‘Finances won’t be an issue’ for multi-billion dollar housing project, says chairman task force

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A mix of occupied houses and houses under construction in Bahria Town on the outskirts of Islamabad, Pakistan March 16, 2016. (REUTERS/File)
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A laborer works on a building construction site in Karachi, February 25, 2016 (Reuters)
Updated 14 April 2019
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‘Finances won’t be an issue’ for multi-billion dollar housing project, says chairman task force

  • First phase of Prime Minister Imran Khan’s five million affordable homes project to launch on April 17
  • Companies from Saudi Arabia, China, UAE and Turkey interested in mega project

KARACHI: Prime minister Imran khan’s Naya Pakistan Housing Program (NPHP), a massive project which aims to provide five million low-cost homes to the poor over five years, will kick-off in Islamabad on April 17 according to the housing and works ministry, but the project’s chief architect told Arab News that financing the multi-billion dollar project was not an issue for the government.

Earlier this year, Pakistan’s central bank governor estimated that the total cost of the affordable housing project would be between Rs. 15 to 17 trillion (over $100 billion) as the government addressed a critical shortage of homes in Pakistan’s cities where urbanisation has been among the fastest in South Asia and the population of city slums has been rapidly increasing.
The huge sum outlined by the state bank chief has raised questions about the financing and viability of the project, but in an exclusive interview to Arab News on Saturday, the Chairman of the NPHP Task Force, Zaigham Mehmood Rizvi, said money wouldn’t be a problem.
“These estimates are for the whole project. I don’t see any shortage of financing. Financing won’t be an issue because mostly housing projects will be built on government land,” he said.
Rizvi said financial instruments like mortgaged backed sukuk (Islamic bonds), mortgage bonds and housing bonds were being considered. “Besides, if needed, stock market-based instruments like a Real Estate Investment Trust will be considered.”




High-rise buildings will be planned in slums through master-planning with the help of Singapore, says Zaigham Mehmood Rizvi, Chairman Task Force of NPHP (Photo AN)

According to Rizvi, every home would carry a maximum price tag of PKR 3 million (approximately $21,000), with a maximum plot size of 120 yards and covered area of 850 sq. feet.
Last year, Pakistan’s Finance Minister, Asad Umar said that a part of the housing project would be financed by banks increasing their financing opportunities for Small and Medium Enterprises and reducing their cash to deposit ratio to increase credit.
“A policy for the financing of low-cost housing has been formulated by the central bank which allows banks to extend credit up to 90 percent of the price,” Rizvi said, and added that the scheme was part of empowering people, those who wanted “state intervention or support for shelter as per their affordability.”
Those unable to afford even 10 per cent of the equity would be facilitated through Islam’s principle of brotherhood or mawakhat, Rizvi said.
“The rich would be involved through... a website. Those who cannot afford (housing) will be able to get financial help from the rich that would not be given to the person but (for) the house,” he said with people able to raise equity up to 500,000 in this way while the rest would be financed by banks and philanthropists.
By the UN’s estimate, Pakistan’s current population of 208 million will cross 306 million by 2050, and with a current housing shortage of approximately 12 million units, the NPHP offers up a huge construction market for foreign and local builders and developers.
“We have received foreign interest from China, Turkey, Saudi Arabia’s Bin Ladin group, Emaar UAE, Malaysia , Europe and Canada,” Rizvi said and added that Pakistanis working in Saudi Arabia’s construction sector had approached the government as a group under the name ‘Pakistan Investment Forum,’ and offered technological help, as well as money and machinery.
Singapore is another possible collaborator, with a delegation expected to visit and suggest how to plan rapidly growing cities.
“High-rise buildings will be planned in slums through master-planning with the help of Singapore,” Rizvi said.


