UAE's Emaar win $18 bln Pakistan property deal

DUBAI, May 31 (Reuters) - United Arab Emirates firm Emaar Properties has signed an $18 billion deal with Pakistan's Port Qasim Authority to develop land in Karachi.

A Emaar statement on the Dubai bourse Web site said on Wednesday that the development would include apartments, commercial and retail space as well as hotels and other leisure facilities.

An Emaar official said the deal was signed in Pakistan

Emaar unveils three real estate projects in Pakistan with total investment of AED 8.8 billion

Emaar Properties, the leading property developer, today announced three real estate developments in the cities of Islamabad and Karachi in Pakistan.

Crescent Bay

http://www.ameinfo.com/images/news/1/26091-paki.jpg

The projects will include a series of master planned communities that will set new benchmarks in commercial, residential and retail property within Pakistan.

The nation's capital, Islamabad, is home to two Emaar Pakistan projects: the Highlands and Canyon Views. With 1,500 acres between them the Islamabad communities offer 9,000 luxury single-family town homes and villas in a range of architectural styles with easy access to amenities including retail centres, community club houses, parks, lakes, schools and mosques.

Karachi will be home to Crescent Bay, a 75-acre development featuring high- and mid-rise towers for residential and commercial use, a shopping centre and five-star beachfront hotel. The towers will contain approximately 4,000 residential apartments.

Mohamed Ali Alabbar, Chairman, Emaar Properties said Pakistan represented a vital link in Emaar's global and regional plans. 'These current projects are only a small and initial part of our commitment to providing world-class living and infrastructure in Pakistan,' Alabbar said.

He added: 'Pakistan will play an important role in the development of Emaar's reputation in Asia, and remains one of our most significant commitments outside of the UAE.'

The Highlands development is located within the Defense Housing Authority Islamabad (DHAI) Phase 1 extension and Canyon Views is within the DHAI Phase 2 extension. Offering approximately 50 separate community districts with its own individual identity, a spectrum of architectural styles ranging from Mediterranean, Tuscan, Mughal, Arabic and Spanish, will be available to select from.

Crescent Bay, located within Karachi's DHA Phase 8 and in close proximity to the DHA golf course, will also offer individual architectural styles for each tower within the development. All three projects are expected to be completed in the next four to five years.

Mohammed Al Falasi, Managing Director of Emaar Pakistan said: 'Our goal is to create a series of exciting developments that set new standards for commercial and residential property. Highlands, Canyon Views and Crescent Bay will set these standards and are the first of many projects that we have planned for other cities in Pakistan, which we will be developing over the next few years.'

World famous master planners on the Crescent Bay development are Halcrow International with architects Norr and Holford while master planners WATG, RNL and JZMK are working on Highlands and Canyon Views projects.

Architects for the Islamabad projects are Mazen N. Issa, Alexandra Hayes, Bassenian Lagoni and Saunders & Wiant. The master planners have brought inspiration from the world's best designed residential communities to Pakistan - offering another Emaar signature landmark to the region.

Al Falasi added: 'Furthermore, we are aiming to preserve 20 per cent of the project area as green space, offering a haven of peace and natural beauty in the middle of a thriving community.'

Emaar's innovative offering of self-contained, amenities-rich communities have created lifestyle options that have been the first choice for many residents around the world. The integration of schools, health facilities, parks, landscaped grounds and retail centres into master-planned golf, equestrian and marina-themed lifestyles has proved a winning combination.

With joint ventures and projects covering Saudi Arabia, Syria, Morocco, Egypt, Tunisia, and Turkey, Emaar is taking its winning formula first conceived in its home base Dubai to the rest of the world.

Crescent Bay
Larger Render

http://www.propertyworldme.com/content/images/article_1383.jpg

another massive emaar development. incredible.

Wow, looks interesting. I cant see much but I have horrible feeling that the building will all look the same or similar creating one of those dull atmospheres... I like the ideas of the bays with the large towers guarding the peninsulas.

