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Tue, 09 Feb 2010 | 19:41 GMT
Tue, Feb 09, 2010, 19:41 GMT
 

Dubai firm to invest $10b in Pakistan

Bahrain Tribune
 
 
02 June 2006
Dubai World, the emirate's holding company which owns DP World, Nakheel, Jafza and Istithmar has announced plans to invest in massive projects worth $10 billion in Pakistan across different industries including infrastructure development, industrial and real estate projects.

This includes the construction of a modern waterfront off the Karachi coastline, besides the development and management of Pakistani ports. The announcement was made in a ceremony in Islamabad in the presence of Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and Shaukat Aziz, Prime Minister of Pakistan.

Two agreements were signed between the UAE and Pakistan - the first aimed at developing infrastructure and building commercial and industrial real estate projects. The second agreement was targeted at building free zones and modern ports which will be managed by DP World, the region's leading port and terminal operators.

Sultan Ahmed bin Sulayem, Executive Chairman of Dubai Ports, Customs and Free Zone Corporation and Chairman of Nakheel, signed the agreements with the Pakistani Minister of Transport and Minister of Foreign Investments.

Bin Sulayem said: "Dubai World is targeting massive investments in various sectors including real estate projects in main cities across Pakistan. Dubai World, through Limitless Company - its international real estate development arm - will lead and execute investments in residential real estate sector as Pakistan lacks residential units of high quality. Limitless will bridge the gap through its expertise in the sector. In addition, Limitless will also develop real estate, entertainment and commercial projects in different regions in Pakistan.'

© Bahrain Tribune 2006

 
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