Sheikh Nahyan bin Mubarak al Nahyan and Malik Riaz sign the investment agreement in Abu Dhabi. PHOTO: PRESS RELEASE
Former chairman and present consultant of Bahria Town, Malik Riaz Hussain has signed an agreement with His Highness Sheikh Nahyan bin Mubarak al Nahyan, Chairman Abu Dhabi Group, Union National Bank and United Bank Limited under which $45 billion will be invested in Pakistan.
The investment will be made in various construction projects, and is the biggest-ever foreign investment in Pakistan.
Out of the total investment value, $10 billion will be invested in Islamabad and Lahore whereas $35 billion will be invested in Sindh.
These projects also include the construction of the tallest building of the world (Taller than Burj Khalifa, Dubai) in Karachi.
Moreover, the project encompasses sports city, educational and medical city, international city and media city. The project also includes the construction of miniatures of the Seven Wonders of the World. These projects will employ more than 2.5 million people and will boost more than 55 industries like cement, bricks, iron, steel and glass. Moreover these projects are expected to represent all the social classes of society and middle-class and lower-middle class will have equal representation. The agreement will have a revolutionary impact on not only Pakistan’s economy but also the tourism of the country and will be a milestone in reviving the lights of Karachi.
Speaking on the occasion, His Highness Sheikh Nahyan bin Mubarak al Nahyan said that Bahria Town not only represents modern Pakistan but is also a credible, respected and authentic name in the real estate sector the world-over. “I am genuinely happy that in this historic project of Pakistan we are working with the visionary Malik Riaz Hussain, this guarantees that not only the project will be delivered beyond our expectations but also before time. We will Inshallah be welcoming first residents in next 3-4 years.”
Malik Riaz expressed his pleasure at the signing and said that it was a matter of great pride to be part of this project as such a huge amount of foreign investment has never been made before.
A distinguished feature of this project is the utilisation of seawater to produce electricity. The projects will have their own grid station. Moreover, a separate modern water treatment plant will be established to convert seawater into drinking water. These features make this a landmark project in Pakistan, which addresses the current water and electricity issues of the country.
The Abu Dhabi Group has previously made huge and successful investments in Pakistan by the establishment of Bank Alfalah, Warid Telecom and Wateen Telecom.
Published in The Express Tribune, February 16th, 2013.
COMMENTS (153)
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Well, it will be good for pakistan, if it will happen. But the thing is that Pakistan govt. does not have any money to invest for such kind of projects. Why they need foreign investments on these kind of projects. If they need foreign investments then it should be on infrastructure, factories, industries. Why wasting $45 billion on such ridiculous things. We have a India as a good example. they developing by their own. Now they are No.2 in IT. We should see their infrastructure. By 2014 all 7 cities will have a metro facility like delhi. Their railway is making huge money and in Pakistan we got only metro bus facility in 2012. UAE's all big construction companies are getting projects to develop big township, IT Parks etc. In medical field they far ahead from us. Peoples from all around the world are going there for medical treatment and these things are called real investments. We are saying china is our good friend but what have we learnt from china. I have see beijing and it is unbelievable growth. Well its just a thought which i have shared here.
@bangash: but somthing was gone wrong
What ever.. The great news is that aftr completion of project.. Not only country gdp will increase.. But the employment increse, more 25lac ppl get oppurtunity
Yesterday I saw an ad in daily Express from Abu Dhabi group denying the investment and saying that no such agreement was finalized and memo of understanding with Malik Riaz has been withdrawn.
Abu Dhabi Government has already denied that it's fraud!
That's a sweet dream, lf they spend half money just and only in the beneficent of Pakistan.that will be a great achievement.im worried only few families will enjoy it. l wist i'll be wrong.if they misuse then we suffer inflation more.
@BuckDing
Karachi is the business hub and backbone of our national economy. Such a building can only be utilized to its best value in karachi. If this happens even upto 50% of stated figures, hats off to malik riaz and UAE. Something to be happy about, karachiites.
There are always men who are born with a 'can't do' spirit, but then there are men made of 'can do'...its always the latter group responsible for dragging the former into the future.