 

 


Pakistan to face India on Oct. 6 in women’s T20 World Cup clash 

Updated 14 sec ago
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Pakistan to face India on Oct. 6 in women’s T20 World Cup clash 

  • ICC Women’s T20 World Cup to run from Oct. 3-20 in Dhaka and Sylhet
  • Pakistan are placed in Group A with Australia, India, New Zealand, Qualifier 1

DHAKA: England will face South Africa in the opening match of the ICC Women’s Twenty20 World Cup to be held in Bangladesh later this year, the International Cricket Council announced on Sunday.
The event will run from October 3 to 20 in the capital Dhaka and the northeastern city of Sylhet, with warm-up matches starting on September 27.
Hosts Bangladesh and the top six teams from the previous edition in South Africa — Australia, England, New Zealand, South Africa and the West Indies — qualified automatically for the tournament, with Pakistan joining them as the next best ranked team.
Ireland, the UAE, Sri Lanka and Scotland are in contention for the remaining two places, with the semifinals of the qualifying tournament being held in the UAE.
Six-times winners and current world number one Australia will play in Group A alongside India, New Zealand, Pakistan and a Qualifier 1.
Neighbours and rivals India and Pakistan will face off on October 6.
Group B will feature South Africa, Bangladesh, England, West Indies, and Qualifier 2.
“Over the last six to seven years we have seen women’s cricket grow exponentially,” ICC chief executive officer Geoff Allardice said at the announcement of the fixture list and trophy unveiling in Dhaka.
“This is going to be a very special tournament,” he added.
It will be the ninth edition of the tournament, with Bangladesh previously hosting in 2014.


From bricks to clicks, Pakistani laborer achieves fame and financial independence via YouTube videos

Updated 20 min 59 sec ago
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From bricks to clicks, Pakistani laborer achieves fame and financial independence via YouTube videos

  • Riaz Ali who built homes working as a manual laborer initially began making videos on TikTok
  • 30-year-old made his YouTube channel in 2022 and has since become an online sensation

SANGHAR: Riaz Ali, 30, would stack brick over brick and bond them with mortar, a thick paste of cement, water and sand, as he built homes and did other manual labor work for years in the southern Pakistani district of Sanghar.

In 2022, he started making engaging video content that included throwing and catching mortar, targeting a tall pole with a motorbike tire and some prank videos, which have not only turned the daily wager into a millionaire but also a digital sensation.

Ali, better known as Riaz Jaan, initially posted videos on TikTok after which a friend advised him to post them on YouTube. He created his YouTube channel in April 2022 which was monetized only nine months later.

He now earns 20 times more than what he used to make two years ago.

“As a laborer, my wage was Rs1,500 [per day]. In a month, I used to earn Rs30,000 or Rs35,000 ($107-$125) as it was an inconsistent livelihood,” he told Arab News on Thursday.

“From YouTube, I earn more than Rs500,000 ($1,795) per month.”

Ali, who has 1.9 million subscribers on YouTube, 439,000 followers on TikTok and 359,000 on Facebook, says his content went viral through YouTube Shorts — vertical videos that have a duration of 60 seconds or less.

“My first earnings on YouTube were Rs800,000 ($2,872). I had never seen such a huge amount of money before. My family and I were so delighted that such a significant sum had come into my hands,” he said.

“After YouTube, my life changed. As they say, when Allah gives, He gives abundantly.”

Ali, who started working as a daily wager in 2010, has left his laboring job since becoming a digital sensation but still makes videos related to his former work.

He has also enabled the sharing of his viral videos on YouTube, helping several other content creators have engagement on their channels.

“There are people from various countries who repost my content and videos on their channels, and their channels have also been monetized,” he said. “I have granted them permission.”

This success has helped Ali buy two residential plots and two buffaloes, send his children to better schools, and take care of his family in a much better way. The 30-year-old has also bought a mobile phone worth Rs500,000, which he uses to create quality video content.

But Ali has not kept his success to himself and has passed his digital skills on to his family, friends and whoever he found willing to learn.

“Besides myself, my brother also has a YouTube channel where he posts labor-related videos. His channel has also been monetized,” he told Arab News.

