Five top foreign companies making huge investment: National Assembly informed

[Neo]

Five top foreign companies making huge investment: National Assembly informed​

ISLAMABAD (March 06 2009): Minister of Investment Waqar Ahmed Khan has informed the National Assembly that five top foreign companies are making huge investment in Pakistan for construction of hotels, shopping malls, international chain stores and real estate projects, costing billions of dollars.

In a written reply on Thursday, the minister said that presently various foreign companies are engaged in the business of shopping complexes (Malls), hotels and residential projects in Pakistan without collaboration of local companies.

M/s Metro Cash and Carry, Germany and M/s MAD Hypermarkets Pakistan, Dubai are establishing retail chain stores in Pakistan independently. Similarly, M/s Pak Gulf Construction Company, M/s Al-Ghurair-Giga Group and M/s Emmar Properties of UAE are foreign companies and have launched their residential, commercial and hotel projects here.

Details of investment made by foreign companies revealed that the estimated cost of M/s METRO Cash & Carry would be Euro 200 million for investment in trade/ services/consumer products. The company has planned to open at least 10 Cash & Carry wholesales centres in all major cities of Pakistan including Multan, Sialkot, Rawalpindi and Gujranwala. Currently, two stores in Lahore and one each in Karachi, Islamabad and Faisalabad are operational. Their second store in Karachi will be opened soon, the minister informed.

He further said that the estimated cost of Carrefour Store, Lahore, a project of M/s MAF Hypermarkets Pakistan (Pvt) Ltd, (Dubai), comes to $31.3 million. The company from Dubai is opening first ever store in Pakistan at Fortress Stadium, Lahore and is planning to open about 10 more stores in Karachi, Lahore, Islamabad, Multan and Faisalabad during next five years.

The estimated cost of Centaurs Blue Area, Islamabad being constructed by M/s Pak Gulf Construction Company (PGCL), is US $450 million. It is a joint venture between M/s Sardar Builders Holding (UAE) and Al-Tamimi Global Company (Saudi Arabia). The project is under construction and expected date of completion is 2011, he added.

The estimated cost/investment of World Trade Centre, Gold Crest, DHA Islamabad, a project of M/s Al Ghurair and the Giga Group, UAE, is US $1 billion. The project is under construction and to be completed by December 2010.

The projects of Highlands DHA-I, Islamabad, Canyon Views DHA-II, Islamabad and Crescent Bay, DHA-VIII, Karachi are being implemented by M/s Emaar Properties (Public Joint Stock Company) UAE. The estimated cost and investment of these projects is $2.4 billion. The projects are underway and to be completed by December 2014, he concluded.

 

[Omar1984]

These developmental projects will bring a new face to Pakistan's architecture...I cant wait to see these new skyscrapers in Pakistan.

 

[H2O3C4Nitrogen]

SOMETHING IS BETTER THAN NOTHING

BUT WHEN THE EAST INDIA COMPANY CAME TO INDIA IT CAME IN THE FACE OF TRADERS WHEN THIS GOT RIT THEY REVEALED THEIR TRUE FACE

 

[Omar1984]

SOMETHING IS BETTER THAN NOTHING

BUT WHEN THE EAST INDIA COMPANY CAME TO INDIA IT CAME IN THE FACE OF TRADERS WHEN THIS GOT RIT THEY REVEALED THEIR TRUE FACE

I think Saudi and UAE companies are much more trustworthy than East India company.

 

[Captain03]

I think Saudi and UAE companies are much more trustworthy than East India company.

i agree
but pakistan needs it's own companies as well

 

[BelligerentPacifist]

Is this they're selling us in the name of investment? Supermarket chains, and that too foreign!

Sure they'll invest, but just for the reason of 'priming the pump', and siphon off of the country all the profit.

Too, they lie on the lower rungs of the 'value addition to the society' scale - to keep prices low they cut back on salaries, and finally the employee ends up poorer than he should've been with his skillset.

This 'investmen' will help starve and loot us, we as consumers and citizens should protest.

 

[metalfalcon]

Good news for Pakistan and Pakistan's Economy.

 

[Bane Blade]

This exactly what would work in a country with a stable and slowly progressing industry but will it worlk in Pakistan where the industry is sinking the spending power is droping and unemployment is on the rise I do want the Idea to work but I fear that this may just prove to be another failed policy of this government.

 

[Omar1984]

This exactly what would work in a country with a stable and slowly progressing industry but will it worlk in Pakistan where the industry is sinking the spending power is droping and unemployment is on the rise I do want the Idea to work but I fear that this may just prove to be another failed policy of this government.

I think most of these projects were signed and sealed by the previous government and Saudi and UAE companies. These projects have nothing to do with this new government, but they are probably going to take credit for it when its complete.

I think the previous government paid Saudi and UAE companies for these projects and construction has started a long time ago.

 

[Cheetah786]

five top foreign companies are making huge investment in Pakistan for construction of hotels, shopping malls, international chain stores and real estate projects, costing billions of dollars.

No long term Jobs or high paying jobs for that matter but better then kick in da noggin.

 

[AliFarooq]

No long term Jobs or high paying jobs for that matter but better then kick in da noggin.

This will not only create more jobs but as well, make karachi a major tourist attraction, Emar is working on Crescent Bay project in karchi (35 + miami style apartments) all the land was reclaimed from the sea and it will offer lovely beaches. Then diamond bar city, on the two island emar has bought in karachi.

 

[AliFarooq]

This exactly what would work in a country with a stable and slowly progressing industry but will it worlk in Pakistan where the industry is sinking the spending power is droping and unemployment is on the rise I do want the Idea to work but I fear that this may just prove to be another failed policy of this government.

unemployment is dropping in every single country and pakistan was not hit hard as other countries.

 

[Omar1984]

This will not only create more jobs but as well, make karachi a major tourist attraction, Emar is working on Crescent Bay project in karchi (35 + miami style apartments) all the land was reclaimed from the sea and it will offer lovely beaches. Then diamond bar city, on the two island emar has bought in karachi.

 

[Omar1984]

The estimated cost/investment of World Trade Centre, Gold Crest, DHA Islamabad, a project of M/s Al Ghurair and the Giga Group, UAE, is US $1 billion. The project is under construction and to be completed by December 2010.

 

[Omar1984]

The estimated cost of Centaurs Blue Area, Islamabad being constructed by M/s Pak Gulf Construction Company (PGCL), is US $450 million. It is a joint venture between M/s Sardar Builders Holding (UAE) and Al-Tamimi Global Company (Saudi Arabia). The project is under construction and expected date of completion is 2011, he added.