KARACHI: Pakistan’s builders and developers breathed a sigh of life on Thursday following reports that Karachi would soon see investments worth Rs1.5 trillion in its housing sector after the country’s apex court lifted a ban on the construction of high-rise buildings in the port city.
In March last year, the Supreme Court had issued a ban against the construction of high-rise buildings in Karachi due to the non-availability of water. However, the apex court on Tuesday retracted its decision, thereby making it once again legal to construct skyscrapers in the megacity.
According to the Association of Builders and Developers (ABAD), the restrictions had stalled work on 500 projects, freezing investments worth Rs600 billion.
“The work on 500 plots will start as soon as the authorities give us the go ahead. We expect that within six months we will be able to mobilize Rs600 billion in the housing sector and will see the full impact of investment,” Muhammad Hassan Bakshi, chairman of ABAD, told Arab News on Thursday.
“Our raw material is plots which are ready and within a year we will be able to start work on another 500 projects worth Rs1.2 trillion,” he added.
Pakistan is currently facing a shortage of 10 to 12 million housing units in the country as per varying estimates, including those filed by the World Bank which state that the country needs up to 700,000 units per year to cater to its growing population. “The ban had sent negative signals to the investors both local and foreign,” Bakshi said, adding that the “price of accommodation had increased by 20 to 25 percent”.
ABAD said it expects a 20 percent price correction will be made once the supply of housing units resumes.
There are currently 40-50 allied industries associated with the construction and real estate sector, most of which are small and medium enterprises. “The construction sector contributed around 2.8 percent to the GDP during FY18. With over 50 industries indirectly associated with the real estate construction sector, the overall economic impact is much higher,” a report by Karandaaz Pakistan, a development finance company, stated.
“The economic activity spurred by the construction will directly or indirectly benefit around 400,000 people including steel, cement, crush providers, labors etc,” Bakshi said.
Commenting on the shortage of water – the main reason for the top court to issue the ban in the first place — Bakshi said: “We would need water after three to four years which is the project life period. We expect that by then major water projects including K-4 and RO plants would be ready to supply water and there would be no problem.”
With an aim to attract more investments to the country, Prime Minister Imran Khan promised to build 5 million houses in five years, with the estimated cost of the project amounting to Rs15 to 17 trillion.
Bakshi, who is also the member of the task force set by the prime minister for the housing sector, said that work on the regulatory framework — including legislation, financials, and foreclosure laws — is in progress.
Real estate developers and builders, on their part, urged the government to introduce measures which would ensure ease of doing business so that the private sector could help them realize the dream of constructing five million houses at the earliest. “We want a fast track approval of projects, clear title of land, financing for builders, financing for buyers, and improvement of infrastructure,” Bakshi said.
Builders also hoped that overseas Pakistanis would step forward to contribute toward the vision too. “Yes, foreign investors were waiting for the right opportunity to invest in the country. Every expat Pakistani wants to have his or her house back in the home country,” Hanif Gohar, former chairman of ABAD, told Arab News.
Bakshi added that a part of the home remittances sent by Pakistanis is being invested in the real estate sector. “Around $8 billion worth of activity goes in the real estate sector every year, according to THE ministry of Housing and Works,” he said.
Sky is the limit for Karachi after SC lifts ban on high-rise buildings
Sky is the limit for Karachi after SC lifts ban on high-rise buildings
- Pakistan’s real estate sector to be pumped with Rs1.2tr investments
- Work on 500 projects worth Rs600bn to start in six months following apex court’s decision
Afghan mission says no disrespect intended by consul general during Pakistan anthem
- Mohibullah Shakir remained seated during the national anthem at a conference, facing diplomatic criticism
- Afghan authorities say he did not stand due to the background music which they consider forbidden in Islam
ISLAMABAD: Afghan Consul General Mohibullah Shakir had no intention of disrespecting Pakistan, said a representative of the Afghan diplomatic mission on Tuesday, after the foreign office in Islamabad called it “reprehensible” that he remained seated while the country’s national anthem was played at a conference in Peshawar.
Videos widely circulated on social media showed Shakir attending the Rehmat-ul-Alameen Conference, hosted by Khyber Pakhtunkhwa Chief Minister Ali Amin Gandapur, in which Shakir and another Afghan official can be seen seated as the Pakistani national anthem was played while everyone else in the room stood up in respect.
Pakistan’s foreign office described the act of the Afghan officials as contrary to diplomatic norms, calling it “reprehensible” and stating that Pakistan would convey its strong protest to the Afghan authorities.
“There was no intention to disrespect or dishonor the Pakistani national anthem,” Shahid Ullah, the spokesperson for the Afghan Consulate in Peshawar, told Geo News.
“The Consul general did not stand during the anthem because of the music in it,” he continued, adding that Afghan authorities had banned their own national anthem for the same reason.
The Afghan spokesperson said if the anthem had been performed without music or by children, the Consul general would have definitely stood and placed his hand on his chest.
The Afghan Taliban believe that music is forbidden in Islam, though there are several schools of thought within the same religion that do not agree with their contention.