“Additionally, I have two sons, Ali Ayan and Zeb Zohan, whose channel is also monetized.”

He says neither his brother’s nor his sons’ channels gained traction in the beginning and so, he began posting his content on their channels, which helped them gain momentum. Consequently, both channels were monetized.

The 30-year-old offers free, informal consultancy services to youth, who are interested in establishing their own YouTube channels, in his hometown of Jhol in Sanghar. He says he has around 50 to 60 youngsters, who either have monetized channels or are actively working toward them.

“I guide them all, and they follow my directions,” Ali said.

Ali Raza, a farmer and a friend of Ali, got inspired by seeing his friend earn through YouTube. Raza created his own account on the video-sharing website, where he posts funny videos.

“Since Riaz Jaan is teaching others, I also joined his group. It’s been four months since my YouTube channel has been monetized,” Ali Raza told Arab News.

“I earn between Rs25,000 and Rs30,000 ($89-$107) per month.”


Pakistan’s PM Sharif congratulates Sadiq Khan on winning third term as London mayor

Updated 05 May 2024
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Pakistan’s PM Sharif congratulates Sadiq Khan on winning third term as London mayor

  • Sadiq Khan secured historic third term in office as London mayor on Saturday 
  • PM Sharif says Khan’s third victory reflects his dedication to public service 

ISLAMABAD: Prime Minister Shehbaz Sharif congratulated London Mayor Sadiq Khan on Sunday for winning a third consecutive term in office, saying the landmark victory reflected the British-Pakistani official’s dedication to public service. 

Khan, 53, who was first elected in May 2016, beat his Conservative rival Susan Hall by more than 276,000 votes, with his win representing a swing of 3.2 percent to the Labour party. He won nine of the 14 constituencies, results showed on Saturday. 

Taking to social media platform X, Sharif offered his heartiest felicitations to Khan for his “hattrick” of victories. 

“As a hard-working British Pakistani, he not only raised the head of his parents high but also made every Pakistani to rejoice his victory with pride,” Sharif wrote.

He offered Khan best wishes for his future success as mayor of London. 

“The prime minister further said that his re-election for the third term also indicated his popularity and his devotion to public welfare,” the Pakistani prime minister wrote. 

Khan, who replaced Boris Johnson as London mayor in 2016 and who has widespread policing and budget powers, has been an increasingly divisive figure in the past few years regardless of the facts for or against, particularly in the suburbs, where he fared worse than in the inner city.

His supporters say he has multiple achievements to his name, such as expanding housebuilding, free school meals for young children, keeping transport costs in check and generally backing London’s minority groups. His critics say he has overseen a crime surge, been anti-car and has unnecessarily allowed pro-Palestinian marches to become a regular feature at weekends.

With inputs from AP

 


Naila Kiani becomes first Pakistani woman to summit world’s fifth-highest mountain

Updated 05 May 2024
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Naila Kiani becomes first Pakistani woman to summit world’s fifth-highest mountain

  • Naila Kiani summitted 6,485-meter high Mount Makalu in Nepal on Sunday morning, says Alpine Club of Pakistan
  • Kiani’s latest achievement makes her first and only Pakistani woman to summit eleven peaks higher than 8,000 meters

KHAPLU, GILGIT BALTISTAN: Dubai-based mountaineer Naila Kiani has become the first woman from Pakistan to summit Mount Makalu, the fifth-highest mountain in the world, the country’s leading non-governmental organization promoting mountaineering said on Sunday.

Mount Makalu is located in the Mahalangur range of the Nepal Himalayas, southeast of Mount Everest. The imposing mountain stands at 8,485 meters (27,838 feet) high. Kiani’s latest achievement makes her the first and only Pakistani woman to summit eleven peaks higher than 8,000 meters. 

She has previously summited Broad Peak (8,047 meters), Annapurna (8,091 meters), K2 (8,611 meters), Lhotse (8,516 meters), Gasherbrum 1 (8,068 meters), Gasherbrum II (8,035 meters), Nanga Parbat (8,125 meters), Mount Everest (8,849 meters), Manaslu (8,156 meters) and Cho Oyu (8,201 meters). 

