ISLAMABAD: Pakistan’s Ijara Capital Partners Ltd. has launched a private equity fund to raise five billion rupees ($29 million) to invest in real estate projects as Prime Minister Imran Khan encourages a construction boom, Bloomberg reported.
The South Asian nation is seeing a flurry of activity in its real estate sector after Khan selected the construction industry as a catalyst to boost economic growth. The nation is offering subsidies for low-cost houses and banks have been asked to increase their credit exposure for the industry to 5% of their loan portfolios. The country saw multiple REIT offerings for the first time last year.
The fund will be raised and deployed in multiple projects within six months, Farrukh Ansari, chief executive officer at Ijara Capital, said in an interview to Bloomberg. It will offer an internal rate of return between 25% and 30%.
“Real estate is a very attractive sector in terms of returns,” Ansari said. “There are not a lot of investment instruments to invest in transparently in Pakistan.”
The fund called Tameer Fund has seen interest from foreign investors, said Ansari. The amount raised will be used to fund land acquisitions and project development, he said
Pakistan’s Ijara launches private equity fund to raise $29 million for real estate
https://arab.news/px432
Pakistan’s Ijara launches private equity fund to raise $29 million for real estate
- The fund will be raised and deployed in multiple projects within six months
- It will offer an internal rate of return between 25% and 30%, he said
Saudi Arabia, Pakistan discuss green initiatives, climate cooperation in Riyadh
- Pakistan seeks Saudi support for desert reclamation, afforestation and carbon-offset projects as climate risks intensify
- Both countries signed an MoU in 2022 covering environmental areas ranging from biodiversity to air-quality monitoring
ISLAMABAD: Saudi Arabia and Pakistan on Tuesday discussed enhancing cooperation on environmental and climate action, with a particular focus on the Kingdom’s Saudi Green Initiative and the Middle East Green Initiative, during talks between senior officials in Riyadh.
Saudi Minister of State for Foreign Affairs Adel Al-Jubeir met Pakistan’s Federal Minister for Climate Change and Environmental Coordination Musadik Masood Malik, as the two sides reviewed avenues for collaboration on climate change and related international efforts, according to an official statement released in Riyadh.
The Saudi Green Initiative is the Kingdom’s national climate program aimed at cutting emissions, expanding renewable energy and planting billions of trees, while the Middle East Green Initiative, launched in 2021, seeks to coordinate regional action on climate change, including large-scale afforestation and land restoration across the Middle East and North Africa.
Malik told Arab News in an interview in July his ministry was seeking Saudi Arabia’s support for comprehensive climate projects, including desert reclamation, afforestation and carbon-offset initiatives, as Islamabad grapples with worsening climate-related challenges.
“Minister of State for Foreign Affairs, Member of the Council of Ministers, and Envoy for Climate H.E. @AdelAljubeir received Pakistan’s Federal Minister for Climate Change and Environmental Coordination, Dr. Musadik Masood Malik,” the Saudi foreign ministry said in a social media post.
“During the meeting, the two sides discussed avenues for cooperation in environmental and climate change,” it added. “They also reviewed the Kingdom’s initiatives in this regard, particularly the Saudi Green Initiative and the Middle East Green Initiative, as well as international efforts addressed in this regard.”
Pakistan has about 4.2 million hectares of forest and planted trees — roughly 4.8 percent of its land area — according to the United Nations’ Food and Agriculture Organization, and is focusing on combating desertification through afforestation, water management and sustainable agricultural practices.
Saudi Arabia, meanwhile, has positioned itself as a leading player in global climate diplomacy.
Pakistan, one of the world’s most climate-vulnerable nations, signed a memorandum of understanding with the Kingdom in 2022 to cooperate in nine environmental areas, including pollution control, nature protection, forestry, biodiversity, desertification, hazardous waste management, marine conservation, air-quality monitoring and environmental training exchanges.
Malik is currently visiting Riyadh to attend the 11th Global Forum of the United Nations Alliance of Civilizations (UNAOC), a UN platform that promotes dialogue, tolerance and interfaith harmony.
Pakistan’s embassy said he reaffirmed Islamabad’s commitment to countering intolerance and racism and reiterated support for UNAOC initiatives while addressing the forum.
