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Pakistan's 135 million millennials have made it the world's fastest growing retail market. There is surging demand for fast moving consumer goods (FMCG) and durables like smartphones, computers, cars, motorcycles and home appliances.
Courtesy: Nikkei Asian Review |
Major energy and infrastructure projects, part of China-Pakistan Economic Corridor (CPEC), are transforming the country and creating millions of new jobs.
Incidents of terrorism and terror related deaths are in sharp decline since the country's military started nation-wide anti-terror operations in 2013.
Its $20 billion tourism industry is seeing rapid growth.
And yet, many continue to call Pakistan a "failed state". Why is it? Why is perception lagging reality?
Viewpoint From Overseas host Faraz Darvesh discusses these questions with Monis Rehman, Pakistani entrepreneur and CEO of Rozee.pk, and regular panelist Riaz Haq (www.riazhaq.com)
https://youtu.be/XDima7JSxKs
Related Links:
Haq's Musings
Pakistan is the 3rd Fastest Growing Trillion Dollar Economy
Pakistan Education Budget Surpasses Defense Spending
Information Tech Jobs Moving From India to Pakistan
Pakistan is 5th Largest Motorcycle Market
"Failed State" Pakistan Saw 22% Growth in Per Capita Income in Last 5 Years
CPEC Transforming Pakistan
Pakistan's $20 Billion Tourism Industry Boom
Home Appliance Ownership in Pakistani Households
Riaz Haq's YouTube Channel
PakAlumni Social Network
17 comments:
Thank you. It is so important to talk about positives among all the negatives that social media is flooded with. You are one person who is always balanced. I feel it's becoming more and more uncommon to see a balanced analysis coming from Pakistanis. There are many who speak out only when they have to criticize and I never see them talk about positive side of Pakistan. In the midst of such Facebook junkies and self proclaimed activists, you're a shining star! Keep doing your bit. Jahan ghalat ko ghalat kehna zaroori hai waheen sahi ko sahi kehna bhi utna hi zaroori hai.
Great Job Faraz, Riaz Haq and Monis. Hope to see more shows on the Positives of Pakistan.
THE EXPRESS TRIBUNE > BUSINESS
Consumer confidence in Pakistan at all-time high
https://tribune.com.pk/story/1609611/2-consumer-confidence-pakistan-time-high/
KARACHI: Pakistan’s consumer confidence has reached an all-time high of 111, up by nine points in the third quarter (July-September) of 2017, from 102 points in the previous quarter (April-June), according to the Nielsen Global Survey of consumer confidence and spending intentions.
“The nine-point increase in Pakistan’s consumer confidence score depicts an improving outlook for the country,” Nielsen Pakistan Managing Director Quratulain Ibrahim was quoted as saying in the press release.
“Since Nielsen launched the survey, this has been the highest number reached to date, which can be attributed to several reasons such as the growth in the agricultural sector, controlled inflation, strengthened power supply and most importantly, the uplift in the job market. Pakistan is flourishing and is rated as one of the top growth markets in the Middle East & Africa region.” The survey data highlights a positive perception of job outlook, increasing from 47% in the second quarter to 57% in the third.
Although there has been a one percentage point dip in job security being the biggest concern over the next six months, it still remains the top concern amongst 21% of Pakistani consumers. Consumers are spending more on vacations and technology in third quarter, suggesting that they have more disposable cash.
Regionally, there has been a one-point increase in the index level. Africa / Middle East has also witnessed a one percentage point increase in the job prospects (38%), with no change in the state of respondent’s personal finances. Spending intentions increased one percentage point to 34%.
Four out of six Africa / Middle East markets showed consumer confidence gains. Pakistan’s consumer confidence rose the most, by nine points (which stands at 111). United Arab Emirates (112), South Africa (83) and Egypt (81) were amongst the other countries showing an increase in consumer confidence index.
Conversely, consumer confidence fell in Morocco (72) and Saudi Arabia (93), declining by five points in both countries.
Established in 2005, the Nielsen Consumer Confidence Index is fielded quarterly in 63 countries to measure the perceptions of local job prospects, personal finances, immediate spending intentions and related economic issues of real consumers around the world. Consumer confidence levels above and below a baseline of 100 indicate degrees of optimism and pessimism, respectively.
Pure academic. Pure academic.
There is no clean water to drink.
Pakistan is rising. Rising to what.
Another billion $ politician on Forbs List.
Mr. Haq. You think we are that stupid.
How long you will jerk us around?
