Pakistan property tycoon revives plan for world’s tallest tower

Prior reports had incorrectly said Abu Dhabi would fund tower, which developers claim could help eradicate terrorism

Pakistan property tycoon revives plan for world’s tallest tower

Pakistan property tycoon revives plan for world’s tallest tower

A Pakistani real estate firm said it has secured US$20bn in funding from investors to build the world’s tallest building as part of a project backers claim will help eradicate terrorism in the country.

According to Pakistan’s The News, US real estate mogul Thomas Kramer will provide the first tranche of funding for Bahria Town’s Bundal & Buddo Islands, a large development that will also include housing for up to 1m people. Kramer is previously known for revitalising Miami’s South Beach area in the 1980s.

The report said that the time span for the project was five to ten years, with other amenities including the world’s largest shopping mall, a media city and expansive medical facilities. Handover of housing units set to start in 2016, the newspaper said, while the project will be connected with Pakistan’s mainland by a six-lane highway.

The developer claims it will create 2.5m jobs in a country ranked the 33rd most corrupt in the world by Transparency International.

“We know that the construction sector has played a key role in transforming the USA, Malaysia, Japan, Turkey and Germany into developed nations,” Bahria Town CEO Malik Riaz was quoted as saying. “In the same manner, Inshallah, Pakistan will also become a developed nation, which is our vision.”

“I have full confidence in the people and economy of Pakistan,” Kramer reportedly added. “Further 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.”

Newspapers in Pakistan incorrectly reported last month that Bahria, headed up by tycoon Malik, had entered an US$45bn agreement with Abu Dhabi Group’s Dhabi Contracting, run by UAE minister Sheikh Nahayan Mabarak Al-Nahayan, to build the Karachi project.

Sheikh Nahayan told Arabian Business that while a memorandum of understanding to provide technical support on the project had existed, this had subsequently been scrapped, and no financial commitment had been entered.

"There was never a financial commitment," Sheikh Nahayan told Arabian Business. "Yes I did," he added when asked if he had cancelled the MOU.

The world’s current tallest tower is Dubai’s Burj Khalifa, which stands at more than 800m tall. Its record is set to be broken in 2016 though when the 1km Kingdom Tower in Jeddah is completed.

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Posted by: Praveen Choudhary

This is really good news that pakistan also developing such a project which help them to grow and reduce the crime rate, by pumping so much money in economy. success
will be there..

Posted by: Sunil Srivastava

@ Sam, you can hide your head all you want in the sand or the snow if you are in Canada but there is no denying that there are lots of restrictions on Pakistanis going abroad, including the Arabian Gulf where the restrictions or blanket restrictions are either eased or tightened depending on the conduct of the diaspora Pakistanis and the never ending political turmoil and the gory violence in Pakistan.

Posted by: get over it

Sunil, i think that today the Swiss government has issued a travel warning to India after the rape of a Swiss tourist. It appears that India is making quite a name for itself in this field. There is plenty of gory violence in India. Pakistan is taking the brunt of it because we are a frontline state in the 'great game'. In any case why does it bother you (an Indian) if Pakistan is doing something positive? Shouldn't you be happy that it will stabilise the region? The reason is that in india there are fanatics like yourself who have still not accepted that Mother India of legend is now carved up. I think you should accept the ground realities.

Posted by: Sam

@Sunil. Totally irrelevant comment, reflecting pure ignorance.

I never said Pakistanis were free to travel as they pleased - indeed far from it. I am aware they are unwanted in many parts of the world; but this is not because these nations penalize all Pakistanis for the actions of a few. This is because they have orders from their "true masters" to shun Pakistanis in order to help realize their goal of turning Pakistan into a failed state. The smaller the diaspora, the lower the remittances, so every little bit of pressure needs to be exerted (in their view). If what you said was true and host nations "eased or tightened depending on the conduct of the diaspora", then I assure you Indian would be bearing the brunt first as they top the list of foreign nationals in jails in most of the host nations.

Now you get your head of that sand :)

Posted by: Vishal

Pakistan's quick nosedive to an abyss will make it a pariah country to be shunned by the whole world just like its western rogue neighbor, may be it already is a pariah country after the gas pipeline project. From a failed country to a pariah country and people still want to invest in Pakistan???

Posted by: get over it

and you Vishal are writing from Australia? let me guess you are on holiday... ( in a country where Indians from the number of attacks against them are apparently quite disliked)

Posted by: Nasir Rafiq

@Vishal, I want my country to fail, I want it to fail real bad, worse than Afghanistan, that's what you Indians keep thinking, right? I wish you get that, so there's 35M Afghanis & 200M Pakistanis, I would love to see how India, sorry, my bad, 'progressing India' - would handle that.
So, Lets pray that this doesn't happen. Don't say bad if you can't say good. The way I see it, for India to progress, and not hurt its growth rate, eventually even it will have to invest in Pakistan - That's a fact.

Posted by: Rafi

I think every patriotic Indian must support the development of Pakistan. A developed Pakistan will be a better neighbour than a failed country. And here we have people like 'Vishal', who would leave the country or even ready to renounce his citizenship for material comfort and selfish reasons and can't see any good thing happening anywhere else.

I am from India and will be very happy to see a developed Pakistan, or any other place than more poor and crime in this world.

Posted by: Arun

Before investing anywhere, first deal with its people then it will be crystal clear if you should plunge in the pristine water or stop right there from making an impulsive move.

Posted by: Abdul hafeez Sheikh

This is good news for any Pakistani National .We hope and pray for the success of the project

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