KARACHI: Egyptian billionaire Naguib Sawiris has offered to build 100,000 housing units in Pakistan to help realize Prime Minister Imran Khan’s dream of an ‘ambitious’ housing project, officials said on Friday.
“Naguib Sawiris has expressed his will to invest in 100,000 units of affordable housing to help prime minister (Imran Khan) in his vision toward Pakistan,” Tarek Hamdy, Chief Executive officer of Elite Estates — a partnership between Ora Developer and Saif Holding — told Arab News in an exclusive interview.
Owned by Sawiris, Ora Developers is already engaged in the construction of a multibillion-dollar housing scheme named ‘Eighteen’ which was launched in 2017 in Islamabad with local partners, Saif Group and Kohistan Builders.
Sawiris’ first investment in Pakistan was in Mobilink, a cellular operator.
PM Khan in October 2018 had launched ‘Naya’ (New) Pakistan Housing Project in line with his party’s election manifesto, which promised fivr million houses for the poor.
Hamdy says they have “set rules or guidelines of the way of doing things” that apply to every real estate projects — whether they are affordable or high value units.
“We will use our experience and knowhow to deliver this properly to the people of Pakistan,” he added.
Since the announcement of the low-cost housing project for the poor, the scheme has been at the heart of all political and economic discourses with several calling it too ambitious.
“This scheme is very ambitious yet very promising for the people of Pakistan. I think all the developers should help in this scheme. You cannot solely rely on the government to build five million houses,” Hamdy said.
Recently, the governor of Pakistan’s central bank had said that the massive housing project would require financing of upto Rs 17 trillion.
Hamdy believes that the promise of building five million affordable housing units cannot be realized in a short span of time. “I think the plan is right but it has to be in stages, has to be in steps. It could be achievable obviously that is not the project (to be achieved) in one or two years... may take few good years, may be couple of decades to be achieved,” he said.
In the Islamabad project the Ora Developers own a 60 percent stake in the project comprising a five-star hotel, 1,068 housing units, 921 residential apartments, business parks, hospitals, schools and other educational facilities and 13 office buildings, and a golf course. The networth of the project is $2 billion.
The next cities on the radar for real estate projects are Lahore, Karachi, and Faisalabad. “We intend to do more, we intend to invest more. I think that our portfolio of real estate could come to $10 billion worth of investments in the next five to 10 years including all the projects that we intent to do,” Hamdy said.
Pakistan’s housing sector is marred by frauds, scams and unfinished schemes which has been discouraging many potential investors from venturing into the sector. However, Hamdy says he is confident of delivering the promise by 2021.
Analysts say that Pakistan’s housing sector offers great opportunities for investment due to increasing demand. “According to estimates, the current real estate market value is around Rs900 billion which is three times that of the GDP,” Saad Hashmey, an analyst at Topline Securities, told Arab News, adding that the PM’s housing project is the need of the hour.
Pakistan faces a shortage of nearly 12 million housing units that may require a massive investment of around $180 billion, according to the former Chairman of the Association of Builders and Developers, Arif Yousuf Jeewa.
Pakistan expects to attract more than $40 billion foreign direct investment in the next five years in oil refining, petrochemical, mining, renewable energy, and real estate sectors. “We estimate that roughly around $40 billion investment will be made by three countries (Saudi Arabia, the UAE, and China) during the next three to five years,” Pakistan Board of Investment BoI chief, Haroon Sharif had told Arab News earlier, adding that “the investment would start materializing within the next two years”.
Egyptian billionaire offers to build 100,000 housing units in Pakistan
Egyptian billionaire offers to build 100,000 housing units in Pakistan
- Plan to construct 5mn housing units requires Rs17tr, State Bank says
- Group is already investing in a housing project in Islamabad
Pakistani province issues flood alert and warns of heavy loss of life due to glacial melting
- The country has witnessed days of extreme weather, killing scores of people, destroying property
- Experts say Pakistan is experiencing heavier rains than normal in April because of climate change
PESHAWAR: A Pakistani province has issued a flood alert due to glacial melting and warned of heavy loss of life, officials said Saturday.
The country has witnessed days of extreme weather, killing scores of people and destroying property and farmland. Experts say Pakistan is experiencing heavier rains than normal in April because of climate change.
In the mountainous northwest province of Khyber Pakhtunkhwa, which has been hit particularly hard by the deluges, authorities issued a flood alert because of the melting of glaciers in several districts.
They said the flood could worsen and that people should move to safer locations ahead of any danger.
“If timely safety measures are not taken, there is a possibility of heavy loss of life and property due to the expected flood situation,” said Muhammad Qaiser Khan, from the local disaster management authority.
Latest figures from the province said that 46 people, including 25 children, have died in the past five days due to rain-related incidents.
At least 2,875 houses and 26 schools have either collapsed or been damaged.
The southwest province of Baluchistan has also been battered by rainfall. It said it had limited resources to deal with the current situation but if the rains continued, it would look to the central government for help.
In 2022, downpours swelled rivers and at one point inundated one-third of Pakistan, killing 1,739 people. The floods also caused $30 billion in damage.
