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UAE group of investors sign an agreement to develop a property project

United Arab Emirates: Sunday, February 26 - 2006 @ 16:37

Sheikh Tariq Al Qassimi said: “The investment environment and rapid growth in Pakistan has encouraged the UAE investors to develop property initiatives in Pakistan,” he added: “We have strong strategic ties with Pakistan and the investment volumes are increasing year after year.”

“We appreciate the continued support from the Pakistan Prime Minister to the UAE investors, which will add value to the UAE projects in Pakistan,” concluded Al Qassimi.

Enshaa Holdings of Sharjah, UAE with its joint venture partner NLC of Pakistan has planned to invest 200 million dollars in Karachi where the NLC has bought 13,000 square yards of Pakistan Railways land in an open bid against the price of Rs 2.3 billion. The land has been sold by Pakistan Railways in line with the directions of Prime Minister to sell the excess land by the railway to improve its efficiency and infrastructure.

Shaukat Aziz said the flow of foreign investment to Pakistan and particularly to Karachi was proof of the good opportunities and the investment climate. He said it would create a much needed financial and commercial district in Karachi as well as fulfill needed office, residential and commercial space, as there was shortage of space for these purposes due to increasing business.

The Prime Minister appreciating the deal between UAE based Enshaa Holdings said it would enable quality construction. He said there was no distinction between local and foreign investors and everyone has equal opportunities to invest in Pakistan and take advantage of the liberal economic policies.

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Sunday, February 26- 2006 @ 16:37 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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