Real estate: Abu Dhabi Group to invest $45 billion in Pakistan
Malik Riaz of Bahria Group signs contract to bring record foreign investment into the country.
By Our CorrespondentPublished: February 16, 2013 Sheikh Nahyan bin Mubarak al Nahyan and Malik Riaz sign the investment agreement in Abu Dhabi. PHOTO: PRESS RELEASE
ABU DHABI:
Former chairman and present consultant of Bahria Town, Malik Riaz Hussain has signed an agreement with His Highness Sheikh Nahyan bin Mubarak al Nahyan, Chairman Abu Dhabi Group, Union National Bank and United Bank Limited under which $45 billion will be invested in Pakistan.
The investment will be made in various construction projects, and is the biggest-ever foreign investment in Pakistan.
Out of the total investment value, $10 billion will be invested in Islamabad and Lahore whereas $35 billion will be invested in Sindh.
These projects also include the construction of the tallest building of the world (Taller than Burj Khalifa, Dubai) in Karachi.
Moreover, the project encompasses sports city, educational and medical city, international city and media city. The project also includes the construction of miniatures of the Seven Wonders of the World. These projects will employ more than 2.5 million people and will boost more than 55 industries like cement, bricks, iron, steel and glass. Moreover these projects are expected to represent all the social classes of society and middle-class and lower-middle class will have equal representation. The agreement will have a revolutionary impact on not only Pakistan’s economy but also the tourism of the country and will be a milestone in reviving the lights of Karachi.
Speaking on the occasion, His Highness Sheikh Nahyan bin Mubarak al Nahyan said that Bahria Town not only represents modern Pakistan but is also a credible, respected and authentic name in the real estate sector the world-over. “I am genuinely happy that in this historic project of Pakistan we are working with the visionary Malik Riaz Hussain, this guarantees that not only the project will be delivered beyond our expectations but also before time. We will Inshallah be welcoming first residents in next 3-4 years.”
Malik Riaz expressed his pleasure at the signing and said that it was a matter of great pride to be part of this project as such a huge amount of foreign investment has never been made before.
A distinguished feature of this project is the utilisation of seawater to produce electricity. The projects will have their own grid station. Moreover, a separate modern water treatment plant will be established to convert seawater into drinking water. These features make this a landmark project in Pakistan, which addresses the current water and electricity issues of the country.
The Abu Dhabi Group has previously made huge and successful investments in Pakistan by the establishment of Bank Alfalah, Warid Telecom and Wateen Telecom.
Published in The Express Tribune, February 16th, 2013.
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Abu Dhabi lays foundations for mammoth Pakistan property project
Sheikh Nahayan bin Mubarak al-Nahayan applauds the top three riders during the prize-giving ceremony of the Global Champions Tour 2011 at the Grand Prix of Abu Dhabi November 26, 2011.
Credit: Reuters/Martin Dokoupil
ABU DHABI | Sun Feb 17, 2013 6:44am EST
ABU DHABI (Reuters) - A member of Abu Dhabi's royal family says he plans to spend $45 billion over up to 15 years on a real estate project in Karachi, touted in Pakistan as the country's biggest ever foreign investment.
Sheikh Nahayan bin Mubarak al-Nahayan said the investment plans - which his business partner in Pakistan said on Friday included the tallest building in the world - were at a very early stage.
Sheikh Nahayan, chairman of conglomerate Abu Dhabi Group, said his privately-owned construction firm, Dhabi Contracting, had signed a memorandum of understanding with Pakistani real estate tycoon Malik Riaz Hussain to build residential properties on an island in Karachi.
"We have signed an MoU but a lot of studies will still have to be done," he told Reuters on Sunday on the sidelines of a defense industry exhibition in the United Arab Emirates capital.
Nahayan, who is also the UAE's minister for higher education, gave no details of how he would finance such huge developments, beyond saying it could be done through loans or cash.
"It will be in phases. Every phase will be studied by itself... It depends on the situation when we decide to go ahead with the projects."
