Egyptian billionaire to invest in landmark Pakistan project

Islamabad - To help PM Imran Khan's vision of 'Naya Pakistan'

An Egyptian billionaire businessman, Naguib Sawiris, expressed his will to invest in 100,000 housing units in Pakistan under Naya Pakistan Housing Programme (NPHP). 
Launched by Pakistan Prime Minster Imran Khan, the NPHP will provide 5 million affordable housing units for low-income groups in five years. Sawiris, owner of Ora Developers, is said to invest in 100,000 units in line with the Khan's vision, said Tarek Hamdy, CEO of Elite Estates - a partnership between Ora Developers and Saif Holdings.
In an exclusive interview with Arab News, Hamdy said, "Naguib Sawiris has expressed his will to invest in 100,000 units of affordable housing to help prime minister (Imran Khan) in his vision toward Pakistan. We will use our experience and know-how to deliver this properly to the people of Pakistan," quoted Dawn.
Since the announcement of the mammoth NPHP project on October 10 last year, over 40 bidders and construction companies have already applied to provide land and construct housing units. However Hamdy said, "I think the plan is right but it has to be in stages, has to be in steps. It could be achievable obviously but may take few good years, maybe couple of decades to be achieved."
While according to Arab News, Ora Developers is already engaged in the construction of a multi-billion-dollar housing scheme named 'Eighteen' which was launched in 2017 in Islamabad along with local partners, Saif Group and Kohistan Builders. It has a 60 per cent stake in the project which comprises a five-star hotel, 1,068 housing units, 921 residential apartments, business parks, hospitals, schools and other educational facilities and 13 office buildings, and a golf course.
The net worth of the project is estimated at $2 billion whereas Lahore, Karachi and Faisalabad are said to be next for real estate projects. "I think that our portfolio of real estate could come to $10 billion worth of investments in the next 5-10 years, including all the projects that we intent to do," Hamdy said.

• Pakistan