Malik Riaz inks multi-billion dollar property deal for Karachi

Published: March 11, 2013

Malik Riaz has said that he can eradicate terrorism from Pakistan in two years. PHOTO: REUTERS/ FILE

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.

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Reader Comments (34)

  • Mohammad Ali Siddiqui
    Mar 11, 2013 - 11:36PM

    I don’t know what Mr. Malik Riaz is upto?

    A similar claim was made Mr. Malik Riaz few weeks back that he has signed a multi million dollar desl with Abu Dhabi Group to construct the tallest building of the world in Karachi and after few days of Mr. Malik Riaz announcement, Abu Dhabi group denied the claim of Mr. Malik Riaz by publishing considerable size of advertisements in all leading news papers (English and Urdu) of Pakistan.

    I have all the apprehensions that after few weeks American investor Mr. Thomas Cremer also be denying the signing of deal with Mr. Malik Riaz in Pakistan.

    Why always the news of multi million dollar comes from Mr. Malik Riaz only, why not from the other party?

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  • S
    Mar 11, 2013 - 11:37PM

    May ALLAH (SWT) make it a success

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  • Bravo
    Mar 11, 2013 - 11:40PM

    Malik Riaz could be the savior Pakistan needs. Gotta give him credit for ambition

    p.s. you never know if this is just a stunt

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  • Muhammad Ziad
    Mar 11, 2013 - 11:41PM

    I think he said “this would be one of the tallest tower in Asia , after Shanghai financial center”.

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  • muhammad
    Mar 11, 2013 - 11:41PM

    Meh…

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  • Aamir- Toronto
    Mar 11, 2013 - 11:41PM

    Would it be the same deal which he signed with H.H. Sheikh Nahyan Bin Mubarak Al Nahyan a while ago…….I think, this man is upto somehting.

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  • Someone
    Mar 11, 2013 - 11:48PM

    Whatever happened to the deal with the UAE?

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  • ishtiaq
    Mar 11, 2013 - 11:57PM

    Mr Riaz . What about multi billion dollar deal with abu dhabi group, and worlds heighest buidling in karachi ??

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  • Anam
    Mar 11, 2013 - 11:59PM

    If you followed the news, didnt you read that choudry pmln stopped the deal from going ahead?

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  • PakPower
    Mar 12, 2013 - 12:04AM

    This is ludicrous!! Just a month ago he repeated the same stuff mentioning Abu Dhabi Group instead of Thomas Cremer.Recommend

  • Nasrullah
    Mar 12, 2013 - 12:08AM

    he is the man and he has guts to do good for Pakistan

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  • umar
    Mar 12, 2013 - 12:13AM

    Even if the investment is one tenth of the stated amount, it is welcome. Every additional job created will bring prosperity to one more household. It is great that the investment will be made in Karachi. Karachi has long been neglected by the federal government. Private investment will go a long way in plugging this gap and divert the attention of the misguided youth towards more beneficial activities. Economic resurgence needs investor confidence and high impact projects can do just that. Karachi is the most liberal city and a trendsetter for the whole country. Lets hope the project materializes

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  • Yousuf
    Mar 12, 2013 - 12:18AM

    Thomas CREMER is a scientist! NOT an investor. Please fact check. Its Thomas KRAMER

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  • Abid P. Khan
    Mar 12, 2013 - 12:31AM

    @Mohammad Ali Siddiqui:
    “……I have all the apprehensions that after few weeks American investor Mr. Thomas Cremer also be denying the signing of deal with Mr. Malik Riaz in Pakistan”.

    .
    That is most likely. Thomas Cremer is a professor in Germany and then there is singer or something like that in the US. None of them is a business tycoon exactly.

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  • Omar
    Mar 12, 2013 - 12:36AM

    Do we really need world tallest building?

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  • Kashif Ali
    Mar 12, 2013 - 12:45AM

    12 to 16 acres or 12 to 16 Thousands acres?? Watch out Editors…….

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  • Usman Lakhani
    Mar 12, 2013 - 12:46AM

    Sounds like sponsored news!

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  • Jamshed
    Mar 12, 2013 - 12:55AM

    @S:
    “May ALLAH (SWT) make it a success”

    Be careful what you wish for and please dont bring the Lord into this.

    I urge you to search Thomas Kramer Lawsuit in google and read the WHOLE story on the 3rd link.

