Egyptian Billionaire Interested To Invest In Naya Pakistan Housing Project

Egyptian billionaire Naguib Sawiris has offered to build 100,000 housing units in Pakistan

Lahore (UrduPoint / Pakistan Point News – 19th January, 2018) Egyptian billionaire Naguib Sawiris has offered to build 100,000 housing units in Pakistan under Prime Minister Imran Khan’s Naya Pakistan Housing Project.

In an interview with Arab news, Tarek Hamdy, Chief Executive Officer of Elite Estates said that Egyptian billionaire Naguib Sawiris has expressed his will to invest in 100,000 units of affordable housing to help the prime minister in his vision toward Pakistan.

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.

Sawiris’ first investment in Pakistan was in mobilink, a cellular operator.

PM Khan had in October 2018 launched Naya Pakistan Housing Project in line with his party’s election manifesto, which promised five million houses for the poor.

Hamdy said, “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 believes that the promise of building five million affordable housing units cannot be realized in a short span of time.

“I think the plan is right but it has to be in stages, has to be in steps. It is not the project (to be achieved) in one or two years... may take few good years, may be couple of decades to be achieved,” he said.