Pakistan approves development of $43 billion Emaar island project
Pakistani authorities have reportedly granted approval to Dubai based real estate firm Emaar Properties PJSC, to develop two island projects near Karachi which require investments of some Dh158 billion ($43 billion).
Emaar will have 85 per cent equity in the project, while Pakistan's Port Qasim Authority will hold 15 per cent according to Khaleej Times. Meanwhile, Emaar and will build homes and apartments at Bundal and Buddo Islands in a little over one decade, and the Qasim Authority will be responsible for providing land for the project.
Emaar is expected to build thousands of homes, schools, shopping malls and hospitals stretching from Morocco to India, hoping to tap real estate demand in Pakistan, a $129 billion economy forecast to expand 7 per cent this fiscal year.
Emaar Pakistan recently announced a bouquet of innovative projects in Pakistan, in the hopes of creating a new niche in the marketplace and increasing interest on home-property for Pakistanis living in the country and abroad.
Approval for the project was given by Prime Minister Shaukat Aziz earlier in the week, and announced by from Pakistan government was announced by the Pakistan government's economic adviser, Ashfaque Hasan Khan at a press conference. Legal documents would be completed within three months.
“The new project will build new cities” Khan said.