Pakistan to top Dubai's Burj with Abu Dhabi cash - report

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A Pakistani construction tycoon signed a multibillion dollar deal with Abu Dhabi Group to build the world’s tallest building in Karachi, Pakistani media reported.

Malik Riaz, the founder and chairman of Bahria Town, one of Asia’s largest private real estate developers, signed a US$45bn deal with the Abu Dhabi-based investment company to build projects across Pakistan.

Around US$35bn will be spent in the Pakistan province of Sindh while the remaining amount will be invested in Islamabad and Lahore, Geo News reported. The report claimed the projects will create jobs for 2.5m people.

“We have selected the site for our mega project which will be spread over 16,000 acres of land and also house 125,000 houses,” Riaz said.

“This construction project will bring in staggering investment into Pakistan and it will benefit industries and people. My dream is to create a new Pakistan and new Karachi,” he added.

Sources indicated to the news outlet that the project is likely to be in built on Kutta Island, an island located some distance off the coast of Karachi. No details on the funding, time frame or height of the development were provided, although it was reported that it would trump Dubai's 828m Burj Khalifa, completed in 2010.

The report did not include confirmation from Abu Dhabi Group, which according to Bloomberg is chaired by UAE Minister of Higher Education and Scientific Research Nahayan Mabarak Al Nahayan. The company's investments include in banking, real estate and telecommunications in Pakistan, Bangladesh, Iran and Africa.

Burj Khalifa is set to lose its crown as the world's tallest building in the coming years. Jeddah's Kingdom Tower, backed by Saudi Arabian billionaire Prince Alwaleed bin Talal, is set to reach over 1km in height when completed in 2017.

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Posted by: Murad Hashim Shah

It is a good news that Malik Riaz is Making efforts of a big deal for,its mother land .Pakistan to be known and visible a world classic buildings like Burj Alsheikh too, on this beautiful Glob,
through construction work.

it is a pride and we all pray for his success.

Murad Hashim Shah

Posted by: Gautam Goswami

May be it is time for the insolent child who abandoned her mother in August 1947 to return to her loving mother's laps... It is worth giving it a thought.

Posted by: najib ullah

This is called living in illusion, dream on

Posted by: Abu Hamza

To all the optimists in this forum - there was no deal in the first place. It was actually an MOU signed between the Abu Dhabi based investment firm and Bahria Town, the Pakistani developer. However, now that is also cancelled.

Sorry to rain at your parade. Bette luck next time guys.

Posted by: najib ullah

Ever Been to Pakistan? Well saying is easy , the most potential ever to come in future is in Pakistan, with its Gold, Coal, Gas, OIL reserves no wonder everyone wants a piece of action, if not now soon but tables will turn, we know it, you should too.
Surrounded by ocean, Himalayas, second largest peak K2, best skiing slopes, rivers, deserts,marble mountains, wildlife, vast agriculture,
world squash champion, record holders, hickey world champs record holders, cricket world cup holders, Bridge and snooker world champions, 6th largest military in the world, and a nuclear power.
WHY YOU DOUBT IT or is it just mere jealousy.

Posted by: prado

some people

looks like a typical illogical sentiments from our indian neighbour.... than again with chinese investing in Pakistan's deep sea port in Gwadar and offical negative response from the indian government no wonder any thing positive for Pakistan is seen negatively from indians,...

nice to know who are real friends are.. thank you for confirming this.

reminds me what ex-ISI general Asif Durrani commented on the indians.... "when it comes to Pakistan, indians become incredibily stupid"

Posted by: Ponder

Yes pls quote ISI on matters related to India, surely that is the best most unbiased source one can get on all things India.

FYI same ISI said a lot of things about whereabouts of OBL also, we all know how that turned out.

Posted by: shaifi

@matt

clearly you have no clue of the dynamics of the Pakistan's economy or the fact the literally billlions of investment is being with held till this current US backed goverment leaves., which will be in a few weeks time

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