KARACHI – A United Arab Emirates-based real estate company has announced to invest $30 million in Pakistan amid Prime Minister Imran Khan-led government’s special packages for construction sector.
Diyár Homes Limited will make the investment in the country’s second major city, Lahore, said an official from the firm.
The Pakistani premier believes construction sector can stimulate the under-pressure economy of the country. For this, he has also encouraged banks to introduce special packages to facilitate people.
Pakistan’s consumer home finance, which is one of the lowest in South Asia, increased by 18 percent to a record Rs97.8 billion this May, according to Foundation Securities Pvt.
The country has also seen its first real estate investment trust in more than six years.
With this project, the foreign company aimed to attract overseas Pakistanis to invest in their home country’s real estate sector.
It comes days after PM Imran launched ‘Roshan Apna Ghar’ program for overseas Pakistanis, enabling them to acquire property in Pakistan through Roshan Digital Accounts.
Speaking on the occasion, the premier termed overseas Pakistanis as huge asset of the country, adding that previous governments failed to tap the full potential of overseas Pakistanis.
He termed the program would prove game-changer for the expatriates.
He highlighted that assets held by overseas Pakistanis abroad are equal to the total GDP of the country, adding that they can be a major source of investment in Pakistan.
Terming corruption a major obstacle in investment from overseas Pakistanis, PM Imran said that efforts are being made to improve ease of doing business in the country.
PM Imran hoped that the dollars sent by overseas to acquire property will help Pakistan reduce its current account deficit.
Addressing the ceremony, Finance Minister Shaukat Tarin said that the scheme will help to retain the money coming from Roshan Digital Account. He said a massive investment is expected in real estate sector.
Earlier highlighting salient features of the scheme, Governor State Bank of Pakistan, Reza Baqir said overseas Pakistanis can now buy or obtain financing for property in Pakistan from anywhere in the world.
He said they can apply remotely and digitally to procure banks’ pre-approved projects or any other property.
Reza Baqir said the investment made through this initiative will be fully repatriable and no question will be asked in this regard.