Ora Developers, well known Egyptian builders, owned by the billionaire Naguib Sawiris is all set to launch the $2 billion housing project in Islamabad, named as “Eighteen Islamabad”. Sawiris also plans to launch further new projects by the end of 2018.
Eighteen Islamabad project is supposed to feature around 1,000 homes, a golf course and a mall covering a land space 2.25 million square meters, and is expected to be completed in six years.
Sawaris has been investing in Pakistan since years, starting from his major investment in setting up Pakistan’s first ever telecom company, Mobilink. He started taking interest in Pakistan’s real sector after foreseeing the boom in real estate industry in the past few years. With militant violence been receded and China’s $50 billion investment has encouraged the economic growth of Pakistan for around 5%.
According to the Chief Executive Officer for Eighteen Islamabad, Tarek Hamdy, this $2-billion project also features a 30% component of equity, which is to be injected by the investors along with a 30% stake to be financed with major banks in Pakistan.
Sawiris promises to provide the Pakistani citizens with the ‘Highest Quality’ infrastructure and a unique lifestyle.
On the contrary, we have seen how Malik Riaz has totally revolutionized the level of infrastructure in the country. The ongoing project of Bahria Town Karachi is the living example of the standards Pakistan’s real estate sector has acquired in the past few years.
Also, according to the BMI Research December report, there has been noticed a shortage in housing units in Pakistan with the rapidly increasing urban population, which is estimated to reach 30 million by the year 2027. Countering all these issues in Pakistan, foreign investments have been proved to play a key role in our increasing economy.