Pakistan is presently ranked amongst those states which have opened its local market for open investments in almost all development sectors. And also the first after China in the top ten thickly populated countries where the economic development is speedily rising.
Pakistan is the agriculture based economy that has to depend mostly on natural resources like rain water or other climatic changes. This prompted most of the foreign as well as local investors to pump in their capital in the industrial sector during the last several years. Consequently this led to a positive increase in foreign exchange reserves close to 100 billion US dollars and GDP at 8.4.
The foreign investment activity has been very modest uptill 1999. In fact, foreign direct investment has declined from $1101.7 million in 1995-96 to $682.1 million in 1996-97 and further to $472.3 million in 1998-99. The numerous reasons for this included inadequate infrastructure, perceptions of political instability, law and order difficulties, policy inconsistencies, long-standing unresolved disputes between foreign investors and the government, low rates of domestic investment.
Now the government of Pakistan's policy of openness to foreign investments along with offering a package of incentives to attract foreign investors has played a significant role in boosting the foreign investments. Power generation, telecommunication, construction in private sector, port development and operations, oil and gas, services/infrastructure, and the social and agriculture sectors have now been opened to foreign investments.
KEY FEATURES OF PAKISTAN'S INVESTMENT CLIMATE INCLUDE THE FOLLOWING:
Relaxation of foreign exchange controls, and a general policy of permitting foreign investors to participate in local projects on a 100 per cent equity basis in various sectors.
Allowing of foreign companies registered in Pakistan to undertake export and import trade.
FULL SAFEGUARDS TO PROTECT FOREIGN INVESTMENT:
-- Withdrawal of work permit restrictions on expatriate managers and technical personnel working in industrial undertakings and easing of remittance restrictions
-- Abolition of the ceiling on payments of royalties and technical fees;
-- Elimination of the requirement of obtaining a "No Objection Certificate" (NOC) from the appropriate provincial government, except for areas which are classified as negative areas (for reasons of environmental degradation, over-congestion, etc.
The construction sector witnessed slump following the October earthquake in Pakistan and investments were reduced and about 40 industries attached with the construction sector in various stages started getting affected badly.
In this state of affairs, a high-rise mega construction project in private sector, The Centaurus, was planned for the federal capital of Pakistan. The project is the joint venture of Pak Gulf Construction Pvt Limited (PGCL), which came into being as a result of collaboration of two recognised construction icons - Sardar Group of Companies from Pakistan and Al-Tamimi Group of Saudi Arabia.
Sardar Group of Construction (SGC) has a long list of accomplishments from real estate development, architectural designing to high-tech engineering and electrical works. The SGC, headed by its Chief Executive Officer Sardar Tanveer Ilyas, has earned a great repute, especially in construction of multi-storey facilities in all big cities of Pakistan. It has introduced a new vision in its projects and, therefore, is widely respected for the quality it has always ensured in every area if operates in.
Similarly, Al-Tamimi Group (ATG) is one of the top business groups of Saudi Arabia, which harnesses a broad range of skill of over 16,000 people, drawn from 28 nationalities, distributed over two dozen strong established companies in the fields from transportation, chemicals to information technology and hotel constructions and operations. The Group is presently engaged in many projects with various European and American companies.
The project is situated at the heart of the Federal Capital between the two main avenues - Jinnah and Faisal - covering 6.6 acres of land. The plot was acquired against Rs 6.6 billion, the highest-ever open bidding in the history of Capital Development Authority, in March 2005. The Centaurus after completion would offer an experience of architectural brilliance stimulating one's senses with facilities beyond compare.
President General Pervez Musharraf while inaugurating the groundbreaking of The Centaurus last month, had said that Pakistan was pursuing a liberal foreign exchange regime that places no restrictions on remittances and offers foreign and local investors a level-playing field. Welcoming this mega project in the local private construction sector, the President believed that this project would attract more investments in the country. On the occasion, he had promised to come to the aid of the investors if hurdles were created in their way.
