The Pakistan Economy Watch (PEW) on Sunday lauded the initiative of real estate magnate Malik Riaz and Abu Dhabi group to invest $45 billion in Pakistan, which would be the biggest investment in the country’s history, having the potential to transform Pakistan.
Implementation of the landmark agreement will not only propel the economy and reduce unemployment but also send much needed positive signals across, it said.
Investment for various construction projects including the world’s tallest building will help boost allied industries and push positive sentiments among wealthy businessmen who are shy of investment, said PEW President Dr Murtaza Mughal.
The deal may encourage foreign investors to revisit their perceptions on Pakistan while it can push many local investors to bring back to Pakistan their funds, which are stashed in foreign banks, he said.
The estimate that the projects will employee more than 2.5 million people and will boost more than 55 industries are highly encouraging in these distressed times and could prove to be a turning point, Mughal added.
Dr Mughal said equal representation of all social classes of the society will have a revolutionary impact on the country’s social fabric, economy and tourism.
He said despite all political and financial controversies, Malik Riaz of Bahria Town enjoyed a reputation in the global real estate sector which will be enhanced further following the completion of the project according to claims and in time.
Abu Dhabi group Chairman Sheikh Nahyan bin Mubarak Al Nahyan deserves all the praise and support because he is the man behind the unprecedented foreign investment, Mughal observed.
Plan to utilise seawater to produce electricity for the project and converting seawater into drinking water for consumption of people are moves seen by many as revolutionary, Dr Mughal said, adding that work on the landmark project should be started as soon as possible.
