Property development witnesses widespread boom

Amanullah Khan

Karachi—A new phase of boom in the construction sector of Pakistan has become visible as the second ABAD International Expo-2016 has attracted more than 500 million dollars of investment through various Memorandum of Understandings (MoUs) between a number of foreign companies and the Association of Builders and Developers of Pakistan (ABAD). Moreover, various residential and commercial projects worth Rs100 billion were also launched during the three-day event held at Karachi Expo Center. This was disclosed by Patron-in-chief ABAD Mohsin Sheikhani at conclusion of the event on Sunday while talking to media persons.
The United Arab Emirates based Pakistan Business Council (Dubai) has signed an MoU for collaboration in construction industry with ABAD worth 100 million dollars, he said adding that PBC is an umbrella organization of 1100 companies. Mohsin Sheikhani said that a UK-based company Khalid Choksi and sons has also signed an MoU with the ABAD for 150 million dollars to take up various construction projects. He told that the ABAD International Expo-2016 is proved to be a good omen for the construction industry as well as for Pakistan because a well-known construction company has returned to Pakistan. Feroz Saasi of Saasi builders has signed an MoU with the ABAD worth 100 million dollars for re-entering into the construction business of the country after a long period of 20 years.
Moreover, 150 million dollars of MoU was also signed with a Lebanese company. Mohsin Sheikhani informed that apart from these MoUs, various agreements with Allied Industries of construction sector including tiles, steel and other construction materials worth Rs50 billion were also signed during the three-day event. Speaking on this occasion, Chairman Southern Region ABAD Asif Sumsum informed that the ABAD International Expo-2016 has attracted unprecedented response from construction industry and investors as well as general public as more than 0.5 million people visited the exhibition during three days. He said that a number of residential and commercial projects worth more than Rs 100 billion were also launched during the three-day event held from 12 to 14 August, which is evident that the people have reposed confidence on the construction industry and specially on the ABAD.
He said that the ABAD International Expo-2016 has proved that the corporate sector of the country is vibrant and the economy of Pakistan is moving in the right direction. This occasion has also proved to be a golden opportunity for the allied industries because all the industries related to the construction sector have showcased their products and fetched purchasing contracts worth Rs50 billion, he said adding that rumours of decline in construction industry of the country have died their own death and that the successful organization of the ABAD Expo-2016 has opened many vistas for progress of this industry. Asif Sumsum told that now it should be very clear for the government that the future of the construction industry as well as Pakistan’s economy is very bright.
Senior Vice Chairman ABAD Arif Yousuf Jeewa, on this occasion, announced that the ABAD will organize Expo on regular basis to highlight the importance of construction industry and strengthening the economy of Pakistan. He said that unexpected response to the ABAD Expo-2016 has made people realize that the construction industry of Pakistan is highly vibrant and the government should pay due attention for the promotion of this industry as this is the only sector providing job opportunities to hundreds of thousands of skilled, semi-skilled and unskilled work-force of the country.
He also advised to form laws regarding the construction and real estate sector prudently as any wrong shot could ruin momentum of this industry, which is contributing more than 2 per cent to the Gross Domestic Product (GDP) of Pakistan. He said that the importance of the ABAD Expo-2016 could ne gazed from the fact that Sindh Governor Ishart-ul-Ebad Khan voluntarily became Patron-in-Chief of this event, Director General Rangers Major General Bilal Akbar visited and participated in a seminar, not only that but the Speaker Sindh Assembly Agha Siraj Durrani inaugurated the expo and again visited and expressed his happiness that people in large number have participated and visited the event.

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