By Staff writer
Media reports say Abu Dhabi Group will sink US$45bn into Pakistan mega projects
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.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
You can't feed or house the people of your country or even have a reasonable Law and Order environment, so what is the point of building the tallest building? - Maybe take all the corrupt politicians to the top of this tower and throw them from there. Now that will be a good idea.
Completely agree with the above comments. There is no law and order what so ever. There is a general lack of awareness even among the (academically) educated lot. This clearly shows that the people who can contribute to the society have their priorities in the wrong direction.
Pakistan and Pakistanis needs more schools and hospitals, An honest Police force, sincere politicians and have an awareness campaign on little issues like hygiene and good manners which may be as simple of a use of a deodorant after a shower or learning how to que up and wait for your turn.
LOL! It will never be finished. Or collapse.
After every destruction, there is always construction! Negative thinking always has become habit of some commentators.
Lol that's a good one and very realistic.
Wow ! Seriously? For now, I cant help but think 'what a juicy target for terrorists'. Good luck anyway :)
Tallest building in the world in Pakistan...hahahaha. If it's ever completed, it'll be the target of the terrorists. Do the investors of this project even know business?? I don't think so...
Government should care and fund Pakistan for our basic food, education and health care rather than wasting money on such things..
If World can do it, Pakistan can do it!
Bit racist eh? B'cuz all pakistanis are terrorists right? It'll be the biggest and easiest target for pakistani taliban, because everyone in pakistan is a taliban...