With 70 percent of overseas Pakistanis channeling their remittances into the property and contributing $12 billion annually, there’s no denying the sector’s centrality to Pakistan’s economy, according to Shafiq Akbar, CEO, IMARAT Group, speaking at Public Private Partnership Forum set up at the recently concluded Cityscape Global.
The renowned real estate conglomerate based in Islamabad marked its successful expansion into the GCC with an office in the UAE.
At the bustling Cityscape Riyadh which concluded recently, the IMARAT Group CEO Akbar presented a strong investment potential case.
Akbar, in his presentation not only identified critical problems surrounding Pakistan’s economy, but offered a roadmap for economic revival, growth, and stability. This holistic solution encompasses a thorough policy framework and robust digital infrastructure to harness Pakistan’s latent potential.
He backs his blueprint dubbed ‘Vision 2047’ with his successful venture of the past seven years which include artificial intelligence (AI), blockchain and satellite technologies, consequently resulting in the rise of his group.
His vision was backed by the comprehensive ecosystem put in place by IMARAT which comprises Pakistan’s largest estate industry network — Agency21, Graana.com, and PropSure Digital Solutions among other ventures.
With a fully digitized record of all 4.5 million land parcels in Pakistan and indepth research on the nation’s 41 economic drivers, IMARAT’s ‘Vision 2047’ provides a tailored strategy to harness the potential.
“An astounding 70 million of Pakistan’s population is between the age of 15 and 29, a figure surpassing the entire population of the UK,” remarked Akbar during his address at Cityscape and added: “The youth embark on the journey of family life and in need of new homes. Translated into financials, this represents a potential investment of $40 billion annually in housing, summing up to an incredible $3 trillion to $4 trillion in the next two decades.
While praising Saudi Arabia, Akbar stated, “The real estate model that the Kingdom has adopted lays the foundation for the transformation of its economy.”
He expressed the aspiration to emulate this model in Pakistan, charting a course for sustainable economic growth.
Source: Al Arabiya