umar has actively
participated in various committees and boards. He has been a member of the
Prime Minister's Committee on Agriculture and the Sindh Information Technology
Board. He has also served as a member of the Sindh Endowment Fund for the
preservation of physical heritage in Sindh. As Chapter Chair of the Young
Presidents Organization Pakistan Chapter, he has played a role in fostering
leadership and networking among young executives. Furthermore, he has been a
member of the Board of Trustees at Lahore University of Management Sciences
(LUMS) and the staff & faculty selection committee at IBA Karachi.
Contributions to Public Discourse
Throughout his tenure as an MNA from NA-48 and his role
within PTI, Asad Umar has been noted for his speeches and contributions in the
National Assembly since September 2013. He has also participated in special and
cause-based TV interviews and programs, contributing to public awareness and
discussion on various issues.
Visual Legacy
As a national leader and prominent figure in Pakistani
politics, Asad Umar has documented his journey through an archive of
photographs capturing significant events and milestones during his time as an
MNA and PTI politician. These visual records highlight his leadership and
contributions to the political landscape of Pakistan.
A timeline summarizing Asad Umar's notable career in
politics and business:
1961: Asad Umar is born on September 8 in Rawalpindi,
Pakistan.
1984: Umar completes his MBA from the Institute of Business
Administration (IBA), Karachi.
1985: Begins career at Exxon Chemical Pakistan as a business
analyst.
1991: Engro Corporation undergoes a management buyout; Umar plays
a role in the transition.
1997: Appointed CEO of Engro Polymer & Chemicals.
2004: Becomes President and CEO of Engro Corporation.
2012: Retires from Engro Corporation at the age of 50,
signaling a potential move towards politics.
2013: Enters politics by winning a seat in the National
Assembly of Pakistan from Constituency NA-48 (Islamabad-I) in by-elections.
2018: Re-elected in the general elections from Constituency
NA-54 (Islamabad-III); appointed Minister for Finance, Revenue, and Economic
Affairs in August.
2019: Resigns as Finance Minister in April but continues as
Chairman of the Standing Committee for Finance, Revenue, and Economic Affairs;
reinducted into Federal Cabinet as Minister for Planning, Development, Reform,
and Special Initiatives in November.
2021: Appointed as Secretary-General of Pakistan
Tehreek-e-Insaf (PTI) in December.
2023: Resigns from PTI leadership in May following political
unrest related to Imran Khan's arrest.
January 2023: Concludes his tenure in the National Assembly
of Pakistan.
This timeline encapsulates Asad Umar's journey from his
corporate leadership at Engro Corporation to his impactful role in Pakistani
politics, highlighting key positions held and significant transitions
throughout his career.
