Emaar's Karachi island projects reaching groundbreaking stage
BY HASEEB HAIDER
24 March 2007
ABU DHABI ââ¬â Pakistan on Thursday conferred its highest civilan award Sitara-i-Quaid-e-Azam on Mohammed Ali Alabbar, Director General of the Dubai Department of Economic Development and Chairman of Emaar Properties, while Arif Masood Naqvi, Vice-Chairman of Abraaj Capital was conferred with Sitara-e-Imtiaz.
Both the awards were presented by the Pakistan Ambassador to the UAE, Ahsan Ullah Khan at the embassy premises on Friday evening on the occasion of country's 67th National Day.
Alabbar while talking to reporters said that his company's two mega multi-billion US dollar Island development projects in Pakistan's financial capital Karachi, are going into ground breaking phase shortly. "The two projects of Bundal and Buddo Islands are the largest in company's portfolio and we are proud of these developments which would be really huge in size. We are developing two self contained cities with mixed use developments, spreading over 30,000 acres," he said.
Alabbar, who was last year awarded by the Moroccan King with country's civilian award praised the government of Pakistan for conferring its award. Sitara-e-Imtiaz is conferred on foreign nationals in recognition to their services to that country. About the Bundal and Buddo Islands developments, Mohammed Alabbar said these projects would include residential, commercial towers, shopping malls, medical facilities, schools, apart from creation of civic infrastructure. To a question, on the size of investment involved in the projects, Alabbar said: The amount is really huge, which would be revealed after the details of the projects are finalised with Port Qasim Authority (PQA). When asked what rate of return on investment he is seeking in Pakistan, Alabbar said : "Investments in Pakistan are not being made for profits. We have special relationship with the people and the government of Pakistan and historic ties so it is part of our strategy to boost our investments there."
He lauded the economic reforms in Pakistan, business doing environment and the attitude towards UAE investors in the country. " Our political relations are excellent which can be gauged in our business activities. The staff strength of Emaar in Pakistan is around 300 people. According to citation readout on the occasion, Emaar has already energised the Pakistani economy with development projects worth $2.4 billion. Emaar has unveiled its first master planned community in the country ââ¬â Canyon Views in Islamabad. The company has also announced the highlands project in Islamabad and Crescent Bay in Karachi. It has also signed a memorandum of understanding (MoU) with Port Qasim Authority for a mixed-use land development comprising residential, retail, commercial and hospitality components.
Apart from creating new jobs opportunities for Pakistanis, the projects will support ancilliary industries and strengthen foreign investment inflow into the country. Arif Masud Naqvi Vice-Chairman of Dubai based Abraaj Capital said that Pakistan is a country of enormous business potential, and investors are comfortable and see opportunity rather than risk.
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BY HASEEB HAIDER
24 March 2007
ABU DHABI ââ¬â Pakistan on Thursday conferred its highest civilan award Sitara-i-Quaid-e-Azam on Mohammed Ali Alabbar, Director General of the Dubai Department of Economic Development and Chairman of Emaar Properties, while Arif Masood Naqvi, Vice-Chairman of Abraaj Capital was conferred with Sitara-e-Imtiaz.
Both the awards were presented by the Pakistan Ambassador to the UAE, Ahsan Ullah Khan at the embassy premises on Friday evening on the occasion of country's 67th National Day.
Alabbar while talking to reporters said that his company's two mega multi-billion US dollar Island development projects in Pakistan's financial capital Karachi, are going into ground breaking phase shortly. "The two projects of Bundal and Buddo Islands are the largest in company's portfolio and we are proud of these developments which would be really huge in size. We are developing two self contained cities with mixed use developments, spreading over 30,000 acres," he said.
Alabbar, who was last year awarded by the Moroccan King with country's civilian award praised the government of Pakistan for conferring its award. Sitara-e-Imtiaz is conferred on foreign nationals in recognition to their services to that country. About the Bundal and Buddo Islands developments, Mohammed Alabbar said these projects would include residential, commercial towers, shopping malls, medical facilities, schools, apart from creation of civic infrastructure. To a question, on the size of investment involved in the projects, Alabbar said: The amount is really huge, which would be revealed after the details of the projects are finalised with Port Qasim Authority (PQA). When asked what rate of return on investment he is seeking in Pakistan, Alabbar said : "Investments in Pakistan are not being made for profits. We have special relationship with the people and the government of Pakistan and historic ties so it is part of our strategy to boost our investments there."
He lauded the economic reforms in Pakistan, business doing environment and the attitude towards UAE investors in the country. " Our political relations are excellent which can be gauged in our business activities. The staff strength of Emaar in Pakistan is around 300 people. According to citation readout on the occasion, Emaar has already energised the Pakistani economy with development projects worth $2.4 billion. Emaar has unveiled its first master planned community in the country ââ¬â Canyon Views in Islamabad. The company has also announced the highlands project in Islamabad and Crescent Bay in Karachi. It has also signed a memorandum of understanding (MoU) with Port Qasim Authority for a mixed-use land development comprising residential, retail, commercial and hospitality components.
Apart from creating new jobs opportunities for Pakistanis, the projects will support ancilliary industries and strengthen foreign investment inflow into the country. Arif Masud Naqvi Vice-Chairman of Dubai based Abraaj Capital said that Pakistan is a country of enormous business potential, and investors are comfortable and see opportunity rather than risk.
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