Pakistan's journey to $4 trillion economy in next 20 years
During the Public Private Partnership Forum held at Cityscape Global, Shafiq Akbar, the CEO of IMARAT Group, emphasized the critical role that overseas Pakistanis play in the country's economy. He highlighted that approximately 70% of remittances from overseas Pakistanis, amounting to USD 12 billion annually, flow into the real estate sector. This underscores the centrality of the real estate sector to Pakistan's economic landscape, ARY News has reported.
IMARAT Group, a leading real estate company in Pakistan, expanded its presence into the GCC region by establishing an office in the UAE. During the bustling Cityscape Riyadh event, Shafiq Akbar presented a compelling case for high investment potential in Pakistan. His presentation went beyond corporate vision, addressing fundamental issues within Pakistan's economy and offering a comprehensive roadmap for economic revival, growth, and stability. This blueprint, known as 'Vision 2047,' encompasses a well-defined policy framework and a robust digital infrastructure designed to unlock Pakistan's latent potential.
Shafiq Akbar's vision, 'Vision 2047,' is supported by his successful ventures over the past seven years, which have leveraged technologies like artificial intelligence, blockchain, and satellite technology. These endeavors have contributed to the rise of IMARAT Group, further solidifying his vision. IMARAT's ecosystem, including Agency21, Graana.com, and PropSure Digital Solutions, forms a comprehensive network within Pakistan's real estate industry.
With a fully digitized record of all 4.5 million land parcels in Pakistan and extensive research on the nation's 41 economic drivers, 'Vision 2047' offers a tailored strategy to harness the country's potential for growth and development. Shafiq Akbar noted that Pakistan's demographic advantage, with a significant portion of the population aged between 15 and 29 (surpassing the entire population of the UK), represents a tremendous opportunity. This youthful demographic's need for new homes could translate into an annual housing investment potential of USD 40 billion, amounting to an astonishing 3 to 4 trillion USD over the next two decades.
In his address at Cityscape, Shafiq Akbar commended Saudi Arabia for its real estate model, which has laid the foundation for transforming its economy. He expressed the aspiration to replicate this successful model in Pakistan, charting a course toward sustainable economic growth in the country