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Sun 24 Feb 2013 12:03 PM

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Pakistan real estate MOU scrapped - Sheikh Nahayan

Media reports Abu Dhabi Group had made financial commitment to US$45bn project wide of mark

Pakistan real estate MOU scrapped - Sheikh Nahayan
HH Sheikh Nahayan Mabarak Al-Nahayan, UAE Minister of Higher Education and Scientific Research.

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.

Hudhud 6 years ago

Never believed in this rediculous story anyway...

Sam 6 years ago

If the Pakistanis (Malik Riaz) had just kept their mouth shut - it might just have happened. Proves yet again that wealth is no barometer of intelligence - and vice versa.

Ahmed 6 years ago

I never thought even for a minute that this would ever happen given the current situation in Pakistan. Who would want to invest billions of dollars in a country that is so volatime and unstable. One would have considered this option to be one of the last ones in the world. This amount should better be invested in infrastructure and basic necessaties, instead of "Tallest Tower" in the world in Pakistan!

zamin 6 years ago

I knew it was nightmare.Who will invest huge sums in Pakisatan where is a serious security problems .indefnite situation for law & order.,corruption at all level.

Haseeb 6 years ago

If they dont have money they should not announce the project
instead of bad reputation by both people they getting just keep quite also possible.

Frank F 6 years ago

When the dude said the tallest building is when I knew it is fake. Who would build any tall building in Pakistan, anyone will take a shot, taliban, alqaida, the US, India, etc. Who is going to enter that building let alone reside or work?

Giresh 6 years ago

Tallest Tower in Pakistan has now become a Tallest Dream"