It is no secret that Pakistan's property sector is fundamental to the economy because 70% of overseas Pakistanis channel their remittances into it and contribute USD12 billion annually. Shafiq Akbar, CEO, IMARAT Group, spoke today at Cityscape Global's Public Private Partnership Forum.
With 15+ mega projects in Pakistan across its portfolio, IMARAT is a leading real estate company in Pakistan. The company is reshaping Pakistani landscape through the construction of 10 million square feet of commercial space, hotels, a trusted real estate portal, and a digital map of the entire country.
After the group's successful expansion into the GCC with an office in the UAE, IMARAT Group, witnessed its CEO, Shafiq Akbar, presenting a strong high investment potential case at the bustling Cityscape Riyadh.
Aside from identifying critical problems surrounding Pakistan's economy, he provided a roadmap for economic revival, growth, and stability in his presentation. This holistic solution encompasses a thorough policy framework and robust digital infrastructure to harness Pakistan's latent potential.
In his blueprint dubbed 'Vision 2047,' Shafiq outlines his successful ventures over the past seven years that encompass artificial intelligence, blockchain, and satellite technology, resulting in his company's growth.
IMARAT backed his vision with a comprehensive ecosystem that includes the most prominent property networks in Pakistan, Agency21, Graana.com, and PropSure Digital Solutions.
An in-depth analysis of the nation's 41 economic drivers has been undertaken through IMARAT's 'Vision 2047', which provides a tailored strategy for harnessing the potential of the nation's 4.5 million land parcels.
During his address at Cityscape, Shafiq Akbar remarked:
"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. The youth embark on the journey of family life and in need of new homes. Translated into financials, this represents a potential investment of USD 40 billion annually in housing, summing up to an incredible 3 - 4 trillion USD in the next 20 years."
While praising Saudi Arabia, Mr Akbar stated:
“The real estate model that the Kingdom has adopted lays the foundation for the transformation of its economy."
He also expressed the aspiration to emulate this model in Pakistan, charting a course for sustainable economic growth.
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