Media reports Abu Dhabi Group had made financial commitment to US$45bn project wide of mark
Reports that Dhabi Contracting, a unit of Abu Dhabi Group, has made financial commitments to a 15-year real estate project in Pakistan valued at US$45bn by its Pakistani developer are untrue and the memorandum of understanding (MOU) between the two parties has been cancelled, HH Sheikh Nahayan Mabarak Al-Nahayan said.
"There was never a financial commitment," Sheikh Nahayan, who is chairman of Abu Dhabi Group, told Arabian Business. "Yes I did," he added when asked if he had cancelled the MOU.
Pakistani businessman Malik Riaz Hussain, touted by media in the country as one of Pakistan's richest figures, had claimed Abu Dhabi Group would invest billions of dollars to build residential properties on an island in Karachi, that would include the tallest building in the world.
Abu Dhabi Contracting had signed a non-binding preliminary agreement as an indication of interest to cooperate with Bahria Town Pakistan to provide technical support and assistance to the project.
Neither Sheikh Nahayan, the Abu Dhabi Group, Dhabi Contracting have undertaken or assumed any financial obligation or commitment to invest in the project.
Sheikh Nahayan, who is UAE Minister of Higher Education and Scientific Research, is also chairman of Union National Bank and United Bank Limited. He is also founding chairman of Bank Alfalah Limited and chairman of WARID Telecom International, a regional telecoms group based out of Abu Dhabi with operations in Pakistan, Bangladesh, Georgia, Uganda, Republic of Congo and Ivory Coast.
In addition to his investments in Pakistan, Sheikh Nahayan's portfolio includes investments in Africa, Morocco and in the agribusiness.