Talking with CNBC today, Mohamed Ali Alabbar, Chairman of Dubai-based Emaar Properties, said he believes Pakistan represents a great investment opportunity for his company as it goes global. In fact, he repeated it twice to convince Erin Burnett, the CNBC anchor, who appeared surprised. He further said Emaar sold a major project yesterday within hours of launch in Pakistan.
A massive real estate project valued at $43b by Emaar is underway in Pakistan to develop two island resorts near Karachi. This is Emaar's single largest project and supersedes the $26.7 billion King Abdullah Economic City project in Saudi Arabia announced in 2006. This project will include office buildings, hotels, apartments, shopping malls, restaurants, golf courses, and beaches. The two islands will be self-contained cities spread over 30,000 acres of land.
Emaar has already energized the Pakistani economy with development projects worth $2.4 billion. Emaar has unveiled its first master planned community in the country — Canyon Views in Islamabad. The company has also announced the highlands project in Islamabad and Crescent Bay in Karachi. It has also signed a memorandum of understanding (MoU) with Port Qasim Authority for a mixed-use land development comprising residential, retail, commercial and hospitality components.
Another Dubai-based company, Abraaj Capital, has acquired land in Karachi's financial district to build Karachi Financial Towers (twin-towers) to cater to the booming banking sector in Pakistan.
Apart from creating new job opportunities for Pakistanis, these projects will support ancillary industries and strengthen foreign investment inflow into the country.
Arif Masud Naqvi Vice-Chairman of Dubai based Abraaj Capital said that Pakistan is a country of enormous business potential, and investors are comfortable and see opportunity rather than risk.
An NED alumn Sibte Jafri reported via email: The first phase was ovebooked in less than an hour of opening of the counter. Then there was ballotting. Those who one were given a piece of paper. That piece of paper is already 10 times its original value.
There is no demarcation. Not even one pick ax has hit the ground. Only leaflets and pamphlets and Emmar's name sells.
It is said that one apartment presently priced at Rs 20 million will change hands much before its completion at more than twice this amount.
There are investors planning to buy a whole tower, to resell later.
One tower would on the average consist of 80 to 160 apartments. The payments would be in instalments according to phases of completion. All payments shall be strictly cash!
All this investment is on account of public enemy number 1 you know who.
The stupid fellow does not take commissions, does not have palaces in Surrey, Paris and Dubai does not own sugar and steel mills in Pakistan. What a shame.
Unless his children study in Oxford how can he feel the pain of children studying in Govt Schools? He can't even gift his wid $80K necklace to his wife paid for through a Swiss Bank issued Credit Card. Shame
Here's the latest on Emaar's Crescent Bay as reported by Express Tribune:
The Pakistan Defence Officers Housing Authority (DHA) and the Dubai-based international construction giant Emaar are at loggerheads over the much-advertised and much-delayed 108-acre Crescent Bay project in DHA Phase VIII’s waterfront zone E.
DHA has filed a petition against four companies — Emaar Giga International FZCO, Emaar Giga Karachi Limited, Emaar Properties PJSC and CEO Global Marketing Services (GMS) Shaukat Qureshi — in the Sindh High Court. It won a stay order on June 27 until the next hearing scheduled for July 12, The Express Tribune has learnt.
DHA and Emaar Giga International had signed a memorandum of understanding on May 20, 2004 to construct 46 towers in three ‘uniquely designed’ bays.
According to Emaar Pakistan’s website, each of these three bays was to be “encircled by a community with its own unique look and character, which extends from the architecture to the landscaping and the street furniture.” Crescent Bay One was set to feature a hotel, malls, a waterfront promenade, piazza, four office towers, surrounded by green spaces, parks and plazas. Crescent Bay Two was to house residential towers complete with a Waterfront Retail Arcade running along the beach. Crescent Bay Three was termed the most exclusive of the residential neighborhoods, with controlled vehicle access, and a luxurious waterfront promenade.
However, even though more than seven years have passed since the deal was inked, DHA contends that only two towers and that too only till the second floor have been constructed, even though Emaar has collected more than Rs1.5 billion from its customers in advance.
Moreover, out of the 110 people who were allotted plots in Crescent Bay, 100 of them are in litigation against Emaar and many of them are demanding their money back.
Sources in DHA said that their beef with Emaar was not only due to the fact that the international construction giant owes it Rs600 million, but also because “it was trying to create a DHA within DHA.”
DHA maintains that Emaar was trying to “clandestinely” sell Crescent Bay plots without its permission to “unauthorised parties.” The authority says it was “shocked” to learn through a letter on June 13, 2011 from CEO GMS Qureshi that his marketing company was working with Emaar Giga Karachi for the last 15 months to sell land that had been sub-let by DHA.
