US real estate tycoon Thomas Kramer and Bahria Town former chairman Malik Riaz shake hands after signing a $20 billion agreement for Pakistan’s first ever island city.
American real-estate tycoon Thomas Kramer and Bahria Town CEO Ahmed Ali Riaz Malik signed a $20 billion agreement for Pakistan’s first-ever Island City, Bundal & Buddo Islands, Karachi.
A joint consortium of international investors will join hands to develop this project and the deal with Kramer is the first level of this agreement. Announcement of other global investors from the Middle East and around the globe will be made soon.
Covering 12,000 acres of land, this project will be developed in a span of 5-10 years but the residential communities will start being handed over to people in 2016. The global attractions of the project comprise world’s tallest building, world’s largest shopping mall, sports city, educational & medical city, international city and a media city – all having the most modern facilities and amenities and the most advanced infrastructure.
Island City will be connected to the DHA Karachi via a six-lane modern bridge. The entire city will be a ‘high security zone’, having its own drinking water (converting seawater into drinking water) and power generation plants to enable it to be self-sufficient in electricity.
The project will have mosques, cinemas, spas, golf clubs, school, hospital and other global standard amenities to furnish a modern lifestyle.
Speaking on the occasion, Thomas Kramer said, “I have full confidence in the people and economy of Pakistan. In 1970 when I started my project in Germany it was the worst era of their history. Likewise when Miami Beach project was started, the area was in full control of Cuban criminals, different mafias and gangsters. Dead bodies used to be scattered on the beaches. I completed my projects successfully. Today they are the world’s most secure and advanced regions.
“Current situation in Pakistan is much better than those areas. I am confident that this project along with boosting the economy will also eradicate terrorism from Pakistan. This is a once in a lifetime chance to bring Pakistan back on the map to the leading nations in the world.”
The current consultant and former chairman of Bahria Town, Malik Riaz Hussain, said, “Our slogan is ‘Bahria Town Commits – Bahria Town Delivers’ and Alhamdulillah we have fulfilled all our promises made with Pakistan and Pakistanis. We know that the construction sector has played a key role in transforming the USA, Malaysia, Japan, Turkey and Germany into developed nations. In the same manner, Insha Allah, Pakistan will also become a developed nation, which is our vision. This project will not only provide 2.5 million jobs but will help revive 55 national industries and provide housing to 1 million Pakistanis. It will also help eliminate terrorism and crimes.”
Thomas Kramer is a visionary businessman commonly known as TK. He surveyed an island hideout of Cuban pirates in 1991-92 and later on developed it into the present day Miami Beach, which is one of the biggest international tourist destinations today. He is specialist in building skyscrapers in coastal areas. His company has successfully constructed several projects around the globe.
A spokesman for Bahria Town said that it’s an honour to join hands with a visionary developer of Kramer’s caliber.
Published in The Express Tribune, March 12th, 2013.
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Bahria Enclave, sector C, 5 marla commercial plots for sale…. Location:- On main Bahria enclave Avenue 150 wide road + Service road near bahria enclave head office Demand 2 crore 65 lac (negotiable) Downpayment 65 lac Remaining amount in 9 equal installment after every 2 months. Please feel free to contact Mr. salman +92-322-6047547 (Bahria Town Rwp/ISb)
Bahria Town on the Rocks, best ever deal of Malik Riaz, Doing a great job to build up Pakistan through real estate sector…
Thumbs up Malik Riaz Keep it up
Remember Gwadhar, what has come of that...Expensive infrastructure cannot replace the fundamentals - peace and stability
For all my naive Pakistanis, please note the following: 1. Thomas Kramer's website mentions Rs 15 - 20b investment which is $150m to $250m not $20b. 2. The pictures of the projects posted are from Dubai Cityscape of 2008. You can clearly see Palm Island in the backdrop. 3. An MoU for the similar project in the past had been signed between Dubai and Pakistan in 2006, between Bahria Town and Abu Dhabi investment and now Bahria Town and Kramer. 4. It's very obvious that's Malik Sab in his support to PPP wanted to announce this project before 16th March. 5. In the last one week you heard Iran investing in the pipeline, Iran investing in refinery, Abu Dhabi investing in Island etc. It's not surprising that all such news are being aired for a better perception of PPP's pathetic 5 years.
@p r sharma: Might want to use Google a bit better then, the news of this project's MOU is on his blog:
http://thomaskramer.com/bodha-island-city/
"@NItin Gandhi:Either its good or bad every thing in Pakistan starts from America only!!!!!" You are absolutely and no-doubt right and true and I totally agree with you and this is why whenever Pakistan tries to sign any agreement/accord with any country most especially importantly with China and Iran first USA raises its reservations and objections and for this purpose USA leaves no stone unturn to create hindrances and obstacles and threatens Pakistan for sanctions in any means and manifestations and it hurts USA excessively because USA knows that by signing the contracts/accords with China,Iran and other countries Pakistan may/shall stand on its own feet and shall get real,true and uninterrupted sovereignty and self-relaince our monopoly and supremacy on Pakistan shall finish and Pakistan no more shall be the US' aid dependent......
