Dubai: Emaar Properties, the Dubai-based real estate developer, yesterday announced four major projects involving a Dh78.86 billion ($20.39 billion) investment in Pakistan, making it the largest UAE investor in South Asia.
These include a Dh66 billion ($18 billion) mixed use development in Karachi as well as three real estate developments in Islamabad and Karachi, involving Dh8.8 billion ($2.4 billion) in investment.
The projects will include master-planned communities that will set new benchmarks in commercial, residential and retail property within Pakistan.
It is the largest influx of foreign money into Pakistan and makes the company the largest UAE investor in the country.
An Etisalat-Dubai Islamic Bank consortium is investing $2.59 billion for a 26 per cent stake in PTCL, Pakistan's largest telecom service provider.
Emaar yesterday signed a memorandum of understanding with Pakistan's Port Qasim Authority for the $18 billion mixed-use development in Karachi. It was signed by Emaar Chairman Mohammad Ali Al Abbar and Senator Babar Khan Ghauri, Minister for Ports and Shipping, in Islamabad in the presence of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, UAE Vice-President and Prime Minister and Ruler of Dubai, and Pakistan President Pervez Musharraf and Prime Minister Shaukat Aziz.
This is Emaar's largest investment outside the UAE. The company is also involved in masterplanning the Dh100 billion King Abdullah City in Jeddah, being developed by Saudi government's investment arm Saudi Arabian General Investment Authority.
It has also made considerable investments in Morocco, India, Syria, Jordan, Turkey and Tunisia.
Pakistan's capital, Islamabad, is home to two Emaar Pakistan projects the Highlands and Canyon Views.
With 1,500 acres between them, the Islamabad communities offer 9,000 luxury single-family town homes and villas in a range of architectural styles with easy access to amenities including retail centres, community club houses, parks, lakes, schools and mosques.
The Highlands development is located in the Defence Housing Authority Islamabad (DHAI) Phase 1 extension and Canyon Views is in the DHAI Phase 2 extension.
Offering approximately 50 separate community districts with own identities, a spectrum of architectural styles ranging from Mediterranean, Tuscan, Mughal, Arabic and Spanish, will be available for buyers to select from.
"These current projects are only a small and initial part of our commitment to providing world-class living and infrastructure in Pakistan," Al Abbar said in a statement.
"Pakistan will play an important role in the development of Emaar's reputation in Asia, and remains one of our most significant commitments outside the UAE."
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 three projects are expected to be completed in four to five years.
By Saifur Rahman
© Gulf News 2006