I applaud Malik Riaz and the Arabs investing in Pakistan, they are not stupid, they know with a growing 190 million population, and excellent Pakistani brains and hard working people who built Dubai, they can multiply their investment many times, which is fine, as it will trickle down and benefit the ordinary man.
The reason why major projects were scrapped in the past 7 years is because the entire world went through a bad economic cycle but this is normal, economies work in cycles, and now things are or will soon turn around, the merger of US Airways and American airlines is positive proof that businesses sense a turnaround is near.
Let us wish them well instead of discouraging them, let us support them instead of ridiculous nonsensical negative comments all the time.
how are you going to climb up this building- what about power??? no electricity.
really dont know who on earth gives them such ideas. if you want to spend so much money please do it in productive core sectors like power, ports, energy. education , health
a high rise building - i mean someones got to be kidding.
please dont get influenced by theese neo rich middle eastern economies.
yeah..right!
If Malik Riaz and company want to make full use of their wealth they should invest in energy sector. What use is high rise building. Burj Khalifa, the highest building in Dubai has not been fully utilized. Have pity on the people of Pakistan and do something to boost up the economy.
I am quite positive about this project. The UAE leaders are very fond of making world records. Im sure they wont back out.
I request all the Pakistanis to stop criticising the biggest project in Pakistan's history. This can really create millions of jobs in Pakistan. Once the unemployment is brought down, street crimes will go down. Our industries will be working on full capacity and further new industries will come up to cater the huge demand.
I really dont care about Malik Riaz's character if he successfully delivers the projects on time, which he did in Bahria Town. My friends in Lahore tell me that Bahria Town really is an outstanding project.
This is the time when we can proudly tell the world what we are capabe of !
I have a suggession for the project management team: Take Mustafa Kamal on board.. As he did an outstanding job in building karachi.
Promises, promises & more promises! I have heard all this before on numerous occasions.
@antanu g: Actually shocked that someone could be so hilarious.
Sounds too good to be true.
BREAKING NEWS: Ehsanullah Ehsan has issued a statement that TTP will target this yet to be constructed World's Tallest Building.
I thought Malik resigned from BT and does not hold any official position....Suprime Court must ask question..Timming..two week ago Malik gifted house to Zardari and now signing the biggest deal...Malik claimed that he has over RS 3500 billioin, I dont know what to believe...
It is true that Abu Dhabi group will be investing $45 billion. However, Pakistan has to put up 10% of this amount initially as its equity. It is not a problem as the government shall collect this amount with a new CESS.
@Optimist: What happened to the cricket league.
This is indeed a great news and I am sure it will happen. We should give credit where it is due. Malike Riaz is telling us the potential of Karachi even if the current inhabitants are in deep sleep and close their eyes when they vote....Hopefully they will see the real enemy or vote for people who have their interest at heart not of India or another foreign power. Baluchistan will reach its potential soon and I am sure 2015 will bring good news all around and there will be peace in Pakistan and TTP will be gone by then...and LTTE too ...one can always hope...LTTE were supposed to fight enemies of Pakistan I thought?
i hope mr malik z nt plannin to turn karachi into vegas.....:(...
actually the news have come as a shock to those who have been waiting for its collapse for a long time.... its really bad news for them
Thats good oppertunity for Pakistan
@usmanyy: It is normal for individuals to be interested in what is happening in one's neighborhood .Do u take any interest in what is happening in South America ?
Generating electricity from sea water? Hmm.. that sounds like a new discovery along the same lines of the famous car that runs on water. Pakistan will now be the world's first country to generate electricity from sea water and run cars only on water.
World's tallest building in Pakistan? The suicide bombers and terrorists in Pakistan will get a brand new, high price and best bang target.
No reality of 45 billion dollars investment. Just fooling the nation.
This project is just like building castles in the air. Actual investment will be just 5 billion dollars but how unethical business practices are carried by Bahria town. Consultant is signing the deal, not CEO.Malik Riaz a notorious land grabber who has grabbed land of widows and orphan, is not ashamed at his diabolical acts.How tourism will be encouraged when Karachi is one of the most volatile cities? This project aims to plunder the hard earned money of Pakistanis. They will be provided false data and will sink their money in these projects just like DHA valley scam.
