Imtiaz Rafi Butt compares Gwadar to Karachi of the 40’s, considered a city of “little import and a relative backwater”at that time. He seems extremely optimistic about the economic future of Pakistan in general and Gwadar in particular. This he attributes to CPEC which he believes can yield “unbelievable results”. However Butt is not all talk. As founder of the Rafi Group, Butt has literally put his money where his mouth is by launching ‘Green Palms’, a housing project located along the main coastal highway in Gwadar. As per Butt the project is aimed towards millions of people who will be moving to Gwadar to take part in Pakistan’s part in China’s one belt one road initiative.
Butt isn’t the only one willing to back the Gwadar dream. Thousands of people have already bought their plots in real estate projects in Gwadar. In the secondary market these are now selling at a premium to the original price similar to the famous ‘on’ charged by car dealers on a newly launched model of a Toyota Corolla.
Resuming his comparison with Karachi he says ”The price of land was very low and overtime it became a strategic city and Pakistan’s business hub. Islamabad is another example of low priced land until its strategic importance was realised and prices skyrocketed”. He explains that prices in Gwadar are similarly quite low which means there is a lot of potential for growth given the strategic importance now attached to the port city due to CPEC. This is the reason why Rafi Group has started its latest development project in Gwadar. He believes there is immense potential for growth and profit in Gwadar. “There are no two opinions on the matter that the value of land in a strategic city shoots up rapidly when compared with the ordinary cities. Gwadar shall have the status of a mutual strategic port of both Pakistan and China and the very fact will prove to be a milestone in Gwadar becoming an important pillar of the economy of Pakistan akin to Islamabad and Karachi.” says Butt.
Rafi Group over the years has been responsible for the successful completion of many key buildings and housing projects in the country. With new investment coming into the country due to China Pak Economic Corridor (CPEC), the company has now set its sights in developing Gwadar along the Makran coastal Highway that links Iran to Karachi running through Gwadar.
Talking with Profit, Imtiaz Rafi Butt recalled his early years where he strived to learn more about his iconic father Rafi Butt who sadly passed away in a plane crash in 1948 when Imtiaz Rafi Butt was only 2 months old. During his research he was able to find a rich correspondence between his father and Mohammad Ali Jinnah. Rafi Butt was a financier of the Pakistan movement for which he opened the Central Exchange Bank in 1936 at the age of 27. On the instruction of Quaid-e-Azam, he frequented Europe and USA –no mean feat in those days- to gather support for the Pakistan movement from Political elites in the West.
Butt speaks very fondly about his relations with some of Pakistan’s most famous politicians. “Benazir was an eloquent speaker and an intellectual beyond reproach. Pakistan still has not come to terms with the magnitude of the loss suffered on 27th December 2007. She was the only real equal to Nawaz Sharif” he said.
Nawaz Sharif and Butt are old school friends since 1960 when they were together in St Anthony’s. They campaigned together for his 1985 election as Chief Minister of Punjab as well. “Nawaz has grown over the years in both stature and acumen. Allah has been very kind to Nawaz and he is a lucky man” he added.
He firmly believes that the gigantic size of investments and projects will advance Pakistan’s infrastructure and economy by decades and it is to the credit of the Pakistani state that it was able to provide a stable enough environment for China to undertake this massive venture. “China has chosen Gwadar as the Nexus point of its $700 Billion New Silk Road. Gwadar will be the focus of the largest infrastructure project in history” says Butt.
While expressing his international outlook Butt observed that we are at an inflection point in history with the rise of class warfare and the rise of the ultra-right wing which is evidenced by UK’s ‘brexit’ and Donald Trump’s win in the US presidential elections. Talking in a more regional context he believes that developments such as the dipping price of oil, the US’s closer ties to India, China’s economic development, the imminent conflict in the South China Sea and concerns about China’s new silk road along with the formation of the Chinese led Shanghai Cooperation Organisation defence bloc all portend the new world order. In light of this he thinks Pakistan is increasingly being viewed as a safe place to invest with phenomenal potential for growth.
Butt thinks Pakistan is ready to take off on the back of CPEC and already economic activity is increasing. “According to government statistics 2 million new jobs will be created. That is a number that even the Americans would be envious off” he added.
Since August 2016 there have been major project inaugurations and ground breakings, including the Gwadar International Airport which will be the country’s largest. “The Chinese officials that I’ve met on my visits to Gwadar are excited to develop this future major city as it not only means Pakistan becomes a developed country and a major player in the region but also China will become a two ocean power, leading to superpower status” Rafi added.
Commenting on his home town Lahore Butt said that the city has been growing horizontally which means there are more housing units than apartments. Apart from administrative and travelling issues cause by this, housing has become unaffordable for people of normal means. “The time is now for this city with a population of 12 million people to take the path of Mega Cities around the world and start developing vertically” Rafi added.
However Rafi Group and its CEO Butt are currently focused on Gwadar and Green Palms and he has no time for other projects. The response has been phenomenal at the pre-launch stage. With Gwadar, Rafi Group plans to be at the forefront of Pakistan’s development, to provide a modern living and aspirational lifestyle along with phenomenal investment avenues, delivered with the quality and value for money that they have come to be known for over the years.
