Dubai World sets up deals with Pakistan
Nakheel to lead development of commercial and residential projects in the country
Dubai World and the government of Pakistan will jointly undertake large-scale infrastructure projects in Pakistan.
Nakheel, a fully-owned subsidiary of Dubai World and the developer of several of Dubai’s mega-projects such as the Palms, The World and Dubai Waterfront, will spearhead efforts to explore investments in the residential, commercial and leisure real estate sectors in Pakistan.
Dubai World and the government of Pakistan also discussed potential investment in other commercial activities, including development and management of industrial infrastructure, and development and operation of public sector infrastructure projects, including oil and gas-related works, airports and port and terminal management.
Dubai World chairman, Sultan Bin Sulayem, said: “Pakistan is one of the world’s fastest growing economies making it an attractive market for Dubai World. We have a close relationship with Pakistan and would like to further strengthen it by capitalising on opportunities in the country. The Middle East has a huge potential investor base for investments into Pakistan.”
President of Pakistan, General Pervez Musharraf, said: “We have a significant shortage of quality housing units across the country, and Nakheel is ideally placed to plug this gap as a result of the expertise it has developed from the various large-scale projects in Dubai.
“The Government is committed to facilitating foreign investment in the country and we will ensure that Dubai World receives the full support of the Government at all times.
We have historically enjoyed strong relations with Dubai
and the UAE, and this is an excellent platform to further bolster those ties.”
Dubai World is a state-owned enterprise of Dubai and is involved in a wide range of commercial activities. It has business interests in the fields of ports and logistics, real estate, and management of free zones.