daily menu » rate the banner | guess the city | one on oneforums map | privacy policy | DMCA | news magazine | posting guidelines

Go Back   SkyscraperCity > World Development News Forums > General Urban Developments > DN Archives



Global Announcement

As a general reminder, please respect others and respect copyrights. Go here to familiarize yourself with our posting policy.


Reply

 
Thread Tools
Old June 2nd, 2006, 07:19 PM   #21
Erebus555
It's Sting. So What?
 
Erebus555's Avatar
 
Join Date: Apr 2006
Location: Bristol
Posts: 31,090
Likes (Received): 230

Karachi deserves some TLC
__________________
The UK Housing Wiki - Attempting to document every tower block, council estate, private estate, housing association, tower block construction/ demolition method, tower block architect, tower block construction company... etc etc, in the UK. Everything to do with postwar residences! - Please join and help!

EREBUS - OFFICIAL MOD CANDIDATE 2011 - BRITISH MODS FOR BRITISH PEOPLE!
Erebus555 no está en línea   Reply With Quote

Sponsored Links
Old June 4th, 2006, 05:49 PM   #22
CityofVillains
Canadian Muslim
 
CityofVillains's Avatar
 
Join Date: Jan 2006
Location: Mississauga, ON
Posts: 352
Likes (Received): 170

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.
CityofVillains no está en línea   Reply With Quote
Old June 6th, 2006, 07:10 PM   #23
CityofVillains
Canadian Muslim
 
CityofVillains's Avatar
 
Join Date: Jan 2006
Location: Mississauga, ON
Posts: 352
Likes (Received): 170

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.
CityofVillains no está en línea   Reply With Quote
Old June 7th, 2006, 05:55 PM   #24
Sharif Smuggler
Registered User
 
Join Date: Oct 2005
Posts: 15
Likes (Received): 2

Quote:
Originally Posted by Biakko
Amazing project... but why in Karachi ?
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.
Sharif Smuggler no está en línea   Reply With Quote
Old June 7th, 2006, 07:12 PM   #25
vc15nets
Registered User
 
vc15nets's Avatar
 
Join Date: Aug 2005
Posts: 876
Likes (Received): 61

^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.
vc15nets no está en línea   Reply With Quote
Old June 10th, 2006, 05:17 PM   #26
cyrusal
Registered User
 
cyrusal's Avatar
 
Join Date: Sep 2005
Location: Ortigas Center
Posts: 487
Likes (Received): 184

wow! any plans similar to this in Islamabad?
cyrusal no está en línea   Reply With Quote
Old June 10th, 2006, 05:59 PM   #27
UnitedPakistan
Musharraf Ka Danda!
 
UnitedPakistan's Avatar
 
Join Date: Jun 2004
Location: I represent every city of Pakistan
Posts: 10,197
Likes (Received): 415

Quote:
Originally Posted by Sharif Smuggler
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.
It is actually the 2nd largest city in the world.
__________________
AWAM KI AWAZ!

ELECTIONS 2008: WE ARE THE ELEMENTS OF CHANGE!
Har waqt hoon mein Pakistan ke liye..
UnitedPakistan no está en línea   Reply With Quote
Old June 10th, 2006, 06:54 PM   #28
CityofVillains
Canadian Muslim
 
CityofVillains's Avatar
 
Join Date: Jan 2006
Location: Mississauga, ON
Posts: 352
Likes (Received): 170

Quote:
Originally Posted by cyrusal
wow! any plans similar to this in Islamabad?
Yeap.. They're going to build 'Canyon Views'.. no details have been released by Emaar yet..
CityofVillains no está en línea   Reply With Quote
Old June 15th, 2006, 11:44 AM   #29
Sharif Smuggler
Registered User
 
Join Date: Oct 2005
Posts: 15
Likes (Received): 2

Quote:
Originally Posted by UnitedPakistan
It is actually the 2nd largest city in the world.
Since when? can you please provide any credible links, I cant believe Karachi could have grown so big so soon
Sharif Smuggler no está en línea   Reply With Quote
Old July 1st, 2006, 06:03 PM   #30
CityofVillains
Canadian Muslim
 
CityofVillains's Avatar
 
Join Date: Jan 2006
Location: Mississauga, ON
Posts: 352
Likes (Received): 170

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.
CityofVillains no está en línea   Reply With Quote
Old July 2nd, 2006, 08:18 PM   #31
pencakar langit
Registered User
 
pencakar langit's Avatar
 
Join Date: Feb 2006
Location: Jakarta; Fuchu; Beppu; Auckland
Posts: 321
Likes (Received): 1

Quote:
Originally Posted by pakboy
dnt forget Lahore, the paris of the east
I think there are only 3 Paris of the east: Bucharest, Shanghai, and Bandung (Indonesia).
pencakar langit no está en línea   Reply With Quote
Old July 3rd, 2006, 04:38 AM   #32
vc15nets
Registered User
 
vc15nets's Avatar
 
Join Date: Aug 2005
Posts: 876
Likes (Received): 61

^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.
vc15nets no está en línea   Reply With Quote


Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Related topics on SkyscraperCity


All times are GMT +2. The time now is 02:06 AM.


Powered by vBulletin® Version 3.8.11 Beta 4
Copyright ©2000 - 2018, vBulletin Solutions Inc.
Feedback Buttons provided by Advanced Post Thanks / Like (Pro) - vBulletin Mods & Addons Copyright © 2018 DragonByte Technologies Ltd.

vBulletin Optimisation provided by vB Optimise (Pro) - vBulletin Mods & Addons Copyright © 2018 DragonByte Technologies Ltd.

SkyscraperCity ☆ In Urbanity We trust ☆ about us | privacy policy | DMCA policy

tech management by Sysprosium