Pakistan’s IMARAT Real Estate secures REIT, mulls UAE expansion to boost two-way investments
IMARAT has an established presence in the UAE through its subsidiary Graana.com
Pakistan’s IMARAT Real Estate secures REIT, mulls UAE expansion to boost two-way investments
IMARAT Group of Companies, a leading real estate developer in Pakistan, announced securing a Real Estate Investment Trust (REIT) license from the Securities and Exchange Commission of Pakistan (SECP).
IMARAT has an established presence in the UAE through its subsidiary Graana.com, a Proptech company offering real estate services to overseas Pakistan. Building upon this, IMARAT is mulling expansion in the UAE, the company said in a media release.
Track record
According to the company, IMARAT’s track record of successful completion and delivery of five projects – 3 residential and 2 retail malls - in Pakistan establishes sufficient credibility and stability for the company. This, along with IMARAT REIT is expected to boostNRPs’ (Non-Resident Pakistanis) confidence in investing in IMARAT’s projects.
Dh21billion NRP remittances in Pakistan
Pakistan receives over Dh21 billion ($5.7 billion) in annual remittances from the UAE, a significant portion of which is directed towards real estate investments, according to the company. The introduction of a regulated REIT framework will facilitate more efficient channeling of these funds into Pakistan’s real estate industry, fostering economic activities.
Shafiq Akbar, Chairman of IMARAT, said: “Receiving the REIT license from SECP is a testament to IMARAT's strong fundamentals. With the REIT license, we are poised to expand our operations in the UAE, attracting significant two-way investments and contributing to the real estate economies of both countries.”
IMARAT’s affiliation with Marriott
IMARAT's portfolio boasts 15 projects, including four international hotel chains affiliated with Marriott and two luxury apartment complexes. Their innovative developments like Golf Floras, IMARAT Residences, and commercial spaces such as Builders Mall and Amazon Mall continue to redefine Pakistan’s real estate landscape.
Roadshow in Dubai
The upcoming investor roadshow aims to unite leading investors and unlocking the massive real estate potential in but Pakistan and the UAE.
IMARAT anticipates Dh4 billion in investments from the UAE into Pakistan's real estate sector following the REIT achievement. This influx of capital will not only bolster the real estate market but also stimulate affiliated sectors, and create employment opportunities.
Contribution to Pakistan’s tourism and hospitality
IMARAT's current focus on hospitality in Pakistan, which includes launching international hotel brands further strengthens the tourism and hospitality sectors. This expansion is expected to increase demand for building materials and technology sourced from the UAE, thereby enhancing bilateral trade activities.
IMARAT's venture into experiential living with Hoon Farms and the IMARAT Adventure Club demonstrates its commitment to sustainable and holistic living environments, the press release adds.
Their cutting-edge software technology park and Cyber Tower are set to become hubs for tech innovation, reflecting IMARAT's vision to leverage smart technologies for urban development.