Credit By: Business Recorder
In a significant boost to Pakistan’s real estate industry, a conglomerate of United Arab Emirates (UAE) real estate companies, including prominent names like ALMIR, Habib Group, and Mark Stone, has pledged a substantial investment of USD 20 to 25 billion. The announcement was made by a high-profile delegation led by Sardar Qaiser Hayat, the Advisor to the Government of Pakistan for Overseas Pakistanis in Gulf countries.
Fostering Economic Growth and International Standards
Addressing a meeting, Sardar Qaiser Hayat expressed confidence that this injection of capital from UAE-based real estate giants would not only elevate the construction industry in Pakistan but also provide international-standard residential facilities to the local population. The investment is anticipated to bring about prosperity and economic growth in the country.
Sardar Qaiser Hayat, in his role as the Advisor to the Government of Pakistan for Overseas Pakistanis in Gulf countries, emphasized the collaborative efforts between the UAE real estate companies and the Pakistani government. He highlighted the support provided by the Association of Builders and Developers (ABAD) in shaping policies for the development of the construction industry.
Full Support from ABAD Chairman
Asif Sum, Chairman of ABAD, welcomed the significant initiative and pledged full support for the economic development and prosperity of Pakistan. He acknowledged the potential impact of the USD 25 billion investment, stating that it could usher in an economic revolution in the country. Sum assured the UAE realty groups of complete facilitation and support for materializing their projects.
Sum also noted that Pakistan faces a housing deficit of over 12 million units, coupled with increasing urbanization and population growth. This situation, he emphasized, creates ideal opportunities for international real estate developers to undertake large-scale housing and construction projects in Pakistan.
Collaborative Efforts for Housing Solutions
The commitment from UAE real estate companies not only reflects their confidence in Pakistan’s economic potential but also signals a collaborative effort towards addressing critical challenges in the housing and construction sector. The announcement marks a crucial step towards fostering economic growth and providing quality living spaces for the people of Pakistan.
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