It is time to take out your head from the sand.
Go ask the parents of Zainab, if Pakistan is rising?
Taj: "Pure academic. Pure academic....."
Did you watch the video?
Monis Rahman is no academic. He's a successful Lahore-based Pakistani entrepreneur and a businessman running Pakistan's biggest online jobs site rozi.com
‘#Pakistan #economy set to achieve 6% #GDP growth’ in current fiscal year 2017-18, says nation's central bank report
http://www.gulf-times.com/story/578803/Pakistan-economy-set-to-achieve-6-GDP-growth
he State Bank of Pakistan (SBP) said yesterday that prospects for economic growth remain strong, noting that the economy is poised to achieve the growth target of 6% for 2017-18.
In its first quarterly report on the state of the economy, the SBP said rising income levels of consumers are fuelling retail sales and commercial activities.
However, there was an urgent need for finding more avenues for foreign exchange earnings and realigning policies favouring exports growth by addressing long-term structural impediments.
“For the external sector, recent gains in exports growth and foreign direct investments (FDI) while significant were not enough to contain the overall balance-of-payments deficit,” said the report.
It added that the widening of the current account deficit associated with increased economic activity is a recurrent phenomenon in Pakistan and has undermined maturing growth cycles in the past.
While the report expressed satisfaction over the increased revenue in the first quarter of 2017-18, it said that earlier efforts aimed at increasing the tax base need to be more concerted and perhaps require new, innovative methods.
The report raised the question whether the economy is doing well enough to sustain the virtuous equilibrium of high growth-low inflation into the medium and long terms. The report stressed the need for addressing the long-standing structural reforms in the fiscal and the external sectors for sustainability.
The report analysed the recent growth in exports and identified three reasons for it. Uninterrupted energy supplies to the manufacturing sector, increasing global demand and commodity prices and the recent exchange rate deprecation.
What stands out is the role of a benign inflationary environment for some time now that has helped spur the expansion in economic activities. Low and stable prices have facilitated and eased the process of economic decision-making.
“More tangibly, falling inflation along with healthy agriculture output and stable exchange rate has resulted in higher real rural incomes and urban wages. The resultant boost in consumption forms an integral part of the current economic growth paradigm,” said the report.
Low inflation has also allowed the SBP to cumulatively cut the policy rate by 425 basis points since the autumn of 2014.
The report suggested that average inflation in 2017-18 would remain below its annual target of 6%.
However, there are two major risks to this inflation forecast: first, recent exchange rate depreciation through expectations channel and, after some lag, through the higher imported goods’ price can seep into domestic prices; second, uncertain global oil prices pose both upside and downside risks.
The report said in the first quarter, the fiscal deficit was 1.2% of gross domestic product, lower than 1.4% recorded in the corresponding period of the last year. Total revenue recovered strongly, showing an 18.9% increase in the three-month period against an 8% decline in the same period a year ago.
“Against this, consolidated federal and provincial expenditures grew 12.8% compared to 2.8% increase in the same period last year,” said the report.
A worker inspects fabric on looms at a textile manufacturing unit in Karachi. The State Bank of Pakistan said yesterday that prospects for economic growth remain strong in Pakistan, noting that the economy is poised to achieve the growth target of 6% for 2017-18.
Riaz Sahib, what do you make of all the reports that say that the price of energy is too high compared to other countries in the energy contracts Pakistan has signed with CPEC?
RA: " what do you make of all the reports that say that the price of energy is too high compared to other countries in the energy contracts Pakistan has signed with CPEC?"
First, I believe it's part of a campaign of fear, uncertainty and doubt (FUD) being waged against CPEC by enemies of China and Pakistan.
http://www.riazhaq.com/2017/05/campaign-of-fear-uncertainty-and-doubt.html
Second, all the contracts awarded under CPEC follow Pakistan's longstanding IPP policy developed in 1990s that precedes CPEC. The IPP policy was designed to attract private investments in Pakistan's energy sector to meet exploding demand.
Here's an except of a Dawn piece by ex State Bank governor Ishrat Husain:
https://www.dawn.com/news/1313992
The entire energy portfolio will be executed in the IPP mode —as applied to all private power producers in the country. Foreign investors’ financing comes under foreign direct investment; they are guaranteed a 17pc rate of return in dollar terms on their equity (only the equity portion, and not the entire project cost). The loans would be taken by Chinese companies, mainly from the China Development Bank and China Exim Bank, against their own balance sheets. They would service the debt from their own earnings without any obligation on the part of the Pakistani government.
