Pak tycoon to build world`s tallest tower
Karachi: Pakistani construction tycoon Malik Riaz has signed a multi-billion dollar deal with Abu Dhabi group to build the world`s tallest building in the country overtaking Dubai`s Burj Khalifa.
The project is likely to come up on an island some 3 to 4 kilometres off the coast of Karachi and into the Arabian sea.
Riaz is confident that the project will generate around 2.5 million jobs and promote investment opportunities for different industries.
Riaz signed the USD 45 billion deal yesterday with the Abu Dhabi group which also successfully runs the Al-Falah bank chain in Pakistan.
According to the agreement, USD 45 billion would be invested on different construction projects in Pakistan.
Out of the total amount, about USD 35 billion worth of investments will be made in Sindh while USD 10 billion will be invested in Islamabad and Lahore, media reports said.
"We have selected the site for our mega project which will be spread over 16,000 acres of land and also house 125,000 houses," Riaz said today.
"Besides the world`s tallest building the project will include a media city, a sports city, an international complex, a medical and educational complex, restaurants, shopping centres, multiplex halls," Riaz said.
Though Riaz did not name the site where the project would be constructed but sources aware of the developments told PTI that the site for the project would most likely be an island some 3 to 4 kilometres off the coast of Karachi and into the Arabian sea.
"It is most likely going to be the `Kutta Island` which gets its name because stray dogs which are killed are dumped on it," a source said.
The source said the island was also given to another big construction magnate Emmar properties of the UAE but the project was scrapped.
Riaz said the Emmar project was scrapped and they lost millions of dollars because of the global recession and because there was no direct and strong local presence in the project.
Riaz rose to prominence with his `Bahria` town residential projects throughout Pakistan and also after the Supreme Court took up the hearing of the case in which the son of Chief Justice Iftikhar Chaudhry was accused of taking money and favours from him allegedly in return of settling cases.
Riaz said the tallest building in Karachi would beat the Burj Khalifa of Dubai.
"This construction project will bring in staggering investment into Pakistan and it will benefit industries and people. My dream is to create a new Pakistan and new Karachi," he said.
More from India
More from World
More from Sports
More from Entertaiment
- Panel discussion over continuous chaos in Parliament on demonetisation
- DNA: Know why Jayalalithaa was buried and not cremated
- 800 tourists stranded in Andamans due to heavy rains, Navy launches rescue operation
- Opposition observes 'black day' to mark one month of demonetisation
- Watch shocking visuals - Speeding car rams pedestrians in Kolkata, 3 killed
- Twitter users blast Arvind Kejriwal as he says 'Modi will never appoint a Muslim Vice President no matter what Jung does'
- Yuvraj Singh-Hazel Keech Reception: MS Dhoni, Sourav Ganguly, Virender Sehwag attend lavish party — PHOTOS INSIDE
- Pakistan International Airlines plane from Chitral to Islamabad crashes near Havelian, 48 people dead
- Gali Janardhana Reddy converted Rs 100 crore black money by paying 20% commission, claims driver's suicide note
- Was Rahul Gandhi smiling during Jayalalithaa's funeral? Twitter users share pictures as proof