Pakistanis spend more than 70% of their remittances: Chairman

F.P. Report

RIYADH: Imarat Group Chairman Shafiq Akbar said that overseas Pakistanis spend more than 70 percent of their remittances on buying real estate in Pakistan, amounting to more than $12 billion.

He was speaking at Cityscape Global’s public-private forum held in Riyadh, the capital of Saudi Arabia. After the group’s successful expansion into the GCC with an office in the UAE, IMARAT Group, Pakistan’s leading real estate group, witnessed its CEO, Shafiq Akbar, presenting a strong high investment potential case at the bustling Cityscape Riyadh.

His presentation was a lot more than merely a corporate vision. He not only identified critical problems surrounding Pakistan’s economy, but offered a roadmap for economic revival, growth, and stability. This holistic solution encompasses a thorough policy framework and robust digital infrastructure to harness Pakistan’s latent potential. Shafiq backs his blueprint dubbed ‘Vision 2047’ with his successful venture of the past seven years which include artificial intelligence, blockchain and satellite technologies, consequently resulting in the rise of his group.

His vision was backed by the comprehensive ecosystem put in place by IMARAT which comprises Pakistan’s largest estate industry network – Agency21, Graana.com, and PropSure Digital Solutions among other ventures. With a fully digitized record of all 4.5 million land parcels in Pakistan and in-depth research on the nation’s 41 economic drivers, IMARAT’s ‘Vision 2047’ provides a tailored strategy to harness the potential.

“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”, remarked Shafiq during his address at Cityscape and added: “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, Shafiq stated, “The real estate model that the Kingdom has adopted lays the foundation for the transformation of its economy.” He expressed the aspiration to emulate this model in Pakistan, charting a course for sustainable economic growth.