ISLAMABAD, Sept 27 (KUNA) -- Pakistan Wednesday approved a US dollars 43 billionUnited Arab Emirates project to build a state-of-the-art new city on two islands near commercial city of Karachi.
Ashfaque Hasan Khan, an advisor to the Prime Minister, after Economic Coordination Committee (ECC) meeting told reporters that the Emaar Properties of UAE will develop two islands, Bundal and Buddo, near Karachi into a city with state-of-the-art facilities.
He said the Emaar properties would complete this project as a joint venture with Port Qasim Authority (PQA) of Pakistan in thirteen years.
He added that the UAE Company will have 85 percent equity in the project and the Port Qasim Authorities of Pakistan will have 15 percent stake in the form of land.
The project is expected to develop the two islands on the style of Dubai. Meanwhile, the Emaar properties have already started advertising its project.
Beside project with PQA, Emaar Properties in May announced three mixed-use real-estate projects with a total investment of US2.4 billion, the Highlands and Canyon Views in Islamanad; and Crescent Bay in Karachi.
