Pakistan’s plans to have world’s tallest building fizzled out on Friday after Abu Dhabi-based conglomerate denied having entered into any $45 billion investment treaty.
A few days ago the country’s biggest real estate group announced that it has signed a memorandum of understanding with the Abu Dhabi Group to develop mega real estate projects in Pakistan including construction of world’s tallest building in the port city of Karachi. The Pakistani group also announced that about 2.5 million Pakistanis will get jobs due to these projects.
All these claims proved hollow after Abu Dhabi group issued a clarification on Friday in major newspapers of the country, saying that it has not ‘undertaken or assumed any financial obligation or commitment to invest in this project and that there is no agreement to do so.’
Observers believe such false reports about investment accord could not only hurt local group’s reputation but also overall investment climate in the country.