Import of equipment and services from China for the projects would be shown under the current account, while the corresponding financing item would be FDI brought in by the Chinese under the capital and finance account. Therefore, where the balance of payments is concerned, there will not be any future liabilities for Pakistan.
To the extent that local material and services are used, a portion of free foreign exchange from the FDI inflows would become available. (Project sponsors would get the equivalent in rupees). For example, a highly conservative estimate is that only one-fourth of the total project cost would be spent locally and the country would benefit from an inflow of $9bn over an eight-year period, augmenting the aggregate FDI by more than $1bn annually. This amount can be used to either finance the current account deficit or reduce external borrowing requirements. Inflows for infrastructure projects for local spending would be another $4bn over 15 years.
India Lacks a Competitive Trade Strategy for Chabahar
India needs a sound economic and political strategy to maximize the benefits it receives from Chabahar.
https://thediplomat.com/2018/01/india-lacks-a-competitive-trade-strategy-for-chabahar/
The first shipment to pass through the port of Chabahar to Afghanistan was celebrated with much fanfare and excitement this late October. India, with the largest economy in South Asia and an ever-rising military footprint has much to be proud of regarding this development. In the face of regional tensions with its western neighbor, Pakistan, India has chosen to circumvent the nation in order to open new trade routes with Afghanistan and greater Central Asia. Delhi may now find it easier to further diversify its trading partners, strengthen its relations with regional neighbors, and simultaneously compete with China’s Belt and Road Initiative.
While the potential for Chabahar’s positive externalities remain numerous, they also remain largely hypothetical. The completion of the project does not necessarily guarantee an increase in Indian economic influence, considering the economic and political realities that Delhi presently faces on the domestic front and in the region. The competitiveness of Indian exports, the security situation in Afghanistan, and regional geopolitics pose several hurdles that India must overcome.
Domestically, India faces a slowing economy that has had six continuous quarters of decreasing growth. The economy rebounded in the latest quarter but growth forecasts for the economy continue to be revised downwards due to recent poorly executed economic reforms (the Goods and Services Tax and demonetization). This becomes further troubling as the Indian economy continues to be faced with a critical job shortage that must incorporate 12 million young people every year. Additionally, India’s banking sector continues to pose risks to the economy with non-performing assets (bad loans) continuing to rise to unprecedented levels. In light of domestic economic challenges, Delhi would be wise to draft a comprehensive economic strategy to justify the cost of the overall investment in Chabahar and the overall multinational initiative.
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Currently, India has allocated around $2 billion to the overall project — $500 million dollars has been allocated to the construction of Chabahar port to increase cargo handling capacity and $1.6 billion to the construction of a rail link that will connect the port to the city of Zahedan. The city borders Afghanistan and will allow goods to flow into the country through already built infrastructure. Chabahar port will also serve as a starting point for the over-arching International North-South Trade Corridor (INTSC) that aims to connect India, Iran, Russia, and various Central Asian states. Remarks by Indian Prime Minister Narendra Modi and various analysts claim that the new port will revolutionize trade and commerce. This may prove to be true if India is able to drastically improve the efficiency of its manufacturing sector and increase the demand for Indian goods.
Yet, the current status quo will prove difficult to change considering both the cost and share of total exports India sends to Central Asia (including Afghanistan) when compared to other nations, specifically China. In early July, the Minister of State for Micro, Small, and Medium Enterprises, Haribhai Chaudhary, was asked why domestically produced goods cost more than those imported from China. Chaudhary responded, “The products manufactured in China are reportedly of lower price mainly because of their opaque subsidy regime and distorted factor prices.” India’s economy is primarily based on the services industry, which composes more than half of its GDP, compared to industry (including manufacturing), which only composes a little more than a quarter. China’s economy on the other hand, is primarily composed of industry, giving it greater leverage and ability to compete with Indian goods.
Once a struggling startup, now a success story
Technology
by Sarfraz Ali | Published on January 25, 2018 ��
The serial entrepreneur, mentor, co-author of “New Success Secrets”, “L.E.G Formula” and the founder of Global Social Entrepreneurship Foundation, Muhammad Siddique, compiled data on such projects, says the Momentum Tech Conference 2018 has even more opportunities for the enterprises from its last year’s edition. He says the enterprise world is ready to help the Pakistani entrepreneurs to say goodbye to their excuses. “This year, Fortune 500 mentors and representatives of world’s top online brands will be in Pakistan to help startups,” he said.
