Islamabad: Egyptian billionaire, Naguib Sawiris, has offered to build 100,000 housing units in Pakistan, a news report stated. The Federal Minister for Information and Broadcasting, Fawad Hussain, has confirmed this development. He tweeted that Sawiris has made the offer to make Prime Minister (PM) Imran Khan’s Naya Pakistan Housing Project (NPHP) vision a reality. Arab New sources have also confirmed this update.
Sawiris owns Ora Developers, which is currently engaged in the construction of another housing scheme called ‘Eighteen’ in Islamabad. This project was launched in 2017 with local partners, Saif Group and Kohistan Builders, and has an estimated net worth of $2 billion. Ora Developers aims to invest in Karachi, Lahore, and Faisalabad for their next round of real estate projects.
Elite Estates’ CEO Tarek Hamdy also notified of his group’s contribution to the project; currently involved in a partnership with Ora Developers and Saif Group. He stated that his company will use its experience and resources to properly deliver the project to the people of Pakistan.
PM Khan announced five million affordable housing units under NPHP on October 10, 2018. The project plans to meet the housing needs of the country’s low-income segment.
The PM aims to complete the construction process under five years. More than forty bidders and construction companies have applied to provide land and services for NPHP so far.