Pakistan agrees $43bn development
Construction work in Pakistan
Work is expected to begin on the Emaar projects soon
Pakistan has given a Dubai property firm the go-ahead for a $43bn (£22.8bn) project to develop two island resorts.
Emaar Properties, one of the United Arab Emirates’ biggest property firms, will have an 85% share in the 13-year project to develop Bundal and Buddo.
Emaar plans to develop the site near Karachi into a model city with homes, apartments, offices and theme parks.
“It will be just like another Dubai,” Ashfaque Hasan Khan, an adviser to the prime minister said.
“We want to build it because it will create new jobs, bring in investment, create new housing and a new city,” he added.
Pakistan’s Port Qasim Authority will hold the remaining 15% stake in the enterprise in the form of land, the government said.
So far the plans have been approved in principal. Legal documents are expected to be completed within three months.
Emaar - the UAE’s biggest property firm by market value - plans to build thousands of homes, schools, shopping malls and hospitals stretching from Morocco to India.
look like its very large investment in recent time to Pakistan to develop island that have almost nothing at present. very good for Pakistan job market and economy.
The project if successful should bring in much-needed investment, create new jobs and housing and help in the uplifting of the people in the deprived areas of NWFP and Balochistan
Re: Pakistan agrees $43 billion development project
There is sooo much political and power struggle in this news. I hope Pakistan realize what this means. It seems a gift right now, but in the long run - will it be a curse? or will it be a gift? depends on how Pakistan plays the game :)
It is thanks to the policies of Musharraf and Aziz that we have been able to garner such huge and historic investments from the Arab and Muslim world. :k:
Billions and billions of dollars already invested by the UAE in Pakistan already, and billions and billions more in the coming years.
The UAE has invested more than $ 9.5 billion in Pakistan over the past four years, with total investment expected to reach $ 15 billion this year. Major investment has been made in the real estate sector, including housing projects, the construction of shopping malls and telecommunication. The Gulf nation is the largest foreign investor in Pakistan’s public and private sectors, with experts saying that the amount in real estate investment alone has surpassed $ 4 billion.
Real Estate, Telecomms, Energy and many more industries the UAE is investing in. In Karachi, Lahore, Islamabad, and other parts of Pakistan. Billions and billions of dollars - unprecedented FDI flooding in.
Investment by UAE in Pakistan to top $50b
The UAE’s total investment in Pakistan is expected to jump fourfold to reach $50 billion (Dh183 billion) in the coming years, from $12 billion during the past 16 years, according to a top UAE official. UAE Ambassador to Pakistan Ali Mohammad Al Shamsi has told leading Pakistani media that this is a result of Pakistan’s privatisation drive. This year, major UAE developers, Emaar, Dubai World subsidiary Limitless along with private developers Giga Group and Al Habtoor Enterprises have announced a number of master-planned developments in Islamabad and Karachi. In September this year, the Pakistan government approved a Dh157.81 billion ($43 billion) project to develop two island resorts near Karachi. Etisalat has bought 26 per cent stake in Pakistan Telecommunications for $2.59 billion. A state-managed fund in the UAE is considering investing $5 billion in building an oil refinery with a capacity of 200,000 to 300,000 barrels per day, Al Shamsi said