On June 25, 2011 DHA officers discovered GMS staff taking measurements and dimensions of the land, which the regulatory body believes was in clear violation of its agreement that mentions that no sale can move ahead unless DHA approves it. DHA immediately removed the GMS personnel from the site and took over possession of the land and the Crescent Bay project itself in “public interest”. It now wants to undertake construction of the two towers which, according to them, Emaar has abandoned.
Senior officials with DHA told The Express Tribune that it was extremely unfortunate that Emaar has not completed its commitments to the people, especially since there were huge expectations from them, given their expertise and long list of successful projects. Although DHA’s experience in mega construction projects is negligible compared to Emaar’s, it believes that with its experience of Creek Vista in Karachi, it can take off from where the international construction stopped....
EMAAR: Crescent Bay, Karachi
DAWN.COM | EMAAR PAKISTAN PARTNERUpdated Sep 09, 2017 02:27pm
Crescent Bay, the seafront wonder of high-rise towers set along three crescent shaped bays, will soon become your one-stop-shop solution to life, work and play.
Offering a safe and vibrant community atmosphere, Crescent Bay will combine breathtaking natural beauty with a blend of traditional and contemporary architecture. Few would be able to resist the lure of this most sought after address in the metropolis.
Most images below are interactive and can be viewed in 360 degrees. Click and hold inside the frame to move around in the surroundings (press and swipe on mobile)
With a spectacular location in the DHA Phase-VIII Extension next to Dou Darya, Crescent Bay enjoys a beautiful two-kilometre seafront along the shores of the Arabian Sea. And the three curved coastal bays give Crescent Bay a unique character.
The apartment buildings in Crescent Bay will feature a designer-fitted kitchen, with a marble bench top and an imported stainless-steel sink with mixer tap.
The apartment buildings will feature one to four bedrooms per flat. Each bedroom will come with a fitted wardrobe.
How #Pakistani fund manager Arif Naqvi ‘robbed’ $100 million from Bill Gates. He distracted the West with massive #philanthropic grants, giving millions of dollars to major #universities, including Johns Hopkins University in the #UnitedStates. https://nypost.com/2021/08/21/how-bill-gates-was-robbed-of-100-million-by-a-pakistani-conman-2/?utm_source=twitter_sitebuttons&utm_medium=site%20buttons&utm_campaign=site%20buttons via @nypost
In April 2010, he was invited by President Barack Obama, along with 250 other Muslim business leaders, to a Presidential Summit on Entrepreneurship. There, Naqvi gave a speech about the importance of impact investing and how a billion children would need training and jobs in the coming decades.
“It can only happen,” Naqvi told the gathering, “through entrepreneurship.”
Two months later, the US government invested $150 million in Abraaj.
Naqvi did put his money where his mouth was — to a point.
After taking control of his local electric company, Karachi Electric, in 2008, Naqvi made the electricity more reliable and the company profitable. But he also reduced the workforce by 6,000 employees, leading to riots.
Meanwhile, he distracted the West with massive charitable grants.
“Arif gave millions of dollars to universities around the world, including Johns Hopkins University in the United States, and the London School of Economics, which named a professorship after Abraaj,” the authors write. “Following in the footsteps of billionaire philanthropists like Bill and Melinda Gates, Arif started a $100 million charitable organization called the Aman Foundation to improve health care and education in Pakistan.”
But Naqvi also enjoyed the high life, flying around on “a private Gulfstream jet with a personalized tail number — M-ABRJ — and sailed on yachts to meet new investors who could help increase his fortune.”
By 2007, Naqvi had moved into “a palatial new mansion in Dubai’s luxurious, gated Emirates Hills district . . . known as the Beverly Hills of Dubai.”
He was a regular at Davos and similar conferences, where he became friendly with the likes of Gates, who was the guest of honor at a dinner at Naqvi’s home in 2012.
“Bill and Arif had much to discuss,” the authors write. “They agreed that their charitable foundations would work together on a family planning program in Pakistan. Arif seemed to be precisely who Bill was looking for. He was wealthy and concerned for the poor.”
Naqvi was granted a $100 million investment from the Gates Foundation to supposedly invest in hospitals and clinics in emerging markets. This investment, in the new Abraaj Growth Markets Health Fund, helped Naqvi attract $900 million more from other investors.
“This is a significant co-investment partnership,” Gates said about the deal. “It is also an example of the kind of smart partnerships that hold huge promise for the future.”
In reality, Naqvi had already started misusing the money with a “secretive treasury department” that not even most of his employees knew about, the authors write.
“Abraaj was really made up of a tangled web of more than three hundred companies based mostly in tax havens around the world.”
Required by regulators to keep millions of dollars in a bank account for emergencies, the account was usually close to empty, the authors write.
“Just before the end of each quarter, when Abraaj Capital had to report to the regulator, Arif and his colleagues moved money into the account to make it seem like it contained the required amount. A few days [later], they emptied the account again.”
