Hashoo Group Chairman Sadruddin Hashwani who has returned to the country after five years, on Tuesday announced his intention to invest in various sectors, especially oil and gas and five-star hotels.
Hashwani plans to construct three five stars hotels in Multan, Hayatabad (Peshawar) and Mirpur (Azad Kashmir). The hotel in Hayatabad will be named after his mother — Zevar Inter-Continental Hotel. In Mirpur, the hotel would be constructed besides Mangla Lake and is expected to create one thousand job opportunities. Work on these projects would start within this year.
In the oil and gas sector, the Hashoo Group has completed the drilling of 60 wells and more drilling will be carried out in this sector to resolve the energy crisis.
Hashwani expressed his sentiments at returning to the country on account of its still unexploited mineral resource wealth. He said “Pakistan is rich with natural resources. The oil and gas sector is highly risky and that was the reason that most of Pakistan did not give attention to this sector.”
Hashwani decried the “tough” polices in the oil and gas sector aimed at regulating the private corporations and maintaining some level of public scrutiny. He blamed these policies for disenchanting foreign investors who preferred to move towards far-east and Africa where the laws were even more pro-profit and anti-labor than in Pakistan. “The investors are now moving to Myanmar,” he warned.
Using the example of India’s fast deregulating economy; Hashwani said that “strict rules” were hurting investment possibilities in Pakistan. “Now our Hashoo Group has decided to continue serving Pakistan as the country has given us so much and I wish to be buried here,” he said. It is pertinent to mention here that mining giants like TATA and Vedanta are facing stiff resistance from indigenous communities in India, which blame the private sector and the state for having destroyed their forests and livelihoods in search for better profits for the already rich.
Hashwani added that now that he had returned to the country, he will serve it with dedication. “When I constructed the hotel in Gwadar, people laughed but now the hotels in Gwadar and Muzzafarabad are successfully running. Now more hotels will be constructed and investments will be made in the oil and gas sector,” he said. Hashwani’s return comes in wake of the victory of the PML-N, widely known to be a party of the industrial classes, and a national budget that has yet again failed to tax businessmen while raising taxes exponentially for the wage earners.
Oh what a surprise….it is a free-for-all for another five years of PML-N rule…..Let the blood-sucking begin!!!
has he settled his account with zardari
What about Golden Palms in Gawader? I did invest there but unfortunately no positive news about the project. Khurshid Khan
Welcome back. Hope Hashoo Group will be more actively participating in the economic activities. I wish the Group is active in Balochistan also.
No Body is asking him where he stayed for last 5 years.He just left country when Marriot was deadly hit by a bomb killing almost 100 people and injuring more than 200.He is not telling that nation why Marriott Islamabad and Peshawar, upper stories were always booked for US marines who come under surveillance of Pakistani intelligence agencies.He didn't ask to those agencies that why his two hotels were bombed in Pakistan again and again who were all time in touch with these US marines and their work plans in Pakistan.Now after five years his germs of national services again activated.It is so interesting that he all time got opportunity of setting his hotels where Americans love to spread their wings.
it can be a personal problem because of which he left.. look at all the good things he has done… why do we Pakistani always see everything skeptically???
Good thinking Amna….
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