Pak: Egyptian firm to develop affordable housing units

Islamabad: Egyptian Construction Company, Arbiyya lel Istithmaraat has agreed to develop appropriate affordable housing units in Pakistan as a part of the Prime Minister's one million housing programme in various cities and towns at identified sites.

In this connection Federal Government and Arbiyya lel Istithmaraat have signed a Memorandum of Understanding (MoU) for participation in the construction of houses and flats under Prime Minister's Housing Scheme. Managing Director, Pakistan Housing Authority (PHA), Raja Muhammad Abbas and Chief Executive Officer, Egyptian Arbiyya lel Istithmaraat Company, Mohamed Metwall signed the MoU documents on behalf of their respective governments.

Federal Minister for Housing and Works, Rehmatullah Kakar, Secretary Housing and Works, Samiul Haq Khilji, Chief Engineering Advisor, Ali Abid, Director General, PHA, Shahid Nadeem and senior officials of the Ministry also attended the ceremony.

Under the MoU the Egyptian Company also agreed to invest in Pakistan to build and develop low cost housing units. The Company would also construct commercial areas at the identified sites of International Standards. Speaking on the occasion Rehmatullah Kakar thanked the Egyptian Company for showing keen interest in the mega-housing scheme, which would provide shelter to the poor, needy government servants and general public.

He said that the government would welcome the foreign investment in the housing sector and extend all out co-operation in this regard. Secretary Samiul Haq Khilji told the CEO of Egyptian Company that all the necessary arrangements have been finalised to launch the Prime Minister's Housing Scheme.

He assured him to provide maximum facilities and incentives to carry out the gigantic project. It is pertinent to note that world renowned companies from Malaysia, Canada, Germany, Spain, Iran, China and USA have shown their keen interest to participate in the mega housing scheme and signed memorandum of understanding in this regard.