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