Hafeez Shaikh for incentivizing real-estate sector

ISLAMABAD: Reiterating the government’s support for the development of housing sector, Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh, Monday emphasized the need to incentivize real estate sector to attract investment from Pakistani Diaspora.

The adviser was chairing a meeting at the Finance Division to analyze the different financial models for “Naya Pakistan Economic Zone alongside Islamabad Expressway”.

The adviser said that the government supported the development of the housing sector as it had the potential of providing employment opportunities to the youth.

He also assured of providing all possible assistance for any financial plan prepared keeping in view the requirements of all the relevant laws of the country, said a press statement issued by the Finance Ministry here.

The adviser further directed to hold another meeting with all the relevant stakeholders in the current week for analyzing any financial plans prepared by Naya Pakistan Housing Association (NPHA) for this project.

Earlier, Chairman Naya Pakistan Housing Association, Lt. Gen ® Ameer Ali Haider briefed the meeting about the project and said that the project would be completed in 3 to 4 phases starting from Faizabad and ending near Rawat.

Frontier Works Organization (FWO) is working with NPHA on the feasibility of the project and the idea is to complete the first phase in a year’s time under the public private partnership mode, he said.

Different financial models were looked into for the completion of the project in consultation with State Bank of Pakistan and Federal Board of Revenue (FBR).