Asad Umar

Asad Umar is a Pakistani politician and former business executive who held several high-ranking ministerial positions. He served as the Finance, Revenue, and Economic Affairs Minister from August 2018 to April 2019. Later, he occupied the role of Federal Minister for Planning, Development, Reforms and Special Initiatives between November 2019 and April 2022.

Early life and education

Asad Umar was born in Rawalpindi on 8 September 1961. He grew up in a military family as the youngest of six brothers and one sister. His father, Ghulam Umar, was a major general who served as the first National Security Advisor from 1969 to 1971. After his father retired from military service, the family moved to Karachi.

Umar pursued his higher education in commerce and business. He earned an undergraduate degree in commerce (B.Com.) from the Government College of Commerce & Economics. In 1984, he attended IBA Karachi to obtain an MBA degree.

Career

After graduating, Umar joined HSBC Pakistan for a period of seven months. He transitioned to Exxon Chemical Pakistan in 1985 to work as a business analyst. During his time with Exxon, he was based in Canada and remained the only Pakistani employee working abroad when the management buyout of Engro occurred in 1991.

Umar returned to Pakistan to lead the petrochemical arm of the Engro group. In 1997, he became the first CEO of Engro Polymer & Chemicals. He later ascended to the role of president and CEO of Engro Corporation in 2004. Under his leadership, the company hired McKinsey & Company to develop a global strategy. This move facilitated the acquisition of a US-based food company and expansion into North African fertiliser markets.

He retired from Engro in April 2012 at age 50. He entered politics that same year by joining Pakistan Tehreek-e-Insaf (PTI) as a Senior Vice President. In the August 2013 by-elections, he won the NA-48 (Islamabad-I) seat with 48,073 votes. He secured re-election in the 2018 general elections for the NA-54 (Islamabad-III) constituency after receiving 56,945 votes.

Umar held several significant government roles within the Federal Cabinet of Prime Minister Imran Khan. He was sworn in as the Finance, Revenue, and Economic Affairs Minister on 20 August 2018. While serving in this capacity, he met with IMF chair Christine Lagarde on 11 October 2018 to apply for a bailout package. Although news reports suggested Prime Minister Khan had reservations regarding his performance, these claims were refuted. He stepped down from the Finance Ministry on 18 April 2019.

His political service continued through various committee leadership roles. From 8 May 2019 to 30 November 2019, he served as the Chairman of the Standing Committee on Finance, Revenue, and Economic Affairs. He was reinducted into the cabinet on 19 November 2019 as the Federal Minister for Planning, Development, Reforms and Special Initiatives. On 20 March 2020, he took over as the Chairman of the Cabinet Committee on Energy. He also chaired the National Command and Operation Center (NCOC) during the COVID-19 pandemic.

Umar held the position of PTI secretary-general from 25 December 2021 until May 2023. Following the events of 9 May 2023, he resigned from his party post. He formally declared his departure from politics in November 2023. He cited disagreements with the party's approach toward state institutions as his primary reason for leaving.

Personal life

Umar is the youngest brother of Mohammad Zubair. His father, Ghulam Umar, was a close aide to President Yahya Khan.

Awards and recognition

In 2009, he received the Sitara-i-Imtiaz for his public service. During his tenure at Engro Corporation, he was recognized as one of the most highly paid CEOs in Pakistan. Records indicate he was paid approximately PKR 68.6 million during the year 2011.