By Rafiq Vayani
KARACHI: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb struck the gong at the Pakistan Stock Exchange (PSX) today to mark the listing of Naya Nazimabad Apartment REIT (NNAR), with Prime Minister Mian Muhammad Shehbaz Sharif joining virtually as Chief Guest.
The ceremony also celebrated renewed confidence in Pakistan’s economy. The Finance Minister cut a cake marking the country’s successful USD 3 billion Eurobond issuance, its largest ever, which attracted nearly USD 6 billion in orders.
Hosted by Mr Arif Habib, Chairman of Arif Habib Group, the ceremony brought together the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan, PSX leadership, leading bankers, fund managers and prominent business leaders.
NNAR is Arif Habib Group’s fourth REIT listed on PSX. Its book-building portion was oversubscribed approximately eight times, while the general public offer was subscribed 4.28 times, with more than 8,000 investors participating. The response underscores investor appetite for professionally managed, regulated opportunities in Pakistan’s construction sector.
The listing comes amid a strengthening economic outlook. S&P upgraded Pakistan to B in July 2026, SBP reserves reached an all-time high, and remittances rose to a record USD 41.6 billion in FY2025–26. The KSE-100 has gained approximately 155 percent since March 2024, reflecting growing confidence in the country’s economic prospects.
Addressing the ceremony, the Prime Minister said, “The response to our Eurobond reflects renewed confidence in Pakistan internationally, while the strong demand for this offering demonstrates that confidence at home. A home gives a family security and dignity, and housing construction creates employment across many industries. We should measure success by the homes delivered, the jobs created and the communities built. Our government is committed to facilitating access to housing for the people of Pakistan, particularly affordable housing for ordinary families.”
Senator Muhammad Aurangzeb said, “The response to this offering shows that Pakistani investors are ready to commit capital when credible opportunities are available. REITs bring real estate into a regulated structure, supported by documented assets, professional management and independent trusteeship. Our task is to deepen markets, strengthen transparency and channel investment into productive activity, including housing and infrastructure.”
Mr Arif Habib, Chairman of Arif Habib Group, said, “Pakistan is rising, and investors are ready to participate in its progress. Our fourth REIT listing reflects our commitment to broadening investment opportunities and connecting the capital markets with housing development and employment generation. The confidence investors have placed in NNAR brings a clear responsibility to deliver with discipline, transparency and care.”
Mr Farrukh H. Sabzwari, Managing Director and Chief Executive Officer of PSX, said, “NNAR’s listing demonstrates the role of the stock exchange in connecting investors with Pakistan’s real estate sector and mobilising capital for development. We encourage more businesses to access the capital markets, broaden investor participation and contribute to the country’s growth.”