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Pakistan-based group unveils $70m project

DUBAI - Pakistan-based Hashoo Group of Companies has launched in Dubai the 'Golden Palms' - a $70 million real estate project in Gwadar, which is emerging as a new deep-sea port city of Pakistan. The project is targeting non-resident Pakistanis of the UAE as well as locals, who are keen to invest in Pakistan.

According to Sadruddin Hashwani, chairman of Hashoo Group of Companies, after 9/11 events many Pakistanis living abroad are planning to invest in their own country, especially in real estate sector. "Although this is our main target market the project is open to anyone, who wants to invest in Gwadar," he said, adding that more than 20 per cent of booking for the project is already done.

The new project, spread over an area of 1000 acres, offers plots of 1,000 and 2,500 square yards with fully developed infrastructure at prices ranging between $40,000 and $100,000. The first part of the project is dedicated to a tourist resort located in the prime property near the beach. Hashoo Group, which is building the five-star Pearl Continental Hotel in Gwadar, also intends to establish Marriott Hotel & Resort there and is currently negotiating the partnership with Marriott Group. Both hotels are expected to be completed by the end-2005.

Golden Palms is located between the new airport and the harbour in Gwadar, which is poised to become the commercial hub as a gateway and link to the Central Asian republics and other neighbouring countries, with the launch of the new deepwater port, which is expected to be operational by the end of this year.

Being developed at cost of $3 to $4 billion, the Gwadar Port will the first deep-sea and tax-free port in Pakistan. It is strategically located on the main trade routes and will provide cost efficient and time saving transshipment to and from the Central Asian States, Iran and the Middle East.

Air Marshal (Retd) Syed Qaiser Hussain, Ambassador of Pakistan in UAE, who attended the official launch of Golden Palms on Sunday, said: "Gwadar is the vision of our government today. It is going to be a commercial hub of Pakistan and is expected to attract a lot of foreign investments into the country. Foreign investments are mainly spearheaded by expats and especially after 9/11 events, according to some estimates, people in this region are expected to invest around $3 trillion in the real estate projects.

The government of Pakistan is also going to launch a gas pipe-line, which will run from Iran into this area (Gwadar) and all the way to Karachi and hopefully, given our current good relations with India, it might be extended subsequently to India. All this will boost business in Gwadar."

The Hashoo Group emerges as one of the leading business groups in Pakistan with a diversified portfolio, including the Marriott Hotels chain and Pearl Continental Hotels, Zaver Chemical Ltd & Zaver Mining Ltd, Cera Noor, Gelcaps Pakistan Ltd, Hashoo Trading Ltd and Associated Builders.