With 70% of overseas Pakistanis channeling their remittances into the property and contributing $12billion annually, there’s no denying the sector’s centrality to Pakistan’s economy, said Shafiq Akbar, CEO at IMARAT Group, at the Public Private Partnership Forum set up at Cityscape Global.
After the group’s successful expansion into the GCC with an office in the UAE, IMARAT Group, Pakistan’s leading real estate group, witnessed its CEO, Shafiq Akbar, presenting a strong high investment potential case at the bustling Cityscape Riyadh.
His presentation identified critical problems surrounding Pakistan’s economy, and offered a roadmap for economic revival, growth, and stability, according to a statement.
This holistic solution encompasses a thorough policy framework and robust digital infrastructure to harness Pakistan’s latent potential.
Shafiq backs his blueprint dubbed ‘Vision 2047’ with his successful venture of the past seven years which include artificial intelligence, 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 digitised record of all 4.5 million land parcels in Pakistan and in-depth 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 Shafiq during his address at Cityscape.
“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 - 4 trillion in the next 20 years.
While praising Saudi Arabia, Shafiq 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.
About IMARAT Group
IMARAT, a leading real estate company of Pakistan, has a comprehensive portfolio of 15+ mega projects across Pakistan.
It focuses on vertical construction which reflects its belief in the upward future.
With 10 million square feet currently under construction, 4 Marriott hotels, the largest estate agency network, a trusted online real estate portal, and with the digital map of the entire country, IMARAT is reshaping Pakistan’s landscape.