Sheikh Nahayan Mabarak Al-Nahayan on Sunday in an official statement said that the US$45bn memorandum of understanding (MOU) between the unit of Abu Dhabi Group and Bahria Group has been canceled.
Abu Dhabi Group Chairman Sheikh Nahayan talking to Arabian news said that “there was never a financial commitment”.
Pakistani businessman Malik Riaz Hussain, touted by media in the country as one of Pakistan’s richest figures, had claimed Abu Dhabi Group would invest billions of dollars to build residential properties on an island in Karachi, that would include the tallest building in the world.
Abu Dhabi Contracting had signed a non-binding preliminary agreement as an indication of interest to cooperate with Bahria Town Pakistan to provide technical support and assistance to the project.
Sheikh Nahayan, the Abu Dhabi Group and Dhabi Contracting have neither undertaken nor assumed any financial obligation or commitment to invest in the project.
Sheikh Nahayan, who is also UAE’s Minister of Higher Education and Scientific Research, is also chairman of Union National Bank and United Bank Limited. He is also founding chairman of Bank Alfalah Limited and chairman of WARID Telecom International, a regional telecoms group based out of Abu Dhabi with operations in Pakistan, Bangladesh, Georgia, Uganda, Republic of Congo and Ivory Coast.
In addition to his investments in Pakistan, Sheikh Nahayan’s holds portfolios in Africa, Morocco and in the agribusiness
chalo koi nahe Allah dey ga
Mailk Riaz is a big drama
Riaz thaikaidar lol
good news 🙂
Best news of the day!
that should not have happened!!
Another drama of Malik Riaz played on Pakistani people, just because he can fool Zardari, he thinks he can fool anyone. Why is FBR not looking into this man's taxes and how and where he got all this money from?
When the agreement was announced in the media, my first reaction was the it was too good to be true. My feeling was that no one in his sane mind would cough up billions of dollars on a mega project like a tallest building in the world when the security is precarious and bhatta collection by an ethnic party and target killing is rife. Karachi has to become a normal peaceful city with civic sense and rule of law then it will attract investment from all over the world.
India and Afghanistan do not want peace in Pakistan, are you kiddding me? Musharaf was a fool to stop Kashmiri freedom fighters…. he should have upped the ante instead of turning it off.
Now if you start seeing blasts in Mumbai and Delhi etc, you will see blasts in Pak will stop. But Zardari and PPP are cowards.
Riaz Thekedar ka aik aur drama! Never buy an inch in Bahria gentlemen! Its all fraud!
that should not have happened!!
chalo koi nahe Allah dey ga
The papers printing this as front page news and the tv prominently reporting it in their news, all look like first class fools now. Check the facts next time, just being in Malik Riaz's pocket is not enough.
No they were definitely on his payroll. With unchecked extortion and target killings by ethnic political party of Karachi, this city has sadly become very unfriendly for investment.
What a joke of a country this is…..
To learn about the land grabbing scam behind this read http://saudonpolitics.blogspot.com/2013/02/the-ma…
wow….. very good decision…with love from india :* …lolx
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