Pakistan's world's tallest tower plan revived
Skyscraper will be part of $20bn island city project near Karachi
US real estate tycoon Thomas Kramer and Bahria Town chief executive officer Malik Riaz have signed a $20bn agreement for Pakistan’s first-ever Island City near Karachi, reports Khaleej Times.
The city will be built on Bundal and Buddo Islands, about three kilometres from Karachi.
Malik Riaz had earlier signed a similar memorandum of understanding with an Abu Dhabi Group, although it was cancelled by the latter in the wake of some controversies.
A joint consortium of international investors will join hands to develop the project and the deal with Kramer is the first level of this agreement. Announcements of other global investors from the Middle East and around the globe will be made soon.
Covering 12,000 acres of land, the project will be developed in a span of five to 10 years, but the residential communities will start being handed over in 2016. The global attractions of the project include the 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 and amenities, as well as 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 a potable one — and power generation plants to enable it to be self-sufficient for power. Moreover, the project will have mosques, cinemas, spas, golf clubs, a school, hospital and other global-standard amenities to furnish a modern lifestyle.
“I have full confidence in the people and economy of Pakistan. In 1970, when I started my project in Germany, it was the worst era of their history,” Kramer said.
Malik Riaz said the project will not only provide 2.5 million jobs, but will also help revive 55 national industries and provide housing to one million Pakistanis. It will also help eliminate terrorism and crimes.
He added that if he is given a chance, he would turn Pakistan into Dubai and Europe.
“We would continue to invest in Pakistan despite all odds and we are in talks with foreign investors.”