Egyptian billionaire offers to build 100,000 housing units in Pakistan

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The $2 billion Eighteen project launched in 2017 will be ready by year 2021. (Photo illustration by Eighteen)
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Pakistan’s housing sector offers great opportunities for investment due to rising demand. (AN photo)
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A view of under construction housing project in port city of Karachi. The demand for new housing unit is increasing with the growing population. (AN photo)
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Tarek Hamdy, CEO of Elite Estates, says the Egyptian billionaire Naguib Sawiris is ready to build affordable housing units in Pakistan. (AN photo)
Updated 18 January 2019

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

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”.


PM Khan welcomes Chinese investment in economic zones in phone call with Xi

Updated 26 October 2021

PM Khan welcomes Chinese investment in economic zones in phone call with Xi

  • Khan has directed authorities to provide land, electricity, gas connections as well as tax incentives to Chinese companies
  • Leaders discuss situation in Afghanistan, call for immediate provision of humanitarian aid to help avert crisis 

ISLAMABAD: Pakistani Prime Minister Imran Khan on Tuesday lauded China’s investment in special economic zones (SEZs) in the country as part of the China-Pakistan Economic Corridor (CPEC) framework, the PM Office said in a statement.
Khan was speaking to President Xi Jinping by telephone.
CPEC is a central part of the Belt and Road Initiative, under which Beijing has pledged over $60 billion for infrastructure projects in Pakistan, much of it in the form of loans.
Khan “lauded the successful, timely and high-quality implementation of the CPEC projects, and welcomed Chinese investments in the CPEC Special Economic Zones,” the PM Office said in a statement.
Xi and Khan agreed to work to strengthen bilateral economic and commercial ties, including “full realization of the potential offered by the Phase-II of the China-Pakistan Free Trade Agreement, to overcome the economic headwinds,” the statement said.
Earlier this month PM Khan directed authorities to take “all possible” measures to provide land, electricity and gas connections as well as tax incentives to attract more Chinese companies to invest in special economic zones in the country.
He also said out of a total of 27 SEZs in Pakistan, work on five industrial zones in Sindh’s Dhabeji, Khyber Pakhtunkhwa’s Rashakai, Bostan and Gwadar in Balochistan and Allama Iqbal Industrial City in Punjab was in “full swing.”
The two leaders also discussed the situation in Afghanistan and called on the international community to provide immediate humanitarian and economic assistance to the people of Afghanistan “to alleviate their suffering, prevent instability and flight of people, as well as continued engagement for rebuilding of the country,” the statement read.


India-Pakistan 'sporting brotherhood' impresses coach Hayden  

Updated 26 October 2021

India-Pakistan 'sporting brotherhood' impresses coach Hayden  

  • India captain Kohli embraced Rizwan soon after Pakistan romped to 10-wicket win  
  • Political tension between the neighbors has resulted in them avoiding bilateral cricket series 

ISLAMABAD: Matthew Hayden has been impressed by the “sporting brotherhood” on display after Pakistan beat India to break its run of 12 losses in World Cup contests between the archrivals.
India captain Virat Kohli embraced Mohammad Rizwan soon after Pakistan romped to a 10-wicket win in the Twenty20 World Cup game on Sunday to start its Super 12 campaign.

Former India captain Mahendra Singh Dhoni, now a mentor with the team, smiled as he spoke with Pakistan players including captain Babar Azam, Shoaib Malik and fast bowler Shahnawaz Dahani soon after the game ended.

“The thing that inspired me the most out of the performance was the fantastic sporting brotherhood,” Hayden, an intensely competitive former Australia opening batsman now working with the Pakistan's T20 squad, said in a video message from Dubai.

The political tension between the subcontinental neighbors has resulted in the countries avoiding bilateral cricket series since Pakistan visited India in 2012-13 and played a short limited-overs series. However, they compete against each other regularly in the ICC tournaments.

Hayden said the way the Pakistan and Indian players came together was a good example “of how we should treat each other as people.”

