UAE’s Abu Dhabi United Group has announced plans to make a huge investment of $45bn in Pakistan to construct several projects, including a building that would be taller than the world’s current tallest building in Dubai, the Burj Khalifa.
Abu Dhabi Group chairman and UAE Minister of Higher Education and Scientific Research Sheikh Nahyan bin Mubarak Al Nahyan has signed an agreement with Pakistan’s real estate businessman and consultant of Bahria Town Malik Riaz Hussain on the new project.
Bahria Town chairman Malik Riaz said, "We have selected the site for our mega project, which will be spread over 16,000 acres of land and also house 125,000 houses."
"This construction project will bring in staggering investment into Pakistan and it will benefit industries and people."
According to media reports, the project is expected to be built on Kutta Island, about 3km-4km off the coast of Karachi inside the Arabian sea.
Under the project, the two groups will work together on building a sports city, educational city, medical city, international city and media city and residential properties in Karachi.
Besides constructing the world’s tallest building, replicas of the Seven Wonders of the World are also proposed to be built as part of the project.
While $10bn is planned to be invested in Islamabad and Lahore, the remaining $35bn is earmarked for Sindh region.
Believed to be the largest foreign investment for Pakistan, the new real estate project is anticipated to create employment for about 2.5 million people and provide business to industries such as cement, bricks, iron, steel and glass, as well as boosting the country’s tourism prospects.
The residential properties are likely to have equal representation from both middle and lower-middle classes.
Plans are underway to build an exclusive grid station for the projects and to use seawater to produce the required electricity.
A separate modern water treatment plant will also be constructed to convert seawater into drinking water.
Expressing pleasure for selecting Bahria Town as the developer, Malik Riaz Hussain said the historical project will help ‘make the dreams for a modern and developed nation come true’.
Works on the project are expected to begin soon.
Image: The world’s current tallest building Burj Khalifa is likely to be surpassed by a new building in Pakistan upon completion of Abu Dhabi’s $45bn project.