Real estate: Abu Dhabi Group to invest $45 billion in Pakistan

Malik Riaz of Bahria Group signs contract to bring record foreign investment into the country.


Our Correspondent February 15, 2013
Sheikh Nahyan bin Mubarak al Nahyan and Malik Riaz sign the investment agreement in Abu Dhabi. PHOTO: PRESS RELEASE

ABU DHABI:


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.

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COMMENTS (153)

Alam | 8 years ago | Reply I think it is an effort to moblize masses in support of perticular political party in Sindh. Nothing else could be the outcome.This MOU cant keep air for much long and will completely evaporate shortly. If Malik Riaz succeed in reality, he must be respected by all like we respect our founders.
KKhan | 8 years ago | Reply

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.

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