Pakistan, Oman focus on foreign investments via New Ventures 
'Pakistan Times' Business & Commerce Desk

KARACHI: Pak Oman Company is setting up a Real Estate Development / REIT Management Company to cater the needs of the corporate sector and foreign investors in the Gulf, the Chief Executive officer of the Company Zafar Ahmad said here Thursday.

In an interview, he said the board of directors has approved the project and other formalities were being processed. The company with initial capital of Rs 1 billion, aimed at developing the infrastructure and real estate sectors of the country, he added.

Responding to a query, he said the Middle East partners of the Company have shown keen interest. “Institutional investor can join hands out of Oman and UAE, along with reputed local partner “Zafar said. The Company will subsequently be converted into Real Estate Management Company, after the finalization of REITs rules by SECP, he added.

Similarly, Zafar said the launch of the Pak Oman Asset Management Company was another feather in the cap of the company and it had already its first closed-end income fund of Rs 1 billion. Launch of the first open end fund is expected by end of this month, he added.

Pak Oman Investment Company has recorded US$ 5.44 million as pre tax profit with Rs 1.29 earnings per share in 2006; he said adding that the prospects for the current year are equally bright and promising. “We intend to expand out activities by investing in subsidiaries”, he remarked.

He said Pak Oman Micro Finance Bank established in March 2006 had successfully met its target of establishing 13 branches throughout the country and developed a client base of 15,000 customers.

The Managing Director and CEO of the Company Zafar Ahmed said one of the objectives of the company was to supplement the Government’s efforts for poverty alleviation besides supporting the economically weaker segment of the society.

Zafar said, “The Company plans to venture into the brokerage business for which the business plan along with feasibility is being finalized. The company will be incorporated with Rs 600 million, with Rs 1 billion authorized capital. Investors from Oman have shown interest in the venture. The Board in-principle has approved this project”, he observed.

He also informed that the Company is going to start construction of its head office in Karachi that would also have rental space for Commercial banks and corporate offices in a 13 storey building to be called, “Pak Oman Tower”.

About the outreach, Zafar said besides head office in Karachi, Pak-Oman has fully operational offices in Lahore, Islamabad, Gwadar and Muscat. It is all set to open branches at Faisalabad and Peshawar. “We are also working to setup a small representative office in Doha” Zafar Iqbal added.

He said that the company is an equal opportunity employer and discharging its obligations as Corporate citizen, In this regard he said Pak Oman’s “Friends of Life” held a Fundraiser to assist with the furnishing of Dar ul Sukun’s new wing as a strong bond of cooperation exists between the two organizations. A cheque of Rs. 1 million was presented to Dar ul Sakun for the purpose, he added.

Pak Oman Investment Company has been sponsoring groups of visiting students from the Sultan Qaboos University’s College of Agriculture and Marine Biology in Oman since 2003. To date, four visits have been arranged by Pak Oman for the students of the Sultan Qaboos University to Pakistan.

Talking about another significant event, Zafar Ahmad said an Inter-School Art Competition for young children from over 25 schools was held in Lahore in collaboration with Admore Gas and Allied Engineering in line with Friends of Life’s mission to encourage social interaction and healthy competition amongst children and youth.

Back to Karachi, he said, “ We have adopted a Friends of Literacy and Mass Education (FLAME) School in Landhi for one year in October 2006, supporting the education of deserving children in one of the most deprived areas of Pakistan.”●