Hafeez Shaikh stresses need to incentivise real estate sector

Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh on Monday stressed the need to incentivise the real estate sector in order to attract investments from the Pakistani diaspora, Radio Pakistan reported.

Chairing a meeting to analyse the different financial models for “Naya Pakistan Economic Zone alongside Islamabad Expressway” in Islamabad, the adviser assured of the government’s support to the development of the housing sector, as it has the potential of providing employment opportunities to the youth, Radio Pakistan reported.

He directed the officials concerned to hold another meeting with all the relevant stakeholders this week in order to analyse any financial plans prepared by the Naya Pakistan Housing Association (NPHA) for the above-mentioned project.

Earlier, NPHA Chairman Lt Gen (r) Ameer Ali Haider briefed the meeting on the overall details of the project.

It was informed that the project would be completed in three to four phases, starting from Faizabad and ending near Rawat.

“The Frontier Works Organisation is working with NPHA on the feasibility of the project. The aim is to complete the first phase in a year’s time under the public-private partnership mode. Different financial models are being looked into for the completion of the project in consultation with the State Bank of Pakistan and Federal Board of Revenue,” he added.

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