The US tycoon in question has a net worth of US$ 90 MIllion. wheres all that money coming from?
It's actually Rs. 20 billion!!! check out Thomas Kramer's own website.
@kamran khan: I think everyone in Pakistan welcomes the investment in Karachi since when any city gets better, the whole nation benefits. Trying to score cheap points by putting down the PML N makes no sense since I am sure as patriotic Pakistanis they too want to see Karachi stable and developing as much as the next man.
@Mr.President:
"With a $20 billion deal, it could have been used to build decent universities and schools and hospitals, but there is no profit in that is there!!!"
This is a private investment made for generating profit. But it creates jobs and brings business and brings foreign exchange. No different than setting up a factory by a businessman to generate profit. Whereas Schools and hospitals are government's responsibility and are generally a service provided by the government. Although there are enough private hospitals and schools that are run as a business for profit in private sector. Hope this clarifies.
@Indian: Looks like you read a lot of tabloids such as timesofindia. I am sure his investment advisers are more qualified than you.
@quad-damage:
"Inshallah! This project will solve ALL of Pakistan’s problems." :-), :-)
Inshallah! This project will solve ALL of Pakistan's problems.
With a $20 billion deal, it could have been used to build decent universities and schools and hospitals, but there is no profit in that is there!!!
This is from the UNDP today: //The 2013 Human Development Report examines the profound shift in global dynamics driven by the fast-rising powers of the developing world – and its implications for human development. The South is developing at a pace unprecedented in human history, with hundreds of millions of people being lifted out of poverty in developing nations and billions more poised to join a new global middle class It’s not only the so called BRICS that are at the forefront of the Rise of the South - Bangladesh, Chile, Ghana, Indonesia, Malaysia, Mauritius, Mexico, Republic of Korea, Rwanda, Thailand, Turkey, Uganda, and Vietnam are among the human-development high achievers highlighted.//
Maybe I am missing something. Pakistan's name isn't there even in second tier developing nations featuring Rwanda and Uganda. Maybe Pakistan has already raced past BRICS,a group in which even India is a laggard, and is among the world's most developed countries. Why does Malik Riaz want to make Pakistan Dubai or Europe or U.S. It is already there! Seems most of Pakistan is smoking something very potent.
Thomas Kramer Net Worth is only 90 million dollar and from where his is going to bring 20 billion dollar to invest??...
Now I am a fan of MR. MR will single handedly delive what politicians like Nawaz Sharif and Chaudhry Nisar have failled to. These tow politicians are behind the cancellation of first agreement with Arabs.MR and Karachi will take Pakistan to heights of development.
@Nadir: Perhaps you have not visited Bahria Town Sector 8 to see the real wonder happened on the ground and with in Pakistan.
A Peshawary
a googlesearch in projects/ current projects of Thomos kramer's website nothing is mentioned about the Pakistani project. Let us hope for the best
Finally some good news to hear..I hope that this project going to complete and make Pakistan economical hub of this region...I hope same for Gawadar Port .... Wait and see Inshallah some new project will be announced soon.which inshallah going to change fortune of this country and it'sPeople....
Gr8 to see some positive things coming out of Pakistan. good luck
may be that money can go to towards tabling law and order rather than developing estates?
@Indian: Keep dreaming Bro, its free..... lolx
it seems no one here appreciates the fact that at least someone is at least trying to make Pakistan a better place. But no..we are a nation who are good at gossiping and believing in conspiracy theories..criticizing the rich for getting richer because he has better ideas for making money and not giving away his wealth to the needy for free, mixing anything and everything in religious perspective etc..
people here talking about to sort out the cities first and then go to sea..what a stupid comment. to sort the city problems, the responsibility lies on the shoulders of elected government and the residents equally. an investor has nothing to do with city problems nor he can be held responsible because he is starting a project which will result in generating more jobs, bring investment in the country and highlight Pakistan as a developed country..and that's how economy works i think...
another friend commented about having flood due to this project...please go and read about developments in dubai and how many times they get a warning of flood
we don't want to struggle and want to get rich overnight and this is why we think it is our responsibility to criticize everything and everyone for our failures in life.. and all we want is that someone should hand over the success to us on a plate..
Malik Riaz is someone who builds Pakistan .. so hatts off. and a very warm welcome Mr TK. Such partnerships are important for Pakistan.
@kamran khan:
Its just an MoU..............but do you even understand what an MoU is............after a public snub by Al Nahyan......Malik Riaz just brought another party to save his face and sign another MoU..........and so much publicise that MoU......
Normally projects are publicised for information of public, when there is a legal and binding agreement between the investors and landholdes.......in this case the landholders i.e., KPT / Sindh govt is no where to be seen.
