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
Indian cricket official says will send team to Pakistan only with government’s permission
- Pakistan are expected to host Champions Trophy tournament next year from February to March 2025
- No Indian team has traveled to Pakistan for cricket since 2008 due to deteriorating political relations
ISLAMABAD: A senior official of the Indian cricket board this week confirmed that it would send its team next year to Pakistan for the Champions Trophy tournament only if its central government gave it permission to do so.
Pakistan is expected to host the ICC Champions Trophy 2025 tournament from February to March 2025. The Pakistan Cricket Board (PCB) has proposed three venues for the tournament— Lahore, Karachi and Rawalpindi, according to local and international media reports. However, out of the eight participating teams, a question mark looms over whether the Indian cricket team will travel to Pakistan for the tournament.
The last time an Indian cricket team traveled to Pakistan for a cricket event was in 2008 for the Asia Cup. The Nov. 26 2008 Mumbai attacks caused a severe strain in India-Pakistan relations, forcing both teams to play against each other only during international events and at “neutral venues.”
As hosts of the Asia Cup last year, Pakistan were forced to agree to a hybrid model according to which India played all of their matches, including those against Pakistan, in Sri Lanka. Though Pakistan raised the prospect of a hybrid model for their presence in the ODI World Cup in India last year, they ended up playing all their games in the neighboring country.
“In the case of the Champions Trophy, we will do whatever the government of India will tell us to do,” Rajeev Shukla, vice president of the Board of Control for Cricket in India (BCCI) told Indian news agency ANI on Monday.
“We send our team only when the government of India gives us permission.”
According to cricket website ESPNcricinfo, Pakistan has proposed hosting all of India’s Champions Trophy matches in the eastern city of Lahore. The website reported that hosting all of India’s matches in Lahore would mean less logistical and security headaches around their travel. Additionally, the Wagah border crossing in Lahore allows Indian fans a relatively easier option to visit.
Pakistan are defending champions of the ICC Champions Trophy. The green shirts won the trophy under former captain Sarfaraz Ahmed in 2017 at The Oval in London after thrashing India by 180 runs to win the tournament. Champions Trophy 2017 was thought to be the last edition of the tournament until the ICC brought it back in the new rights cycle (2023-2027) and awarded Pakistan the hosting rights for the 2025 edition.
At UN General Assembly, Pakistan proposes collective efforts to thwart space weaponization
- Pakistan’s UN ambassador says threats in and from outer space have “escalated sharply” in recent years
- Expresses concern over deployment of missile defense systems, their integration with space technologies
ISLAMABAD: Pakistan’s ambassador to the United Nations this week proposed collective action against the weaponization of outer space, citing proliferation of destructive weapons in the territory by major powers during a debate at the UN General Assembly.
Munir Akram, Pakistan’s permanent representative to the UN, was speaking at a debate at the General Assembly on Monday over Russia’s decision last month to veto a draft US-Japan resolution that called on countries to prevent an arms race in outer space. The Security Council rejected the resolution by a vote of 13 in favor to one against, with China abstaining from the vote.
The vote came after Washington accused Moscow of developing an anti-satellite nuclear weapon to put in space. Russia has denied the allegations, with its President Vladimir Putin saying Moscow was against putting nuclear weapons in space.
During his speech at the UN General Assembly, Akram said threats to security in and from outer space have “escalated sharply” in recent years, adding that it was evident from the placement of weapons in space.
“Ambassador Munir Akram called for the issue of weaponization of outer space to be transmitted to the Conference on Disarmament for further consideration and urged collective action to preserve outer space for peaceful purposes,” a press release from Pakistan’s permanent mission to the UN said on Tuesday.
Akram said Pakistan has always maintained a principled position that resolutions on global disarmament should be deliberated and concluded in a transparent manner. He called for doing so at appropriate forums such as the Conference on Disarmament, the UN Disarmament Commission, and the first Committee of the General Assembly.
“In his statement, Ambassador Akram underscored the gravity of the situation, citing the proliferation of weapons in space and the increasing militarization of outer space by major powers,” the statement said. “He expressed concern over the deployment of missile defense systems and their integration with outer space technologies, warning of the destabilizing impact on global and regional security.”
