Malik Riaz inks multi-billion dollar property deal for Karachi

The new Bahria Town scheme in Karachi will provide employment to 2.5 million people, says Riaz.

RAWALPINDI: Property tycoon Malik Riaz signed a multi-billion dollar property building deal with an American investor, Thomas Cremer in Rawalpindi on Monday, Express News reported.

The 'bundle island' scheme that was signed between the two would enable the establishment of the world's tallest building and the construction of an island city along the sea coast of Karachi.

"This would be the tallest building in the world," said Riaz, who also heads the Bahria Town properties.

"Here we would have all the facilities of the world," he added, saying that this new venture would have internet, health care, educational and entertainment facilities available for its future residents.

Riaz said that this project, that would be spread over 12 to 16 acres of land in Karachi, would help in alleviating terrorism from the country.

"This project would provide employment to 2.5 million people and accommodation to hundreds of thousands of others," Riaz remarked.

Riaz added that this project would enable the country to pay off its foreign debts. He also said that the island project would help relieve Karachi from the shackles of the criminal and drug mafias currently operating in the city.

In his remarks at the signing ceremony, Cremer said that he worked in Germany when the political situation was very volatile. He believed that with this project, Pakistan would be firmly placed on the road towards development and prosperity.