It would hilarious if there's load shedding and everyone would have to walk down the stairs of this imaginary tallest building in the world. LOL
I'll be happy if this actually becomes a reality but it's crazy to talk about these ideas when there is no electricity, country's literacy rate is 56% and bomb blast go off every other day. We need to set our priorities straight.
Arabs and Pakistanis have one thing in common, we don't get excited by clean water, sanitation, safe or healthy environment. No, no...too boring!. Instead, we always want world's largest or tallest or longest.
To my Indian friends: You guys claim to be a big power. Act like a big power. Be happy for a small country like ours ;)
This is a joke. Malik Riaz thinks we all are gullible idiots to believe that someone will invest $45 billion without the involvement of Govt or Military. Also this private group, Abu Dhabi group, itself has no such amount in their balance sheet, leave aside invest. He is trying to fool the people to gain votes. It's as simple as that. Just ignore it.
Congratulation for the agreement to shape pakistani construction industry. I personally thanks for both the personalities for the vision in Modern Architecture and construction industry to grow in pakistan.As an Architect and living in United state whenever I go to Florida,Miami New york.I feel bad about as a pakistani. we can't do much about our own country and for the people.I remember when I was working one of top 10 consultant in Dubai.Sheikh Muhammad has vision to build modern and landmark project in Dubai. The country cannot progress in 50 years time. What Dubai did in 90's and 20's.We need strong and organized leadership within pakistan. Pakistani who they are successful in professional life and parallel with international management group. Otherwise in existing and scenario this is just as a dream. we have tallest tower in Pakistan specially karachi.I offer wealthiest group to shape port city come and see Miami and Florida. Inshallah we are proud to be pakistani and one day pakistani will be not behind with any other talented people.we need to spend money for education opportunity for everyone not for rich only,job opportunity and transparent government structure keep it away illiterate and anti pakistani sources will be success for our nation and our children in pakistan. God bless pakistan
@Latif: It's not just one building...it's much more than building a concrete[or steel] structure. Think deeply what impact this investment would have on Pak!
There's must be wrong some where or we Pakistani's are getting close to living fools paradise. Mr. Malik (successful business tycoon, land grabber, expert in briberies n etc etc n under SC scrutiny) Signing 45-billion dollar project with UAE business tycoon to build worlds tallest building in Karachi n other investments. If this is the criteria to 1. Whiten black money; 2. Market/show the world crime pays; than surely other PPP tycoons (party of poor n servants of masses) should take advantage by jumping in such band wagons.
may i ask why indians are in a frenzy on this article? why does the level of goodness, accuracy, truth, detail, background, magnitude matter to you?
I will not pass any judgement right now. Rather I will see what is the follow up news regarding any positive steps about this news. Time will tell us. Remember the time of Benazir Bhutto. Some big investor came from Hong Kong. Lot of publicity of the news of investment but nothing materialised. But that was govt and private party. Here it is between two private parties. May be I am too cynical.
At the end ,let us wait three to four yrs for follow up.
I read all comments but nobdy mentioned an important and best factor of the project. It will generate 2.5 Million Jobs. WOW. If this project went ahead then it will be a real turning point for Pakistan.
If Middle Eastern company want to invest this much at this moment when there is a so much violence in Karachi then this mean if we control this violance then there could be possibly many 100 Billion US $ investment possible in Pakistan.
I am always hopeful.
I have been tracking this story on all E-Papers and one common thing I have deduced from the comments is either people don't read the articles or just don't understand English the article clearly mentions that 2.5 million jobs will be created, a desalination and Electric producing plant will be established and yet they keep arguing what about electricity? What about Health? What about Education? What do you think the Media, Medical and Industrial City is for?
More than sure, this project just remains on paper and never gonna see the light of becoming a reality.
These are all only political stunt nothing more.There are lot of question to be raised:-
What an investor expect to get return after spending 45 billion dollar,yes "45 billion dollar", even if gets implemented phase by phase?
Why they want to invest this huge money on unsafe place like karachi and not any other location?
