New real estate venture formed to invest $300 million in Pakistan
Top officials of both sides during the signing ceremony in Abu Dhabi.
Sajjad Ahmad, Deputy Business Editor
To strengthen the Pakistan’s real estate market and attract foreign investment, a new joint venture was formed to invest $300 million over the next five years.
Reportage Properties, the UAE leading real estate developer, headquartered in Abu Dhabi, signed an agreement with Empire Holding Pakistan, the leading residential and commercial real estate company based in Lahore, Pakistan, to launch a joint venture in the booming Pakistani real estate market.
The signing ceremony took place during a special event organised by Reportage Properties, on the sidelines of a special sales day on last Sunday at the Yas Hilton Hotel in Abu Dhabi.
Andrea Nucera, Managing Director signed the agreement on behalf of Reportage Properties, with Faisal Iftikhar, Managing Director of Empire Holding Pakistan.
Based on this agreement, which aims to enhance cooperation between the two companies, a new company with the name “Reportage Empire Pakistan”, will be founded to explore possible real estate projects in the Pakistani market, and develop the necessary marketing plans, in addition to a long-term strategy for the company’s expansion.
Reportage Empire Pakistan is also poised to revolutionise the Pakistani real estate sector by developing turnkey projects that offer outstanding value and innovative design. The company’s expansion plans include launching projects across the Pakistani major cities, and attracting foreign direct investments to boost the economy and create jobs.
The company will offer Pakistani buyers the opportunity to invest in real estate within Pakistan and the UAE, ensuring access to international standards and high-quality living style.
During the event, Pakistani cricketer Ahmed Shehzad was named as the brand ambassador for the real estate collaboration between the two developers, thanks to his honesty and integrity, which is in line with the morals of both companies.
“We are happy to cooperate with Empire Holding Pakistan, which is one of the most important real estate companies with a large portfolio of projects spreading throughout Pakistan,” said Andrea Nucera, Managing Director of Reportage Properties.
He stressed Reportage Properties’ interest in boosting strategic partnerships with serious and distinguished companies operating in the sector, to continue their success story and sustainable growth.
He expected cooperation with Empire Holding Pakistan to be a step towards more achievements and innovations.
Nucera said that cooperation between the two companies comes in line with the strong and historical relations between the United Arab Emirates and Pakistan, and the continuous development in various sectors, especially the economic.
He explained that cooperation with Empire Holding Pakistan will represent a qualitative step in the growth process of Reportage Properties, by introducing the company to the Pakistani market, which is full of attractive opportunities.
“We welcome cooperation with Reportage Properties, which is one of the most important major real estate companies in the region with a large portfolio that includes 35 projects in the UAE, Egypt, Turkey, Morocco , Saudi Arabia and East Africa ,” said Faisal Iftikhar, Mangan Director of Empire Holding Pakistan.
He explained that “Reportage Properties” has a great record of success in developing a number of qualitative projects distinguished by providing services with a high level of quality and efficiency.
Asad Kayani, CEO of Empire Holding Pakistan indicated that the company has allocated initial investments worth $300 million over the next five years, and its first project will be in the city of Lahore with international engineering standards and amenities in line with the excellence standards in the UAE. Planned future expansion will be in Islamabad, followed by other Pakistani cities.