UAE-linked Pakistan mega project set for relaunch

Mubarak Centre project in Lahore back on track after being scrapped in 2009 - reports
UAE-linked Pakistan mega project set for relaunch
Mubarak Centre project in Lahore, Pakistan
By Andy Sambidge
Sun 06 Nov 2011 05:17 PM

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.

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