@nachelabs: its a private investment....why this SORE GRAPES SYNDROME
@hasan: and why.../ or you are not happy with the prospects?...come on..
If this is real and it actually happens, I'll be so so proud of Pakistan
Where this project be built in Karachi? Any authentic information??
Malik Riaz Zinda Bad. Malik Riaz Sb. Zinda Bad. Saviour of Pakistan Malik Riaz Zinda Bad. True Hero of Pakistan Malik Riaz Zinda Bad. Actions speaks louder than words and Malik Riaz Sahibs business projects are embodiments of Reliability, State of the artiness, People friendliness, Economical and first of their kind. He is true iconoclast. Don't doubt the intentions, only Allah Knows well the intentions. Have faith. It is a happy news. Lets enjoy and hope. Yes we can too develop, prosper and be recognised in the world positively.
i think this news is correct and the project will reflect positively on Pakistans capabilities. However I do suspect that literarily a wall being constructed between the haves (rich, upper middle class, businessmen and white collar professionals) and the have-nots (99.99% of remaining people). I fear the outcome, maybe these are first steps that will lead to uprising of massess and a revolution in wake of these segregative practices.
I don't understand why this news has irked so many Indians. Suddenly they have become experts on FDI and casting their apprehensions about the project feasibility. Almost as if they can't bear the thought of a progressive Pakistan
and these mega-projects will be fitted with the latest short-distance nuclear missiles of Pakistan...the ones with 60km and 180km range I am sure....so as to keep them safe from the mess around them.....hmm...now we know why Pakistan made those missiles...:D
they will also have an airport, all the business of the resident will be located in Abu-Dhabi...so they everyday they will fly directly from inside the city to the office ...no need to step outside of the USD 45 billion city into the Pakistan.....:D
And the tallest building in the world in this city has its own value...so that the residents inside can watch over Pakistan and feel lucky to have bought house there, away and safe from the mess around and praise the lord for the good value for money......still feel connected to the rest of the country...:D
FAQs:
Why is this BIG news not published in UAE newspapers? What is the website of Abu Dhabi Group of Companies who is signing this deal? Who will reside in the tallest building, as there are quite a few millionaires in Pakistan? When will this project commence?no it is not true!
Memorandum of Mis-understanding. I guess In a country with Foreign exchange reserves of $15 Billion and in a country that to get a loan of $ 5 Billion from IMF we get pushed around, Malik Riaz wants build a $45 billion construction project. Good entertainment.............
@BLing BLing: Cant you and people like you digest a Karachi that is flag bearer of progressing Pakistan.
A lot of Pakistanis treat Karachi with stinking biase.
Despite hurdles delibrately created by Islamabad, Hostile national political parties, nationalist parties, media, now Taliban Karachi is making its way forward.
Having no patronage whatsoever, Karachi has brought more glories to the country than any other "province".
Lastly, please dont ask for investments like baggers. Investments are not made on "Quota System" by private investors.Remember !
Pakistan on the rise !!!
If such huge is invested in international level Motorway and railway track project directly from Gwadar port city to Gilgit to connect with China...Pakistan would become center of Global Trade and one of richest country...
But We have made non-operational Gwadar with and dead end roads and provide anti-Pakistan and anti-China countries direction to start proxy war on that route as well...
They want to construct a tallest building in a country without the basic necessities i.e electricity, water etc.. Good Luck to them...
Great Great hope it will continue as planned.
Mashallah! By the Gift of Allah ! Good things coming up !
1)PAKISTAN IRAN GAS PIPELINE 2)HANDOVER OF GWADAR PORT TO CHINA 3)EXPANSION AND RE BUILT OF KORAKARAM HIGHWAY BY CHINA 4) INVESTMENT BY ABU DHABI GROUP WORTH USD 45 BILLION 5)DEMOCRATIC TRANSITION AND EMERGENCE OF PTI 6)INDEPENDENT JUDICIARY
@Muhammad Umair Manzoor
and you are incorrect. when the Hitler said this? btw, you can qualify as a propaganda minister for Adolf Hitler.
@nachelabs: private investment not govt sponsored.
@Arijit Sharma: vist UAE and Saudia then you will know whether it is feasible or not.