“That’s the role of sport, so it’s beautiful to see those moments where MS Dhoni is holding court with a few of the (Pakistan) players and Virat Kohli and (Rizwan), you know, in brotherhood, joining hands after there was heated battles in the middle.”

The Pakistan Cricket Board appointed Hayden as a batting consultant and South African Vernon Philander as a bowling consultant for the T20 World Cup after head coach Misbah-ul-Haq and bowling coach Waqar Younis stepped down.
Hayden joined the squad in the United Arab Emirates, following his stint as a commentator in the Indian Premier League which ended two days before the World Cup began on Oct. 17.

Following Pakistan’s record-breaking win, Babar reminded his teammates to stay focused on winning the World Cup instead of getting carried away with the win over India.

“Great humility from our perspective inside the change rooms, not getting carried away too much with the celebrations, but just this great humility, this great sense of spirit and great sense of purpose moving into the next game against New Zealand," he said.

Fast bowler Shaheen Afridi’s burst in his opening two overs provided Pakistan with the key wickets of Rohit Sharma and KL Rahul and helped restrict India to 151-7. Afridi also went on to take the wicket of top-scorer Kohli in his return spell.

For Hayden, it was a prime example of what Pakistan's pacemen are capable of producing.

“Pakistan has velocity in abundance, not just here but also back home that aren’t celebrating in this World Cup,” he said. “Shaheen really is that one leader within the bowling group ... nothing beats velocity, mixed up with some skill.”


Pakistan faces New Zealand in T20 World Cup match in Sharjah today

Updated 26 October 2021

Pakistan faces New Zealand in T20 World Cup match in Sharjah today

  • Pakistanis left fuming last month when Black Caps abandoned tour minutes before start of first one-day international in Rawalpindi
  • Pakistan ranks third on ICC Men’s T20 team rankings and New Zealand fourth, Pakistan has won 14 and lost 10 T20 contests between the sides

ISLAMABAD: Pakistan and New Zealand will meet today, Tuesday, in a closely watched Twenty20 World Cup match in Sharjah just weeks after the Black Caps abandoned a tour minutes before the start of the first one-day international in Rawalpindi, citing an unspecified security alert.
New Zealand will be kickstarting their World Cup campaign today against the green shirts, who began their journey with a record-breaking win against India on Sunday.
On the eve of the match, NZ captain Kane Williamson, not part of the squad in Pakistan that pulled out of the tour as he was playing in the Indian Premier League in the UAE, played down talk of a “grudge match.”
“There are a lot of good relations within the two teams. Over the years they’ve played a lot against each other, and a number of players have played with each other, as well,” Williamson told reporters. “I am sure the game will be played in the right spirit.”
Pakistan ranks third on the ICC Men’s T20 team rankings while New Zealand is in fourth position. Pakistan holds a historical edge over the blackcaps in the T20 format, having won 14 and lost 10 contests between the sides. The last series between the two countries, held in December 2020, was won by New Zealand.
A week after New Zealand pulled out, England also withdrew their men’s and women’s teams from a tour to Pakistan due to concerns over the physical and mental health of the players.
“We had one team in our [T20 World Cup] target, our neighbors [India], now add two more teams, New Zealand and England,” Pakistan Cricket Board Chairman Ramiz Raja said last month.
Williamson, who admitted the decision to abandon the tour was based on New Zealand government advice, praised the Pakistan team.
“I suppose the focus now is here at the T20 World Cup, and no doubt after the performance last night, Pakistan have some momentum and are feeling pretty good about their cricket,” said Williamson.
Pakistan thumped arch-rivals India by 10 wickets in the teams’ opening Super 12 match in Dubai on Sunday.
“Yeah, I mean, it was a fantastic performance. I think Pakistan have come to the T20 World Cup full of confidence, having played in these conditions more than most,” he said. “They certainly put it on show last night and showed why they’re one of the favorites in the competition.”
“Tomorrow I’m sure they’ll be very strong again, so for us, it’s focusing on the cricket that we want to play and trying to adjust to conditions.”


