By the early 2000s, the Dewan Group, having established a solid foothold in the textile, automotive, cement, and banking industries, began casting its eye on another lucrative field: real estate. The rapid urban expansion of Karachi, Lahore, and Islamabad, coupled with the real estate booms driven by overseas remittances and rising urbanization, made it an irresistible prospect.
At the helm of this new venture was Dewan Yousuf Farooqui himself, who saw real estate not just as another stream of revenue, but as a statement of permanence—a legacy etched in skylines.
"The textile mills fade, cars get scrapped, cement is poured and forgotten. But real estate? It carries your name for generations," he said during a private meeting at the group's head office on Shahrah-e-Faisal, Karachi.
Scene 1: Strategic Vision
Sitting across from him were two key advisors—Shafiq-ur-Rehman, a real estate veteran with past affiliations to Bahria Town, and Ahsan Mehmood, a Harvard-trained economist recently returned from Dubai.
"We can't compete with the likes of Malik Riaz in sheer size," said Shafiq, shifting uncomfortably in his leather seat, "but we can target the elite. Luxury condos. Commercial hubs. Mixed-use developments."
Ahsan nodded. "And if we integrate retail and hospitality—perhaps even education facilities—we're not just selling property, we're selling lifestyle."
Dewan Yousuf leaned forward. "I want the Dewan name in the skyline. Something iconic."
Scene 2: The Birth of Dewan Properties
In 2004, Dewan Properties (Private) Limited was registered. Its first major project was a high-rise commercial-cum-residential tower along Clifton's waterfront—tentatively titled Dewan Heights. The land acquisition itself became a matter of political maneuvering.
Behind closed doors, meetings were held with city officials, including then City Nazim Naimatullah Khan. Though a man of integrity, he faced pressure from various lobbying groups.
"The land was meant for public parks," Khan reminded Dewan's legal advisor in one such meeting. "Re-zoning it will invite scrutiny."
"We are proposing not just towers, sir, but a public promenade, a waterfront museum, and green walkways," the advisor argued, handing over blueprints.
Eventually, with influential allies and an extensive campaign of goodwill—including school donations, road repairs, and funding a free clinic—the project was greenlit.
Scene 3: Conspiracies and Interference
However, not everyone was pleased. Real estate tycoons like Malik Riaz and politically-backed firms like Paragon City developers viewed Dewan's entry into real estate as a threat. Whispers of sabotage began circulating. Delays in NOC approvals. Anonymous complaints to the SECP. Media pieces questioning environmental clearance.
A secret recording, later leaked, revealed a conversation between a provincial minister and a competitor:
Minister: "Their banking links are strong. They can self-finance."
Competitor: "Then dig into those links. Float a rumor. Money laundering, perhaps?"
Minister: "And if that doesn't work?"
Competitor: "Then we bring NAB into it."
Scene 4: The NAB Investigation
In 2006, the National Accountability Bureau (NAB) opened an inquiry into Dewan Properties, alleging irregularities in land acquisition and financing. Dewan Yousuf was summoned, his offices raided.
In a tense board meeting:
"This is not about corruption," Ahsan Mehmood stated. "This is about politics. Someone wants us out."
Yousuf remained calm. "Then we push harder. Bring transparency. Launch a PR campaign. Invite international media. Let the truth counter the lie."
And so, Dewan Group took out full-page ads in national dailies, hosted investor conferences, and published their books for third-party auditing. The tide turned slightly.
Scene 5: The Dubai Gambit
Simultaneously, Dewan Properties looked beyond Pakistan. In 2007, they launched Dewan Vista in Dubai's Al-Barsha district, partnering with local developers. This offshore venture was strategic—hedging against Pakistan's unstable policy climate and leveraging the GCC's real estate boom.
The launch event was attended by UAE dignitaries and key Pakistani expats.
"This," said Dewan Yousuf during his keynote, "is not just about buildings. It is about building faith."
Scene 6: Internal Conflicts and Cost Overruns
Back home, however, Dewan Heights was hemorrhaging money. Construction delays, rising cement prices, and contractor disputes plagued progress. Internal conflicts erupted.
In one stormy meeting:
"We need to halt the Karachi project and redirect funds to Dubai," insisted CFO Khalid Anwar.
"We promised deliveries by next year. Our brand is at stake," countered COO Batool Qureshi.
Yousuf made a tough call. "We split the risk. Half the team moves to Dubai. The rest finish what we started in Karachi. We don't abandon ground."
Scene 7: An Attempted Hostile Takeover
In late 2008, a prominent political business group—rumored to be aligned with a former president—approached Dewan shareholders with an offer to buy a majority stake in Dewan Properties. The offer was disguised as a bailout.
A boardroom standoff ensued. Independent director Shahbaz Wasti confronted the group's emissary:
"This company isn't for sale. And certainly not to you."
Threats followed. Bank loans were mysteriously delayed. Zoning regulations were suddenly 'under review.'
Scene 8: Surviving the Storm
Despite these hurdles, Dewan Heights was completed by 2010. The project didn't meet the initial grandeur, but it was functional, profitable, and a statement of survival. Dubai's Dewan Vista, however, overperformed. The success opened doors in Qatar and Bahrain.
Scene 9: Reflection
In a rare interview to Business Recorder, Yousuf was asked if the real estate venture was worth the political cost.
He paused. "Sometimes, buildings aren't built just for tenants. They're built to say—we existed. We mattered."
Final Words
The real estate chapter of Dewan Group was one of ambition, confrontation, and survival. It was a litmus test of how far a business could go without being swallowed by the system.
Question for Readers:
Do you believe Dewan Group's foray into real estate was a natural expansion—or was it a step too far into a field already dominated by powerful, politically-aligned players? Was their survival a matter of strategy—or sheer willpower?