Make the lie big, make it simple, keep saying it, and eventually they will believe it. (Adolf Hitler)
This is all i have to say.
SPORTS CITY...ha ha ha....dont we realise that no foreign team feels safe in Pakistan ?....no player in his right mind will visit the land of the mullah
Why has ONLY PAKISTANI media reported this?....there is nothing on any Abu dhabi site or newspaper....GEO started this news and every other Paki outlet has picked it up....why nothing in the emrites?
good if it happens in pakistan but it is in doubt and if you look at India it has approved more than 1000 $billion or more than 1 $trillion a massive investment that it is going to spend on real estate and infrastructure alone leave alone other sector in next 5 year i.e upto 2017 half of which that is 500 $billion will come from private sector.Now comming to pakistan it didn't mention time frame like India given 5 yrs.can somebody???
i feel this not going to happen and this is not FDI as claimed this is a loan agreement a which Bahria Town of pakistan signed with Abu Dhabi Group, Union National Bank and United Bank Limited of Abu Dhabi under which 2 Abu Dhabi banks involved Union National Bank and United Bank Limited will give loan to Bahria Town of pakistan through Abu Dhabi Group for their planned projects and those money will be collected by Abu Dhabi Group from Bahria Town of pakistan which in turn will collect from pakistani public so that the money can be repaid back to 2 Abu Dhabi banks involved Union National Bank and United Bank Limited.So saying it FDI is misleading.
we cannot build tall buildings in Pakistan when we have mullahs intent on bringing them down..........we need to erase the mullah and then start building......lets see if in 50 years we have built the tallest building in the world or not.....just like all the dams we have supposed to have built by now, all the electricity generation statios we were supposed to have built by now and just like the gas pipeline we were supposed to have built by now........pakistan is all words no action
Great News, what about Sheikh Zayed Center in Lahore. Its shame its still held up.
@marhban: You're obviously a very content troglodyte.
@American Taxpayer
which US aid you are talking about which exceeds US 45 Billion?
I don't understand that why people are criticizing this investment . Balochistan and KPK is also in same Pakistan .Why Pakistani minds are so negative . Great work done by malik riaz no other billion of pakistan think about that.…
I call this fishing news. Trying to make people happy before the election so that they can go for the full kill. Anybody who wants to invest that amount of money in this chaos stricken country must be a fool. Tall buildings and tall claims which will never materialize in Pakistan as long as the looters are in power!
@Yoghurt lover..
I don't know whether this project materialize or not but your question "who can really afford these houses in Pakistan" clearly suggests that you need an education on Pakistan. I give you a very little example, visit this link ( http://maps.google.com/maps?q=dha+karachi&ll=24.83161,67.117195&spn=0.176666,0.338173&hnear=Defence+Housing+Authority,+Karachi,+Karachi+District,+Sind,+Pakistan&t=m&z=12&iwloc=A ) and look at the area called 'Defence Housing Authority'. On the map it looks very small but it is one of the biggest town of Karachi. every house here is more than 5 crore at minimum and thousands of homes constitute DHA. This is just one area of Karachi. I am not looking at whole Karachi, leave Lahore and offcourse Islamabad out. You know this is the problem with Indians. No matter how much 'Allama' they become their information about Pakistan will always be gloomy.
ooooowwww!!! I was wondering why Malik Riaz Gifted 5 Bn Rs fortress to zardari ... something is cooking...
a burj khalifa with target killing and suicide bombing records. . Lol. . Pml(n) gave metro to lhr and ppp amis at burj khalifa to khi. . Lol
This is really great news! The USA can reduce its aid to Pakistan by $45 Billion!
... Is this a joke?
I have my doubts with the likes of Malik Riaz being joint partners. This is the same guy who came on CNN and promised to give billions of dollars for flood relief, which never saw the light of day. He ows Rs120 billion in taxes and has reneged on his promises before. The DHA Islamabad project lies incomplete although people have paid their instalments.
Of all the cities in the world Karachi? Where every day some innocent person is killed. I do not beleive it. What is under the carpet here will come to light within 12 months.
