ABU DHABI – Pakistani business magnet and former Bahria Town chairman Malik Riaz Hussain has signed an agreement with Shaikh Nahyan bin Mubarak Al Nahyan; Abu Dhabi Group chairman, Union National Bank & United Bank Limited.
Under the agreement, a grand sum of $45 billion will be invested in Pakistan on various construction projects. It is the biggest and historical investment in Pakistan, said a statement.
The Abu Dhabi Group has previously made huge and successful investments in Pakistan through the establishment of Bank Alfalah, Warid Telecom and Wateen Telecom.
Of the total $45 billion investment, $10 billion will be invested in Islamabad and Lahore (Punjab), whereas $35 billion will be invested in Sindh. Projects to be carried out with the foreign investment include construction of tallest building of the world (even taller than Burj Khalifa, Dubai) in Karachi. 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.
The projects will employ more than 2.5 million people and will boost more than 55 industries, such as cement, bricks, iron, steel and glass. The projects are expected to represent all of the classes of society, including the middle and lower-middle classes. They will have equal representation.
The agreement will have a revolutionary impact on not only Pakistan’s economy but also the tourism sector and will be a milestone in reviving the lights of Karachi.
Speaking on the occasion, Sheikh Nahyan said the Bahria Town not only represented modern Pakistan but was also a credible, respectful 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 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 the next four years.
Expressing his gratification over the agreement, Malik Riaz said “it was a matter of great pride for me that Shaikh Nahyan bin Mubarak Al Nahyan has selected us for making the dream come true for a modern and developed nation with this historical project. This is also a proud moment for Pakistan because such a huge foreign investment has never been made here before.
A distinguished feature of the project is the utilisation of seawater to generate electricity. The project will have its 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 that would address the ongoing water and electricity issues. Works on this monumental project will soon be started.