Karachi: According to a released statement, a consortium of Pakistani real estate firms headquartered in the United Arab Emirates (UAE) is enthusiastic about allocating billions of dollars towards Pakistan’s construction industry via an association of builders and developers.
The statement further stated that the Association of Builders and Developers of Pakistan (ABAD) convened a meeting in Karachi with the companies, comprising Almir, Habibi Group, and Mark Stone, to deliberate on potential investment prospects within the construction sector.
Sardar Qaiser Hayat, an advisor to the Pakistani government regarding Foreign Pakistanis in Gulf states, commanded the delegation. Asif Sumsum, chairman of the ABAD, expressed his approval of the endeavour and pledged his complete backing for Pakistan’s economic progress and affluence.
Read more on EL news: The CDA chief ordered the opening of the Bhara Kahu bypass, to heavy traffic.
“Overseas Pakistanis are interested in investing $20 to $25 billion in Pakistan,” Hayat reported, adding that the leadership of the country’s armed forces and political system has assured them that their investments will be secure.
He asserted that ABAD, the sole representative organization of builders and developers in Pakistan, was also providing policy formulation assistance to the government regarding the advancement of the construction sector.
As the sole representative organization, ABAD, according to Hayat, could become the finest investment source for foreign companies. Sumsum predicted the enormous investment in the Pakistani real estate industry would spark an economic revolution.
He stated that the nation’s burgeoning urbanisation and expanding population presented the most favourable prospects for real estate firms operating within Pakistan’s construction sector. A scarcity of over 12 million housing sections in Pakistan, according to Sumsum, represents a golden chance for real estate investors.
Following the central bank’s annual report, Pakistan’s construction sector experienced a decline of 5.5 per cent during the fiscal year 2022-23, following two years of moderate expansion. Lastly, keep visiting Estate Land Marketing for current updates and development news.