By Staff Reporter
ISLAMABAD: A delegation from Dubai’s Damac Group pitched technical know-how in tokenising real-world assets, blockchain platforms and artificial intelligence to the government, as the South Asian nation pushes ahead with digital reforms to lure foreign investment.
The group, led by One Group Chairman Syed Zeeshan Shah and including Damac Co-Managing Director Amira Hussain Sajwani, met with Finance Minister Muhammad Aurangzeb in Islamabad on Wednesday, according to a statement from his ministry. The visitors signaled keen interest in teaming up with Pakistani authorities, offering advisory services and training in areas like asset tokenization, AI tools and upgraded digital systems.
“The visiting delegation expressed strong interest in partnering with the Government of Pakistan and offered technical expertise, advisory support and capacity building in areas such as tokenisation of real-world assets, blockchain-based platforms, AI-driven solutions and modern digital infrastructure,” the ministry said. Talks zeroed in on worldwide shifts toward tokenization, blockchain and AI, with an eye on how these could dovetail with Pakistan’s financial overhauls and broader tech push. The Damac team spotlighted “global best practices and private-sector innovation that could support Pakistan in enhancing transparency, efficiency, investor access and financial inclusion, while fully respecting the country’s legal and regulatory framework.”
Aurangzeb, a former JPMorgan Chase & Co. banker who took the finance post in 2024, greeted the overture warmly and stressed Islamabad’s focus on “responsible innovation, strong governance and regulatory compliance.” He added that Pakistan is scouting “credible international partners to evaluate new technologies that can strengthen its financial ecosystem,” with any tie-ups hinging on “national priorities, transparency and applicable laws and policies.”
The meeting comes as Pakistan ramps up its flirtation with crypto and digital assets. Just weeks ago, on Dec. 18, Bilal bin Saqib, chairman of the Pakistan Virtual Assets Regulatory Authority, huddled with State Bank of Pakistan Governor Jameel Ahmad to hash out digital asset rollout. Last August, the government rolled out the Pakistan Digital Authority as part of the Digital Nation Bill, tasking it with crafting a national digital blueprint and tracking tech projects.
“Both sides noted that such technologies, if deployed prudently, can help deepen capital markets, attract international investment and support sustainable economic growth,” the finance ministry said, nodding to recent moves to vet blockchain setups for government bonds and physical assets.
Separately, Damac inked a deal with Punjab province to fast-track tokenizing state and commercial holdings, state broadcaster Radio Pakistan reported. That pact emerged from a sit-down in Lahore between Punjab Chief Minister Maryam Nawaz and a Damac contingent fronted by co-managing directors Amira and Ali Hussain Sajwani. “The Damac Group showed keen interest in investing in Punjab,” the report said. Nawaz voiced pride in the province’s tech embrace, declaring it “being positioned as Pakistan’s gateway for foreign direct investment in digital assets and new technology.”
The Sajwanis’ team also met Information Technology Minister Shaza Fatima Khawaja to scope out joint ventures in Pakistan’s tech scene, per the government’s Press Information Department. The visitors lauded “the talent of Pakistani youth and the country’s digitisation framework, and expressed strong confidence in Pakistan’s vast potential for PropTech, tokenisation, and technology-led investment.”
Discussions focused on freelancing gigs, harnessing local coders and how property tech plus tokenization could free up capital, streamline operations and boost real estate liquidity. Khawaja’s team outlined Prime Minister Shehbaz Sharif’s Digital Nation Pakistan roadmap, spotlighting strides in women’s economic access—like digitally enlisting 500,000 women into the Benazir Income Support Programme via e-wallets during last year’s Ramadan relief drive.
Damac, a major player in luxury real estate across the Middle East, has been expanding its tech footprint through arms like Prypco, which specializes in tokenizing properties and other assets. Pakistan, grappling with a sputtering economy and foreign reserves that hit a low last year, sees digital tools as a way to modernize finance and draw inflows amid International Monetary Fund-backed reforms.
Copyright © 2021 Independent Pakistan | All rights reserved