Traditionally tense relations between Islamabad and Kabul have soured further in recent months amid a surge in militancy in Pakistan that it blames on its neighbor.
Islamabad says militants mainly associated with the Pakistani Taliban group frequently launch attacks from hideouts in Afghanistan, targeting police and other security forces. Islamabad has even blamed Kabul’s Afghan Taliban rulers for facilitating anti-Pakistan militants. Kabul denies the charges.
Last week, Chief Minister Gandapur said he would hold direct talks with Kabul’s Taliban rulers to take action against Afghanistan-based militant groups.
Shehroze Kashif sets out to make record as only Pakistani to summit all 14 ‘Eight Thousanders’
- Shehroze Kashif, currently in Nepal, has already ascended 13 of the world’s tallest peaks
- Another Pakistani, Sirbaz Khan, will also try to summit the same mountain in coming days
KHAPLU, Gilgit-Baltistan: Pakistan’s leading mountaineer, Shehroze Kashif, is set to embark on a journey to Tibet next week in pursuit of becoming the first high-altitude climber from his country to conquer all 14 peaks towering above 8,000 meters, with Shishapangma, yet unconquered by Pakistani adventurers, marking the final summit.
The Pakistani climber, currently in Nepal, having already ascended 13 of the world’s tallest peaks, revealed that his ambition to complete all 14 began nearly five years ago.
Shishapangma, standing at 8,027 meters, requires permission from Chinese authorities, which can sometimes be difficult for mountaineers to secure.
“I was 11 when I started climbing,” Kashif told Arab News over the phone from Nepal. “When I summitted Broad Peak in 2019, it was my dream to climb all 14 peaks as the youngest climber in the world. Now, many young climbers have come in the field. I couldn’t do it on time due to financial reasons.”
He said that he wanted to conquer Shishapangma last year, but the Chinese authorities closed the mountain for climbing after an accident in which four people were killed.
“Now, I have reached Nepal and will leave for Tibet to summit the last peak,” he continued.
Kashif said he had finalized all the arrangements, adding that he was both mentally and physically fully prepared.
Asked about the most memorable peak during his mountaineering career, he said it was Nanga Parbat in Pakistan.
“We were declared dead when we were stuck at the height of 7,800 meters,” he recalled. “That’s why this mountain will always remain in my heart.”
Speaking to Arab News, Karrar Haidri, the secretary-general of the Alpine Club of Pakistan, said it was a proud movement for the country.
“The young climber Shehroze Kashif has reached Nepal and will soon summit Shishapangma,” he said over the phone, adding that another Pakistani climber, Sirbaz Khan, was also preparing to conquer the same peak.
He said that more and more people in Pakistan were becoming interested in mountaineering and entering the field.
Other renowned Pakistani climbers also wished Kashif luck.
“Shehroze is fast, got iron will and power,” Anam Uzair, a Pakistani female climber who summited Mt Manaslu and Gasherbrum-II, told Arab News over the phone. “I pray for his safe climb. He will get it this year, if God wills.”
Naila Kiani, another prominent female mountaineer, noted that despite Pakistan having five of the world’s 14 peaks over 8,000 meters, no Pakistani had yet climbed all of them.
“This will be a significant achievement as two Pakistani climbers are set to summit all 14 peaks this time,” she said. “One of them [Sirbaz Khan] has climbed 11 peaks without using supplemental oxygen.”
Geographically, Pakistan is considered a climbers’ paradise, rivalling Nepal with its abundance of peaks over 7,000 meters. In addition to K2, Pakistan is home to four of the world’s 14 summits exceeding 8,000 meters.
The unspoiled beauty of northern Pakistan was once a major tourist draw, though the tourism industry suffered setbacks due to years of violence. However, the security situation has remained stable in Gilgit-Baltistan, which continues to attract foreign trekkers and climbers.
US calls Pakistan ‘long-term partner’ despite sanctions related to missile program
- State Department official says US policy is to ‘deny support to Pakistan’s long-range ballistic missile program’
- Pakistan has called the US decision ‘biased and politically motivated’ that can increase ‘military asymmetries’
ISLAMABAD: The United States described Pakistan as a “long-term partner” on Tuesday, while acknowledging areas of disagreement, noting that Washington’s recent decision to impose sanctions on commercial entities suspected of aiding Pakistan’s ballistic missile program was one such issue.
The US imposed the sanctions on a Chinese research institute and several companies last week, alleging they had supplied missile-applicable items to Pakistan.
In response, Pakistan criticized Washington for the decision, calling it “biased and politically motivated,” saying similar listings of commercial entities in the past was prepared on mere suspicion and involved items not listed under any export control regime.
Asked about the US decision, State Department Spokesperson Matthew Miller described it as part of his country’s efforts to strengthen the “international nonproliferation regime by taking action against networks supporting activities of proliferation concern.”
“Pakistan has been a long-term partner of ours, and I think what this action shows is that there continue to be places where we have disagreement, and when we have disagreements, we won’t hesitate to act on those to protect America’s interests,” he said during a media briefing.
