A major development project in Pakistan involving a UAE-based investment company is back on track after being scrapped two years ago, it was reported on Sunday.
The Abu Dhabi Group was behind plans for the $1.2bn Mubarak Centre in Lahore when it was cancelled by the government of Punjab in 2009.
But according to media reports in Pakistan, the project, which initially included a plan to build the tallest tower in the country, is back on track "with some modifications".
The original Mubarak Centre plan included residential and office towers, conference halls and a shopping mall.
Reports on Sunday said an audit and accounts committee, consisting of representatives of both the Punjab government and Abu Dhabi Group, has now been set up to deliver a feasibility report in January 2012.
According to the new plan, the tallest tower will not be built and the Mubarak Centre will include a shopping mall, apartments, a five star hotel and parking.
The project was being carried out as a 70/30 joint venture between the Abu Dhabi Group and the Punjab government.
The two investors had formed a holding company for the Mubarak Centre, called Taavun (Pvt) Ltd, which was to be responsible for managing the project.
Abu Dhabi Group operates a portfolio of companies that operate in Pakistan, Bangladesh, Iran, Uganda, Congo, and the Middle East.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.
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