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)
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!