ABU DHABI: Former chairman and present consultant of Bahria Town, Malik Riaz Hussain, has signed an agreement with Sheikh Nahyan bin Mubarak Al Nahyan, the Chairman Abu-Dhabi Group, Union National Bank and United Bank Limited on Friday, says a press release.
Under the agreement, $45 billion will be invested in Pakistan for various construction projects. It is the biggest and an historical investment in Pakistan. The Abu-Dhabi Group has previously made huge and successful investments in Pakistan by the establishment of Bank Alfalah, Warid Telecom and Wateen Telecom.
Out of the total investment, $10 billion will be invested in the federal capital Islamabad and Lahore whereas $35 billion will be invested in Sindh. These projects also include the construction of the highest building of the world (higher than Burj Khalifa, Dubai) in Karachi. Moreover, the project encompasses 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 boost more than 55 industries like cement, bricks, iron, steel and glass. Moreover, these projects are expected to represent all the social classes of the society and middle class and lower middle classes will have an 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, 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 and it guarantees that not only the project will be delivered beyond our expectations but also before time,” he said.
Malik Riaz Hussain expressed pleasure and said that it was a matter of great pride for him that Sheikh Nahyan bin Mubarak Al Nahyan had chosen Bahria Town for making the dream come true for a modern and developed nation with this historical project. “This is also a great moment for Pakistan as such a huge foreign investment has never been made before,” he maintained.
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 for drinking purposes. These features make this project a landmark in Pakistan, which would address the current water and electricity issues of the country. Work on this monumental project will soon be starting.