Construction in any country is considered as an economic activity that involves a complete process of raw material production, its delivery and manufacturing of building materials and components to providing professional services for execution of construction of construction work. This whole process has the potential of transforming national economy of any country around the globe. If we take UAE as an example the construction market was worth $86.7 billion in 2022 with a projection to achieve an average annual growth rate (AAGR) of more than 3% during 2024-2027. The industry contributed $186.8 billion to Arab’s GDPs in 2021. In India the construction industry contributes around 8.2% in the GDP that makes up US $ 131 billion. A similar trend has been noted in many other countries.
Just like any other country, Pakistan’s construction industry has a huge potential but unfortunately it remained untapped up till now. In Pakistan the construction sector contributes around 2.53% in the GDP as per an economic survey making it unchanged since last two decades. This industry remained one of the most neglected industries at national level.
However, there are some stalwarts with an aim to make Pakistan a construction giant. Giga Group plays a leading role among them. The award-winning developers of Dubai came back to their home country in the late 2000’s. Since then, the group has been working to strengthen national economy through various business ventures. One such example is the initiative of Crescent Bay Karachi. A revolutionary project in the history of Pakistan with a net worth in billions USD.
Crescent Bay is a 108-acre under construction upscale mixed-use oceanfront development. It started as a joint venture between Giga Group and EMAAR Pakistan. Currently, three main developers are working on the project, EMAAR, Giga Group and HMR. HMR owned by Haji Rafiq Pardesi became a party after the business split with Haji Ameen Pardesi’s Giga Group. Haji Amin Pardesi who is the brainchild behind Crescent Bay Karachi considers the project to be one of its kind in Pakistan and a great opportunity to serve national economy.
The land reclamation on the project has already been completed by Mazyood Giga International, a subsidiary of Giga Group with the assistance of Halcrow Consultants. But, due to the family business split the construction work for Giga was hindered through different hurdles. Sources claim that after years of wait Giga Group has finally been provided with their share of land and they are all set to give a healthy competition to developers currently working on the project. Once completed it would be a great source of tourist attraction for Pakistan. It is not only Pakistan’s biggest real estate project but also a new hope for Pakistan’s construction industry as it would open new doors for the national economy of Pakistan. New job opportunities, massive influx of foreign investments, upgradation of lifestyles, eco-friendly sustainable development and many such good news can be expected in the project.
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source https://globalcourant.com/crescent-bay-karachi-a-new-hope-for-pakistans-economy/
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