With 70% of overseas Pakistanis channelling their remittances into property and contributing $12 billion annually, there’s no denying the sector’s centrality to Pakistan’s economy, Shafiq Akbar, CEO of IMARAT Group, said at the Public Private Partnership Forum at Cityscape Global in Riyadh, Saudi Arabia.
After expanding into the GCC with an office in the UAE, IMARAT Group, a renowned real estate conglomerate based in Islamabad, witnessed Shafiq Akbar presenting a strong high investment potential case at Cityscape Riyadh.
His presentation was a lot more than merely a corporate vision. He not only identified critical problems surrounding Pakistan’s economy but offered a roadmap for economic revival, growth, and stability.
This holistic solution encompasses a thorough policy framework and robust digital infrastructure to harness Pakistan’s latent potential.
Shafiq backs his blueprint dubbed ‘Vision 2047’ with his successful venture of the past seven years, which includes artificial intelligence, blockchain and satellite technologies, consequently resulting in the rise of his group.
His vision was backed by the comprehensive ecosystem of IMARAT, which comprises Pakistan’s largest estate industry network – Agency21, Graana.com, and PropSure Digital Solutions, among other ventures.
With a fully digitised record of all 4.5 million land parcels in Pakistan and in-depth research on the nation’s 41 economic drivers, IMARAT’s ‘Vision 2047’ provides a tailored strategy to harness the potential.
“An astounding 70 million of Pakistan’s population is between the age of 15 and 29, a figure surpassing the entire population of the UK,” remarked Shafiq during his address at Cityscape and added: “The youth embark on the journey of family life and in need of new homes. Translated into financials, this represents a potential investment of $40 billion annually in housing, up to an incredible $3-4 trillion in the next 20 years.”
While praising Saudi Arabia, Shafiq stated, “The real estate model that Saudi Arabia has adopted lays the foundation for the transformation of its economy.”
He aspired to emulate this model in Pakistan, charting a course for sustainable economic growth.
