Feb 162013
 

* Malik Riaz signs agreement with Abu Dhabi Group for $45 billion construction projects

ABU DHABI: Real estate magnate Malik Riaz Hussain has signed an agreement with Chairman of the Abu Dhabi Group, Union National Bank and United Bank Limited Nahyan bin Mubarak Al Nahyan, under which $45 billion will be invested in Pakistan for various construction projects, including contraction of the world’s tallest building in Karachi.

It would be the biggest and historical investment in Pakistan. The Abu Dhabi Group has previously made huge and successful investments in country with the establishment of Bank Alfalah, Warid Telecom and Wateen Telecom. Out of the total investment, $10 billion will be invested in Islamabad and Lahore, whereas $35 billion investment would be made in Sindh. 

The projects include the construction of the tallest building of the world, taller than Burj Khalifa, Dubai, in Karachi, a sports city, educational and medical city, international city and media city. The project also includes the construction of miniatures of Seven Wonders of the World. These projects will employee more than 2.5 million people and will give a boost to more than 55 industries, like cement, bricks, iron, steel and glass.

The agreement will have a revolutionary impact not only Pakistan’s economy but also its tourism industry, and will be a milestone in reviving the lights of Karachi. Speaking on the occasion, Sheikh Nahyan said that Bahria Town not only represents a modern Pakistan but is also a credible, respected and authentic name in the real estate sector world over.

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