KARACHI: Egypt’s Ora Developers and its Pakistani partners plan to launch a multibillion-dollar luxury housing project on the outskirts of Islamabad next month, Senator Usman Saifullah Khan, vice chairman of the Saifullah Group, confirmed to Arab News on Wednesday.
Khan said that the same project would be replicated in Lahore and Karachi by the beginning of next year.
Owned by an Egyptian billionaire, Naguib Sawiris, Ora Developers is a major investor that holds up to 60 percent shares in the multibillion-dollar housing scheme that will soon become visible in the southwest of Islamabad. Success of the project is expected to attract more investment in Pakistan's housing sector.
“Project Eighteen,” a mixed-use development project that will cover 600 acres of land, is a joint venture between Naguib Sawiris, the Saif Group and Kohistan Builders. Commercial activity began earlier this year and the project will be delivered in phases, with delivery against the first phase expected in the next three years.
“Mr. Sawiris is one of the world’s leading investors who always took a very positive view of Pakistan’s investment potential," Khan said. "His first investment was in Mobilink, the country’s largest cellular operator. Mr. Sawiris’ firms have successfully delivered similar real estate projects in Egypt and around the Middle East, though this is his first venture in Pakistan’s real estate sector.”
According to data shared by the developers with Arab News, the project entails the construction of a five-star hotel of 150 rooms, 1,068 housing units, 921 residential apartments, business parks, hospitals, schools and other educational facilities and 13 office buildings. The total cost of the project is estimated to be $2 billion.
“Pakistan’s real estate sector presents a huge economic opportunity. Housing is a basic human need and there is a very large demand at all ends of the market,” Khan maintained.
“It is, however, important that this sector moves away from unproductive speculative activities towards more focused activity that actually meets customer needs and solves our housing problems. It is also important that banking policy is aligned with this so as to ensure that affordable mortgage financing is available to all income groups.”
The builders plan to hand over the constructed housing units and other facilities to local and foreign buyers in the next two to three years. “The management team, a mix of Egyptian and Pakistani experts, is here and they are working on the project to make it a success,” he said.
Khan added that Ora Developers and the Saif Group planned to introduce modern international ways of living to the people of Pakistan, claiming that this dream was gradually turning into reality.
Talking to Arab News, Chairman of the Association of Builders and Developers Arif Yousuf Jeewa said Pakistan faced a shortage of nearly 12 million housing units that may require a massive investment of $180 billion.
“Local and overseas Pakistanis are interested in investing in their country,” he said, “but what we need is infrastructure development.”
Egyptian investor to launch multibillion-dollar housing project in Pakistan
Egyptian investor to launch multibillion-dollar housing project in Pakistan
Record $14.4bn rise in Saudi holdings of US Treasuries
RIYADH: Saudi Arabia increased its holdings of US Treasuries by 10.71 percent in November in what was the largest increase since data tracking began in 1974, according to the latest official data,
The Kingdom’s US Treasury portfolio stood at $148.8 billion in the month, up $14.4 billion from October.
Following the increase, Saudi Arabia moved up one place to 17th place among the largest foreign holders of US Treasuries.
Countries including Saudi Arabia invest in US Treasuries for their perceived safety, liquidity, diversification benefits, and alignment with economic ties to the US.
The Kingdom’s holdings were 17.25 percent higher in November compared with January 2025.
The allocation highlights Saudi Arabia’s preference for longer-dated US government debt as part of its foreign reserve strategy, focused on capital preservation, liquidity, and diversification amid global market volatility.
Saudi Arabia’s holdings included $106.8 billion in long-term securities, accounting for 72 percent of the total, while short-term holdings stood at $42 billion, or 28 percent.
Globally, Japan remained the largest foreign holder of US Treasury securities at $1.2 trillion, followed by the UK at $888.5 billion, mainland China at $682.6 billion, and Belgium at $481 billion.
Canada ranked fifth with holdings of $472.2 billion, followed by the Cayman Islands and Luxembourg in sixth and seventh positions, with portfolios valued at $427.4 billion and $425.6 billion, respectively.
France placed eighth with $376.1 billion, followed by Ireland at $340.3 billion and Taiwan at $312.5 billion.
Other countries included in the top 20 list include Switzerland, Singapore, Hong Kong, and Norway, as well as India and Brazil.
The trade relationship between Saudi Arabia and the US remains strong, with the Kingdom exporting SR5.20 billion ($1.39 billion) worth of non-oil goods in October, data from the General Authority of Statistics showed.
Speaking to Arab News in October, Nasser Saidi, founder and president of economic and financial advisory services firm Nasser Saidi & Associates and a former minister of economy and trade in Lebanon, said US Treasuries are a critical pillar of stability.
“Holding treasuries allows Saudi Arabia to meet its international payment obligations — finance imports, service external debt, portfolio, and capital flows — provide a buffer against oil revenue shocks, while also generating a steady, low-risk stream of income,” he said.
