Pakistan spend for UAE big guns
Emaar and Dubai World investment in major projects will be equivalent to a quarter of Pakistan’s gross domestic product
Major agreements signed by Emaar Properties and Dubai World this week means the investments by the two businesses will account for more than a quarter of Pakistan’s gross domestic product (GDP) of US $118 billion (PKR 7 trillion).
Emaar is to spend more than $20.39 billion on four major projects in Islamabad and Karachi, while Dubai World is looking to spend $10 billion on the construction of a modern waterfront on the Karachi coastline, as well as the development and management of ports across Pakistan.
The duo’s investment signals a new beginning as far as foreign investment into Pakistan is concerned — last year only $2 billion was pledged from firms outside of the country.
The Emaar projects are: an $18 million mixed-use development in Karachi, which will comprise homes, hotels and golf courses; as well as two new projects in Islamabad and one in Karachi, with a total investment of $2.4 billion.
Islamabad will be the location for the Highlands and Canyon Views projects. The 1,500-acre area of both the developments will see 9,000 town homes and villas, retail centres, community clubhouses, parks, lakes, schools and mosques built.
Karachi will be home to Crescent Bay, a 75-acre development featuring high and mid-rise towers for residential and commercial use, a shopping centre and five-star beachfront hotel. The towers will contain approximately 4,000 residential apartments. All four developments are expected to be completed within the next five years.
Mohamed Ali Alabbar, chairman, Emaar, said: “These current projects are only a small and initial part of our commitment to providing world-class living and infrastructure in Pakistan.”
Dubai World’s work will see the construction of free zones and modern ports, which will be managed by DP World, the region’s leading port and terminal operator.