Tag: building

  • Old Pakistani embassy building in US to be sold by govt after lying vacant for 15 years

    Old Pakistani embassy building in US to be sold by govt after lying vacant for 15 years

    Owing to the country’s dire economic condition, Pakistan has decided to sell its old embassy building located in the United States (US).

    The Foreign Office has permitted the Pakistani embassy in Washington to sell its old building, which has been vacant for the past 15 years, according to ARY News.

    According to sources familiar with the matter, the building in the heart of Washington is worth $5 to $6 million and is being sold as a result of Pakistan’s dire economic condition.

    A case involving two old Chancery buildings in Washington, DC, at 2201 R Street and 2315 Massachusetts Avenue, which had sat empty since the Pakistan Embassy there was transferred to a specially constructed Chancery Building in April 2003, was previously revealed.

    Earlier in August, sources stated that Pakistan was planning to give Qatar shares of the Roosevelt Hotel in Manhattan, New York, in exchange for Doha’s investment in the aviation industry.

    The Roosevelt Hotel, which opened its doors in 1924, is one of the country’s iconic hotels and is located in Manhattan’s opulent downtown.

  • Pakistan’s cement exports fell by 82.15 per cent in April 2022

    Pakistan’s cement exports fell by 82.15 per cent in April 2022

    Owing to unpredictable economic and political conditions, cement sales remained weak last month and between July and April 2021-22 (10MFY22), according to All Pakistan Cement Manufacturers Association (APCMA).

    The sector shipped 3.37 million tonnes of local cement in April 2022, down 17 per cent from 4.06 million tonnes in April 2021, while exports dropped 82.15 per cent from 877,163 tonnes in April 2021 to 156,613 tonnes in April 2022.

    As a result, overall cement sales including local and exports plummeted by 28.6 per cent in April 2022 to 3.52 million tonnes, down from 4.94 million tonnes in April 2021, as per APCMA data.

    North-based cement mills sold 2.8 million tonnes in domestic markets in April 2022, down 17 per cent from 3.3 million tonnes in April 2021. Exports from northern mills declined 75.22 per cent in April 2021, from 250,072 tonnes to 61,971 tonnes.

    According to data from the State Bank of Pakistan (SBP), banks granted Rs180 billion in housing loans in 10MFY22, with Rs57 billion disbursed over the same time. Housing loan applications of Rs409 billion had been received by banks.

    The political and economic instability of March had begun to deter investors in the construction industry, as seen by the APCMA’s domestic April sales figures.

    Read more: CNG prices pushed to Rs140 per kg for sales tax collection

    Moreover, high lending rates of 12.25 per cent effective April 7 and the risk of further rate hikes will impact construction activity, while consumers are already under pressure due to increased living costs, with the CPI for April at 13.37 per cent.

    Owing to record high prices for steel bars, cement, and other construction supplies, people are also cautious to make new investments in building new homes.