Re: Worlds’ tallest bldg- Malik Riaz,& Abu Dhabi Group’s investment worth $45 billion
is there any details of the project location? I guess this is in how Govt selling three islands near Karachi to Abu Dhabi and they will create separate island development with own resorts, buildings and will have own security. and Mr Tycoon get his share in this investment from Abu Dhabi group.
Abu Dhabi Group is owned by Abu Dhabi Investment Authority and is second largest wealth fund in the world worth $627 billions Sovereign Wealth Fund Rankings | Sovereign Wealth Fund Institute
so the $46 billion is not a big sum for these guys, it will be long term investment and will be spend over decades.
Only if it materialises Arabs dont make usually make bad investment and can pull back if there are no gains for them.
Re: Worlds' tallest bldg- Malik Riaz,& Abu Dhabi Group's investment worth $45 billion
I will believe it the day I see it. This sort of thing has happened in Pak before... The Musharaf era, a far better economic environment then the current, saw a number of such projects particularly in Karachi, but also in Lahore. Sheik Zahid Center was supposed to be the tallest building in South Asia, visible from across the border in India. So they dug this massive hole in the ground for it, and then the project went south and we never heard of it again, except we have a massive hole in the ground where a building should be.
Re: Worlds' tallest bldg- Malik Riaz,& Abu Dhabi Group's investment worth $45 billion
Complete and utter crap!
I'll only believe it when it's built. Many projects of this nature have been promised yet never materialise.
Like the Arabs would really build something like this in Karachi, in particularly seeing how dangerous it is...Which investor in their right mind would do such a thing?
Re: Worlds' tallest bldg- Malik Riaz,& Abu Dhabi Group's investment worth $45 billion
This can be another stunt only to grab cheap land for discounted rate to Malik Riaz from Government, later Abu Dhabi can pull out and Malik Riaz will keep the land ;)
It happened in the past, investment promised and govt allotted land at dirt cheap or free for the investment project, Once got hold of land the investor never made any investment and local party kept the land :) lets see what happens to this! After all its not investment friendly environment in Karachi or Pakistan at present that attracted investors and govt is just finishing its five years! neither economy is expanding at a rate that it requires mega building and cities so there must be a catch!
Re: Malik Riaz, Abu Dhabi Group sign investment worth $45 billion
I pointed out all possibilities and those were correct , My only post in this thread
ابو ظہبی گروپ نے ملک ریاض کے ساتھ سائن کیا ہوا ایم او یو بھی ختم کر دیا. ابھی قوم نے پینتالیس ارب ڈالر کے خواب ہی دیکھنا شروع کے تھے کہ ان پہ پانی پھر دیا گیا.
ABU DHABI: Abu Dhabi royal Sheikh Nahyan bin Mubarak al-Nahyan has cancelled a tentative agreement with a Pakistani businessman that envisioned spending $45 billion on a real estate project in Karachi over 15 years – a cancellation that comes less than two weeks after the deal was signed.
No reason was given for the cancellation in a statement by the Abu Dhabi Group, which Sheikh Nahyan chairs.
The memorandum of understanding with Pakistani real estate tycoon Malik Riaz Hussain to build residential properties on an island had been touted in Pakistan as the country’s biggest ever foreign investment.
The statement received by Reuters said no financial obligation or commitment had been assumed by the Sheikh, the conglomerate, or his privately owned construction firm Dhabi Contracting.
“It is…unfortunate that discussions between the parties could not reach any conclusion and the Memorandum of Understanding has been cancelled,” it said.
Abu Dhabi Group, which invests in emerging markets, has large investments in Pakistan including Bank Alfalah Ltd , Warid Telecom, Al Razi Healthcare and Wateen Telecom.
samaa.tvStaff Report ISLAMABAD: Bahria Town and US real estate investor Thomas Kramer signed a memorandum of understanding (MoU) for the construction of a multi-billion dollar project at Bodha Islands in Karachi. The MoU was sign](http://samaa.tv/newsdetail.aspx?ID=62953&CID=1)
Now it is not the world’s tallest , It is now changed into Pakistan’s largest .
Arabs dont make usually make bad investment and can pull back if there are no gains for them.