Of the long list of the online startups, there is the Nearpeer.org. This is an online professional courses portal where the users can learn at a self-directed pace. The startup won the second prize at the Momentum Tech Conference 2017. Its co-founder Ammar Ali Ayub who with his friend, tried to be a job provider while graduating from LUMS. Now, he has a team of 25 people and provides jobs to many dozen people. Ammar’s advice to startups is: never give up.
Ali Gohar Wassan is the co-founder of TheUniPedia, an online portal for universities entry test preparations with self-assessment, explanations and dedicated tutors to enhance the learning level of students. Ali Gohar is himself is a university dropout but he saw an opportunity in directing the people to the university education, and in the process now he provides jobs to hundreds of tutors and a full-time seven people team. Ask him about his secret to success, and smiles: have mentors, leave out excuses and be fair to yourself. He says meetups like Momentum Tech Conference are never to be missed. “It is the venue where from we got payment solutions and universities connections.
Also, at the conference will be Sehat.com.pk Marketing Director Bilal Mumtaz. His online medicine supply is a real breakthrough in Pakistan’s health system. The startup came into being when his project won a $150,000 seed money from a Canadian university, and since then the project has achieved many landmarks and has faced and overcome critical issues like fake medicine supplies. His priority is to provide cheap, good quality medicines to the people in rural areas at their doorstep in the quickest possible way. His secret success is: my network is my net-worth.
The online journey has brought Hyder Khan to Hyderabad from his hometown Badin. This under-30 startup star is running two projects: one, software development and two, accounting consultancy. Just one year ago, he had invested Rs5,000 in his online business and now, he has a team of six people for both businesses.
Qasim Asad Salam’s TheCampusFeed.com is also a new rage among the university students. The idea emerged when this LUMS student was in the final year and had been finding very hard to connect with other students. He thought of connecting with other students through a social network where everyone could speak on any issue maintaining anonymity. The idea was realized into a reality when it won a Rs300,000 prize at the Momentum Tech Conference 2017. That was a great push, and now the project is being run by six people. His advice to the struggling enterprises: be passionate, do not chase money and be extremely hardworking.
Last but not least stands Sameer Ahmed Khan whose application SocialChamp.io won the first prize at Momentum Tech Conference 2017. This application caters to need all social media users. His story and struggle are very inspirational. A spate of failures did not deter him from working again and again and at the end of the day, he met with success. Such success stories and connections are learned and earned at the events like Momentum Tech Conference. This year, the event is going to be held on February 19 and 20 in Karachi.
https://en.dailypakistan.com.pk/technology/once-a-struggling-startup-now-a-success-story/
Pakistan lowers electricity price by 2.99 rupees per unit
Source: Xinhua| 2018-01-25 22:07:15|Editor: Yurou
http://www.xinhuanet.com/english/2018-01/25/c_136924891.htm
ISLAMABAD, Jan. 25 (Xinhua) -- Pakistani National Electric Power Regulatory Authority (NEPRA) announced on Thursday to reduce the electricity price by 2.99 rupees (2.7 U.S. cents) per unit under the fuel adjustment for the month of December, 2017.
The decision in this regard was taken in a public hearing, which was conducted under Chairman NEPRA Tariq Saddozai in Islamabad. The hearing was conducted upon request of the Central Power Purchasing Agency (CPPA) which requested the NEPRA to cut the power price.
The CPPA informed at the hearing that the generation of electricity during December was recorded at 7.76 billion units, which was produced at 5.11 rupees (4.6 U.S. cents) per unit while its cumulative cost was 40.60 billion rupees (0.37 billion U.S. dollars).
The power distribution companies charged consumers 8.10 rupees (7.3 U.S. cents) per unit during the month under review, it added.
Pakistan: Chai at Midnight
Scenes of daily life in Pakistan rarely make the news; here are some glimpses.
By Robert Gerhardt
January 26, 2018
https://thediplomat.com/2018/01/pakistan-chai-at-midnight/
Pakistan has a mixed reputation in the eyes of many Americans (including the president, according to his tweets). When Pakistan is in the international news, it’s often for terrorism or sectarian violence. But while terrorist attacks do happen in the country — the people I met during a recent visit were open about that fact — the country is far from being a warzone.
During my travels, no matter where I went, or what time of day or night, every Pakistani I met was unbelievably welcoming to me. They would offer up bits of small talk and copious quantities of tea and snacks. They even put up with my bad attempts to speak Urdu, smiling and laughing as I tried to string together a few phrases.
