Real estate projects of foreign investors: Call to remove bureaucratic hurdles

ISLAMABAD: Naguib Sawiris, chairman and CEO of Ora Developers, has requested the government to remove bureaucratic hurdles in the smooth implementation of the real estate projects of foreign investors in Pakistan.

Addressing a press conference here on Thursday, Sawiris informed that the government should provide sufficient land to foreign investors for the completion of their projects in the country. The shortage of land for foreign investors is one of the key issues being faced in Pakistan. The non-availability of land is the top issue for the foreign investors.

Second, the role of the bureaucracy must be eliminated by curtailing the number of stages for issuing permits, permissions and licenses to foreign investors for the execution of their projects in Pakistan. The problems with the bureaucracy must be eliminated by the policymakers in the country.

Third, the government should allow the repatriation of their profits abroad.

Sawiris expressed his enthusiasm for the progress of the prestigious Eighteen housing project in Pakistan during a press conference held in Islamabad.

Anwar Saifullah of Saif Group informed that “our most of the clients are overseas Pakistani and we need to facilitate overseas investment in the country.”

The chairman and CEO of Ora Developers stated that the project, which aims to redefine the standards of luxury living in Pakistan and create a world-class community, blending modernity with natural beauty, has achieved significant milestones in infrastructure development.

This includes the visit of the Regional Dispatch Centre of China Gezhouba Group Company (CGGC). The China Gezhouba Group Company is also playing a vital role in the construction of the China-Pakistan Economic Corridor (CPEC) by doing some key projects in Pakistan, followed by the inauguration of The Market as well as a state-of-the-art, 9-hole professional Golf Academy, various recreational facilities like sports clubs, fitness centres, and sports complexes.

Furthermore, a vibrant handover ceremony of an 8 Kanal Villa in the Dandelion Cluster at Eighteen, and the Penthouse of the Heights, was held in the presence of Naguib Sawiris.

The chairman presented the clients with symbolic keys to commemorate the occasion while highlighting Ora Developers’ commitment to delivering high-quality properties and amenities for residents. Looking ahead, Sawiris expressed his views that Pakistan is a lucrative destination, with significant potential for future investments.

The launch of The Club at Eighteen, a modern masterpiece in the heart of the development, accompanied by the initiation of the exclusive clubhouse Membership Programme, marks a significant milestone in the development.

The clubhouse is the pinnacle of premium living, offering world-class facilities, set amidst the natural beauty of a state-of-the-art, 18-hole championship golf course, offering panoramic views and a life of unparalleled luxury.

However, it is important to note that the attractiveness of any investment destination can depend on various factors, including economic stability, government policies, regulatory frameworks, and market conditions. Investors like Sawiris assess these factors before committing to investments in a particular country.

Sawiris’s positive outlook on Pakistan as an investment destination indicates his optimism about the country’s potential for growth and profitability in the future. This may lead to further exploration and expansion of ORA Developers’ presence in Pakistan.

Sawiris expressed gratitude to the government and people of Pakistan for their support and trust in Ora Developers. He also called for more ease of doing business in Pakistan through long-term investment-friendly policies by the government, emphasizing the importance of a conducive business environment for future investments.

CEO of Eighteen, Tarek Hamdy, attributed the project’s success to the Eighteen management’s deep understanding of Pakistan’s real estate market.

Hamdy also noted a shift in customer preferences towards eco-conscious homes, indicating a growing demand for green properties with excellent amenities. “With a track record of delivering world-class projects, we are dedicated to setting new standards in luxury and innovation within the real estate industry,” Tarek added.

Copyright Business Recorder, 2023