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ISLAMABAD: The government gave approval in principal on Wednesday for Emaar Properties of United Arab Emirates to go ahead with a $43 billion project to build a model city near Karachi. Emaar, which will have 85 percent equity in the project, will develop two islands, Bundal and Buddo, near Karachi into a city with state-of-the-art facilities, Ashfaque Hasan Khan, an advisor to the prime minister, told reporters. “It will be just like another Dubai,” Khan said. “It will consist of everything. Residential buildings, theme parks, offices, just about everything.” “We want to build it because it will create new jobs, bring in investment, create new housing and a new city,” he added. Port Qasim Authority will hold 15 percent in the form of land, Khan said after a meeting of the Economic Coordination Committee. The project is expected to take about 13 years. Khan said approval in principal for the project had been given after all formalities were completed.

http://dailytimes.com.pk/default.asp?page=2006\09\28\story_28-9-2006_pg1_8
 

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Emaar's Dh158b island projects get Pakistan approval
BY BABU DAS AUGUSTINE (Assistant Editor)

28 September 2006



DUBAI — Emaar Properties PJSC, the Dubai-based real estate company, received Pakistan government's approval to develop two island projects near Karachi that will require investments worth Dh158 billion ($43 billion).


The approval for the project from Pakistan government was announced by Ashfaque Hasan Khan, Pakistan government's economic adviser at a Press conference yesterday in Islamabad.

Emaar, with 85 per cent equity in the project, will build homes and apartments at Bundal and Buddo Islands over the next 13 years. Pakistan's Port Qasim Authority will hold 15 per cent stake and will provide land for the project, Khan said after a meeting of the Economic Coordination Committee, the country's top-decision making body on economic issues.

The approval for the project was given by Prime Minister Shaukat Aziz yesterday. Khan said approval in principal for the project had been given after all formalities were completed. Legal documents would be completed within three months.

Emaar plans to build thousands of homes, schools, shopping malls and hospitals stretching from Morocco to India. The ecompany is aiming to tap real estate demand in Pakistan, a $129 billion economy forecast to expand 7 per cent this fiscal year. “The new project will build new cities” Khan said.

Emaar Pakistan, the country-arm of global real estate major Emaar Properties, has recently announced a bouquet of innovative projects in Pakistan. Mohammed Al Falasi, Managing Director, Emaar Pakistan, said in a recent Press statement that the challenge faced by Emaar in Pakistan was to create a new niche in the marketplace and revitalise interest on home-property in the minds of the upwardly mobile Pakistanis living in the country and abroad. To date, Emaar Pakistan has announced three mixed-use projects of development value Dh8.8 billion ($2.4 billion) in Islamabad and Karachi — the Highlands and Canyon Views; and Crescent Bay — and also signed a Memorandum of Understanding with Pakistan’s Port Qasim Authority to develop a mixed-use land project in Karachi. Earlier this year, 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. Pakistan will play an important role in the development of Emaar’s reputation in Asia, and remains one of our most significant commitments outside the UAE.”

Emaar’s developments in Pakistan are in line with the global real estate major’s Vision 2010 of becoming one of the world’s most valuable companies through strategic expansion and diversification in key markets and sectors.

Having consolidated its home-turf, the UAE, with a track record of handing over 14,000 homes in Dubai, Emaar has embarked on prestigious developments in countries further afield as Saudi Arabia, Morocco, Egypt, Syria, Tunisia, Turkey and India.

Emaar has strengthened its international presence recently with the acquisition of John Laing Homes, the second largest privately held homebuilder in the US; and Hamptons International, a premier UK realtor. The company is also opening a full-fledged representative office in China.

http://www.khaleejtimes.com/Display...er/business_September905.xml&section=business
 

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this is huge....its simply great...words are too less to explain it....but God 7 years....who knows wat happens by that time....plus i really dnt trust emaar with their timings...look at SZC....it has been on paper since when 3 years now....
 

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Give generously
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The bar has been raised. If Bahria were worried before, I bet they're shitting their pants now.
 

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huit said:
am I dreaming? let me pinch myself! *OUCH*

WOW! :)
i had to pinch myself too just to make sure i wanst day-dreaming.

$43billion :eek2: :eek2: :eek2:



how far are these islands ? this would mean a bridge over the sea too....


WOW!! thats amazing
 
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This is great news but I hope we can see similar investment numbers in more productive segments of economy such as Steel, Automobile etc.
 

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SECULARISM
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Wasn't there already a plan in place for some Saudi company to develop Bundle Island the year before last?? What happened to them?
 

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Musharraf Ka Danda!
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Complete waste of money that could be better spent in Gwadar. Karachi has at least the basic facilities and has the room to develop these on the mainland. Gwadar does NOT have the facilities.
 

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big news. great to hear this karachi is going to boom with all these projects coming up. here is a google earth image of bundle island not sure where the other island is

 

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i so fuking agree with UP imean its a great project...but there were other better ways to spend suh a monumental amount of money....and gwadar would have been the best choice....but at the same time dnt u think that the UAE would not want to see gwadar as a threat to dubai....maybe thats y they havent proposed anything for gwadar
 

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Musharraf Ka Danda!
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And I would like the current Karachi to be fixed before we add anything else to it.
 
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