News & Views

Egyptian investor interested to build 100,000 houses in Pakistan

Egyptian billionaire Naguib Sawiris has offered to build 100,000 housing units in Pakistan, as per Aran news.

“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,” said Elite Estates CEO Tarek Hamdy.

Owned by Sawiris, 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.

Prime Minister Imran Khan in October 2018 had launched Naya Pakistan Housing Project in line with his party’s election manifesto.

Hamdy says they have “set rules or guidelines of the way of doing things” that apply to every real estate projects — whether they are affordable or high value units.

“We will use our experience and knowhow to deliver this properly to the people of Pakistan,” he added.

Since the announcement of the low-cost housing project for the poor, the scheme has been at the heart of all political and economic discourses with several calling it too ambitious.

“This scheme is very ambitious yet very promising for the people of Pakistan. I think all the developers should help in this scheme. You cannot solely rely on the government to build five million houses,” Hamdy said.

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