Gulf group to build 43 billion dollar city in Pakistan

KARACHI - Pakistan has allotted 12,000 acres of land to a Gulf construction group to develop two islands off the Karachi coastline at a cost of 43 billion dollars, officials said on Friday.

By (AFP)

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Published: Fri 29 Sep 2006, 6:43 PM

Last updated: Sat 4 Apr 2015, 1:24 PM

The cabinet of Prime Minister Shaukat Aziz approved in principle the project but a formal agreement is yet to be signed with the United Arab Emirates Emmar Properties, they said.

The twin islands of Bundal and Buddo, located at the threshold of Port Qasim, one of the two operational ports of the country, have been earmarked as the site of the new city, to be built in a similar fashion to Dubai.

“We have allocated 12,000 acres (4,856 hectares) of land on the two islands to Emmar for the construction of the new city,” chairman of the Port Qasim Authority vice admiral Asad Qureshi told AFP.

Emmar will fund 85 percent of the project while Port Qasim Authority’s 15 percent share is in the form of the land, Qureshi said, adding the agreement would be signed soon.

Karachi is home to more than 12 million people and account for 95 percent of Pakistan’s foreign trade and 30 percent of its industrial output.

As Pakistan’s largest city it suffers from pollution, haphazard development and a poor quality of life for its dwellers.

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