Hmm....$45 billion is a huge investment by any yardstick. It is almost 50% of annual entire India's Software Revenue!! What the article doesnot mention is the return. WHat is the business model? Are these all going to be buildings and housing colonies to be sold and rented? Is there a market for that?Can an ordinary citizen book a house/property in these projects - or are these all meant only for the select few - the so called "elite". How is land going to be acquired - are land-acquisition laws going to be passed?Are land to be acquired from the poor at dirst cheap prices and then sold onward to the filthy rich? Or is t it all a publicity stunt?
Just an Indian perspective - we've seen it all happen......
What ever people says about malik riaz,even his worst crtitic love to hate him for only one reason "his abilty to deliver".i think pak has a potenial to absorb 45 b usa dollar project and malik riaz has abilty to deliver.
Emaar failed miserably with this project. Hope Malik can revive the investment confidence in Pakistan. If political situation improves in Sind Balochistan and KP then we can have similiar investments in those areas aswell. All the best Malick Riaz (or any other Pakistani who takes such initiative)
It sounds like a good news but when you read it twice it is too good to be true... I will not be surprised if ppp try to put malik in political game... This whole thing is fisshhyy..
Investment in real estate does well when the the economy is doing well.Who will buy the flats in these high rise buildings or rent the showrooms . This just seems to be a pre-election stunt , money making scheme etc . If there had been proposals to invest in the infrastructure and industry of Pakistan it might have been more believable .
it is a great positive news for Pakistan to rejoice . Pakistan has the potential. However i have reservation about the tallest tower ( taller than Burj Khalifa) in karachi that too with the help of Abu Dhabi Group. Tallest Burj Khalifa is a pride of Abu Dhabi and why the owner of Burj Khalifa will let this pride slip from their country.? The technology of electricity production using sea water involves sea water and fresh soft water permeation and certain obstacles relating to the membrane for sea water are yet to be resolved ( though in advance stage). I have reservation on this count too as no corporate group would like to take the risks as no other plant in the globe is operating with this technology at present.. Norway is going ahead with such plant ( not yet completed) barring this real estate project are very lucrative owing to is higher returns and it may go ahead with some modifications.
I saw many replies here asking for the same kind of investment in KPK and Balochistan. I'm in favor of equal investment and opportunities across all provinces, but let's just be fair with ourselves. Do you think law and order situation in those areas are good enough for the establishments and sustainability of these projects? Can you dare even traveling to those territories. Obviously, not. I understand that the same issue is with all other provinces and cities; Karachi in particular where a major share of this investment is devoted to. But, you must think the other way around. Karachi is the backbone of the Pakistan economy. Almost 70% of total revenue is being generated from that city. While Lahore and Islamabad are just behind it in terms of revenue generation capacity. There is a desperate need of these kinds of investment to support further expansion and growth in these cities. Let's show some unity here. Think it like an investment being made in Pakistan and not in any particular city or province.
Malik Riaz is the biggest real estate elite of Pakistan and it is easy for him to create hipe and he can have more than that, it may be a political stunt but if it is true investment in pakistan that will open the doors of oppertunities in terms job creation, in terms of services, manufacturing so on and so forth and also give the government monetary income and fiscal space to invest in the public goods of dire need. and regard to those who are speaking that why islamabad, karachi, lahore, and other big cities it is just because of the security condition of the country and also the outcome of the investment and being investor profit is the most vital and important. in a positive way the fiscal space government gain from this investment can invest in the KPK and Baluchistan, But lets hope for the accomplishment of this deal if it is truly a business deal.
Sheikhs are not insane that the invest such a huge amount during the era of democracy in Pakistan that too led by PPP. They might do so in next regime led by anybody other than the present leadership. We sincerely wish and pray that it happens soon after the new setup is in . Ameen
Is this Sheikh real ???
What is the 10% of 45 b US $$$$? Mosiqar
just PPP and Malik riaz Election stunt
Abu Dhabi group is the same group that has left a huge crater opposite Qaddafi Stadium at Lahore. They were supposed to build a highrise at that site but after digging a deep hole they literally disappeared. The only sign of their 'investment' is a string of 'danger' signs which have been put up around the property. In addition this time Malik Riaz has also joined hands with them. Considering their past conducts any project where these two parties are involved should be considered with extreme skepticism.
