Khamas Group of UAE finalizes housing projects in Lahore

• Khamas Group chief says Pakistan economy is favourable to investment

By Nauman Tasleem

LAHORE: Lahore is a city of opportunities for foreign investors, said Salah Khamas, director of Khamas Group of Companies, a UAE-based company.

Khamas, who is visiting Pakistan to finalise a $100 million housing project in the city, talked to Daily Times about his visit, his company’s investment plans in the country and how he felt at home here.

Khamas, an MBA from Texas, said he has been visiting the city for the last 25 years. “I feel at home whenever I visit Lahore, which is why I planned to launch a project here.” The project consists of commercial markets, residential schemes, playgrounds, swimming pools, a community centre, a recreational park and several modern facilities. “The world of today strives to provide all facilities under one roof and that is exactly what I plan to do here,” Khamas said.

“Lahore is a very lively city and has many attractions for foreigners,” he said, adding that his company had planned the project keeping in view the habits of Lahoris. He said that other Pakistani cities, including Karachi, Gwadar and Islamabad, also had potential for investment, especially in construction projects.

He hoped that the new Pakistani government would succeed in delivering and controlling deteriorating law and order. He said, “The situation has already tranquillised and I hope the future will be bright.” Khamas termed the economic situation of Pakistan as sound and said that a class of people was emerging that had attractive income levels and had the potential to invest. He said, “One should not forget the raise in income levels while considering the rate of inflation.” He said he would suggest other investors to also visit Pakistan and see its investment potential.

He said that after the completion of the project, the Khamas Group planned to launch another housing project targeting the low-income level groups. “You cannot ignore that part of society,” he said.

Khamas said that the upcoming project aimed not only at providing a luxurious lifestyle to people, but also to help locals net jobs. “In construction work, you need a lot of manpower and labour and both these resources would be hired from the local market,” he said, adding that the company would only bring logistics with it from the UAE.

He said the Khamas Group was a consortium of more than 200 companies with a liquidity of more than $3 billion. “We have offices in all Gulf countries, China, Japan, India, Korea and the Philippines,” he said, adding that an office in Pakistan was very important for the group.
Source: Daily Times, 28/5/2008