$45billion investment in real estate: Clarification by Abu Dhabi Group
Karachi, February 22, 2013 (PPI-OT): It has been erroneously reported by certain media outlets in Pakistan and elsewhere that an investment of $45 Billion is being considered by the Abu Dhabi Group in a major real estate development project in Karachi. The level of Investment referenced has not been discussed or agreed.
It is possible that the amount referenced may be based upon Bahria Town’s own estimates and projections, as the Sponsor and Developer of the project. It is perhaps indicative of the overall market value of the entire development once it is completed in the fifteen to twenty year forecasted timeframe. However, this cannot be verified.
In order to clarify matters, it should be stated for the record that a non-binding Memorandum of Understanding was entered into by Dhabi Contracting Establishment, a business unit based in Abu Dhabi, which is wholly owned by Sheikh Nahayan Mabarak Al Nahayan, and not by the Abu Dhabi Group.
The Memorandum of Understanding was simply an indication of interest by Dhabi Contracting to cooperate with Bahria Town Pakistan (Pvt) Ltd to provide technical support and assistance to the project – as, when and if appropriate commercial terms and conditions were agreed.
It must be stated clearly and unequivocally that neither Sheikh Nahayan, the Abu Dhabi Group, Dhabi Contracting nor any other related party have undertaken or assumed any financial obligation or commitment to invest in this project and that there is no agreement to do so.
However, it should be noted that Sheikh Nahayan continues to value his long-standing relationship with Pakistan and remains committed to his existing investments and to future business opportunities that may arise. It is unfortunate that a discussion on possible technical matters between two construction companies has been misconstrued.
It is also unfortunate that discussions between the parties could not reach any conclusion and the Memorandum of Understanding has been cancelled. This clarification should adequately correct the record for all interested parties.
For more information, Contact:
Corporate and Marketing Communications Private Limited (CMC)
20-C, Lane 12,
Phase II Extension, DHA, Karachi-75500,
Tel #: (92-21) 35313821-24.