He said if nuclear weapons were deployed in outer space, it would constitute a violation of the Outer Space Treaty. Akram highlighted the need for multilateral cooperation, particularly within the Conference of Disarmament, to address growing threats posed by outer space’s weaponization.
Pakistan is eager to take strides in its own space program. China last Friday launched a Pakistani satellite, ‘ICUBE-Qamar’ or ICUBE-Q into outer space, which is set to enter the lunar orbit on a high-stakes moon mission to reach the lunar side. The launch was part of China’s Chang’e-6 mission, a planned robotic lunar exploration mission, that aims to obtain the first-ever soil and rock samples from the lunar far side and return them to Earth.
The satellite was designed and developed by IST (Pakistan’s Institute of Space Technology) with China’s Shanghai University and Pakistan’s national space agency SUPARCO, state media had reported.
A senior ICT official who was co-lead on the project said last week that this is Pakistan’s first deep space mission, describing it as a “historic moment.”
Pakistan eye third victory in Azlan Shah hockey tournament against Japan today
- Pakistan beat hosts Malaysia and South Korea 5-4, 4-0 respectively last week
- 30th edition of Sultan Azlan Shah Cup is being played in Malaysia from May 4-11
ISLAMABAD: The Pakistan men’s field hockey team will face Japan today, Tuesday, in the Sultan Azlan Shah Cup clash in Ipoh, state-run media reported, as the green shirts eye a third victory in the tournament.
Pakistan have already won the two matches they have played in the tournament so far against hosts Malaysia, and South Korea. Pakistan beat a strong Malaysian side 5-4 on Saturday to win their opening contest of the cup before thrashing South Korea 4-0 on Sunday.
“In the 30th Sultan Azlan Shah Hockey Cup, Pakistan in their third match will play against Japan at Ipoh in Malaysia today,” state-run Radio Pakistan reported, adding that the match is scheduled to begin at 3:30 p.m.
Pakistani players Abdul Hanan Shahid, Arshad Liaqat, Ghazanfar Ali and Sufiyan Khan scored goals against South Korea to ensure the national team dominated the match on Sunday. Pakistan’s defense did an impressive job to contain the Korean hockey team, thwarting their efforts to score a single goal.
The 30th edition of the prestigious field hockey tournament is being played in Ipoh, Malaysia from 4-11 May. The cup will be contested between six teams, namely Canada, Japan, Malaysia, New Zealand, Pakistan and Korea.
The Sultan Azlan Shah Cup 2024 will see a round-robin stage at first where all six participating teams will play against each other once, followed by positional playoffs.
The teams finishing in the bottom two places of the league stage will contest in a fifth-place classification match. Teams finishing in third and fourth place in the pool stage will compete for bronze, while the top two teams will play in the final for the title.
All participating teams, except Japan, will be heading to Gniezno in Poland shortly after the tournament to participate in the FIH Hockey Men’s Nations Cup. There the title and an opportunity to be promoted to the FIH Hockey Pro League will be at stake.
Pakistan Cricket Board launches national team’s kit for T20 World Cup 2024
- Pakistan will take part in T20 World Cup 2024 scheduled to kick off in United States on June 2
- Green shirts will play separate T20I series against Ireland, England this month to prepare for mega event
ISLAMABAD: The Pakistan Cricket Board (PCB) this week launched the national team’s kit for the upcoming T20 World Cup 2024, scheduled to kick off next month in the United States and West Indies.
Cricket boards launch their national team’s kit before mega tournaments such as the World Cup. At a ceremony held in Pakistan’s eastern city of Lahore on Monday night, PCB Chairman Mohsin Naqvi launched the Pakistan team’s “Matrix Jersey” at the Qaddafi Stadium.
“Unveiled the new kit of Pakistan Cricket team!” Naqvi wrote on social media platform X. “Team Pakistan’s Green Matrix jersey is more than just a uniform; it’s a symbol of unity, representing every culture, and individual that makes up the rich fabric of our nation.”
The PCB chairman uploaded a video with his post in which star cricketers Babar Azam, Muhammad Rizwan, Shaheen Shah Afridi and Naseem Shah can be seen with the PCB chairman checking out the new jerseys.
