ISLAMABAD-Days after Emaar Properties inked a deal with the Pakistan government to produce some $2.4 billion in mixed use projects, Dubai World follows suit. Dubai has signed two contracts valued at $10 billion (US) with Pakistan to develop infrastructure and construct commercial and industrial projects. It also includes the creation of free zones and modern ports to be managed by DP World, the region's leading port and terminal operators. In addition, the project calls for the construction of a modern waterfront off the Karachi coastline, according to a United Arab Emirates announcement.
Sultan Ahmed Bin Sulayem, executive chairman of Dubai Ports, Customs and Free Zone Corp. and chairman of Nakheel, signed the contracts with the Pakistani Minister of Transport and Minister of Foreign Investments. The event was witnessed by Sheikh Mohammed Bin Rashid Al Maktoum, vice president and prime minister of the UAE and Dubai's ruler, and Shaukat Aziz, Pakistan's prime minister.
"Dubai World is targeting massive investments in various sectors, including real estate projects in main cities across Pakistan," the sultan says. "Dubai World, through Limitless Co., its international real estate development arm, will lead and execute investments in the residential real estate sector as Pakistan lacks residential units of high quality. Limitless will bridge the gap through its expertise in the sector. In addition, Limitless will also develop real estate, entertainment and [other] commercial projects in different regions in Pakistan."
The sultan says that, "we will work on preparing detailed studies to build waterfront in Karachi, an integrated community that will be the first of its kind in the Indian subcontinent." He says the development "will encompass world-class residential and commercial buildings, shopping centers and entertainment facilities."
The UAE announcement says DP World and the Pakistani government are "working closely to finalize the details of the agreements" for the company to start managing and operating Qassim Port, "one of the most important and active ports in Pakistan."
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