Zubair Qureshi Islamabad
Estate developers from Dubai, attracted by incentives and conducive environment provided for construction industry, are set to enter Pakistan with billions of rupees investment.
For Pakistan’s real estate sector, a Dubai-based Samana Developers has inked a key partnership agreement with H&S Real Estate announced at a joint press conference in Dubai.
Under the partnership, a new real estate development company ‘Emirates Developers,’ had been incorporated in Pakistan, which would build mixed-used resort-themed communities.
The agreement signing ceremony was witnessed by Consul-General of Pakistan Hassan Afzal Khan, along with officials of the Consulate, Samana Developers and H&S Real Estate.
Hassan Afzal while appreciating the strategic partnership, said “It is a proud moment for all of us and for the Pakistani community in Dubai that we are witnessing a double success story of Samana Developers and H&S Real Estate going to be replicated in Pakistan.”
He said he believed that the two well reputed real estate companies with their vision were going to create a new milestone in the real estate sector of Pakistan and would attract the much-needed investment to “our homeland.”
“I, on behalf of my colleagues in Pakistan mission in the UAE, share our best wishes to the success of Samana Developers, H&S Real Estate and the new venture Emirates Developers.”
Multi-award-winning and ranked amongst Top 50 Real Estate Companies in the Middle East, Samana Developers, is among top 20 real estate developers in the UAE.
CEO of Samana Developers Mr. Imran Farooq said “We are coming to Pakistan with high ambitions and bullish mindset.
Despite the drop in currency, Pakistan’s real estate market is quite attractive with year-on-year growth projection as we see Pakistan’s population, which needs housing, continues to grow.”
“We are not only developing another brick-and-mortar project but a lifestyle development with state-of-the-art amenities at par with the international standards, which we have achieved in Dubai.”
He said he believed today’s developers needed to think outside the box to fill the gap between innovation, lifestyle and construction.
“Our end-user business model has helped to be resilient during the Covid-19 pandemic. During the lockdown, we kept on building, and did not stop which continued the workflow, hence, cash flow from buyers to vendors.”
