Egyptian tycoon Naguib Sawiris shows interest in PM’s housing scheme

Expressing his trust in the Pakistani market, Egyptian billionaire and Ora Developers Chairman Naguib Sawiris has shared with Prime Minister Imran Khan his company’s future expansion plans in Pakistan, particularly in the real estate sector.

Sawiris had met with PM Imran Khan in Islamabad where he was accompanied by Overseas Minister Zulfiqar Bukari and the top management of Eighteen.

The meeting was themed around the multi-billion-dollar investments that Sawiris has made over the years in the telecom and real estate sectors of Pakistan.

 The billionaire expressed interest in exploring business opportunities in various sectors including mining, tourism and developing a progressive programme for the banking sector through SME banks.

He also showed interest in providing impetus to Pakistan’s economy by investing in the PM’s five million low-cost housing scheme.

This interest stands particularly aligned with the $2 billion investment that Sawiris made in the real estate sector in 2017. The investment brought to stage a world-class lifestyle destination development, under the brand name of Eighteen.

Eighteen is a 2.7 million square-yard gated community being led by Ora Developers in partnership with the Saif Group and Kohistan Builders and Developers.

 Located in the 18th District, to the south-west of downtown Islamabad, it offers the highest quality of design and construction, which will set new standards in accommodation and amenities for Pakistani real estate.

PM Imran Khan appreciated Naguib’s confidence in Pakistan and reassured the government’s support and facilitation.

 “Pakistan is proving to be one of the most attractive countries to invest in, with the country now standing at an improved position in the ranking for ‘Ease of Doing Business’ by the World Bank,” he added.

Meanwhile, addressing a press conference the following day, Zulfiqar Bukhari complimented Sawiris by saying, “Naguib is a revolutionary businessman. While we are exploring business opportunities in mining, tourism and banking sectors, we would also want Naguib’s involvement in making Naya Pakistan and we would want to benefit not only from his investments but also from his experience and vision.”

Naguib Sawiris on the occasion said, “Today, we have shown our progress, commitment and delivery against a promise we had made in early 2018. Eighteen, I believe, is now set to revolutionize real estate projects in Pakistan. We are creating a city within a city that is redefining the concept of destination living in Pakistan. I am very pleased to be involved with the project and have complete trust in the people and market of Pakistan.”

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