Great news for Pakistan. This definetly shows that the country is turning into a hotspot for all sorts of investments!! :)

this is what happens when you go through a economic boom. :)

looks interesting south asia will have mumbai and karachi like new york and london

Any other renderings?

looks interesting south asia will have mumbai and karachi like new york and london


dnt forget Lahore, the paris of the east :)

Keep in mind that Crescent Bay is part of Emaar's initial $2.4 Billion investment into Pakistan (along with the two projects in Islamabad). This isn't part of the $18 Billion project to develop Port Qasim

kickin! i agree with erebus555 about the towers guarding the bay, interesting idea

looks good, though i hope for some clearer renders soon

Satellite imagery taken from the Pak forum shows Crescent Bay, ePlanet, Creek City, and Creek Marina. The City Gov. of Karachi plans to develop this whole region into a world class waterfront with lots of parks and highrises. Projects such as Creek City, Creek Marina, Crescent Bay, and ePlanet are initial projects, there are many more to follow.

http://www.kauser.net/images/Emaar%20Crescent%20Bay%20Map.jpg

In the background, you can see the Creek City project being built near-by the Crescent Bay project.

http://www.pakwheels.com/images/forums/2006/4/9/gettogether_042_N68_PakWheels(com).jpg

http://www.kauser.net/images/Emaar%20Crescent%20Bay%20Map.jpg

how big is this piece of land?

dnt forget Lahore, the paris of the east :)


Is it? I never knew that.

:eek2: :eek2: :eek2: :eek2: :eek2: :eek2: :eek2: :eek2: :eek2:

Keep in mind that Crescent Bay is part of Emaar's initial $2.4 Billion investment into Pakistan (along with the two projects in Islamabad). This isn't part of the $18 Billion project to develop Port Qasim


Great News for Pakistan :cheer:


They are spending $18 Billion on Port Qasim :runaway:, That's Incredible!! That's almost as much as the amount of money being spent on the Palm Islands

WOOOW
GREAT PROJECT.. GO PAKISTAN!!

Amazing project... but why in Karachi ? :sleepy:

Amazing project... but why in Karachi ? :sleepy:

Why not in Karachi? :weirdo:

It is the buisness hub of Pakistan!

Karachi deserves some TLC :)

Dubai in huge Pakistan investment

By Farhan Bokhari in Islamabad

Dubai is poised to become the biggest foreign investor in Pakistan following the announcement of property, financial service and infrastructure projects worth billions of dollars.

The Pakistani government yesterday welcomed the plans - revealed during a visit by Sheikh Mohammad bin Rashid Al Maktoum, ruler of Dubai, to Islamabad - as a significant vote of confidence in the country's two-year-old economic recovery and said Pakistan would take extraordinary measures to facilitate UAE investors.

"There is an excellence in Dubai which can be exported to Pakistan," Shaukat Aziz, Pakistan's prime minister, told the FT yesterday.

"These investment plans run in to several billion dollars - the largest investment of its kind and something which signifies a great deal of investor confidence."

Details of the projects have not been released but some reports say business groups Emaar and Dubai World are poised to invest in property projects worth more than $30bn (€23bn, £16bn).

Sultan bin Sulayem, chairman of Dubai World, said the company planned huge investment in various sectors in the main cities of Pakistan. Dubai World controls Nakheel, the property developer behind Dubai's three man-made Palm islands, and DP World, the container ports company.

Dubai Islamic Bank has also sought permission from Pakistan's Central Bank to establish between 50 to 70 new branches across the country - the largest expansion by a foreign bank ever.

Pakistani officials said Emaar was seeking to invest mainly in high-rise apartment complexes, hotels and shopping centres in Karachi - a city less than two hours flying time from Dubai.

Gwadar

Pakistan's Government wants to develop Gwadar as a trading hub offering links to landlocked central Asian states. Plans are built around laying railway tracks and roads from Gwadar to Central Asia via Afghanistan.

Pakistan is due to announce its annual budget on Monday, which will include plans to raise development expenditure for the next financial year by 52 per cent to Rs 415bn. The increase is meant to accelerate projects such as construction of new road networks and other facilities to open up inaccessible areas for investors.

The country has this year attracted about $3bn in foreign investment. Government officials said last night the investments expected from Dubai could substantially raise this figure in coming years.

Mr Aziz said investors from the UAE had already begun increasing their stakes in Pakistan since last year's privatisation of Pakistan Telecom - the main telecoms utility, whose 26 per cent stock and management rights were taken over by Etisalat, the UAE-based telecoms company.

One of Pakistan's six mobile phone companies and one of the three largest public sector banks, which was privatised three years ago, are owned by UAE investors.

Limitless all set to build New Karachi

BY MUZAFFAR RIZVI

DUBAI — Dubai World has revealed that its integrated international real estate developer company — Limitless — will spearhead the multi-billion dollar Karachi Waterfront development project comprising residential, commercial, recreational and entertainment facilities.