Pakistan’s monsoon season starts in June.
Punjab seeks suspension of cellular services during Sunday’s by-polls in 13 cities
- By-elections will be held on 21 national, provincial seats in Punjab, Khyber Pakhtunkhwa and Balochistan provinces
- Pakistan’s national polls in Feb. were marred by mobile service shutdown, result delays, leading to rigging allegations
ISLAMABAD: The provincial government in Pakistan’s eastern Punjab province has requested for the suspension of mobile phone services in 13 cities during the by-elections on Sunday, according to the Punjab home department.
By-elections on 21 national and provincial seats in Punjab, Khyber Pakhtunkhwa (KP) and Balochistan provinces are scheduled to be held on April 21. Electioneering in these constituencies came to an end at midnight on Friday, according to a deadline set by the Election Commission of Pakistan (ECP).
In a letter to the interior ministry, the Punjab government requested suspension of mobile phone services in Talagang, Chakwal, Kallar Kahar, Gujrat, Ali Pur Chatha, Zafarwal, Bhakkar, Kasur, Sheikhupura, Lahore, Sadiqabad, Kot Chutta and Dera Ghazi Khan.
“I have been directed to request that mobile Internet services may kindly be suspended on 21st April, 2024 for maintaining law and order situation and to avoid any untoward incident [in the aforementioned areas],” a section office of the Punjab home department wrote in his letter to the interior ministry.
The seats, which are up for grabs in Sunday’s by-polls, were left vacant due to postponement of polls or were vacated by lawmakers, who won multiple seats, in national election in February.
The request by the Punjab home department comes amid expectations of a fierce competition between candidates backed by jailed former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party and rival political groups.
Pakistan’s national election on Feb. 8 was marred by a mobile service shutdown and unusually delayed results, leading to accusations that the vote was rigged and drawing concern from rights groups and foreign governments.
Several political parties, including Khan’s PTI, and candidates had held protests and challenged many of the results before the ECP. However, the outgoing caretaker government and the ECP had denied allegations of any systematic rigging of the vote.
Police say attack on Japanese nationals in Karachi can be a case of ‘mistaken identity’
- In the past, Baloch separatists have claimed responsibility for attacks on Chinese nationals in the Pakistani port city
- However, Friday’s suicide attack on a van was the first incident in Pakistan that appeared to target Japanese nationals
KARACHI: The suicide attack on Japanese nationals in Pakistan’s southern city of Karachi could be a case of “mistaken identity” as no group has claimed responsibility for it, a senior police officer said on Saturday.
The Japanese nationals were traveling on Friday in a Hiace van to an industrial area, where they worked at Pak Suzuki Motors, when the suicide bomber detonated his explosive-laden vest near the van, according to police.
A police team escorting the vehicle returned fire after coming under attack, killing an accomplice of the suicide bomber. Officials said one of the attackers was identified as Sohail Ahmed, a resident of Panjgur district in the southwestern Balochistan province.
However, Ghulam Nabi Memon, the provincial police chief, said no militant group had accepted responsibility for the attack and it seemed they didn’t intend to attack the Japanese.
“For now, it seems to us to be a case of mistaken identity,” Memon told Arab News. “We are reviewing security protocols. The police and intelligence agencies are making efforts [to arrest the perpetrators].”
In the past, Baloch separatists have claimed responsibility for attacks on Chinese nationals in the Pakistani port city. However, this is the first time that the Japanese have come under such an attack.
A police officer, who spoke on the condition of anonymity, told Arab News that police suspected the attack was carried out by the outlawed Balochistan Liberation Army (BLA). The group has claimed several attacks, including the ones on the Chinese consulate in Karachi, Karachi Stock Exchange, and a suicide attack on Chinese teachers at Karachi University.
A BLA spokesperson didn’t respond to Arab News request for a comment on the attack.
Hours after the attack, Baloch activists shared videos on X, claiming raids were conducted on the homes of their supporters in Karachi.
A police officer, who requested anonymity, confirmed that raids were made to arrest the perpetrators and facilitators of the incident, but declined to share if any arrests were made.
“All I can share is that we are going in the right direction and an important breakthrough will be made soon,” he said.
On Friday, a police handout said the provincial police chief had chaired a high-level meeting, wherein he emphasized the need to establish a dedicated unit for the protection of Chinese nationals.
The police chief also stressed strict implementation of the standard operation procedures (SOPs) regarding the security of foreign delegates and regular issuance of security adviseries by authorities.
“Further discussions centered on enhancing security measures for all Chinese residents, experts, staff, and other foreign guests/delegates in Sindh,” the handout read.
In recent weeks, militants have targeted Chinese nationals working in Pakistan on projects relating to the China-Pakistan Economic Corridor (CPEC), a major segment of Beijing’s Belt and Road infrastructure initiative, which will connect China to the Arabian Sea and help Islamabad expand and modernize its economy through a network of roads, railways, pipelines and ports in Pakistan.
In March, five Chinese nationals and their Pakistani driver were killed in northwest Pakistan, when a suicide bomber rammed his explosive-laden car into the bus carrying them to Dasu Dam, the biggest hydropower project in Pakistan, where they worked.
