LAHORE: Hexagon Developments and Overseas Pakistani Commission, Government of Punjab have signed an MOU to facilitate in bringing investment into Lahore and Punjab.
The Agreement was signed by Mr. Syed Khadim Abbas, Commissioner Overseas Pakistani Commission Punjab, and Mr. Mayer Schon Husain, Executive Director of Hexagon Developments Limited, in the presence of government officials.
Hexagon Developments are a leading property developer in Pakistan focusing on Social Impact through Property Development (SIPD). Being one of the first development companies in Pakistan to focus on social impact as a goal, Hexagon Developments is a debt-free enterprise with real estate holdings across the World. The company plans to announce completion of a luxury office building in central area of Lahore in the Governors House District, located next to the Pakistan Stock Exchange. The building comprises of 57,500 square feet of Grace A Office Space.
“We are excited to be partnering with the Overseas Pakistani Commission Punjab to promote investment into Lahore and Punjab. The aim is to attract Overseas Pakistanis to open offices and commerce in Lahore and Punjab,” said Mr. Mayer.
“Hexagon Developments is focused on building developments with social impact in Pakistani Society. Our main aim is to create positive impact for entrepreneurs and the youth of Pakistan, and that is what we are focusing our developments around. Pakistan requires economic growth and enterprise, and we are working towards supporting growth and creating opportunities for young entrepreneurs and businesses to flourish in Pakistan.” Said Mr. Schon.
Speaking after the agreement signing ceremony, Mr. Syed Khadim Abbas stated: “The Overseas Pakistani Commission is proud to be partnering with Hexagon Developments, a reputed developer of properties. Our aim is to facilitate investment into Lahore and Punjab, and for this, we will be hosting two roadshows initially in the United States, in Houston and in New York. We encourage Overseas Pakistanis to invest in the growth of Pakistan.”
The Overseas Pakistani Commission Punjab is a special institution of the Government of Punjab with objective of facilitating Overseas Pakistanis in their investments, protection from land grabbing and similar other hazards, and removing hurdles and assisting in policy decisions based on suggestions received from Overseas Pakistanis.
Home to more than 13 million people and with an estimated GDP of USD84 billion, Lahore is one of the wealthiest cities in Pakistan.
Lahore is a bustling center of industry and commerce, as well as education and culture. From 2008 to 2019, the city experienced a 110% GDP growth. As of 2019, Lahore had an estimated GDP of $84 billion.
Lahore’s growth as a major business hub and the center of Pakistani culture have had a notable impact on the city’s property market. Many new high-rise commercial buildings are being constructed, laying the foundations for Lahore’s economic success for years to come. The strong demand for space in Lahore’s commercial sector continues to be a bright spot within the property market.
In November 2020, 625 new companies registered in Lahore compared to 628 in Islamabad and 349 in Karachi (Zakir, 2020). The trend continued, and in June 2021, the figures reached 807 for Lahore, 810 for Islamabad, and only 394 for the most populous city of the country, Karachi.