Realtor Malik Riaz plans to build the world’s tallest building in Karachi in collaboration with the Abu Dhabi Group.
According to a press statement by Bahria Town, an agreement to this effect was signed between the former chairman and now consultant of the Bahria Town group and Sheikh Nahyan bin Mubarak Al Nahyan, chairman Abu Dhabi group, Union National Bank and United Bank Limited.
Under the agreement $45 billion would be invested in Pakistan for various construction projects. Out of the total investment, $10 billion would be invested in Islamabad and Lahore whereas the remaining sum would be invested in Sindh. These projects also include the construction of tallest building of the world (taller than BurjKhalifa, Dubai) in Karachi. Moreover, the project encompasses Sports city, Educational and Medical City, International City and Media City. The project also includes the construction of miniatures of Seven Wonders of the World. These projects will employ more than 2.5 million people and will boost more than 55 industries like cement, bricks, iron, steel and glass. Moreover these projects are expected to represent all the social classes of the society and middle-class and lower-middle class will have equal representation. The agreement will have a revolutionary impact on not only the Pakistani economy but also the tourism of the country and will be a milestone in reviving the lights of Karachi.
Speaking on the occasion, Sheikh Nahyan said that Bahria Town was a credible, respected and authentic name in the real estate sector across the world. “I am genuinely happy that in this historic project of Pakistan we are working with the visionary Malik Riaz, this guarantees that not only the project will be delivered beyond our expectations but also before time. We will Inshallah be welcoming first residents in next 3-4 years,” he said.
Malik Riaz said that it was a matter of great pride for him that Sheikh Nahyan had selected Bahria Town for making the dream come true for a modern and developed nation with this historical project.
A distinguished feature of this project is the utilization of seawater to produce electricity. The projects will have their own grid stations. Moreover, a separate modern water treatment plant will be established to convert seawater into drinking water.