“It has been our longstanding policy to deny support to Pakistan’s long-range ballistic missile program, and we will continue to use our sanctions and other – our other tools to ensure our national security cannot be – cannot be impacted, and that the US financial system cannot be used by proliferators,” he added.
Miller said the US executive order action last week followed its October 2023 and April 2024 designation of six Chinese and one Belarusian entity since they were supplying Pakistan’s missile program.
He noted there was a listing of numerous Pakistani and third-country entities on the US Department of Commerce Entity List for decades.
“We have been clear and consistent about our concerns with Pakistan’s ballistic missile program for many years,” he continued.
Pakistan said on Saturday it was widely known that “some countries, while claiming strict adherence to nonproliferation norms, have conveniently waived licensing requirements for advanced military technologies to their favored states.”
“Such double standards and discriminatory practices undermine the credibility of global nonproliferation regimes, increase military asymmetries, and endanger international peace and security,” it added.
China also said it would “firmly protect” the rights and interests of its companies and individuals.
One of its diplomats in Washington noted last week his country opposed “unilateral sanctions and long-arm jurisdiction that have no basis in international law or authorization of the UN Security Council.”
Russian deputy prime minister arrives in Pakistan today on two-day visit
- Islamabad last year started purchasing Russian crude oil at a discount
- Pakistan also received first shipment of LPG from Russia last September
ISLAMABAD: Deputy Prime Minister of the Russian Federation, Alexey Overchuk, will arrive in Pakistan today, Wednesday, on a two-day visit accompanied by a high-level delegation, Radio Pakistan reported.
Islamabad last year started purchasing Russian crude oil at a discount as high prices caused by geopolitical tensions have caused fuel prices to more than double in Pakistan. Pakistan also received its first shipment of liquified petroleum gas from Russia last September, marking Islamabad’s second major Russian energy purchase.
“Deputy Prime Minister Overchuk will hold meetings with the President, the Prime Minister and the Deputy Prime Minister/Foreign Minister of Pakistan,” Radio Pakistan said on Tuesday about the Russian deputy PM’s Islamabad visit.
In a statement, Foreign Office Spokesperson Mumtaz Zahra Baloch said Pakistan and Russia enjoyed “cordial relations based on goodwill, amity and trust, which is reflected in the multi-faceted bilateral cooperation including in trade, energy and connectivity.”
Energy imports make up the majority of Pakistan’s external payments and discounted imports from Russia offer a respite as Islamabad faces an economic crisis. It is targeting 100,000 bpd of imports from Russia, compared with the total 154,000 bpd of crude it imported in 2022, in the hopes that will lower its import bill, address a foreign exchange crisis and keep a lid on inflation.
However, the benefits are being offset by increased shipping costs and lower quality refined products compared with the fuels produced with crude from Pakistan’s main suppliers, Saudi Arabia and the United Arab Emirates.
As a long-standing Western ally and the arch-rival of neighboring India, which historically is closer to Moscow, analysts say the crude deal would have been difficult for Pakistan to accept, but its financing needs are great.
‘Reprehensible’: Pakistan says Afghan acting consul general ‘disrespected’ national anthem
- Foreign office says Afghan official acted against diplomatic norms by not standing up for national anthem
- Shakir was attending an Eid Milad-un-Nabi conference in Peshawar where the national anthem was played
ISLAMABAD: The foreign office said on Tuesday it was “reprehensible” that the Afghan Consul General in Peshawar, Hafiz Mohibullah Shakir, had remained seated as the Pakistani national anthem was played at a conference in Peshawar, saying he had disrespected the patriotic song.
Videos widely circulated on social media on Tuesday showed Shakir attending the Rehmat-ul-Alameen Conference hosted by Ali Amin Gandapur, the chief minister of the Khyber Pakhtunkhwa province bordering Afghanistan. The event was held in the northwestern town of Peshawar to mark the occasion of Eid Milad-un-Nabi.
As the Pakistani national anthem was played and everyone in the room stood up in respect, Shakir and another Afghan colleague remained seated.
“The disrespect of host country’s national anthem is against diplomatic norms,” Foreign Office Spokeswoman Mumtaz Zahra Baloch said in a statement. “This act of Acting Consul General of Afghanistan is reprehensible. We are conveying our strong protest to the Afghan authorities both in Islamabad and Kabul.”
The Afghan government or consulate have not yet commented on the issue.
Traditionally tense relations between Islamabad and Kabul have soured further in recent months amid a surge in militancy in Pakistan that it blames on its neighbor.
Islamabad says militants mainly associated with the Pakistani Taliban group frequently launch attacks from hideouts in Afghanistan, targeting police and other security forces. Islamabad has even blamed Kabul’s Afghan Taliban rulers for facilitating anti-Pakistan militants. Kabul denies the charges.
Last week, CM Gandapur said he would hold direct talks with Kabul’s Taliban rulers to take action against Afghanistan-based militant groups.
