Karachi, the biggest city in Pakistan for foreign investment, is to get the world’s tallest building. A member of Abu Dhabi’s royal family has plans to invest in several real estate projects in Pakistan during the next 15 years.
Sheikh Nahayan bin Mubarak al-Nahayan disclosed his investment plans for Karachi, with his business partner, Malik Riaz Hussain. He said, his privately-owned construction firm had signed a Memorandum of Understanding with Pakistan’s real estate tycoon to build residential properties on an island in Karachi.
Abu Dhabi Group already has large investments in Pakistan including Bank Alfalah, Warid Telecom, Al Razi Healthcare and Wateen Telecom.
Nahayan and Malik Riaz have plans to construct a miniature of the Seven Wonders of the World, the tallest building in the world, a sports city, an education and medical city, an international city and a media city in Karachi, according to the press release.
As of 22nd February, 2013, the MOU (Memorandum of Understanding) between Sheikh Nahayan and Malik Riaz Hussain has been cancelled. On the other hand, Malik Riaz said that he has high hopes and will try to attract another foreign investor for the same project.