Skipper Azam and his squad have left for Dubai from where they will travel to Ireland and England to play two separate T20I series. Pakistan will play three T20Is against Ireland in Dublin from May 12-14 before they take on 2022 World Champions England from May 22-30 in a four-match series.
The series will be an important one for Pakistan as the team prepares for the T20 World Cup scheduled to kick off from June 2 in the US and West Indies.
Pakistan have a strong bowling line-up in the form of fast bowler Mohammad Amir, who played in two T20s against New Zealand after ending his retirement, Shaheen Shah Afridi, Naseem Shah and Abbas Afridi.
Under Babar, Pakistan has done well in the last two T20 World Cups, reaching the semifinals in 2021 at the United Arab Emirates and losing to England in the final at the 2022 tournament in Australia.
Naqvi has promised a cash award of $100,000 to every player if the team wins the tournament.
Saudi, Pakistani businesses to continue investment talks on second day of Islamabad conference
- High-level Saudi business delegation led by Kingdom’s assistant minister for investment arrived in Pakistan on Sunday
- 30 Saudi firms from IT, telecos, energy, aviation, building, mining, agriculture are visiting, will meet 125 Pakistani companies
ISLAMABAD: Pakistani and Saudi Arabia will hold business-to-business talks today, Tuesday, as part of a Pakistan-Saudi Arabia investment conference being held in Islamabad amid a push by the South Asian nation to secure foreign financing.
A 50-member delegation led by the Kingdom’s Assistant Minister of Investment Ibrahim Al-Mubarak arrived in Pakistan on Sunday to attend a two-day investment conference, with representatives of some 30 Saudi firms from the fields of IT, telecom, energy, aviation, construction, mining, agriculture and human resource development, among others.
The conference comes as Pakistan and Saudi Arabia have been working closely to increase bilateral trade and investment deals after Pakistani Prime Minister Shehbaz Sharif met Saudi Crown Prince Mohammed bin Salman last month and the two leaders reaffirmed a commitment to expedite a previously discussed investment package of $5 billion.
Since then there have been a flurry of meetings and high-level visits, including of the Saudi foreign minister to Pakistan and of Sharif for a second time to Riyadh followed by the Saudi business delegation’s ongoing visit to Islamabad.
“B2B [business to business] interactions have been most productive,” Sharif said in his address at a dinner hosted for the Saudi delegates on Monday evening.
“I want to make it very clear that it is not the business of the government to do business. Our job is to offer policy frameworks. Our job is to act as a catalyst to make things happen and remove hurdles in the way for speedy achievement of our targets.”
At a press conference in Islamabad on Monday, Petroleum Minister Dr. Musadik Malik said 125 Pakistani companies would be meeting and negotiating with the Saudi companies who were visiting Islamabad.
“First, there were government-to-government agreements during the visit of the Saudi foreign minister [last month] and now there will be business-to-business agreements,” he said. “To facilitate the visiting Saudi companies, the Pakistani commerce ministry has affiliated one focal person with each Saudi company.”
INVESTMENT PUSH
The Saudi business delegation’s visit comes on the heels of one by Sharif to Riyadh from Apr. 27-30 to attend a special two-day meeting of the World Economic Forum (WEF).
On the sidelines of the WEF conference, the Pakistani PM met and discussed bilateral investment and economic partnerships with the crown prince and the Saudi ministers of finance, industries, investment, energy, climate, and economy and planning, the adviser of the Saudi-Pakistan Supreme Coordination Council and the presidents of the Saudi central bank and Islamic Development Bank.
This was Sharif’s second meeting with the crown prince in a month. Before that, he also met him when he traveled to the Kingdom on April 6-8. The Saudi foreign minister was also in Pakistan last month, a trip during which Pakistan pitched projects worth at least $20 billion to Riyadh, according to the Pakistani foreign ministry.
Pakistan and Saudi Arabia enjoy strong trade, defense, and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as a top source of remittances to the cash-strapped South Asian country.
Cash-strapped Pakistan desperately requires foreign investment as it tries to navigate an economic crisis that has resulted in a chronic balance of payments crisis.
The South Asian country is also in talks with the International Monetary Fund (IMF) for a new bailout deal, for which it needs to signal that it can continue to meet requirements for foreign financing which has been a key demand in previous loan packages.