Lolzz... just like Centurious tower is being constructed in Islamabad for the last decade... i can smell a huge conspiracy behind this deal!!!
First sign of Pakistan's becoming a gateway and land of opportunity for next 200-300 years,no fool investment without visualization and solid return.
thank you gp65, your indian perspective on our matters, big or small, are really important to us.
Why will UAE sign a 45b contract with Malik Riaz without pakistan government's guarantees? Is he so much worth?
All a topi drama, before elections, what's the harm in making tall claims, the taller the claim more the publicity. Dhabi group has already invested huge amounts in projects in Pakistan, which are not that successful, besides the previous managers of these projects are now nowhere to be seen. Does the Dhabi group have that kind of resources to invest is the first question? I doubt it. It's all in the numbers, stupid. ET should have investigated further before printing such ridiculous news.
@Sultan: The figures of USD. 45 billion is dreaming on the part of Pakistanis. Let us first rid the country of the PPP government, stabilize Karachi of militants; both indigenous and foreign, and bring stability to the Khyber Pakhtunkhwa. After that, we can ask the Sheikh to build our 'castles in the air' or one step better 'castles in the sand.' Salams
How good is that we work together with Middle east world unite together and assist each other with new projects.
Really, looks Malik Riaz a true Pakistani, when other business men leaving Karachi to take their business to other countries, due to law and order situation.
Thanks, for Malik Riaz
Great, that way the TTP can destroy it the moment it is built. Our very own 9/11
@gp65: I know it is not 'khairaat', but will it not increase disparity within the country and force the people from these two provinces to migrate to Sindh and Lahore? I haven't seen people being economic migrants within their own country. Pakhtunkhwa has been turned into a war zone in the service of Pakistan's quest for 'strategic depth' in Afghanistan. The people of Pakhtunkhwa have no say in, and know love for, the war, which is scaring away investors from their land.
Wonder if someone asked the Sheikh whatever happened to that huge pothole in Lahore which was the Sheikh Zayed Centre that was supposedly coming up as Pakistan's tallest building in 2007.
This is yet another castle in the sand I am afraid.
Hey Hey Folks ~ Its just an electioneering drama .... don't forget this Bahria Town man is President's best friend and this is all going to be over after the election.... I bett ya
@hasan: Apparently you have no clue about the investors.
@Afaaq: For unemployed and frustrated people of Karachi, the tallest buildings provide a means to jump into oblivion.
If a project of this magnitude is built, who can afford these houses that will cost in excess of at least 1.5 crores?
Army officers? Corrupt businessmen and politicians?
Who else can really afford such houses in Pakistan?
An election year stunt surely! But what I am surprised about is that a newspaper of your repute would carry such frivolous items which make a mockery of the two-thirds population of Pakistan, which go to sleep on an empty stomach since the advent of democracy. Mind you $45Bln is more than our total foreign debt and not even a genie could bring that kind of investment, let alone Mr. Malik Riaz.
Pakistan has great potential for development on all fronts - it needs focus.
Why would they want to make the tallest building somewhere else?
This didn't happen in one day. The preparations were going on since Sep 2011. . I knew some of the details and that is why I kept on commenting in business sections that in a year's time billions of dollars will be invested in Pakistan. Projected was delayed a bit but the investement went up from the original $30 Billion. . Many of our Indian friends made fun of my comments. Sorry neighbour, there are many more surprises in the project than this news item. I hope they are disclosed earlier this time so that I don't have to wait long to say: 'I told you so'. . In short, Pakistan will be on a roller coster ride of development and another big investement will be announced by another friendly country in near future :) There is likely to be a break through in in law and order in 2013. Pakistan will be developing in a time when its neighbours and the West are likely to have recesssion at their door step.
Is this before or after these arabs pay off the debts in their paradise which is bankrupt
The tallest building in the world ? I dont think so. By the way what would be name of that building ? Riaz Plaza?