Virtually every night my new friends and I went out for chai at a little market stall, usually around midnight when the heat broke — at least a bit. It got to the point that the locals and the Puthans who worked there stopped acting surprised to me see; they would smile and wave as we arrived.
As I traveled around the country, I photographed what I saw in front of me: the markets, streets, late-night chai stalls, drivers, motorbikes and street food vendors. It’s these people going about their routines that make up the daily life of a country many never see.
Robert Gerhardt is a social documentary photographer based in New York City. His work has appeared in The New York Times, The Guardian, Süddeutsche Zeitung, Hindustan Times, and Newsweek among others. Robert’s projects can be seen on his website: www.RobertGerhardt.com
5 airlines to venture into Pakistan
Source: Xinhua| 2018-01-29 20:13:38|Editor: Lifang
http://www.xinhuanet.com/english/2018-01/29/c_136934060.htm
ISLAMABAD, Jan. 29 (Xinhua) -- Five national and international airlines have applied for regular public transport airline license of Pakistan Civil Aviation Authority (CAA) to venture into the country's aviation industry, local reports said Monday.
The airlines are expected to get permission to carry out the flight operation in the country's skies during the next one year, which is likely to bring down passenger fares, local newspaper Express Tribune said.
Airlines including Askari Air, Air Siyal, Go Green, Liberty Air and Afeef Zara Airways have applied for the license to be a part of the aviation industry which is expected to be around 9 percent per annum and likely to keep the same pace till 2020, according to a forecast of the International Air Transport Association, a trade body of world's airlines.
Pakistan's air traffic has soared up to 40 percent over the past five years to 20 million passengers, and is continuously witnessing an upward trend due to improvement of law and order situation in the country, which is bringing in more tourists in the country.
The China-Pakistan Economic Corridor (CPEC) has also resulted in the increase of air traffic in the country.
Most of the upcoming carriers will target low-profit, far-off destinations including Gwadar, Turbat, Panjgur, Khuzdar, Dalbandin, Zhob, in Balochistan province where CPEC projects are in full swing, and the tourist destinations of Rawalakot, Skardu, Chitral, Gilgit, Bannu and Parachinar.
The destinations could generate immediate profits because of their tourism potential and work on CPEC projects.
For these remote regions, the new carriers will bring airplanes suitable for small airports.
The entry of new airlines in the country's airspace is expected to further increase challenges of the country's national flag carrier Pakistan International Airlines, which was the sole operator in most of these routes in the past.
Two-time #Grammy wining #American DJ and #music producer Diplo brings his Mad Decent Block Party to #Pakistan's capital #Islamabad over the weekend, headlining a roster of musicians including local #Pakistani acts. #SNKM
http://www.todayonline.com/world/pakistan-gets-dash-music-diplo-macy
For two-time Grammy winner Diplo, playing Pakistan is a way to foster good relations with the mostly Muslim country after an angry Jan. 1 tweet from U.S. President Donald Trump complaining that Pakistan gives "terrorists" a safe haven.
"I think the best way we can do any kind of diplomacy with the Pakistani people is ... basically reaching out to the kids like we do at the concerts," Diplo told TMZ last month after the Trump tweet, which soured U.S.-Pakistani relations.
He added that by having U.S. acts connect with the large youth population - an estimated 60 percent of Pakistanis are under age 30 - "they can grow into being our allies".
More than 2,500 young people crowded into an outdoor venue in the capital, Islamabad, to a scaled down version of the event known for bringing together some of the hottest names in dance-hall, hip hop and electronic music.
Among the headliners were Diplo's chart-topping side project Major Lazer Soundsystem, DJ Chrome Sparks and Pakistani duo SNKM, which has played the South by Southwest festival and toured with Diplo in the U.S.
"There's a lot of bridges being built between here and the U.S." says SNKM's Adil Omar, who also has a successful hip hop career and a new album and film "Transcendence" to be released this year. REUTERS
The Virtue of Radical Honesty
David Brooks
David Brooks FEB. 22, 2018
https://www.nytimes.com/2018/02/22/opinion/steven-pinker-radical-honesty.html
This week I asked a group of students at the University of Chicago a question I’m asking students around the country: Who are your heroes? There’s always a long pause after I ask. But eventually one of the students suggested Steven Pinker. Another chimed in Jonathan Haidt. There was general nodding around the table.
