ISLAMABAD: Pakistan is set for its first real estate investment trust (REIT) in more than six years as Prime Minister Imran Khan seeks to stimulate the economy through a construction boom, Bloomberg reported on Thursday.
Arif Habib Dolmen REIT Management Pvt. plans to raise Rs8 billion ($51 million) via private placements in two REITs for a housing project in Karachi, Muhammad Ejaz, the firm’s chief executive officer, said in an interview to Bloomberg. It plans to purchase the land in about two months, partly from Silkbank Ltd.
“Arif Habib Dolmen had created Pakistan’s only REIT in 2015 and the industry, which had gone silent since then, is reviving now on Khan’s incentives and regulatory changes,” the newspaper reported. “Pakistan is willing to forgive tax evaders if they invest in construction projects, while banks have been asked to increase their outstanding mortgages by at least 5 percent by December.”
One of the new REITs will focus on villas and the other on apartment buildings and commercial developments.
This is a developmental REIT with an expected internal rate of return of more than 30 percent, according to Ejaz: “The older REIT, which holds rental assets including Karachi’s most prominent mall and an office tower, offers a dividend yield of around 12 percent a year.”
Pakistan has been revising rules to make REITs more attractive for investors and developers. Finance Minister Shaukat Tarin in his budget last month lowered the dividend payment tax on REITs to 15 percent from 25 percent.
Silk Islamic Development REIT is scheduled to be launched next week for the commercial and apartment building section. Its five equal shareholders are Yunus Brothers Group that owns Lucky Cement Ltd., Fatima Group, Arif Habib Corp., Liberty Group and Arif Habib Dolmen.
The second Silk World Development REIT includes real estate developer World Group, which will develop the villas.
Pakistan set for first real estate investment trust in over six years
https://arab.news/5ktz2
Pakistan set for first real estate investment trust in over six years
- Arif Habib Dolmen REIT Management Pvt. plans to raise $51 million via private placements in two REITs
- Pakistan has been revising rules to make REITs more attractive for investors and developers
’Super Flu’: Pakistan confirms presence of fast-spreading H3N2 influenza strain
- Health authorities say virus is not new but shows higher transmission rate
- WHO reports global rise in seasonal influenza cases, especially in Europe
ISLAMABAD: Pakistani health authorities on Monday confirmed the presence of the H3N2 influenza strain, often referred to as a fast-spreading “super flu,” in the country, but stressed there was no cause for panic, saying the virus is not new and remains manageable with standard treatment and vaccination.
Officials said the strain is part of seasonal influenza viruses that circulate globally each year and has undergone genetic changes that make it spread more quickly, a pattern health experts say is common for influenza.
The confirmation comes as the World Health Organization (WHO) reports a global increase in seasonal influenza activity in recent months, with a growing proportion of influenza A(H3N2) cases detected, particularly across several European countries, including the United Kingdom.
“Yes, we have witnessed confirmed cases of H3N2 influenza (super Flu) in Pakistan since November this year. Out of total around 1,691 cases reported throughout Pakistan since last month, 12 percent are of the so called super flu,” Dr. Shafiq-Ur-Rahman, Senior Scientific Officer at Pakistan’s Center for Disease Control (CDC), told Arab News.
He said the virus had undergone a genetic drift, a gradual mutation that is typical of influenza viruses.
“The symptoms are similar to other influenza strains, but speed of transmission is high for H3N2,” Rahman said, adding that treatment remains the same as for other flu types and vaccination is critical to limiting spread.
Seasonal influenza is an acute respiratory infection caused by influenza viruses that circulate year-round worldwide. The WHO has stressed that influenza continues to evolve through gradual genetic changes, making ongoing surveillance and regular vaccine updates essential.
Influenza spreads easily through droplets when infected people cough or sneeze. While most individuals recover within a week without medical treatment, the illness can range from mild to severe and may result in hospitalization or death, particularly among high-risk groups such as young children, older adults, pregnant women and people with underlying health conditions.
Doctors say early symptoms of the flu can resemble those of the common cold, but the progression often differs. Colds typically develop gradually, beginning with a runny or blocked nose, sneezing and sore throat, followed by mild coughing and fatigue.
Flu symptoms, however, tend to appear suddenly and more intensely, with patients often experiencing high fever, extreme tiredness, body aches, headaches and a dry cough.
Health experts say this abrupt and severe onset is usually the clearest indication that an illness is influenza rather than a common cold, which is generally milder and slower to develop.
