KARACHI: Investment from companies of the United Arab Emirates (UAE) in Pakistan has risen significantly and one of the reasons is the good experiences many UAE-based companies have had here. Saad Zaman, who works as the Honorary Investment Consul for Pakistan in the UAE, told The News that UAE-based companies have done well in the past couple of years and this experience is opening up Pakistan to UAE investors.

Zaman, who also heads the Dubai Islamic Bank in Pakistan, says that the experience of his bank is proof enough of how lucrative the Pakistani market is. He said that the growth of the bank since it started working here has been very impressive and this has not gone unnoticed in the UAE.

“Companies are now asking us for advice on how and where to invest in Pakistan,” he commented.

Zaman said that areas of focus for the UAE companies remain telecom, the retail sector, real estate, finance and tourism. The honorary consul says that these are the areas where the companies have expertise and this is where they will come.

“We have been active in the real estate sector and we believe that this activity will start an economic cycle which will result in more opportunities.” At the same time, Zaman clarified that the real estate projects that many UAE-based firms are bringing into the country are not elitist as believed but will bring housing relief to all sections of society.

He said it is a misconception that the housing projects being launched by UAE-based companies like Emaar and Limitless are only for the rich. Zaman argued that these mega projects will not only expand the housing sector considerably but will also help in creating opportunities for the middle class to invest as well.

“Look at Pakistan,” says Zaman, who did his schooling in Karachi’s Habib Public School, adding “there is a shortage in the housing sector. You either have upper end products or those that are very down market.”

Zaman said that UAE companies entering the Pakistan real estate sector will have a positive impact. First, there is shortage of housing and this will be met. Then, the middle class will be able to go for purchasable real estate. Also, this business will create lots of job opportunities.

He also said that it is wrong to assume that UAE companies are coming to Pakistan because opportunities in the West have been restricted following the events of September 11. He pointed out that it is the state of Pakistan’s economy which is drawing investors otherwise lots of opportunities exist in different parts of the world like China and India.

Zaman also talked about a UAE-based organisation “Limitless”, a subsidiary of UAE firm “Nakheel,” which is investing in a mega real estate project in Karachi.

He said that the companies that were coming into the real estate sector from the UAE were credible and in many instances Dubai government-owned.

“It’s not a case of a commitment of some years. We are looking at long-term commitments in Pakistan,” he said, adding that the real estate sector in Pakistan needed to have big and credible players for it to boom.

He said that the projects being initiated by companies owned by the Dubai government meant that all international standards including addressing environmental concerns and issues related to residents of an area that was being developed would be addressed.

Zaman clarified that the “Sugarland City Project” initiated at the Hawkesbay/Sandspit area was in fact still in very early stages.

“First of all, it’s not called Sugarland but Waterfront Development Project,” said Zaman, adding that the Sindh government was at present doing its due exercise after which the area could be offered to their company for development.

The DIB chief said that the entry of international players in Pakistan would also help raise the quality of products and services offered in Pakistan. He said that the Pakistani market needed this kind of investment and expertise to grow.