Pakistan’s IMARAT Real Estate secures REIT, mulls UAE expansion to boost two-way investments

Pakistan’s IMARAT Real Estate secures REIT, mulls UAE expansion to boost two-way investments

Shafiq Akbar, Chairman of IMARAT

Image Credit: Supplied

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.

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