KARACHI: Pakistan’s Business tycoon Malik Riaz has signed a $20 billion agreement with American real-estate tycoon Thomas Kramer for Pakistan’s first-ever Island City, Bundal & Buddo Islands, Karachi.
The deal between the two big names of business world will boostup the economy of the economical hub of the country.
Under the project Bahria Town in collaboration with the foreign companies associated with prominent US investor Thomas Kramer would construct the world’s tallest building and a number of other projects some 3.5-kilometres off the Karachi shore.
Covering 12,000 acres of land, this project will be developed in a span of 5-10 years but the residential communities will start being handed over to the people in 2016. The global attractions of the project include world’s tallest building, world’s largest shopping mall, sports city, educational and medical city, international city and a media city, all having the most modern facilities & amenities and the most advanced infrastructure.
Island City will be connected to DHA Karachi via a six-lane modern bridge. The entire city will be a “high security zone”, having its own drinking water (converting sea-water into drinking water) and power generation plants to enable it to be self sufficient for power.
Moreover, the project will have mosques, cinemas, spas, golf clubs, school, hospital and other global standard amenities to furnish a modern lifestyle.
Both the men expressed their sentiments for the new beginning in the city of Lights.
Moreover, Riaz promises the nation that in next few years he would bring foreign investment worth more than Rs 50 billion to Pakistan.
This project will not only provide 2.5 million jobs but will help revive 55 national industries and provide housing to 1 million Pakistanis. It will also help eliminate terrorism and crimes”, he said.
He added that if he is given a chance he would turn Pakistan into Dubai and Europe.
Story first published: 12th March 2013