President Pervez Musharraf's vision about attracting more and more investments represents the investment plans of PGCL CEO Sardar Tanveer Ilyas who is making practical efforts to revolutionise the private construction sector by introducing innovative architectural excellence in Pakistan.
To be completed in three years, The Centaurus will emerge as the icon of Pakistan. It encompasses a state-of-the-art futuristic multi-purpose complex, comprising a seven-star hotel deluxe, two towers for luxury residential apartments, a tower for commercial offices and a 5-storey mega inward looking shopping mall. To avoid traffic jams in or around it, the project will have an underground car parking space, equipped with auto-scan for 100 per cent security, for 2,000 vehicles at any given time. In addition, the ground floor will have facility for parking about 400-500cars at a time.
This seven star hotel will have ballroom for 1,500 people, 4 world class restaurants, a sophisticatedly equipped business center, a swimming pool, etc. The two residential apartment towers will provide all facilities of modern living. The apartments will have different covered areas, according to the needs of the residents. The Commercial Complex will prove to be the future office address for the multinationals and highly reputed national companies. The business center will have all the imaginable facilities to run a world class modern business.
Determined to make the project an icon of excellence and quality, the PGCL intends to house only credible business groups and producers and manufacturers of famous brands in the shopping mall, earmarking its first floor for jewellery/gold products shops, the second and third floors for retailers/companies dealing famous brands and the fourth floor for world renowned fast food chains and recreational outlets. The shopping will also have a cinema house of international standards.
To plan this ambitious project, the PGCL has hired WS Atkins, Europe's number one design company. The design of 'The Centaurus' carries the technological strength to easily endure quakes of 9.5 plus on Richter scale. Basically the company's local requirement is to design on Zone-III but its structure engineer design this complex on Zone-IV. Security Systems in The Centaurus
SPRINKLER SYSTEM:
Latest fire fighting technologies will be provided in 'The Centaurus' according to international standards. Sprinkler System is one of such latest technology. The whole complex will be sub-divided into sections or grids. Each grid will be served by a separate set of pumps. Sprinkler system will be triggered by dedicated heat sensitive bulbs for quick response. Sprinkler system will be supported by separate water tanks of 200 cubic meters capacity.
WET RISER SYSTEM:
Centaurus Complex will be provided by wet rising system to provide water supply for fire brigade. Water pipes will be installed from bottom to top of whole complex. High pressure will be maintained by devices for fire fighters. These pipes will be supplied by separate water tanks.
FIRE HOSE REEL:
The hose reel will be provided on each floor of the complex. According to international codes for fire safety, after a certain height general fire fighting system can not be useful. So, Atkins has designed this unique project according to international fire fighting codes. Atkins followed American as well as British fire fighting codes for any emergency handling.
SMOKE CONTROL AND PRESSURIZATION:
To avoid damages by smoke, computerised system for smoke control and proper air pressure will be available in the complex. The pressurisation system will operate automatically on detection of smoke. Smoke control system is designed to maintain a 2.5 m high smoke free layer by means of ducted smoke extracted system through the ceiling.
SERVICE ELEVATORS FOR FIRE FIGHTERS:
Separate elevators will be available for fire fighters in case of emergency. These elevators will reach to last floor within 60 seconds. These fire service elevators will be designed according to international fire codes. Power supply to these fire service elevators will be provided by life safety generators.
LSF CABLE SYSTEM:
Low Smoke Fumes cables will be used in the complex. LSF cables are highly resistant to fire.
SCADA SYSTEM:
SCADA system is the latest technology used for monitoring. The Centaurus complex will be equipped with SCADA system to monitor all activities in the complex and to respond in minimum time period in case of any emergency.
More systems including close circuit cameras, panic alarms, emergency lights, illuminated safety signs and excess control cards are also planned for the project to enhance security network of the project.
The motive behind having this state-of-the-art mega projects is to squarely improve the cultures of shopping, residence and all recreational activities at one place. The project would directly impact Pakistan's economy as it has set a path for more foreign investors to come in and invest in Pakistan's construction industry.