“Congratulations, Nail Kiani has summited Makalu,” Karrar Haidri, the secretary general of the Alpine Club of Pakistan, told Arab News over the phone.

“So far out of 14 eight-thousanders, she has completed the 11th peak. She summited the peak at 8:50 am local time,” he added.

The Alpine Club said in a separate statement that Naila was grateful for all the prayers and wishes she had received from people, thanking Sherpa Gelgen Dai from Imagine Nepal, a company that promotes mountain trekking and peak climbing in Nepal. 

“This latest success highlights her exceptional endurance and determination,” the statement said. “She now holds the record as the fastest Pakistani, both male and female, to have summited 11 of the 8,000-meter peaks, accomplished in under 3 years.” 

Kiani is a Pakistani banker living in Dubai and a mother of two. She garnered fame in 2018 after her wedding photos from K2 basecamp were widely shared on social media. The Pakistani climber received the Sitara-e-Imtiaz, Pakistan’s third-highest civilian award, in March this year for climbing Mount Everest. 

“We are proud of the inspiration created by Naila, not only for her daughters and wider family but across the nation from every household,” Khalid Raja, Kiani’s husband, told Arab News over the phone.

Supporting his wife’s expeditions, Raja said it gets challenging for him at times to look after their children when Kiani is away. 

“If Naila completes 14 of the world’s 8,000-meter peaks, then we hope she can reduce the levels of time that she is away from her family and we can build together from there,” he said. 

“Then who knows, maybe I can do a few expeditions of my own.”


PM Sharif forms committee to resolve Pakistani wheat farmers’ grievances 

Updated 05 May 2024
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PM Sharif forms committee to resolve Pakistani wheat farmers’ grievances 

  • Farmers are demanding government stop wheat imports that have flooded markets, leading to reduced prices
  • Government committee to take measures to address farmers’ complaints within four days, says state media 

ISLAMABAD: Prime Minister Shehbaz Sharif this week formed a government committee to address the ongoing wheat crisis in the country, state-run media said, amid protests by thousands of farmers who say they are facing difficulties in selling and buying the food grain in Pakistan.

Farmers in Pakistan’s most prosperous Punjab province are demanding the government stop wheat imports that have flooded the market at a time when they expect bumper crops. The import of wheat in the second half of 2023 and the first three months of 2024 has resulted in excess amounts of the commodity leading to reduced prices, they say. 

“Prime Minister Shehbaz Sharif on Saturday taking notice of the issues faced by the farmers in selling their wheat and obtaining wheat bags, formed a committee under Ministry of National Food Security and Research to address their grievances,” the state-run Associated Press of Pakistan (APP) reported. 

Sharif issued the directives to form the committee during a high-level meeting he chaired on Saturday to review wheat procurement matters through the Pakistan Agricultural Storage and Services Corporation (PASSCO). The meeting was attended by federal ministers Rana Tanveer Hussain, Attaullah Tarar, and other officials.

The committee would take measures to address farmers’ concerns within four days, APP said, adding that Sharif expressed concerns over reports of farmers facing difficulties in buying wheat at “fair” prices and tasked authorities to resolve the issue immediately. 

“The federal government, through PASSCO, is procuring 1.8 million metric tons of wheat to ensure maximum benefit to farmers,” the APP quoted Sharif as saying. 

“The prime minister emphasized that the government will not compromise on the economic protection of farmers and will take all necessary steps to ensure their well-being.”

Agriculture is the backbone of Pakistan’s economy and constitutes its largest sector. The majority of Pakistan’s population, directly or indirectly, depends on agriculture for their income. 

According to the Pakistan Bureau of Statistics (PBS), agriculture contributes about 24 percent of the Gross Domestic Product (GDP) and accounts for half of the employed labor force in the country.