That was interesting. Both men are psychology professors, at Harvard and N.Y.U., who bravely stand against what can be the smothering orthodoxy that inhibits thought on campus, but not from the familiar conservative position.
One way Pinker does it is by refusing to be pessimistic. There is a mood across America, but especially on campus, that in order to show how aware of social injustice you are, you have to go around in a perpetual state of indignation, negativity and righteous rage. Pinker refuses to do this. In his new book, “Enlightenment Now,” he argues that this pose is dishonest toward the facts.
For example, we’re all aware of the gloomy statistics around wage stagnation and income inequality, but Pinker contends that we should not be nostalgic for the economy of the 1950s, when jobs were plentiful and unions strong. A third of American children lived in poverty. Sixty percent of seniors had incomes below $1,000 a year. Only half the population had any savings in the bank at all.
Between 1979 and 2014, meanwhile, the percentage of poor Americans dropped to 20 percent from 24 percent. The percentage of lower-middle-class Americans dropped to 17 from 24. The percentage of Americans who were upper middle class (earning $100,000 to $350,000) shot upward to 30 percent from 13 percent.
There’s a fair bit of social mobility. Half of all Americans wind up in the top 10 percent of earners at at least one point in their career. One in nine spend some time in the top 1 percent.
Poverty has been transformed by falling prices and government support. “When poverty is defined in terms of what people consume rather than what they earn, we find that the American poverty rate has declined by 90 percent since 1960,” Pinker writes.
America has a pretty big safety net. Our numbers look bad because so much of our health care spending is funneled through employers, but when you add this private social spending to state social spending, America has the second-highest level of such spending of the 35 nations in the Organization for Economic Cooperation and Development, after France.
Pinker has data like this in sphere after sphere, marking the progress we’ve made in health, the environment, safety, knowledge and overall happiness. So is he right, that society is in much better shape than we’re allowing?
Egyptian Billionaire Eyes Further #Pakistan #RealEstate Projects - Bloomberg #Islamabad #housing
https://www.bloomberg.com/news/articles/2018-03-06/egyptian-billionaire-eyes-further-pakistan-real-estate-projects
Naquib Sawiris is developing a $2b estate in Islamabad
Pakistan faces a housing shortage as its population expands
Egyptian billionaire Naguib Sawiris’s Ora Developers will next month start building a luxurious $2 billion housing estate on the outskirts of Islamabad and is eyeing further projects as it taps demand from overseas Pakistanis.
The ‘Eighteen Islamabad’ development will feature more than 1,000 homes, a golf course and a mall on 2.25 million square meters of land. It will take six years to complete, said Tarek Hamdy, chief executive officer of the development. Sawiris holds 60 percent in a joint venture with local firms Kohistan Builders and Developers and Saif Group, owned by Pakistan’s prominent Saifullah family.
Pakistan’s real estate sector has seen a boom in recent years as militant violence has receded. Economic growth in the nation of more than 200 million people has risen to around 5 percent as China finances more than $50 billion on infrastructure projects across the country. House prices have more than doubled since 2011, according to property website Zameen.com, and housing projects are mushrooming in cities such as Karachi, Lahore, Islamabad and Peshawar,
“The market isn’t saturated,” Hamdy said in an interview at his office next to Islamabad’s Margalla hills, adding that Sawiris’s firm is eyeing potential other projects that may be announced by the end of this year.
Prices for a three bedroom home on the estate start at 30.5 million rupees ($275,395) and about $400 million will be invested in the development in the first two years, Hamdy said.
‘Highest Quality’
“You can develop a project at very reasonable margins” between 10 to 40 percent, he said. “The highest quality still makes money.”
Sawiris is not new to Pakistan. He previously set up one of Pakistan’s first mobile phone companies, Mobilink, now the nation’s largest cellular firm by subscriber numbers.
Apart from private businessmen such as Malik Riaz Hussain who is building Pakistan’s largest development outside Karachi, the military’s housing business has sped up efforts to grab market share. Hamdy sees overseas Pakistanis particularly in the U.S., U.K. and Middle East as major buyers and is considering launching another housing project by the end of 2018.
A shortage of housing units will boost construction activity in Pakistan as the urban population grows by nearly 30 million by 2027, BMI Research said in a December report. Construction has been one of the largest recipients of foreign direct investment and in the first seven months of this fiscal year $380 million was invested in the sector, according to central bank data.
Well A shortage of housing units will boost construction activity in Pakistan as the urban population grows by nearly 30 million by 2027 so what would you say about that
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