Pakistan’s top Shariat court declares ‘compensation marriages’ to settle disputes un-Islamic

Updated 26 October 2021

Pakistan’s top Shariat court declares ‘compensation marriages’ to settle disputes un-Islamic

  • Custom of swara involves girls being given in marriage or servitude to aggrieved family as compensation to end disputes
  • Though laws in 2005 and 2011 declared swara illegal it continues to be practiced and authorities often turn a blind eye

ISLAMABAD: Pakistan’s Federal Shariat Court (FSC) has declared ‘un-Islamic’ the tradition of Swara, a practice in which girls, often minors, are given in marriage or servitude to an aggrieved family as compensation to end disputes, local media reported.
A three-judge bench headed by FSC Chief Justice Noor Mohammad Meskenzai said the tradition of giving away minor girls to settle disputes was against the injunctions of Islam, Dawn newspaper reported.
The petitioner, a woman called Sakeena Bibi, said swara, often the result of punishment decided by a council of tribal elders called a jirga or panchayat, usurped the fundamental rights of a woman or young girl.
“It argued that jirga or panchayat misconstrued the concept ‘badl-i-sulah’ — compensation to settle a dispute by offering a young girl to the aggrieved family. The petitioner requested the court to declare this custom as illegal,” Dawn reported.
Dr. Mohammad Aslam Khaki, a jurist consult at the FSC, said swara violated at least four fundamental rights.
“According to him, since the girl is offered by the accused family, she in most of the cases is deprived of even basic facilities, hence subjected to discrimination. Secondly, she is wedded to a man without her consent. Thirdly, she is not entitled to dowry, and fourthly, she cannot file legal suit for khula — dissolution of marriage,” Khaki said.
Though laws in 2005 and 2011 have declared swara illegal, the custom still continues to be practiced in many parts of Pakistan.
In 2004, the Sindh High Court outlawed all such “parallel justice” systems. But the writ of government is weak in rural areas of the country, and local police often turn a blind eye.


‘Imagine potential’ if Pakistan, India can live like ‘civilized neighbors’ - PM Khan

Updated 26 October 2021

‘Imagine potential’ if Pakistan, India can live like ‘civilized neighbors’ - PM Khan

  • Khan addresses Pakistan-Saudi Investment Forum a day after Pakistan defeated India for the first time in a World Cup fixture
  • Cheekily says it wasn’t a “good time” to talk about mending fences after Pakistan’s thrashing of Indian cricket team 

ISLAMABAD: Pakistani Prime Minister Imran Khan said Islamabad and New Delhi only had one conflict, over the disputed Himalayan region of Kashmir, and urged both nations to resolve it like "civilised" neighbours.
The two countries have fought two wars over Kashmir -- divided between the two nations -- since their independence in 1947.
Addressing the Pakistan-Saudi Investment Forum in Riyadh, the PM highlighted Pakistan's growth potential and its young population and strategic location, which India could benefit from.
"We have two of the biggest markets [India, China] in the world neighbouring us, through Afghanistan we have [access] to Central Asian markets,” Khan said. "We have excellent relations with China, but if somehow we improve our relationship with India…”
He then added cheekily: “I know after last night's thrashing by the Pakistan team in the cricket match, it's not a very good time to talk about improving relations with India,” referring to Pakistan beating India by 10 wickets in a T20 World Cup opener on Sunday.
Decades of bitter rivalry between the neighbors often clouds their cricket encounters. India has largely refused to play bilateral games against Pakistan since 2008, after deadly attacks in Mumbai which India blamed on Pakistan. Islamabad denies state complicity.
Now they only play each other in international events. The last meeting was at the 50-over World Cup two years ago but even that was at the center of boycott calls.
Speaking in Riyadh, the premier said the two countries should try to resolve the Kashmir conflict like "civilised" neighbours.
"It's all about human rights and the rights of the people of Kashmir for self-determination as guaranteed by the United Nations Security Council 72 years ago,” Khan said. "If that right is given to them, we have no other problems. The two countries can live as civilised neighbours … just imagine the potential."
The PM said India could gain access to Central Asia through Pakistan and in turn the latter would gain access to two huge markets.