Saudi cadet bags gold medal as fresh batch graduates from Pakistan Military Academy
- Forty-nine cadets from “friendly countries” graduate from Pakistan Military Academy in Kakul, says army
- The PMA provides initial training to Pakistani cadets and recruits from friendly countries such as Saudi Arabia
ISLAMABAD: The Pakistan Army awarded the Chairman Joint Chiefs of Staff Committee Overseas Gold Medal to a Saudi cadet in recognition of his performance, as a fresh batch of local and international cadets graduated from the Pakistan Military Academy (PMA) on Saturday, the army’s media wing said.
General Sahir Shamshad Mirza, chairman joint chiefs of staff committee, was the chief guest at the passing out parade of the 149th PMA Long Course at the academy in Kakul. General Metin Gürak, the chief of the Turkish general staff who is on an official visit to Pakistan, was the guest of honor at the ceremony.
Gen. Mirza reviewed and spoke to cadets at the parade while General Gürak presented the awards to the distinguished cadets, the Inter-Services Public Relations (ISPR) said.
“The Chairman Joint Chiefs of Staff Committee Overseas Gold Medal was awarded to Friendly Country Senior Under Officer Fahad Bin Aqil Al Towarqi Al Fallaj from Kingdom of Saudi Arabia,” the ISPR said.
The army’s media wing said 49 cadets from “friendly countries” also graduated at the ceremony. The coveted Sword of Honour was awarded to Academy Senior Under Officer Muhammad Nauman Abdullah.
The President’s Gold medal was awarded to Company Senior Under Officer Muhammad Abdullah Javed of the 149th PMA Long Course, the army’s media wing said.
“Since its inception, PMA has remained the cradle of leadership and center of excellence for cadets joining the premier institution of Army,” Gen. Mirza was quoted as saying by the ISPR.
“Over the years, PMA has also trained scores of foreign cadets whose brilliant performance in their respective Armies stands testament to the professional ethos of PMA.”
The PMA in Kakul, Abbottabad, provides initial training to Pakistan Army cadets and recruits from friendly countries, including Saudi Arabia, the Middle East and elsewhere in the world.
Pakistan and Saudi Arabia enjoy fraternal relations, leading the two countries to cooperate in trade, defense and other vital sectors.
The Kingdom is home to over 2.7 million Pakistani expatriates and serves as the cash-strapped South Asian country’s largest source of remittances.
Pakistan to hold by-elections on 21 national, provincial assembly seats on Sunday
- Polling will be held on seats vacated by candidates or where polling was postponed due to various reasons
- Polling will take place on seats vacated by PM Shehbaz Sharif, Chief Ministers Maryam Nawaz and Ali Amin Gandapur
ISLAMABAD: Pakistan will conduct by-elections on 21 national and provincial seats on Sunday, state-run media reported on Saturday, marking the country’s first major electoral exercise since the contentious general elections of Feb. 8.
The by-elections would be held on the national and provincial assembly seats that were vacated by candidates following the Feb. 8 elections.
Polling on Sunday is scheduled to be held on five National Assembly seats, 12 Punjab Assembly seats, two Khyber Pakhtunkhwa (KP) Assembly seats and two Balochistan Assembly seats.
“Polling will start at 8:00 in the morning and it will continue till 5:00 p.m. without any break,” Radio Pakistan said.
Polling for NA-8 Bajaur and PK-22 Bajaur were postponed on Feb. 8 after the murder of a candidate, Rehan Zeb Khan. Polling will also be held in NA-44 Dera Ismail Khan, where the National Assembly seat was vacated by Ali Amin Gandapur, who retained his provisional assembly seat to become KP’s chief minister.
Similarly, Punjab Chief Minister Maryam Nawaz Sharif vacated her NA-119 seat in Pakistan’s eastern city of Lahore, choosing instead to keep the PP-159 constituency that she also won.
Prime Minister Shehbaz Sharif won elections on two provincial and National Assembly seats. He left the NA-132 Kasur and Lahore’s PP-158 and PP-164 seats vacant, preferring to retain the NA-123 Lahore constituency.
Pakistan Peoples Party (PPP) Chairman Bilawal Bhutto-Zardari won two National Assembly seats. He retained the NA-194 Larkana constituency, leaving the NA-196 seat in Qamber Shahdadkot vacant.
Pakistan’s Feb. 8 elections were marred by delayed results, a countrywide shutdown of mobile phone services and rigging allegations. Jailed former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) accused Pakistan’s election regulator of manipulating the results of the elections, claiming in reality it had won over 180 National Assembly seats.
The Election Commission of Pakistan (ECP) rejected the PTI’s allegations, saying polling results were delayed due to the shutdown of mobile phone services countrywide. Pakistan’s caretaker administration had said the mobile services were suspended due to security reasons, rejecting rigging allegations by Khan’s party.
Independent candidates backed by Khan secured the highest number of seats in the National Assembly. However, the Pakistan Muslim League-Nawaz (PML-N) emerged as the largest party in the National Assembly, as a court decision prevented Khan-backed candidates from contesting polls with the PTI’s symbol.