This place will be unaffordable to common man. Even the well to do cannot afford it. So they will do more corruption to join the elite instead of tawakkal and being happy whatever Allah swt has put them in. I wish they build libraries, good hospitals, a subway system of transportation, a teachers training college etc. If you think there can be so many things to benefit the common man.
I hope investments like these come more often and we cross Indias economy soon...Inshallah
@kamran khan: You nailed it.
He is a German actually not exactly American. Also he is a credible name in Real State Development. You can take a look at his life in this short documentary. http://www.youtube.com/watch?v=Ogw9MIt_vHU
There was time when Brooklyn bridge was for sale and now-a-days we have island cities for sale.
Just 2 words.... "dream on". We don't deserve this at all. First restore humanity then dream of building such cities.
Don't get too excited, this is a recipe for a garrison city where only the rich could buy,live and play the games they play. What he is talking about providing jobs is for labour who will be building whatever is in their mind.One has to look into his record, was he fair to the people who's land he occupied and then built while wining and dining the elite class who looked the way while injustice was meted out by this man. This is not nation building but play ground for the elite and rich who could come and feel safe in that garrison city.
Yeah he also signed it with Abu Dhabi...whats the connection???
http://tribune.com.pk/story/508144/real-estate-abu-dhabi-group-to-invest-45-billion-in-pakistan/
Let's hope no corners are cut and the investment actually materializes. Although I smell a rat coming as it did so soon after Malik Riaz's acquittal. I can just imagine the pay off that took place.
Well I must give credit to Malik for his vision. If he can do it, it would be good for Karachi and Pakistan. Specially the independent water and power. Best of luck!
@Nadir Just visit Bahria town Rawalpindi and Lahore and then talk like that. Malik Riaz did promised and then delivered in these regions and he is a credible man.
" Has an air of credibility to it." +++++++++++++++++++++++++ The report is short on facts and details but high on slogans and praise. Net Results: sounds shallow and unrealistic.
Great to see private sector doing their part in development , i have seen bharia town and few years before baharia town i would have said its not possible , but now i can say with the private sector conducting everything this is a reality which will be achieved. Want to buy land there as soon as possible.
pipe dreams..we are good at it
Either its good or bad every thing in Pakistan starts from America only !!!!!
Scam? Not sure. Malik Riaz has been making headlines lately. I will wait until I see substantial work on ground ( or water ) before putting money on table.
Was this the tsunami a Pakistani politician was talking about? At least this one is in the water and when it fails, it will be dead in the water too!
Im all for development but this will destroyed the marshlands and the mangroves in Khi. This will, overtime, result in floods in the area. The islands should not be developed, they are important to be left alone.
@Mullah K* Kindly stop this. I have seen your comments many times and you are not even a Pakistani and why you bring religion into everything???
As happy as I'm for this project, I'd have been happier if the money was spend on the needy rather than creating a physical bridge between the rich and the poor!
@asim: It is not exactly the sea my friend. Bundal and Buddoo are Islands near Karachi and if these locations will be developed then it will surpass Dubai in this region. They are one of the most beautiful sites with scenic beauty equivalent to Spanish beaches. On land Real State prices of Karachi are high and land is saturated enough to do such type of Projects. Recently i visited Bahria towns in Pakistan and I was really impressed by development and Malik Riaz is not as bad as some people are thinking and he knows how to drive some region with Development. Take a Look at this Picture. http://t1.gstatic.com/images?q=tbn:ANd9GcTOhLYhdho1nFCdeJEKG7uTt2ujxnYR5XJyd3sGQnhQ65LBtMv5tw
Malik Riaz's initiative demonstrates faith in Pakistan and its' future. Many will voice concern and level allegations of dubiousness since the last announced "agreement" with Abu Dhabi Investment Group did not appear transparent and above board. Still many other question the origins and legitimacy of his wealth. Regardless, fact remains that Malik Riaz can take his wealth, however earned, and invest it in safer climes, as others have opted to do. But, he has chosen to invest it in Pakistan and in Karachi yet, which is mired in political and sectarian violence at the present time. I think the citizens of Pakistan should support Malik Riaz's project and vision since its success will greatly benefit the largest city of Pakistan and its' teeming unemployed masses. There may be other issues, like the appropriateness and legality of the use of Bundel and Buddo Islands, issues that I am not competent or knowledgeable enough to address adequately. Others may enlighten us on these issues. To me it appears that this project bodes well.
The mullahs will destroy any skyscraper and the Pakistani public will shower them with flowers for doing it,because we have become a jahil nation
pity that PML(N) destroyed the investment of $45 billion from Nihan group earlier, so that they can win few seats by keeping people poor and jobless. Good luck Karachi
This sounds too good to be true. I hope I see this happening in my life.
Did they sign the twenty billion dollar deal in the parking lot?
it will also eliminate terrorism and poverty? what....
Good to hear positive news coming out of pakistan
First make cities over the land then go to sea
Karachi way to goooo...I really wish for the success of this project. B+ yaar...
Good to see such development will take place in Pakistan. This doesn't look all that lopsided as that ABG story was. Has an air of credibility to it.