Yes, these are:1. I can't predict Pakistan's macroeconomic...

Yes, these are:

1. I can't predict Pakistan's macroeconomic future with any certainty. Nor I suspect can the New York Times.

2. Some of the content is alarmist and frankly ridiculous. Case in point - "The entire government machinery, including the military, is running on borrowed money."

If that were a reason for pulling equity investment, the same "logic" would apply to many other places, for example the USA, China and Australia.

3. Pakistan is a poor country and a risky marketplace. That's why Zameen is worth a small fraction of, for example, Zillow ($8bn market capitalization).

4. Pakistan has a large diaspora (wikipedia - 8.8million) who live mainly in richer countries and are, largely, economically independent of Pakistan. Zameen's success is built partly on the remittances from this population.

5. There's been a trend in the last 50 years toward increasing free movement of labour and capital between countries ("globalization"). To the extent that this "mega-trend" continues it will tend to equalize economic conditions between countries, raising average incomes and asset values in places like Pakistan.
Notwithstanding all the risks, that effect is a natural tail-wind to Zameen.