@The Khan: Come to Lahore, Islamabad and Rawalpindi and you will see Bahria town is successfully running and i dont see any Dubious project of Malik Riaz so far and his name is actually respected and people do invest when he talks about some project. So end you biased Attitude MR KHAN.
i dont understand that why people are criticising this investment not being done in Balochistan and KPK, for Godsake this aint government investment this is private investment and surely investros would like to earn profit from it.
It's ridiculous journalism why no one verifying this where is Abu Dhabi group press release 45 billion is huge huge amount too good to be true
Never heard before a consultant signing a contract.
It is stunt. And Can you give any evidence like. Video interview of Dubai group head???
The difference b/w Pakistan and Western world. Malik Riaz would have been behind Jail bars in Western countries as he is the founder of the biggest Real Estate Qabza Group.
For information of above:
The project is planned at two islands off shore Karachi normally referred to as Kutta Island and Bundal island. The Musharraf government tried to strike a deal but failed miserably. It is a good deal for Pakistan, lets hope it goes through.
@Dilbar Jahan: "$45 billion will be invested in Islamabad, Lahore and Sindh. What about Balochistan and Pakhtunkhwa? They are not part of Pakistan?
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This is not khairaat. The investor gets to choose where he willput his money.
The numbers do seem a little out of whack perhaps it is $45 crore (which would still be a respectable 4500 crore Pakistani rupees) and the press just confused crore and billion. Be that as it may, there appears to be some significant investment coming Pakistan's way which is certainly good news for the country,
I don't believe this...Malik Riaz is such a corrupt person ...
" ... A distinguished feature of this project is the utilisation of seawater to produce electricity. The projects will have their own grid station. Moreover, a separate modern water treatment plant will be established to convert seawater into drinking water. ... "
If this can be done, nothing like it. But until then, this sounds more like Agha Waqar's water-fuelled car, but on a much much bigger scale.
Huge and successful investments Warid and Wateen ??? Really ??? I thought both entities were both loss making and don't seem to be able to go into the black despite multiple restructuring efforts...I was their banker so I know.
What is it with the "tallest building" psyche?
Lol what a sham, remember e Bundal islands development under shaukat Aziez in 2006? Only wrecked local ecology and uprooted villages, nothing else. All the rest remains the same.
http://bit.ly/XeRDga
Tallest building of the world (Taller than Burj Khalifa, Dubai) in Karachi... if it happens then it will be epic....
Is this an advertisement or news? How about asking some questions on the plausibility of these figures being thrown around! If its too good to be true, it probably is!
I hope it's halal money Mr. Malik and Abu Dhabi :P
Give me a break....tallest building in Karachi. That's just what we need to be spending money on.
So they are thinking that the government will allow them to build all this easily. First all the government parties should be removed as they are the ones spreading terrorism and corruption in the Pak land. Let's see how soon the project can be completed.
Tribune you are fully controlled by the government. since you censor comments
A Good News in a long time! They say true friends are tested in adverse times.. Hopefully this will be a positive step towards a brighter era :)
Although i think they may never materialize partly because of dubious nature of Malik Riaz and voilatile environment of Karachi but we should still thank UAE for the immense opportunities it has provided to us. I am a Shia and i just shifted my business and home to DIFC where i still employ Pakistanis and like me there are thousands of Pakistani businesses in the Jebel Ali freezone all employing Pakistanis.
$45 billion will be invested in Islamabad, Lahore and Sindh. What about Balochistan and Pakhtunkhwa? They are not part of Pakistan?
Who's going to use the building? Whilst I welcome this investment, it would have been better to invest in all the provinces, Balochistan in particular. It's unfair to build the world's tallest building in Karachi while people are being targeted, killed, starved and have little access to healthcare, education, transport etc. in other parts of the country. We need equality and justice, not empty skyscrapers.
I really hope that this deal is materialized. We are afraid that this could be a stunt of PPP to gain some political mileage over its rivals in upcoming elections.
45 billion is roughly 25% of our GDP! The numbers being bandied about are complete nonsense. Castles in the sand, as the saying goes.
Ambhani of Pakistan.
Good News.
It will never happen!
wow wow wow....biggest news in pak history...if true....malik riaz showing his magic...