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Egyptian Billionaire Shows Interest to Build 100,000 Housing Units in Pakistan

21/01/2019

Egyptian Billionaire Shows Interest to Build 100,000 Housing Units in Pakistan

Egyptian billionaire, Naguib Sawiris, has recently expressed his interest to build 100,000 housing units in Pakistan to help realize Prime Minister Imran Khan's dream of constructing 5 million houses in Pakistan in the next 5 years, under Naya Pakistan Housing Programme. He expressed his will to invest in Pakistan real estate sector and construct affordable housing units for Pakistanis, said Tarek Hamdy, Chief Executive officer of Elite Estates - a partnership between Ora Developer and Saif Holding - to Arab News.

Remember, Ora Developers, owned by Sawiris, is already engaged in the construction of a multibillion dollar housing project named "Eighteen" in Islamabad, which was launched back in 2017 with local partners, Saif Group and Kohistan Builders.

"Naguib plans to invest in constructing homes in Pakistan because we support Imran Khan's vision to provide affordable housing units to the nation. We will use our experience and know-how to deliver this properly to the people of Pakistan," added Hamdy.

On October 10, 2018, Prime Minister Imran Khan launched Naya Pakistan Housing Project with the aim to provide 5 million homes to low income families in the next five years.

"This scheme is very ambitious yet very promising for the people of Pakistan. I think all the developers should help in this scheme. You cannot solely rely on the government to build five million houses," Hamdy said. He also thinks that the government must announce the time frame for completion of each stage because such expansive project can never be completed within a short span of time.

"I think the plan is right but it has to be in stages, has to be in steps. It could be achievable obviously [...] may take few good years, maybe couple of decades to be achieved," he said. Over 40 bidders and construction companies have already applied to provide land and construct housing units under Naya Pakistan Housing Project.

Housing is an acute problem in the country with current estimates suggesting a shortage of 10 million units that may require massive investment.

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