Web Desk: Information Minister of Pakistan Fawad Chaudhry revealed on Friday that an Egyptian billionaire has showed his desire to build 100,000 housing units in Pakistan.
Tarek Hamdy, Chief Executive officer of Elite Estates — a partnership between Ora Developer and Saif Holding — told Arab News in an exclusive interview, “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.”
Egyptian billionaire offers to build 100,000 housing units in Pakistan https://t.co/tCqHdWQRz6
— Ch Fawad Hussain (@fawadchaudhry) January 20, 2019
Naguib Sawiris owned Ora Developers is already engaged in the construction of a multibillion-dollar housing scheme named ‘Eighteen’ which was launched in 2017 in Islamabad with local partners, Saif Group and Kohistan Builders.
In the Islamabad project the Ora Developers own a 60 percent stake in the project comprising 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 networth of the project is $2 billion.
The next cities on the radar for real estate projects are Lahore, Karachi, and Faisalabad. “We intend to do more, we intend to invest more. I think that our portfolio of real estate could come to $10 billion worth of investments in the next five to 10 years including all the projects that we intent to do,” Hamdy told Arab News.
Sawiris’ first investment in Pakistan was in Mobilink, a cellular operator.