Dream to have world’s tallest building shattered

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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.

31 COMMENTS

  1. Look afte your hospitals and make sure they have appropriate facilities and adequate supply of equipment s and medicines. The situation in health sector is quite pathetic which needs to be addressed forthwith.

  2. could you please provide any link of any newspaper of UAE where this clarification was posted to make sure of authenticity ???

  3. could you please provide any link to any newspaper of UAE where this clarification was posted, just to make sure of authenticity ???

    • Well they DID sign the MOU originally…hence associated themselves with this known "gangster or fraud" 😉

  4. That was a topi drama by two Maliks

    Rehman Malik and Malik Riaz ….. Picture was taken in the past when UAE decided to invest in Baharia Town …..but later retracted its decision

  5. To all the naysayers the excavation work has already started and proceeding as planned. Construction for the main 313 storied 1,252 meter tower begins in 2015 with completion date of March 2018.

    • And about 1.798568 millions jobs out of announced 2.5 million jobs have been created already! The reason people don't see these 1.798568 millions workers is because of 'foreign hand'! LOL!

  6. after grabbing the lands of Islamabad and Rawalpindi….Malik Riaz the front man of Zardari want to play the same game in sindh

  7. Only the insane can trust malik riaz who is known for every illegal transaction. I doubted the very day about this sham transaction. Just go through the contents of the clarification you will know where we stand and not Malik

  8. Big dreams make big realities. Malik Riaz's prowess in the field of construction development is beyond doubt. He should divert his attention towards energy projects now.

  9. was there any reality in this news since start??? I don't think M. Riaz every claimed he has entered into such a deal.

    Probably this news was spread by some mischevious and to be denied later.

  10. If ever there was a FRAUD and Anto Robin Hood, who robs the poor and gifts rich with Rs 5 Billion worth homes, it is Malik Riaz. Beware of this conman. He has robbed many poor who invested in plots measuring under 10 marlas, only to live forever in despair.

  11. lol….. nice decision by saudis …after all who would want daily bomb blasts and attacks on this building…..saudis were quick to realise this is not possible in the commercial hub of a terrorist and beggar nation..lol

  12. We don't want a single paisa of arab money "invested" in Pakistan. We can take care of ourselves thank you, come hell or high water.

  13. One must be loyal to Pakistan and not to Nawaz Sharif and Asif Ali Zardri. One must be dedicated and determined to change the destinies of the people. A leader must be an experienced statesman who could visualise things/events hundred years ahead.. Merely raising populist slogans to win elections and then ruling country is not the job of a statesman. Any Prime Minister or President who resumes office after winning elections, has only five to six months at his disposal to bring about changes/reforms he promised to his electorate. After that kick backs start, and he wastes his balance time in correcting his mistakes or placating the people by his idiosyncratic explanations.

  14. There is some game going on…I dont blame Malik Riaz for trying despite all his faults this man has given us some practical projects on the ground some of nicest residential real state and it is our nature to criticize everybody. It is not Malik Riaz 's fault that Arabs act as poodle for the west and it has everything to do with geopolitics and Gawadar and certain neighbor to the west. Arab poodles can't even take a breath without these masters. I would like Malik Riaz to use his own resources as in the past and build these projects yourself and list your company and let people buy share in it and these dreams can be reality. Arabs should be ashamed of playing with our emotions. $45 billion is a peanuts in a greater scheme of things and it is about time our beggar leaders learn from these insults. Sometimes I hate Malik Riaz for his shenangans but this is the insult to all the Pakistanis. He was doing his best to bring an investor group interested in us they did and now their masters have gotten the chabak out …hence the retreat and why are you surprised this Arab behavior.

  15. Arab money is not good omen for Pakistan. They want us to stay beggars and engaged in internecine infighting, so that we don't run over their kingdoms and emancipate Khana Kaaba.

  16. I think the news proved to be jolly good deversion from the issues pervailing in the country. Thanks Riaz for such a suspence treat…

  17. "Dream shattered" or "nightmare averted"? Remember what the dream of having the tallest building brought to Dubai: they had to sell it before opening and left them at the mercy of Abu Dhabi with a $90 Billion plus debt 😉

  18. Friends, I was reading all the comments and did find that almost all of the comments except the few are same as we used to say in India. Our politician, beurocrats are all the same, whethe it is India or Pakistan. In India too biggest part, where black money rest is real estate only.

  19. you guys sucks because arent you happy that the dollar which is 100RS will less to 10$. and we can go abrode with alot of money and we can go in such a big buildings.

  20. They are going to construct the World’s Tallest Building in Karachi,where hundreds of people die every month,i.e.400 people have killed in Karachi in the first two months of 2013.It would be better if they choose Lahore or Islamabad for the World’s Tallest Building,(if they are really going to construct it).

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