Sources told Khaleej Times yesterday that the mega project will develop 25,000 hectare of prime waterfront property in southern port city of Karachi.

"Phase-1 of the project in commercial hub of Pakistan will involve an investment of $20 billion over the next ten years. It will develop more than 2,000 hectare of prime waterfront property in the city," the sources said adding that subsequent phases of the project are expected to involve much larger investments.

They further said that several other projects are also in the pipeline in Dubai and elsewhere, and will be announced shortly.

The announcement for Karachi Waterfront project was made during the recent visit of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai to Pakistan. The Memorandum of Understanding (MoU) to this effect was signed by Pakistani Minister of State for Privatisation and Investment, Umar Ahmed Ghuman and Dubai World Chairman Sultan bin Sulayem in Islamabad.

Revealing the details of the project, Chairman Dubai World Sultan bin Sulayem said: "We are delighted to lead the development of the Karachi Waterfront project. This is a major project, involving phased development of the 25,000 hectare site in the port city of Pakistan."

"It will be a new Karachi," Bin Sulayem maintained.

"Limitless' focus on creating balanced developments for large urban communities will, we believe, ensure that the development meets the economic and social needs of the government and the people of Pakistan," he added.

The CEO of Limitless, Saeed Ahmed Saeed, said the master plan of the project is being finalised and it could cater the needs of people.

"At present, the exact elements of the master plan are being finalised considering the overall needs of the people and the best approach to develop a self-sustaining community," Saeed added.

"The business of creating balanced developments is a challenging one. It is a relatively new science, which requires a great deal of research, flexibility and a multi-disciplinary approach to ensure that the balance sought is not only achievable but sustainable," Saeed observed.

"In the coming months we hope to be able to reveal more details on other projects — but only when we are confident that we have found the best solution to address the needs of each community," Saeed added.

Karachi Waterfront will evolve as Limitless prepares the master plan in line with local and government needs. According to an official, the project will contain a defined and carefully weighted balance of residential, commercial, recreational and entertainment facilities.

"The new city will also be home to Special Economic Zones, creating a hub for trading, manufacturing and services industry. All components of the development will be supported by a world-class infrastructure and amenities," the official said.

The waterfront development project is part of the Government of Pakistan's initiative to attract investment and visitors to Pakistan. It is the first international mega project announced by Limitless since the company was officially launched in April, 2006.

Limitless can lay claim to three specific areas of expertise that provide the company with a competitive advantage internationally — master planning large urban communities, waterfront development and the implementation of large balanced projects. Initial equity capital for Limitless is provided by Dubai World, but the company plans to tap the debt markets and look at strategic investors to finance its early growth and new projects.

Amazing project... but why in Karachi ? :sleepy:

Why not Karachi? its the 5th largest city in the world (population) and the financial hub of Pakistan, one of the fastest growing economies in the world. :cheers:

^^^And its been a while since Karachi got some love and care. It really deserves this. I hope more projects like this one come up in Karachi.

:eek2: wow! any plans similar to this in Islamabad?

Why not Karachi? its the 5th largest city in the world (population) and the financial hub of Pakistan, one of the fastest growing economies in the world. :cheers:
It is actually the 2nd largest city in the world.

:eek2: wow! any plans similar to this in Islamabad?

Yeap.. They're going to build 'Canyon Views'.. no details have been released by Emaar yet.. :)

It is actually the 2nd largest city in the world.

:eek2: Since when? can you please provide any credible links, I cant believe Karachi could have grown so big so soon :runaway:

Dubai Companies Showering Pakistan With New Projects

ISLAMABAD- More than anywhere else, Dubai companies are showering Pakistan with new projects, reports Gulf News. In its report published on June 27 on "A magnet for investment", contributed by staff reporter Ivan Gale, said that IMF success story, in 2004 the country passed through the latest of several structural adjustment programs.

The same year, it raised $500 million through a Eurobond. In another progressive step, just months ago it adopted international arbitration standards in business disputes, the Gulf News report added.

These efforts, the report said, have invigorated the economy and created new business opportunities, says Professor Rodney Wilson, director, Durham University's Institute for Middle Eastern and Islamic Studies in UK.

He noted its GDP growth rate has surged six to eight percent in the last few years, creating a new dynamism in the region.

Pakistan, the report said, is perceived as an under-served market and a friendly place for Dubai companies to do business.

The country has undeveloped land suitable for large projects and a cheap labour market. It said that as director of the Middle East and Central Asia unit for the IMF, Mohsin Khan is often privy to big deals brewing in Pakistan.

