In a landmark development for Pakistan’s real estate industry, a consortium of prominent real estate companies from the United Arab Emirates has committed to investing a staggering USD 20 to 25 billion. The announcement was made by a high-powered delegation comprising leading UAE-based Pakistani real estate firms, including ALMIR, Habib Group, and Mark Stone. The delegation was led by the esteemed Advisor to the Government of Pakistan for Overseas Pakistanis in Gulf countries, Sardar Qaiser Hayat.
Empowering Pakistan’s Construction Industry:
Addressing a gathering, Advisor Sardar Qaiser Hayat expressed optimism about the transformative impact of this investment on Pakistan’s construction industry. He emphasized that the influx of funds from UAE real estate giants would usher in prosperity, providing Pakistanis with international-standard residential facilities. Additionally, he highlighted the collaborative efforts with the Association of Builders and Developers (ABAD) in formulating policies crucial for the development of the construction sector.
ABAD’s Endorsement:
Chairman of ABAD, Asif Sumsum, welcomed this groundbreaking initiative, pledging full support for the economic development and prosperity of Pakistan. Sumsum believes that the USD 25 billion investment from UAE companies has the potential to trigger an economic revolution in the country. He assured the UAE realty groups of complete facilitation and support, emphasizing the ideal opportunities that Pakistan presents for international real estate developers.
Tackling Housing Shortages:
Sumsum pointed out a significant challenge facing Pakistan—the shortage of over 12 million housing units. He underscored how increasing urbanization and population growth have created a conducive environment for international real estate developers to spearhead mass housing and construction projects in the country.
Conclusion:
The commitment of USD 20 to 25 billion from UAE real estate conglomerates marks a turning point for Pakistan’s real estate landscape. This monumental investment is poised to drive economic growth, alleviate housing shortages, and elevate living standards for millions of Pakistanis. As the partnership between Pakistani and UAE real estate entities unfolds, the prospect of a thriving and dynamic real estate sector in Pakistan comes into sharper focus. This transformative alliance serves as a testament to the collaborative efforts aimed at shaping a brighter and more prosperous future for the people of Pakistan.