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  • Sindh_voice
    Mar 12, 2013 - 1:10AM

    Sindh’s most scenic islands go on sale. Check old news papers, during Mushraf days, when the very same islands were tried to be sold to international firms, PPP leaders blamed then CM Sindh for misappropriating Sindh’s resources, but what an irony, today they are doing the same.Recommend

  • SarcasticBilla
    Mar 12, 2013 - 1:12AM

    Waiting for Thomas Cremer’s ad in our local newspapers similar to the one the Abu Dhabi group had to publish.

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  • gp65
    Mar 12, 2013 - 1:13AM

    Hei is like the boy who cried wolf. HE made similar claims when he had supposedly signed a deal with UAE. The Sheikh published ads in the newspapers saying that he had signed no such deal and he had made no financial commitment. Now he is wiser, he is naming some American investor who may not find out about claims Mallik Riaz is making in Urdu and issue a denial.

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  • QB
    Mar 12, 2013 - 1:24AM

    Do we need the tallest building in the world for rich and elite or the best university of the world — you decide !!!

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  • Abdullah Choudhry
    Mar 12, 2013 - 1:24AM

    he has a vision

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  • M
    Mar 12, 2013 - 2:14AM

    @Tribune
    Please don’t lower your high journalistic standards by publishing such questionable news. I am sure you can fact check if you wanted to. This story does not pass the smell test

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  • Anam Haleem
    Mar 12, 2013 - 2:17AM

    @Abid: That is most likely. Thomas Cremer is a professor in Germany and then there is singer or something like that in the US. None of them is a business tycoon exactly.
    ^ there is also a drummer named Thomas Cremer and I am glad there is someone who actually Googled it before hand.

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  • Abid P. Khan
    Mar 12, 2013 - 2:21AM

    @QB:
    “Do we need the tallest building in the world for rich and elite or the best university of the world — you decide !!!”

    .
    Or quarter million primary schools with teachers, who really teach.

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  • z
    Mar 12, 2013 - 3:19AM

    His vision is to make pakistan like dubai. May God help him

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  • Sheikh
    Mar 12, 2013 - 7:08AM

    Thomas Kramer’s net worth is near $90 million, how can he sign a $20,000 million deal? This is a scam, just like the one with the Abu Dhabi Group. A way for Mr. Riaz to smuggle his illegal offshore money back into Pakistan and make it white money. He has also paid the media well to publicize deals like these very well.

    Also, any action against him in court will now have to take into consideration this “deal” therefore if he is sentenced for land-grabbing, or any of the charges, he will simply say that because of this court action Pakistan is losing $20b and 2.5m jobs.

    His credibility was known the day he rigged a channel show to manipulate the country.

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  • B
    Mar 12, 2013 - 11:45AM

    Leaving my apprehensions about this project aside, here’s some info for everyone:

    http://thomaskramer.com/bodha-island-city/

    His name is Thomar KRAMER, not CREMER. And this deal is on his website.

    And to Mr. Shiekh, investing in a project has little to do with a persons own net worth. There is a thing known as financing a project!

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  • SK
    Mar 12, 2013 - 12:22PM

    They have just signed a MoU, Which is not a formal legal contract and it is just a ceremonial agreement.

    So not a big DEAL!

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  • JK
    Mar 12, 2013 - 10:29PM

    Here is the link of Thomas Kramer Bio:

    http://en.m.wikipedia.org/wiki/ThomasKramer#section1

    he is genuine Person, why we always starts thinking negative lets think positive and wish that everything happens the same way this article tells, we all know in pakistan and specially in Karachi starting and finishing this kind of big land involved project isnt that easy, im optimistic and believe that everything will go as per plans.

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  • Lobster
    Mar 12, 2013 - 10:45PM

    Everybody needs to read Amir Mateen’s 8 Part series on Malik Riaz on thespokesman

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  • Aschraful Makhlooq
    Mar 13, 2013 - 12:00PM

    @Someone:
    USA is USA and UAE is UAE and never forget this harsh reality and truth that Pakistan as usual and as mostly prefers,shows and protects US’ interests not the countries’ because USA is the only financial supporter of Pakistan and fulfills the Pakistan’s financial requirements most especially importantly regarding developmental projects and energy crises and US wants that Pakistan always has to depend on US’ aid.This is why US’ investor is given top most priority in this regard..

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  • Ehsan ul haq
    May 8, 2013 - 1:13PM

    Malik Sahib is doing well for the progress of Pakistan, i like his achievements very much…………………

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