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Sharjah firm to invest $200m in Karachi

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    Sharjah firm to invest $200m in Karachi

    Excellent news.

    Foreign investment keeps flooding into Pakistan.

    Sharjah firm to invest $200m in Karachi

    Prime Minister Shaukat Aziz has said that Pakistan was providing level playing field to local and foreign investors. Talking to a delegation from UAE at the Prime Minister House, he appreciated the investment from UAE and reiterated Pakistan's commitment to continue the investment friendly policies to encourage both local and foreign investors. The delegation of Inshaa Holdings of Sharjah, UAE, comprising Prince Sheikh Tariq Al Qasmi, Arif Naqvi and Raza Jaffar, was accompanied by Minister for Railways Shamim Haider, Minister of State for Railways Ishaq Khan Khakwani, Director General NLC Maj. Gen. Khalid Zahir Khatar and other officials of NLC and Pakistan Railways. Inshaa Holdings has planned to invest $200 million in Karachi where the company has bought 13,000 square yards of Pakistan Railways land in an open bid against the price of Rs2.3 billion. The land has been sold by Railways in line with the directions of prime minister to sell the access land to improve Railways' efficiency and infrastructure.

    The ceremony for the purchase of the land was held at Punjab House while the documents of the agreement were exchanged at the Prime Minister House in the presence of Prime Minister Shaukat Aziz. Talking to the members of the UAE delegation, the prime minister said that foreign investment in Karachi would generate investment opportunities. He said real estate development is very productive as it generates jobs and feed numerous individuals. Shaukat said the flow of foreign investment to Pakistan and particularly to Karachi was the proof of the good opportunities and investment climate. The prime minister appreciating the deal between Inshaa Holdings, NLC and Pakistan Railways, said that it would enable to have quality construction. He said there was no distinction between local and foreign investors and every one has equal opportunities to invest in Pakistan and take advantage of the liberal economic policies. The PM said rapid foreign investment would maintain economic growth, generate employment, promote development and improve living standard of the people. Prince Sheikh Tariq Al Qasmi appreciating the consistent and continued economic policies of Pakistan said that his company was interested to investment in various projects here. He also highlighted the salient features of his project and said world class Financial District would be constructed at this place in Karachi to cater the financial, residential and commercial needs of the city. The 13,000 square yards of land of Pakistan Railways and Sindh Government at I.I. Chundrigar Road, Karachi has been sold to Inshaa Holdings in an open and transparent manner. Pakistan Railways would get 60 per cent share while remaining 40 per cent share from the sale would go to NLC. The NLC has already entered into an agreement with Inshaa Holdings for building state of the art commercial twin towers following the philosophy of Dubai Financial District. The agreement was signed by Director General NLC Maj. Gen. Khalid Zahir Akhtar and Secretary Railways Shakeel Durrani. Giving details of the deal, Minister of State for Railway Ishaq Khan Khakwani said the UAE company would construct multi-storey building.

    http://www.pakistanlink.com/Headlines/Feb06/25/12.htm
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