Bahria Town Karachi 2 | All You Need To Know
Booking of Bahria Town Karachi 2 will start on 5th January 2023. Investors should be ready to invest in Bahria Town Karachi 2 to invest in the property of their choice. It is a golden opportunity for investors who want to invest in Bahria Town Karachi but cannot do so for any reason. They are again getting a chance to invest with the developers of their choice.
Bahria Town Karachi 2
Bahria Management is well-known for the amenities and facilities it provides. Bahria Management will follow the same international standards in Bahria Town Karachi 2. One of its main facilities is its location in the prime spot, which is very easy to access from different sides.
Bahria Town Karachi 2 Location:
Bahria Town Karachi 2 or BTK2 is located ideally 30 km from Bahria Town Karachi near Nooriayabad on M9 Motorway. This location is easy to access from different landmarks of the area, like the new Karachi Airport and DHA Phase1.
Bahria Town Karachi 2 and Bahria Town Karachi will be developed as Twin cities. Bahria Town Karachi will join Bahria Town Karachi 2 through the back gate.
M-10 Motorway is almost 30 minutes away
Jinnah International Airport is nearly 30 minutes away
The super-Highway toll plaza is nearly 34 minutes away
Malir Cantonment is nearly 50 minutes away
Gulzar E Hijri Scheme 33 is almost 55 minutes away
Dream World Family Resort is nearly 20 minutes away
Karachi Northern Bypass is nearly 39 minutes away
Al Ghafoor Green City is roughly 45 minutes away
North Town Residency Gadap Town is nearly 50 minutes away
Memon Medical Institute Hospital is almost 45 minutes away
Shah Faisal Town is almost 40 minutes away
Fiesta Family Water Park is nearly 30 minutes away
The development of Bahria Town Karachi 2 is 40% completed. The gatehouse’s grey structure and roads with green belts on the 40% area are 100% finished now.
BTK2 Rates | Bahria Town Karachi 2 Rates | Payment Plan, Location and Map
These roads feature street lights too. The management has promised to complete the rest of the development within no time. The development time for Bahria Town Karachi 2 will be less than Bahria Town Karachi.
Daily Updated Bahria Town Lahore Rates – Updated Prices of Bahria Town Lahore
Sector A Bahria Town Karachi 2 will be the priority for the developers to develop.
Bahria Management has always offered projects offering luxurious and contemporary facilities for their investors and huge profits. They are well-reputed among investors, who want to invest with them to increase their profits. Bahria’s management has a great demand in their market. Each of the previous projects has been completely sold out.
Daily Updated Bahria Orchard Lahore Rates – Updated Prices of Bahria Orchard Lahore
Investing with Bahria’s management is the priority of the investors.
Bahria Town Karachi 2 is already approved by SDA and SBCA. All the documentation is 100% complete for the process of leasing Bahria Town Karachi 2. Investors can rent their property after completing their payment too.
Limited plots available:
Bahria Town Karachi 2 is offering limited plots for investment. The investors will have to hurry to book their properties as the demand will be higher and the supply of the properties will be low. Invest in Bahria Town Karachi 2 as soon as the booking opens.
Updated Bahria Nasheman Lahore Rates – Updated Prices of Bahria Nasheman Lahore
Considering these project factors, it can be the investment that delivers unmatched dividends and is a golden opportunity.
THE VIEWS TOWER 2 BY EMAAR
DHA Phase 8, Defence, Karachi
The Views Tower 2 is in Emaar Ocean Front with state-of-the-art 2 and 3 bedroom apartments embodying the finest coastal luxury. Residents of The Views Tower 2 will have the unique blend of modern facilities and a serene waterfront lifestyle on their doorstep. With views of the Arabian Sea, the Views Tower II lifestyle promises to be truly one of a kind.
– 2 Bed Cityscape View Apartments
– 3 Bed Oceanfront View Apartments
– 4 years Easy Payment Plan
– LIMITED INVENTORY
Highlights Of The Project:
Luxury Iconic Lifestyle
Uninterrupted Views of The Arabian Sea
Footsteps Away From The Beach
Safe & Secure Gated Community
Outstanding Dining & Retail Destinations
24/7 Security and CCTV Surveillance
Card-controlled Access for Vehicles and Pedestrians
A Safe Investment for Your Family and Your Future
5 minutes drive to DHA Golf Club
5 minutes drive to Dolmen Mall
5 minutes drive to Outstanding
5 minutes drive to South City Hospital
Prices Starting From:
1 Bed Apartments PKR69.2M
2 Bed Apartments PKR 81.5M
3 Bed Apartments PKR 158.8M
4 Bed Apartments PKR 212.4M
Fall in love with the breathtaking sunsets over the Arabian Sea from the luxury of your living room. Each property has its own unique design aesthetic.
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