Abu Dhabi Group, which invests in emerging markets, already has large investments in Pakistan including Bank Alfalah (BAFL.KA), Warid Telecom, Al Razi Healthcare and Wateen Telecom.
A statement issued in Pakistan on Friday said the deal had the potential to transform the south of the country.
Karachi, the country's commercial hub, is known for its violent crime, which claims about a dozen lives a day, the risk of being kidnapped and crumbling infrastructure.
The deal included plans to construct a miniature seven wonders of the world, the tallest building in the world, a sports city, an education and medical city, an international city and a media city, according to the press release.
Sheikh Nahayan said on Sunday that a final decision to build the world's tallest tower had not been made, adding that developments would be mainly residential.
The tallest tower currently is the Burj Khalifa, built in Dubai at a cost of $1.5 billion.
(Reporting by Raissa Kasolowsky; Writing by Amran Abocar; Editing by John Stonestreet)
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Pakistan’s 1st Island City: Bahria Town signs $20b deal with US tycoon
Project will generate 2.5m jobs, boost 55 industries, house 1m people.
By Our CorrespondentPublished: March 12, 2013
US real estate tycoon Thomas Kramer and Bahria Town former chairman Malik Riaz shake hands after signing a $20 billion agreement for Pakistan’s first ever island city.
ISLAMABAD:
American real-estate tycoon Thomas Kramer and Bahria Town CEO Ahmed Ali Riaz Malik signed a $20 billion agreement for Pakistan’s first-ever Island City, Bundal & Buddo Islands, Karachi.
A joint consortium of international investors will join hands to develop this project and the deal with Kramer is the first level of this agreement. Announcement of other global investors from the Middle East and around the globe will be made soon.
Covering 12,000 acres of land, this project will be developed in a span of 5-10 years but the residential communities will start being handed over to people in 2016. The global attractions of the project comprise world’s tallest building, world’s largest shopping mall, sports city, educational & medical city, international city and a media city – all having the most modern facilities and amenities and the most advanced infrastructure.
Island City will be connected to the DHA Karachi via a six-lane modern bridge. The entire city will be a ‘high security zone’, having its own drinking water (converting seawater into drinking water) and power generation plants to enable it to be self-sufficient in electricity.
The project will have mosques, cinemas, spas, golf clubs, school, hospital and other global standard amenities to furnish a modern lifestyle.
Speaking on the occasion, Thomas Kramer said, “I have full confidence in the people and economy of Pakistan. In 1970 when I started my project in Germany it was the worst era of their history. Likewise when Miami Beach project was started, the area was in full control of Cuban criminals, different mafias and gangsters. Dead bodies used to be scattered on the beaches. I completed my projects successfully. Today they are the world’s most secure and advanced regions.
“Current situation in Pakistan is much better than those areas. I am confident that this project along with boosting the economy will also eradicate terrorism from Pakistan. This is a once in a lifetime chance to bring Pakistan back on the map to the leading nations in the world.”
The current consultant and former chairman of Bahria Town, Malik Riaz Hussain, said, “Our slogan is ‘Bahria Town Commits – Bahria Town Delivers’ and Alhamdulillah we have fulfilled all our promises made with Pakistan and Pakistanis. We know that the construction sector has played a key role in transforming the USA, Malaysia, Japan, Turkey and Germany into developed nations. In the same manner, Insha Allah, Pakistan will also become a developed nation, which is our vision. This project will not only provide 2.5 million jobs but will help revive 55 national industries and provide housing to 1 million Pakistanis. It will also help eliminate terrorism and crimes.”
Thomas Kramer is a visionary businessman commonly known as TK. He surveyed an island hideout of Cuban pirates in 1991-92 and later on developed it into the present day Miami Beach, which is one of the biggest international tourist destinations today. He is specialist in building skyscrapers in coastal areas. His company has successfully constructed several projects around the globe.
A spokesman for Bahria Town said that it’s an honour to join hands with a visionary developer of Kramer’s caliber.
Published in The Express Tribune, March 12th, 2013.
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