DUBAI: Limitless, the Dubai-based real estate developer, will invest more than Dh73 billion in a new mega project in Karachi, Pakistan's commercial capital, according to a report Tuesday. English daily Khaleej Times said the company will spearhead the Karachi Waterfront, a 25,000-hectare collection of residential, commercial, recreational and entertainment facilities, and represents its first international project since being officially launched by Dubai World in April.
Phase one of the project will involve an investment of Dh73.4 billion over the next ten years for developing over 2,000 hectares of waterfront property.
The new city will be home to special economic zones, creating a hub for trading, manufacturing and services industries.
Subsequent phases are expected to involve much larger investments.
The project is part of the Pakistani government's initiative to relieve pressure on Karachi and attract investment into the country.
Dubai World Chairman Sultan Ahmad Bin Sulayem revealed details of the project after a ceremony held in Islamabad which was attended by His Highness Shaikh Mohammad Bin Rashid Al-Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and Pakistan's Prime Minister Shaukat Aziz.
"This is a major project involving phased development of the 25,000 hectare site west of Karachi. It will be a new Karachi," said Bin Sulayem. "Limitless' focus on creating balanced developments for large urban communities will ensure that the development meets the economic and social needs of the government and people of Pakistan," he said.
Company sources said several other projects are in the pipeline, some planned for Dubai, which will be announced shortly.
"In the coming months we hope to reveal more details of other projects, but only when we are confident we have found the best solution to address the needs of each community," Limitless CEO Saeed Ahmad Saeed said.
Limitless is part of Dubai World, the holding company that includes Nakheel, Istithmar, the Ports, Customs and Free Zone Corporation as well as DP World.
Its announcement follows strong Mideast interest in Pakistan. Emaar recently unveiled four major Pakistan projects worth almost Dh75 billion, while Dubai Islamic Bank said it plans to open 70 branches in the next 18 months.
© The Saudi Gazette 2006
