27 February 2005	Sunday	17 Muharram 1426

KARACHI, Feb 26: The Chief Executive Officer of the First Gulf Bank, Abdul Hameed Saeed on Saturday announced his plans to explore investment opportunities in real estate in Karachi.

"We are keen to invest in many sectors but particularly in housing, telecom and infrastructure development," said the CEO of the First Gulf Bank at a lunch meeting given by the president of the Karachi Chamber of Commerce and Industry. Bankers, executives of modarbas, leasing companies and business leaders attended the lunch.

According to a press release of Karachi chamber, Mr Abdul Hameed Saeed said that his banks considers real estate as one of the sectors which has the most potential for growth. He indicated commercial apartment blocks and shopping malls could be the possible starting projects.

The Gulf Bank has almost 70 per cent shareholding of the Al-Nahayan family of late President of the UAE Sheikh Zayed bin Sultan al Nahayan.

In his welcome remarks the KCCI president, Khalid Firoze called the construction sector as "one of the fastest growing sectors of the national economy which registered 7.9 per cent growth in 03-04." He said that Pakistan offers very favourable conditions for investment as all the multinational companies operating in Pakistan are making good money.

UAE is the second biggest trading partner of Pakistan maintaining a two-way trade volume of $2.8bn. The UAE is also second biggest source of remittances.