There is no doubting the property sector’s importance to Pakistan’s economy, according to Shafiq Akbar, CEO of IMARAT Group, who spoke today at the Public Private Partnership Forum held at Cityscape Global. 70% of Pakistanis living abroad direct their remittances into the sector, which generates USD12 billion yearly.
The IMARAT Group, Pakistan’s top real estate organization, saw its CEO, Shafiq Akbar, give a compelling argument for a project with significant investment potential at the busy Cityscape Riyadh after the group’s successful entrance into the GCC with an office in the UAE. His speech went well beyond just a corporate vision. Along with outlining the serious issues affecting Pakistan’s economy, he also provided a blueprint for its recovery, expansion, and stability.
This holistic solution encompasses a thorough policy framework and robust digital infrastructure to harness Pakistan’s latent potential.
Shafiq supports his plan, nicknamed “Vision 2047,” with his successful enterprise from the previous seven years, which includes satellite technology, blockchain, and artificial intelligence. This has led to the growth of his organization. His idea was supported by the extensive ecosystem created by IMARAT, which includes, among other businesses, the largest estate sector network in Pakistan, Agency21, Graana.com, and PropSure Digital Solutions.
IMARAT’s ‘Vision 2047’ offers a customized approach to capitalize on the potential with a fully digitalized record of all 4.5 million land parcels in Pakistan and extensive research on the country’s 41 economic drivers.
During his speech at Cityscape, Shafiq observed that “an astounding 70 million of Pakistan’s population are between the age of 15 and 29, a figure surpassing the entire population of the UK” and added: “The youth embark on the journey of family life and in need of new homes.” Financially speaking, this translates to a possible investment in housing of USD 40 billion a year, or USD 3 to 4 trillion over the course of the next 20 years.
Shafiq praised Saudi Arabia and said, “The Kingdom has adopted a real estate model that lays the foundation for the transformation of its economy.” He outlined a plan for sustained economic growth and stated his desire for Pakistan to follow this model.
About IMARAT Group:
A complete portfolio of more than 15 big projects are included in the portfolio of IMARAT, one of Pakistan’s top real estate firms. It emphasizes vertical construction, which is consistent with its outlook on the upward future. IMARAT crafts lifestyles rather than creating massive projects. IMARAT is transforming Pakistan’s environment with 10 million square feet currently under construction, four Marriott hotels, the largest estate agent network, a reliable online real estate platform, and a digital map of the entire nation.