A month ago, he heard rumours that Dubai companies might invest there. But when Emaar and Limitless announced real estate projects valued at $40 billion (Dh 147 billion) in early June, even he was taken by surprise, the report added.

"Most people thought the Etisalat deal in 2005 was big, and it was," he said, adding: "But when you hear deals 10 times that size, that's pretty astounding."

The Gulf News also reported that a few years ago Pakistan wasn't a popular foreign investment choice for UAE companies. In 1998, the country defaulted on an international loan, and was generally regarded as a risky country to do business, it added.

According to statistics by the State Bank of Pakistan, foreign private investment from UAE into Pakistan tallied a modest $17.3 million in 2001-02. But after making impressive strides reforming its banking sector and standardising business practices, Pakistan is showing a big green light which Dubai companies are finding hard to ignore, the report added. It said recently there has been a succession of announcements for multi-billion projects in Pakistan.

In June 2005, a consortium of Etisalat and the Dubai Islamic Bank announced it would invest $2.6 billion for a 26 percent ownership and management rights in Pakistan telecom, PTCL. In May 2006, Emaar said it would invest $20.4 billion in four real estate developments in Karachi and Islamabad.

Limitless, Dubai World's international real-estate arm, followed with news of a $20 billion (Dh 73.4 billion) plan to invest in a mixed-use Karachi real-estate project. At about the same time, the Pakistan government also authorised the Dubai Islamic Bank to open 50 to 70 branches in Pakistan, the report added. It also said that the scale of the deals dwarves all previous foreign investment in Pakistan.

Last year, foreign investors injected $3 billion in the country, compared to more than $40 billion that the Dubai projects will pump into the economy over the next few years equivalent to more than 10 percent of Pakistan's GDP, the Gulf News report said.

The report also said that in truth, Dubai companies won't be spending tens of billions of dollars of their own money straight off. Most projects will build mixed-use residential and commercial units that they can pre-sell, using the proceeds to complete construction over a period of five to 10 years.

Still, Pakistan has emerged as the premier destination for UAE companies aggressively expanding their operations abroad, the report said. The Gulf News report said that part of the reason lies at home.

With the pace of new projects beginning to slow, Dubai is approaching a saturation point with high-profile residential projects. At the same time, companies are trying to diversify their assets. Increasingly, they're looking abroad.

About the dominant force, the Gulf News report said that crude oil prices have nearly tripled since 2002, and the UAE is riding an oil boom that the IMF predicts will last for some time. It forecasts crude prices to remain over $60 a barrel for the next five years.

"Where is the money going?" asks financial analyst Steve Brice of Standard Chartered Bank in Dubai. "Due to high oil prices, the answer is hardly surprising almost anywhere," he wrote in a recent paper. Asia remains the dominant force, he said. "Petrodollars are increasingly going to countries in the emerging world", the report added.

According to the Gulf News report, the IMF Director Khan said that Dubai companies are ahead of the game by thinking regionally, and particularly likes the name of Dubai World's international real estate development arm, Limitless. "Everyone says 'so and so, limited,'" he said. "It really describes Dubai companies in terms of acquisitions." This audacious investment plan is unfolding all over the Middle East, North Africa and Asia.

Emaar is taking a lead role in the $27 billion (Dh1 00 billion) King Abdullah City development in Saudi Arabia, and is engaged in billion-dollar projects in Morocco and Egypt. Dubai World is also expanding boldly into ports in Djibouti, Vietnam and China, the report said.

About the business-friendly environment, the report said that UAE companies are feeling more comfortable with the Pakistani economy, and cultural similarities with the Gulf all contributed to the deals, said Khan. Many Pakistanis also hold senior positions in Dubai firms and provide local expertise in the Pakistan business climate, he added.

A burgeoning economy is creating a new affluent class among its 175 million residents, who will be capable of affording these higher-end real estate projects. Estimates by Limitless put the Pakistan housing shortage at six million dwellings, the report added.

Nonetheless, most observers give the deals unequivocal thumbs-up, including Brice of Standard Chartered Bank. "Pakistan might not be the easiest place in the world to do business, but the returns should be relatively healthy", the report added.

dnt forget Lahore, the paris of the east :)

I think there are only 3 Paris of the east: Bucharest, Shanghai, and Bandung (Indonesia).

^^^And Lahore puts them out of competition (if Lahore was ever publised, people would know what Im talking about). Go to the Lahore picture thread if you dont believe me.