UAE firms eye Pakistan’s construction sector

KARACHI: A group of Pakistani real estate companies based in the United Arab Emirates (UAE) are keen to invest billions of dollars in Pakistan's construction sector through an association of builders and developers, a statement said on Friday.

The companies, including Almir, Habibi Group, and Mark Stone, met the Association of Builders and Developers of Pakistan (ABAD) in Karachi to discuss investment opportunities in the real estate sector, the statement added.

The delegation was led by Sardar Qaiser Hayat, an advisor to the government of Pakistan for Overseas Pakistanis in Gulf Countries. ABAD Chairman Asif Sumsum welcomed the initiative and announced full support for the economic development and prosperity of Pakistan.

"Overseas Pakistanis want to invest $20 to $25 billion in Pakistan," Hayat said, adding that the political and armed forces leadership have assured overseas Pakistanis of safety for their investments in the country.

He said that ABAD is the only representative association of builders and developers of Pakistan and that it was also assisting the government in forming policies for the development of the construction industry.

Hayat said that being the lone representative organisation, ABAD could become the best source of investment for foreign companies. Sumsum said that the huge investment in Pakistan's real estate sector would bring about an economic revolution in the country.

He said that the increasing population of the country and rapid urbanisation provided the best opportunities to real estate companies in Pakistan's construction industry. Sumsum said that a shortfall of more than 12 million housing units in Pakistan is a golden opportunity for real estate investors.

The construction industry of Pakistan recorded a contraction of 5.5 percent in the fiscal year 2022-23, after registering moderate growth in the previous two years, according to the central bank's annual report.