Karachi, November 10, 2023 – A consortium of real estate companies from the United Arab Emirates (UAE) has expressed its intent to invest a staggering $25 billion in Pakistan’s construction industry.
The announcement came during a meeting between a high-profile delegation representing UAE-based Pakistani real estate giants and members of the Association of Builders and Developers of Pakistan (ABAD).
Led by Sardar Qaiser Hayat, the Advisor to the Government of Pakistan for Overseas Pakistanis in Gulf Countries, the delegation included prominent figures from various UAE-based Pakistani real estate companies, such as ALMIR, Habib Group, and Mark Stone. The meeting was attended by key ABAD representatives, including Chairman Asif Sumsum, Senior Vice Chairman Ibrahim Habib, and Vice Chairman Zeeshan Siddiqui, among others.
During the meeting, Sardar Qaiser Hayat emphasized the significant positive impact this massive investment could have on Pakistan’s economy. He highlighted that such an infusion of funds from UAE real estate companies into Pakistan’s construction sector would lead to increased prosperity and provide Pakistanis with international-standard residential facilities. Assuring the safety of overseas Pakistanis’ investments, Hayat conveyed the commitment of Pakistan’s political and armed forces leadership to safeguarding these financial endeavors.
Speaking on the occasion, Chairman ABAD Asif Sumsum warmly welcomed the UAE companies’ investment plan, describing it as a potential catalyst for an economic revolution in Pakistan. He pledged ABAD’s full support to the UAE companies and underlined the pivotal role the association plays in shaping policies for the development of the construction industry. Sumsum also acknowledged the immense opportunities presented by Pakistan’s increasing population and urbanization trends, citing a shortfall of over 12 million housing units as a golden opportunity for real estate investors.
Various members of the UAE delegation, including Karim Amir Ali, Chairperson of Almir Real Estate Brokerage Dubai, and Sami Sajid, Director of Habibi Group, shared their perspectives on the investment initiative. They expressed confidence in the potential of Pakistan’s construction industry and the conducive environment for foreign investment.
The proposed $25 billion investment is expected to address critical challenges in the housing sector, providing a much-needed boost to infrastructure development and creating employment opportunities. The influx of such a significant investment is also anticipated to stimulate economic growth and contribute to the realization of Pakistan’s development goals.
As the collaboration between UAE real estate companies and Pakistani counterparts takes shape, both parties are optimistic about the mutual benefits that will arise from this landmark investment. The commitment of overseas Pakistanis to actively contribute to the development of their homeland is not only a testament to their confidence in Pakistan’s economic prospects but also signifies the potential for strengthened bilateral ties between the UAE and Pakistan in the years to come.
