IMARAT Group of Companies, a prominent real estate developer in Pakistan, has made a significant stride in the industry by securing a Real Estate Investment Trust (REIT) license from the Securities and Exchange Commission of Pakistan (SECP). This milestone not only solidifies IMARAT’s position in the market but also opens up new avenues for bilateral investments between the UAE and Pakistan.
With an established presence in the UAE through its subsidiary Graana.com, a Proptech company catering to overseas Pakistanis, IMARAT is now looking to expand its operations in the region. The company’s track record of successfully completing and delivering five projects, including residential and retail developments, has earned it credibility and trust among investors, especially Non-Resident Pakistanis (NRPs).
Pakistan receives a substantial amount of remittances from the UAE, totaling over Dh21 billion ($5.7 billion) annually, with a significant portion being directed towards real estate investments. The introduction of a regulated REIT framework will streamline the flow of these funds into Pakistan’s real estate sector, fueling economic growth and development.
Mr. Shafiq Akbar, Chairman of IMARAT, expressed his excitement about the REIT license, stating that it signifies the company’s strong fundamentals and sets the stage for expansion in the UAE. IMARAT’s portfolio includes 15 projects, with affiliations to international hotel chains like Marriott, luxury apartment complexes, and innovative developments that are reshaping Pakistan’s real estate landscape.
The upcoming investor roadshow in Dubai aims to bring together leading investors and unlock the vast potential in both the Pakistani and UAE real estate markets. IMARAT is optimistic about attracting Dh4 billion in investments from the UAE following this achievement, which will not only boost the real estate sector but also stimulate other related industries and create employment opportunities.
Furthermore, IMARAT’s focus on hospitality in Pakistan, including the launch of international hotel brands, is expected to enhance the tourism and hospitality sectors in the country. This expansion may also lead to an increase in demand for building materials and technology sourced from the UAE, thereby strengthening bilateral trade activities.
IMARAT’s commitment to sustainable living environments is evident through its ventures like Hoon Farms and the IMARAT Adventure Club, which promote experiential living. Additionally, the company’s cutting-edge software technology park and Cyber Tower are poised to become hubs for tech innovation, aligning with IMARAT’s vision of leveraging smart technologies for urban development.
Overall, IMARAT’s achievement of securing a REIT license marks a significant milestone in the company’s journey towards growth and expansion. With a focus on innovation, sustainability, and collaboration, IMARAT is set to play a pivotal role in shaping the real estate landscape in Pakistan and the UAE.